Group 1 - The Shanghai Composite Index opened high and rose, with the CSI 300 Transportation Infrastructure Index reported at 1279.25 points [1] - The CSI 300 Transportation Infrastructure Index has decreased by 2.03% over the past month, 4.55% over the past three months, and 9.41% year-to-date [2] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, set at 1000.0 points [2] Group 2 - The CSI 300 Transportation Infrastructure Index has a market share distribution of 72.25% from the Shanghai Stock Exchange and 27.75% from the Shenzhen Stock Exchange [2] - Within the holdings of the CSI 300 Transportation Infrastructure Index, the airport sector accounts for 45.67%, the highway sector for 36.32%, and the port sector for 18.01% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December [3]

Group 1 - The A-share market indices closed mixed, with the Shanghai 180 risk-weighted index at 5107.99 points, showing a 2.82% increase over the past month, a 6.34% increase over the past three months, and a 2.48% increase year-to-date [1] - The Shanghai 180 risk-weighted index and the Shanghai 380 risk-weighted index are designed to equalize the risk contribution of each sample, allowing for risk diversification and a higher Sharpe ratio compared to market capitalization-weighted indices [1] - The index is based on a reference date of December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten holdings in the Shanghai 180 risk-weighted index include: Yangtze Power (1.85%), China Construction Bank (1.77%), Agricultural Bank of China (1.62%), Industrial and Commercial Bank of China (1.54%), Bank of China (1.34%), Sichuan Investment Energy (1.27%), Guotou Power (1.17%), Shandong High-Speed (1.12%), China Mobile (1.05%), and Ninghu Expressway (1.04%) [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry allocation, the financial sector accounts for 27.44%, industrial sector for 23.49%, utilities for 10.34%, materials for 9.22%, information technology for 8.17%, consumer discretionary for 5.83%, energy for 5.07%, healthcare for 4.28%, consumer staples for 3.22%, communication services for 2.55%, and real estate for 0.39% [2] - The index samples are adjusted quarterly, with adjustments occurring on the next trading day following the second Friday of March, June, September, and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Investment Rating - The report highlights the value of dividend assets in a low-interest-rate environment, with the Hong Kong Stock Connect high dividend index outperforming other high dividend indices by 1.17 percentage points as of June 2025 [3][18]. Core Insights - The report emphasizes the accelerated growth of dividend products, with a total scale exceeding 200 billion yuan as of Q1 2025, significantly driven by dividend ETFs [3][31]. - The transportation sector holds a substantial weight in both A-share and Hong Kong dividend indices, with over 10% representation in most dividend indices [3][24]. - Companies in the highway and railway sectors are predicted to have dividend yields greater than 3%, with stable profit growth expected from firms such as Ninghu Expressway, Gansu Expressway, and Daqin Railway [3][12]. - The report identifies that the shipping sector has a predicted dividend yield of over 3%, with companies like COSCO Shipping Energy and Pacific Shipping highlighted [3][12]. Summary by Sections Low-Interest Rate Environment - The report discusses how the low-interest-rate environment enhances the appeal of dividend asset allocation, with the dividend yield of highways at approximately 1.5%, ports at 1%, and shipping at 5% as of July 9, 2025 [3][12][18]. Fund Flow Analysis - The report notes that the scale of dividend products has accelerated since 2024, with significant contributions from dividend ETFs. The majority of the growth in Hong Kong dividend ETFs has been attributed to net inflows from subscriptions and redemptions [3][31][33]. Transportation High Dividend Sector - The report provides a list of key high dividend stocks in the transportation sector, including Ninghu Expressway, Tangshan Port, and China Merchants Highway, which have shown consistent performance despite recent declines [3][24][38].

