Core Viewpoint - Jiangsu Ninghu Expressway (600377) has signed an investment agreement with Longtan Bridge Company to increase its registered capital and fund the construction of a highway project in the Nanjing metropolitan area [1] Group 1: Investment Agreement Details - The investment agreement was signed on December 10, 2025, and involves an increase in registered capital of RMB 4.51636 billion for Longtan Bridge Company [1] - Longtan Bridge Company will invest up to RMB 9.03272 billion for the construction of the highway project from Provincial Road 338 to the Huhong Expressway [1] - The company will contribute RMB 3.26964 billion in self-owned or other qualifying funds to Longtan Bridge Company [1] Group 2: Shareholding Changes - After the capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [1] - Nanjing Highway, a shareholder of Longtan Bridge Company, will contribute RMB 1.24672 billion as part of the capital increase [1] - The remaining construction funds of RMB 4.51636 billion will be raised by Longtan Bridge Company through bank loans and other means [1]

（於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 關於對外投資事項的公告 須予披露交易及關連交易 本 公 司 董 事 會 及 全 體 董 事 保 證 本 公 告 內 容 不 存 在 任 何 虛 假 記 載、誤 導性陳述或者重大 法 律 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 個 別 及 連 帶 法 律 責 任。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 鑒於本公司該項注資根據香港上市規則第14.07條計算的最高適用百 分比率超過5%但低於25%，故該項注資將構成本公司的須予披露交易， 僅 須 遵 守 披 露 規 定。 根據香港上市規則第14A.07(1)條，由 於 南 京 公 路 持 有 龍 潭 大 橋 公 司 10%或 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 海外監管公告 第十一屆監事會第十七次會議決議公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 規 定 作 出。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 及 中 國 報 章 刊 登 的 公 告。 特 此 公 告。 承董事會命 汪 鋒 執行董事 中 國‧南 京，2025年12月11日 於 本 公 告 日 期，本 公 司 董 事 為： 陳雲江 # 、王穎健 # 、謝蒙萌 # 、汪鋒、張新宇、楊少軍 # 、楊建國 # 、馬忠禮 # 、 徐 光 華 * 、葛 揚 * 、顧 朝 陽 * 、譚 世 俊 * 、孫 立 軍 * # 非執行董事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容二引致的 任 何 損 失 承 擔 任 何 責 任。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 第十一屆董事會第十七次會議決議公告 本 公 司 董 事 會 及 全 體 董 事 保 證 本 公 告 內 容 不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 法 律 責 任。 一. 會議召開情況 – 1 – （一）江 蘇 寧 滬 高 速 公 路 股 份 有 限 公 司（以 下 簡 稱「本公司」）第 十 一 屆 董 事 會 第 十 七 次 會 議（以 下 簡 稱「會 議」）於2025年12月10日以現 場 會 議 及 視 頻 會 議 相 結 合 的 方 式 召 開。 （二）會 議 通 知 以 郵 件、傳 真 的 方 式 向 董 事 會 全 ...

Investment Summary - The transportation industry has shown a significant underperformance compared to the broader market, ranking among the lowest in terms of growth within the Shenwan primary industry indices as of December 8, 2025 [15][16] - The implementation of anti-involution policies has positively impacted the fundamentals of certain segments within the transportation sector, particularly benefiting the aviation and express delivery sectors [26][30] 2026 Outlook - The focus for 2026 remains on sectors benefiting from anti-involution policies and high-certainty stocks, with a long-term impact expected from these policies on stock price movements [5][34] - Key sectors to watch include aviation, express delivery, and regional shipping, while high-dividend and low-debt companies are expected to attract more investor interest in weaker cyclical areas [5][34] Express Delivery Sector - The express delivery industry has seen a recovery in profitability driven by rising single-package prices, with major companies like YTO Express and Shentong Express showing significant improvements [6][35] - The trend of price competition has been curtailed, leading to a decrease in package volume growth as companies focus on maintaining service quality and profitability [6][38] - The competitive strategies among companies have diverged, with YTO and Shentong performing strongly, while Yunda has struggled with profitability and market share [42][53] Aviation Sector - The aviation sector has experienced a notable improvement in performance since Q2 2025, with major airlines reporting increased profitability compared to the previous year [63][64] - The focus for 2026 will be on the transition from high passenger load factors to higher ticket prices, supported by controlled supply and strong demand [69][87] - Major airlines are expected to maintain cautious procurement strategies, with a projected fleet growth of around 5% in 2026 [69][80] Highway Sector - The highway sector has faced significant adjustments in stock prices, leading to a more rational market approach towards high-dividend investments [8][4.1] - Following substantial adjustments, the attractiveness of highway stocks has improved, with a focus on companies with high dividend ratios and low debt levels [8][4.3]

