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 ...

Group 1: Aviation Sector - The aviation sector is expected to see strong demand during the summer peak season, with a recommendation to focus on pre-peak investment opportunities. The industry has gradually emerged from the low-demand season since March, with rational pricing strategies from airlines supporting demand [3][12]. - In 2024, the total revenue of six listed airlines is projected to reach 521.8 billion yuan, a year-on-year increase of 14%, with a tax pre-profit of 3 billion yuan, a significant recovery from a loss of 9 billion yuan in 2023. Different airlines show varying degrees of profit improvement [10][12]. - The report highlights that the international oil price decline will significantly enhance airline profits. A 5% drop in Brent crude oil prices could increase the pre-tax profits of major airlines by 29 billion yuan for Air China and 23 billion yuan for Eastern Airlines [14][15]. Group 2: Express Delivery Sector - The express delivery sector is anticipated to maintain strong growth resilience, with business volumes expected to increase by 21.5% in 2024 and 21.6% in Q1 2025. The total business volume for 2024 is projected to reach 1.758 billion pieces [32][35]. - The market concentration in the express delivery industry is on the rise, with the CR8 index expected to reach 85.2% in 2024 and 86.9% in Q1 2025, indicating a more consolidated market [32][35]. - Revenue for the express delivery industry is forecasted to grow by 13.8% in 2024, reaching 1.4 trillion yuan, with a slight pressure on average ticket prices, which are expected to decline by 14.2% [35][36]. Group 3: Dividend and Asset Value - The report emphasizes the value of dividend assets in the transportation sector, with cash dividend ratios for highways, railways, and ports projected at 51%, 47%, and 36% respectively for 2024, indicating strong cash flow stability [44][45]. - The TTM dividend yields for these sectors are expected to be 3.0% for highways, 3.3% for railways, and 2.3% for ports, reflecting a stable increase compared to previous years [44][45]. Group 4: Shipping Sector - The shipping sector faces short-term pressure due to US-China tariff disputes, but structural opportunities may arise. The report suggests that the tariff situation could lead to a shift in import demands, particularly for agricultural products, which may benefit dry bulk shipping [48][56]. - Historical data indicates that previous trade disputes have led to increased shipping rates for certain routes, suggesting potential for similar outcomes in the current context [48][56].

Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]

Core Viewpoint - Jiangsu Expressway Company Limited is preparing for its annual shareholder meeting scheduled for June 27, 2025, focusing on maintaining shareholder rights and ensuring orderly proceedings [1][2][3]. Meeting Procedures - The meeting will be chaired by the chairman of the board, with provisions for a substitute if necessary [2]. - Registration for the meeting will occur from 13:30 to 14:30 on the day of the meeting, requiring specific documentation from attendees [2][3]. - Shareholders will have the right to speak, inquire, and vote on agenda items, with voting conducted through both on-site and online methods [3][4]. Voting Process - Voting will be conducted via a combination of on-site and online systems, with each share entitled to one vote [4][5]. - Shareholders must fill out voting forms accurately, and any discrepancies may render votes invalid [5][6]. - The results of the voting will be counted and announced immediately, with provisions for recounts if necessary [4][5]. Company Performance Overview - As of the end of 2024, the company reported total assets of RMB 89.886 billion, a 14.27% increase from the previous year, and net assets of RMB 38.597 billion, reflecting a 13.56% increase [12][32]. - The company achieved a total revenue of RMB 23.198 billion in 2024, a 52.70% year-on-year increase, with a net profit of RMB 4.947 billion, up 12.09% [12][32]. Major Projects and Investments - Key projects include the successful opening of the Ningyang Yangtze River Bridge, with a total investment of approximately RMB 6.254 billion, and ongoing developments in several other significant infrastructure projects [12][13][15]. - The company is also focusing on enhancing traffic efficiency through smart tolling systems and expanding its service area operations [16][19]. Financial Management - The company reported a consolidated profit of RMB 6.317 billion for 2024, achieving 100.05% of its budgeted target, with a net profit margin reflecting effective cost management [32][37]. - The financial strategy includes a focus on reducing operational costs and optimizing revenue streams from various business segments, including tolls and service areas [32][36]. Future Outlook - The company aims to increase its investment in infrastructure projects and enhance its operational efficiency while adhering to green and sustainable practices [23][24]. - The financial budget for 2025 anticipates total revenue of approximately RMB 20.483 billion, with a focus on maintaining cost control and maximizing profitability [31].