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and others [4]

北京大成(南京)律师事务所 南京市鼓楼区集慧路 18 号 联创科技大厦 A 座 7-11 层 鉴于此,本所律师根据上述法律、法规及规范性文件的要求,按 照律师行业公认的业务标准、道德规范和勤勉尽责精神,现出具法律 意见如下: 一、本次股东会召集人资格、召开程序 dacheng com dentons cr 经核查,公司本次股东会是由公司董事会召集召开的。公司于 2025年6月4日在上海证券交易所官方网站(www.sse.com.cn)以及《中 国证券报》《证券时报》《上海证券报》发布了《江苏宁沪高速公路 股份有限公司关于2024年年度股东会的通知》,通知载明了召开本次 会议的时间、地点、审议事项、投票注意事项、出席对象、登记方法 等有关事项。召开年度股东会公告刊登的日期距本次股东会的召开日 期已满二十日。 2025年6月11日,公司在上海证券交易所官方网站(www.sse.com.cn) 以及《中国证券报》《证券时报》《上海证券报》发布了《关于2024 年年度股东会增加临时提案的公告》。公告载明,公司股东江苏交通 控股有限公司(单独持有公司54.44%的股份)于2025年6月9日提出临 时提案并书面提交股东会 ...

证券代码：600377 证券简称：宁沪高速 公告编号：2025-029 江苏宁沪高速公路股份有限公司 2024年年度股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 6 月 27 日 (二)股东会召开的地点：南京市仙林大道 6 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 182 | | --- | --- | | 其中：A 股股东人数 | 181 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,942,387,210 | | 其中：A 股股东持有股份总数 | 3,415,987,211 | | 境外上市外资股股东持有股份总数（H 股） | 526,399,999 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 78.26 | | 份总数的比例（% ...

Investment Rating - The report initiates coverage with a "Buy" rating for Jiangsu Ninghu Expressway [5][6][47] Core Views - Jiangsu Ninghu Expressway is the only listed toll road company in Jiangsu Province, with 18 road and bridge projects under direct operation and investment, covering over 910 kilometers of opened road and bridge mileage [5][12] - The company has shown steady growth in revenue and profit, with a projected net profit growth of 12% year-on-year for 2024, primarily driven by toll road operations [5][14] - The company maintains a robust dividend policy, with cash dividends exceeding 2 billion RMB annually since 2015, and is expected to continue this trend [5][22] - The report highlights the company's strong asset quality and location advantages, particularly in the economically vibrant Yangtze River Delta region [5][38] Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 15,192 million RMB - 2024: 23,198 million RMB - 2025E: 23,935 million RMB - 2026E: 24,730 million RMB - 2027E: 25,436 million RMB - Year-on-year growth rates for revenue are projected at 14.61% for 2023, 52.70% for 2024, and moderate growth thereafter [2][30] - Net profit forecasts for the same period are: - 2023: 4,413 million RMB - 2024: 4,947 million RMB - 2025E: 5,447 million RMB - 2026E: 5,790 million RMB - 2027E: 6,049 million RMB - Corresponding PE ratios are projected at 11.62 for 2023, decreasing to 8.48 by 2027 [2][30][34] Revenue Structure - The toll road business consistently contributes over 70% of total revenue, with a significant portion of gross profit derived from this segment [5][19] - In 2024, the revenue breakdown is expected to be 77% from toll road operations, 14% from supporting services, and 6% from electricity sales [5][19] Investment Assumptions - The core assumption for revenue growth is based on increasing traffic volumes on the core asset, the Huning Expressway, with expected growth rates of 6% for 2025 and 2026, and 5% for 2027 [7][27] - Operating costs are anticipated to grow at a modest rate of 2% annually, reflecting stable operational conditions [28] Valuation - The report notes that Jiangsu Ninghu Expressway's H shares are trading at a significant discount compared to its A shares, with a PE ratio of 9x for H shares versus 16x for A shares [34] - The dividend yield for H shares is currently at 5.61%, making it an attractive investment option [34]

Group 1 - HSBC upgraded the rating of Ninghu Expressway A-shares to "Hold" [1] - The target price set by HSBC is 16.30 RMB [1]

1st PROOF • (Q:\01. Ann\A2025-06-113_JSE\A2025-06-113_C_JSE) • (16:01 20/06/2025) • (SZ-Rita) • (AFP: C>E) • P.1 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） 日 常 關 聯╱持 續 關 連 交 易 公 告 於2025年6月20日本公司就高速公路服務區綜合監控室建設與感動科 技 公 司 簽 署 協 議，由 感 動 科 技 公 司 為 本 公 司 管 理 的 滬 寧 高 速 沿 線11 對 服 務 區 建 設 監 控、消 控、電 力 監 控 三 合 一 綜 合 監 控 室。協 議 期 限 為 2025年6月20日 至2026年12月 ...