Mergers and Acquisitions, Capital Increases - Yuntianhua plans to acquire 100% equity of Tianyao Chemical for 36.8858 million yuan [1] - Ribo Fashion's issuance of shares and cash payment for asset acquisition has been approved by the Shanghai Stock Exchange [1] - Hongchuang Holdings' share issuance for asset acquisition and related transactions has been approved by the Shenzhen Stock Exchange [1] - Ningbo Huaxiang intends to acquire 40% equity of Fengmei Power held by Volkswagen [1] Share Buybacks - Xingyu Co., Ltd. plans to repurchase shares amounting to 200 million to 300 million yuan, with a repurchase price not exceeding 180 yuan per share [2] External Investments and Daily Operations - Century Huatong's subsidiary, Guosheng Capital, holds 19.5887 million shares of Moore Threads [3] - CATL plans to register and issue bonds not exceeding 10 billion yuan [3] - China Shipbuilding Special Gas plans to invest approximately 870 million yuan to construct a project for producing 3,383 tons of high-purity hydrogen sulfide and other electronic gases annually [3] - Wanshun New Materials' wholly-owned subsidiary intends to cash acquire 100% equity of Ofo Luxembourg [3] - Kweichow Moutai will distribute a cash dividend of 23.96 yuan per share [3] - Aiko Solar's subsidiary Shandong Aiko has signed a procurement contract with Suzhou Puit for 15 sets (25 units) of wet process production equipment for photovoltaic cells, totaling 55.08 million yuan [3] - Ruili Kemi has received a development notification from a well-known domestic flying car company, selecting Ruili Kemi as a core component supplier [3] - Sanmu Group plans to sell assets and conduct related transactions for a price of 24.1068 million yuan [3] - Wuhan Tianyuan's controlling subsidiary plans to invest approximately 600 million yuan in two energy storage projects [3] - Ninghu Expressway's controlling subsidiary plans to invest no more than 9.033 billion yuan in the construction of the southern approach to the Ningyang Yangtze River Bridge [3]

Group 1 - Jicheng Electronics won a total of 15 bids from the State Grid Corporation, with a total bid amount of approximately 215 million yuan, accounting for 8.27% of the company's projected revenue for 2024 [2] - Jianmin Group's chemical generic drug, Ambrutoro Oral Solution, has been approved for market launch by the National Medical Products Administration, aimed at treating cough and wheezing caused by chronic bronchitis and emphysema [3] - Taiji Industry's subsidiary plans to transfer accounts receivable not exceeding 85 million USD to optimize cash flow, with an expected service fee of approximately 285,000 USD [4] Group 2 - Nanjing Pharmaceutical's subsidiary plans to invest 398 million yuan in a modern pharmaceutical logistics expansion project, with a construction period of approximately 35 months [5] - Ruili Kemi received a development notification from a well-known domestic flying car company to supply core components [6] - Ding Tong Technology announced that several executives plan to reduce their holdings by a total of no more than 45,300 shares, representing about 0.032% of the total share capital [7][8] Group 3 - Ninghu Expressway's subsidiary plans to invest no more than 9.033 billion yuan in the construction of the Nanyang Yangtze River Bridge South Connection Project [10] - Wuliangye announced a mid-term profit distribution plan for 2025, proposing a cash dividend of 25.78 yuan per 10 shares, totaling approximately 10 billion yuan [12] - Beixin Road and Bridge's subsidiary won a bid for a project worth 180 million yuan [14] Group 4 - Minhe Livestock reported a 7.75% month-on-month increase in sales revenue from commodity chick sales in November [15] - Xuelong Group plans to invest 100 million yuan to establish a wholly-owned subsidiary for vertical integration in the aluminum and magnesium technology sector [16] - Shengnong Development reported a 15.77% year-on-year increase in sales revenue in November, with significant growth in both poultry and processed meat products [17] Group 5 - Xingyu Co., Ltd. plans to repurchase shares worth 200 million to 300 million yuan for employee stock ownership plans [18] - Quan Chai Power intends to use 50 million yuan of idle funds to purchase structured deposit products [19] - Shibei High-tech appointed Zhao Junhong as the new deputy general manager [20] Group 6 - Fuan Pharmaceutical's subsidiary received a drug registration certificate for injectable isavuconazole, expanding its anti-infection product line [21] - Xiaoming Co. reported a 49.73% year-on-year decline in chicken product sales revenue in November [22] - Baiao Chemical adjusted its share repurchase price ceiling to no more than 48.95 yuan per share [23] Group 7 - Hefei China reported a 26.02% year-on-year decline in consolidated revenue for the first 11 months [24] - Laimei Pharmaceutical's subsidiary received medical device registration certificates for two endoscope products [25][26] - Xiantan Co. reported an 11.63% year-on-year increase in chicken product sales revenue in November [27] Group 8 - Qilin Security received government subsidies totaling 5.4014 million yuan [28] - Blue Sky Gas's controlling shareholder's 30.9134 million shares were judicially frozen, accounting for 4.33% of the total share capital [29] - Tieke Railway signed a contract for high-speed railway fasteners worth 654 million yuan, accounting for 41.08% of the company's projected revenue for 2024 [30] Group 9 - David Medical's electric surgical table received a medical device registration certificate [31] - Zhendong Pharmaceutical's affiliate's core product new drug application was accepted by the CDE [32] - Shanghai Pharmaceutical's apple acid sitagliptin tablet application for market approval was granted by the National Medical Products Administration [33] Group 10 - Nanjiao Food reported a 1.14% year-on-year increase in consolidated revenue for November [34]

