2.二级管制路段（限速60，禁止大客车、危化品车辆驶入）：G2京沪高速徐宿段，G3京台高速全线， G15沈海高速连云港，盐城段，G1516盐洛高速盐城段，S49新扬高速宿迁段，S69济徐高速徐州段； S16连宿高速宿迁段。 扬子晚报/紫牛新闻记者 笪越 3.三级管制路段（限速80）：南通、盐城、泰州、淮安、南京、宿迁、常州、镇江地区大部分路段。 二、收费站管制： 转自：扬子晚报 因配合交通事故处理需要，临时关闭长深高速大浦、宋庄收费站入口。 1月19日12:00，目前，受降雪路面湿滑影响，江苏高速公路部分路段采取了限速、限车型等管制措施， 无封闭管制路段。 一、路段管制： 1.一级管制路段（限速40，仅允许黄牌货车驶入）：G30连霍高速徐州段，G2513淮徐高速徐州、宿迁 段。 ...

Group 1 - Jiangsu Yunsong Capital Management Co., Ltd. increased its stake in Jiangsu Ninghu Expressway (00177.HK) by acquiring 10.8 million shares at an average price of HKD 9.2059 per share, totaling approximately HKD 99.4237 million [1] - Following the acquisition, Jiangsu Yunsong Capital's total shareholding rose to 111,554,000 shares, increasing its ownership percentage from 8.25% to 9.13% [1]

Group 1 - Jiangsu Yunsong Capital Management Co., Ltd. increased its stake in Jiangsu Ninghu Expressway (600377) by 10.8 million shares at a price of HKD 9.2059 per share, totaling approximately HKD 99.4237 million [1] - After the increase, the total number of shares held by Jiangsu Yunsong Capital is 112 million, representing a holding percentage of 9.13% [1] - The transaction involves other related parties, specifically Jiangsu Transportation Holding Co., Ltd. [1]

Group 1 - Jiangsu Yunsong Capital Management Co., Ltd. increased its stake in Jiangsu Ninghu Expressway (00177) by 10.8 million shares at a price of HKD 9.2059 per share, totaling approximately HKD 99.4237 million [1] - After the transaction, the total number of shares held by Jiangsu Yunsong Capital is 112 million, representing a holding percentage of 9.13% [1] - The transaction involves other related parties, specifically Jiangsu Transportation Holding Co., Ltd. [1]

Group 1 - The company Jiangsu Ninghu Expressway (00177) announced the issuance of its second phase of ultra-short-term financing bonds for 2026, with a total issuance amount of 590 million yuan [1] - The bonds, named "26 Ninghu Gao SCP002," have a maturity period of 212 days and an issuance interest rate of 1.54% [1]

Group 1 - The company Jiangsu Ninghu Expressway (600377) issued the second phase of its ultra-short-term financing bonds for 2026, with a total issuance amount of 590 million yuan [1] - The bonds are named "26 Ninghu Gao SCP002" and have a maturity period of 212 days [1] - The issuance interest rate for these bonds is set at 1.54% [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） （股份代號：00177） 海外監管公告 2026年度第二期超短期融資券發行情況公告 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 陳雲江#、王 穎 健#、謝 蒙 萌#、汪 鋒 Δ 、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 * Δ 執行董事 # 非執行董事 * 獨立非執行董事 ^ 職 工 代 表 董 事 股票代码： ...