江苏宁沪高速公路股份有限公司 Jiangsu Expressway Company Limited 2024 年年度股东会会议资料 现场会议时间：2025年06月27日（星期五）下午15:00时开始 现场会议地点：南京市仙林大道6号 江苏宁沪高速公路股份有限公司会议室 网络投票时间：2025年06月27日9:15-15:00 网络投票系统：上海证券交易所股东大会网络投票系统 2025 年 6 月 27 日 会议资料目录 | | | 页码 | | --- | --- | --- | | 一、 | 会议须知 | 2 - 4 | | 二、 | 会议议程 | 5 | | 三、 | 投票表格填写说明 | 6 - 8 | | 四、 | 会议议案 | 9–51 | 五、现场会议登记时间为：2025 年 06 月 27 日 13:30-14:30。为 了能够及时、准确地统计出席股东会的股东人数及所代表的股份数， 出席股东会的股东请务必准时到达会场，并应出示以下证件和文件： 第 2 页 1、法人股东的法定代表人出席会议的，应出示加盖单位公章的 法人营业执照复印件、法人股东账户卡、本人身份证明文件；委托代 理人出席会议的，代理人 ...

Core Viewpoint - The performance of the CSI 300 Dividend Low Volatility Index shows mixed results among its constituent stocks, with a slight overall decline, while the ETF associated with this index has seen significant inflows and strong long-term performance metrics [1][5]. Group 1: Index Performance - As of June 13, 2025, the CSI 300 Dividend Low Volatility Index decreased by 0.37% [1]. - The ETF associated with this index, CSI 300 Dividend Low Volatility ETF (515300), experienced a turnover of 4.49% during the trading session, with a total transaction value of 268 million yuan [1]. - Over the past month, the average daily transaction value of the ETF was 11.7 million yuan, and its latest scale reached 5.975 billion yuan [1]. Group 2: Stock Performance - Among the constituent stocks, Shanghai Port Group led with a gain of 1.39%, while Shanghai Bank, Industrial Bank, and Jiangsu Bank saw declines [1]. - The top ten weighted stocks in the index accounted for 36.97% of the total index weight, with China Shenhua and Gree Electric Appliances being the most significant contributors [2][4]. Group 3: Dividend and Investment Trends - The upcoming dividend season from May to July is expected to attract more investments into dividend-paying stocks, as the yield on dividend indices reaches new highs [5]. - Regulatory support for increasing insurance funds' market participation is anticipated to enhance the valuation expectations for dividend stocks [5]. - Investors without stock accounts can access investment opportunities through the corresponding CSI 300 Dividend Low Volatility ETF linked funds [5].

Core Points - Jiangsu Ninghu Expressway Co., Ltd. has received a registration notice allowing it to issue up to RMB 4 billion in short-term financing bonds over a two-year period starting from December 30, 2024 [1] - The company issued its third phase of short-term financing bonds for 2025 on June 11, 2025, with a planned issuance amount of RMB 200 million and an actual issuance amount of RMB 200 million [1] - The issuance interest rate for the bonds is set at 1.52%, with the issuance price at 100 yuan per 100 yuan face value [1] Issuance Details - The bond code for the issuance is SCP003, with a maturity period of 128 days [1] - A total of 11 compliant subscription applications were received, amounting to RMB 800 million, with the highest subscription rate at 1.80% and the lowest at 1.52% [1] - The effective subscription included 4 entities, with a total effective subscription amount of RMB 200 million [1] Underwriting Information - The book manager and lead underwriter for the bond issuance is China Construction Bank Co., Ltd. [1]

江苏宁沪高速公路股份有限公司 2025 年度第三期超短期融资券发行情况公告 股票代码：600377 股票简称：宁沪高速 编号：临2025-028 | | 发行要素 | | | | --- | --- | --- | --- | | 名称 2025 | 江苏宁沪高速公路股份有限公司 年度第三期超短期融资券 | 简称 | 25 宁沪高 SCP003 | | 代码 | 012581327 | 期限 | 128 天 | | 起息日 | 2025 年 6 月 11 日 | 兑付日 | 2025 年 10 月 17 日 | | 计划发行总额 | 2.00 亿元 | 实际发行总额 | 2.00 亿元 | | 发行利率 | 1.52% | 发行价格 | 100 元/百元面值 | | | 申购情况 | | | | 合规申购家数 | 11 家 | 合规申购金额 | 8.00 亿元 | | 最高申购价位 | 1.80% | 最低申购价位 | 1.52% | | 有效申购家数 | 4 家 | | 有效申购金额 | 2.00 亿元 | | --- | --- | --- | --- | --- | | 簿记管理人 | | 中国建设银行 ...