Core Viewpoint - The company aims to enhance the regional highway network and solidify its leading position in the southern Jiangsu road network through the investment in the Nanyang Yangtze River Bridge and its associated projects [1] Group 1: Investment Details - The company plans to invest up to RMB 9.03272 billion in the construction of the southern approach to the Nanyang Yangtze River Bridge [1] - The company will increase its capital contribution to the subsidiary Longtan Bridge Company by RMB 3.26964 billion, while its shareholder Nanjing Highway Development Group will contribute RMB 1.24672 billion [1] - The remaining construction funds of RMB 4.51636 billion will be raised through bank loans and other means by Longtan Bridge Company [1] Group 2: Shareholding Changes - Following the capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [1] - The subsidiary will continue to be included in the company's consolidated financial statements [1] Group 3: Board Approval - The company's board, including all independent non-executive directors, has confirmed that the transaction terms are fair and reasonable, conducted under general commercial terms or better, and align with the overall interests of the company and its shareholders [1]

Group 1 - The core viewpoint of the article is that Ninghu Expressway (SH 600377) announced a board meeting to discuss capital increase and investment in highway projects [1] - The company reported its revenue composition for the first half of 2025, with construction period revenue/cost accounting for 37.46%, Hu-Ning Expressway at 28.31%, supporting services at 8.8%, Ningchang Expressway and Zhenli Expressway at 6.23%, and Wufengshan Bridge at 6.04% [1] - As of the report date, the market capitalization of Ninghu Expressway is 61.4 billion yuan [1]

股票简称：宁沪高速 股票代码：600377 编号：临 2025-055 江苏宁沪高速公路股份有限公司 第十一届董事会第十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、会议召开情况 （一）江苏宁沪高速公路股份有限公司（以下简称"本公司"）第十一届董事会 第十七次会议（以下简称"会议"）于2025年12月10日以现场会议及视频会议相结合 的方式召开。 （二）会议通知以邮件、传真的方式向董事会全体成员发出。 （三）会议应到董事13人，会议出席董事13人。 （四）会议的召开符合《公司法》及本公司《章程》的有关规定，会议决议为有 效决议。 二、会议审议情况 本次会议审议并通过如下议案： （一）审议并批准《关于本公司向控股子公司江苏龙潭大桥有限公司（以下简称 "龙潭大桥公司"）增资暨投资建设高速公路项目的议案》。 1.同意本公司向龙潭大桥公司增资，并修订其公司《章程》。本次增资金额共计 人民币45.1636亿元，其中本公司现金出资人民币32.6964亿元，龙潭大桥公司另一股 东南京公路发展（集团）有限公司现金出资人 ...