| | 发行要素 | | | | --- | --- | --- | --- | | 名称 2026 | 江苏宁沪高速公路股份有限公司 年度第二期超短期融资券 | 简称 | 26 宁沪高 SCP002 | | 代码 | 012680109 | 期限 | 212 天 | | 起息日 | 2026 年 1 月 14 日 | 兑付日 | 2026 年 8 月 14 日 | | 计划发行总额 | 5.90 亿元 | 实际发行总额 | 5.90 亿元 | | 发行利率 | 1.54% | 发行价格 | 100 元/百元面值 | | | 申购情况 | | | | 合规申购家数 | 17 家 | 合规申购金额 | 18.18 亿元 | | 最高申购价位 | 1.80% | 最低申购价位 | 1.54% | | 有效申购家数 | 5 家 | | 有效申购金额 | 5.90 亿元 | | --- | --- | --- | --- | --- | | 簿记管理人 | | 华夏银行股份有限公司 | | | | 主承销商 | | 华夏银行股份有限公司 | | | | 联席主承销商 | | 江苏银行股份有限公司 | | | 特此公告 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook for the sector's performance relative to the overall market [12]. Core Insights - The shipping market is expected to see significant growth in Q4 2025, driven by strong VLCC freight rates and structural changes in trade dynamics, including new refinery capacities and geopolitical shifts [4]. - The aviation sector is projected to enter a golden era, with passenger transport expected to reach 770 million in 2025, marking a 5.5% increase from 2024 and a 16.7% increase from 2019 [4]. - The report highlights a shift in the shipping industry from supply-driven to demand-driven dynamics, particularly in shipbuilding, as older vessels are replaced [4]. - The logistics and freight forwarding sectors are facing challenges due to trade tensions, impacting profit margins and demand [4]. Summary by Sections Shipping - Q4 2025 VLCC freight rates are expected to average around $95,500 per day, with a projected demand increase of 1.7% from new refinery capacities and a 2.1% increase from compliance changes in Venezuelan oil [4]. - The dry bulk market is also showing strong performance, with Cape-sized vessel rates expected to rise by 20% to $27,600 per day [4]. - The report estimates that COSCO Shipping Energy's Q4 earnings will be approximately 1.9 billion RMB, while China Merchants Energy's will be around 2.9 billion RMB [4]. Shipbuilding - The shipbuilding sector is experiencing a tight supply-demand balance, with second-hand ship prices rising for 11 consecutive months, indicating a positive outlook for the industry [4]. Freight Forwarding - The freight forwarding sector is facing profit margin compression due to trade frictions, with the CCFI index expected to decline by 26% in Q4 2025 [4]. Aviation - The Chinese aviation market is expected to achieve a profit of 6.5 billion RMB in 2025, with major airlines like China Eastern Airlines anticipated to see significant performance improvements [4]. - The report emphasizes the importance of international routes as passenger volumes are expected to grow, driven by a recovery in outbound travel [4]. Express Delivery - The express delivery sector is projected to see a 5% year-on-year growth in Q4, driven by price increases and seasonal demand, despite challenges from trade policies [4]. Road and Rail - The report notes a slowdown in highway traffic growth, while rail passenger and freight volumes continue to increase, with recommendations for specific companies in the sector [4].

Core Viewpoint - Jiangsu Ninghu Expressway Co., Ltd. has announced the issuance of its first super short-term financing bond for 2026, with a total issuance scale not exceeding RMB 4 billion over two years, starting from December 4, 2025 [1] Group 1: Financing Bond Issuance - The company received the acceptance registration notice from the National Association of Financial Market Institutional Investors on December 2025, allowing it to issue super short-term financing bonds [1] - The first issuance occurred on January 6, 2026, as part of the approved financing plan [1] Group 2: Shareholding Increase by Controlling Shareholder - The controlling shareholder, Jiangsu Transportation Holding Co., Ltd., through its subsidiary Yunshan Capital Management Co., Ltd., has increased its shareholding in the company by 100,754,000 H shares from September 9, 2025, to January 6, 2026 [3][4] - This increase raised the total shareholding of Jiangsu Transportation Holding and its concerted actions to 2,843,862,825 shares, increasing the ownership percentage from approximately 54.4511% to 56.4511% [3][4] - The cumulative increase in shareholding reached 2% of the company's total equity [4] Group 3: Impact of Shareholding Changes - The increase in shareholding does not trigger a mandatory tender offer and will not lead to changes in the controlling shareholder or actual controller of the company [4][5] - The company’s total issued share capital is 5,037,747,500 shares, comprising 3,815,747,500 A shares and 1,222,000,000 H shares [4]