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（% ...

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 ...