格隆汇12月30日丨宁沪高速(600377.SH)公布，2025年12月30日，本公司第十一届董事会第十八次会议 审议通过了《关于向子公司丹金公司增资的议案》，同意本公司向控股子公司丹金公司进行现金增资， 增资金额为人民币1.28亿元。 本次增资完成后，本公司对丹金公司的持股比例由74.5998%降至69.2845%。根据香港上市规则第14.29 条，2025年第二次拟增资视作出售附属公司5.3153%股本权益。根据香港上市规则第14.22及14.23（2） 条，本次增资应与2025年第一次增资合并计算。由于根据香港上市规则第14.07条所计算之最高适用百 分比率低于5%，故2025年第二次拟增资可豁免披露遵守公告、股东批准规定。 ...

股票简称：宁沪高速 股票代码：600377 编号：临 2025-061 江苏宁沪高速公路股份有限公司 第十一届董事会第十八次会议决议公告 本议案已经本公司董事会战略委员会审议通过，并同意提交董事会审议。 表决结果：同意 12 票；反对 0 票；弃权 0 票。 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 第八次会议（以下简称"会议"）于2025年12月30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12人，会议出席董事12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 本次会议审议并批准《关于本公司向控股子公司江苏丹金高速公路有限公司（以 下简称"丹金公司"）增资的议案》。 同意本公司控股子公司丹金公司增加注册资本金，并修订公司章程。本次增资金 额共计人民币 58,686.16 万元，其中，本公司向丹金公司 ...

格隆汇12月30日丨宁沪高速(600377.SH)公布，2025年12月30日，本公司第十一届董事会第十八次会议 审议通过了《关于向子公司丹金公司增资的议案》，同意本公司向控股子公司丹金公司进行现金增资， 增资金额为人民币1.28亿元。 本次增资完成后，本公司对丹金公司的持股比例由74.5998%降至69.2845%。根据香港上市规则第14.29 条，2025年第二次拟增资视作出售附属公司5.3153%股本权益。根据香港上市规则第14.22及14.23（2） 条，本次增资应与2025年第一次增资合并计算。由于根据香港上市规则第14.07条所计算之最高适用百 分比率低于5%，故2025年第二次拟增资可豁免披露遵守公告、股东批准规定。 ...

宁沪高速公告，公司于2025年12月30日召开董事会，审议通过了向控股子公司江苏丹金高速公路有限公 司增资的议案。增资金额为人民币1.28亿元。此次增资旨在支持丹金项目，即阜宁至溧阳高速公路丹阳 至金坛段的建设。增资完成后，宁沪高速对丹金公司的持股比例将从74.5998%降至69.2845%。根据香 港上市规则，此次增资被视为视作出售交易，但不构成关联交易或重大资产重组。 ...

Group 1 - The core viewpoint of the articles highlights the increasing trend of cash dividends among A-share companies, with 270 companies having announced cash dividends for Q3 2025, indicating a growing number and coverage of companies participating in cash dividends [1] - The A-share market has seen a gradual increase in the number of companies issuing cash dividends and the total amount, with a notable acceleration in this trend since 2024, reflecting a shift from a "heavy financing, light returns" model to a more balanced investment ecosystem [1] - Yin Tai Securities emphasizes that encouraging high-quality listed companies to increase dividend payouts is a key aspect of the new round of capital market reforms, which will promote long-term healthy development of the A-share market [1] Group 2 - Galaxy Securities points out that as 2026 approaches, the A-share market is entering a critical window for cross-year layout, with expectations for policy benefits to be released early in the year, creating structural opportunities in sectors aligned with policy guidance and industry prosperity [2] - The upcoming spring market rally is anticipated, with a focus on defensive sector allocation in the short term while preparing for next year's policy benefits and industry trends [2] - The Jianxin CSI 300 Dividend ETF (512530) closely tracks the CSI 300 Dividend Index, which selects 50 high-dividend stocks from the CSI 300 Index, reflecting the overall performance of high-dividend securities within the index [2]

Group 1 - Zhao Jianguo has been appointed as the Party Secretary of the Jiangsu Provincial Association for Science and Technology [1][3] - Deng Fei has been appointed as the Deputy Minister of the Jiangsu Provincial United Front Work Department and the Party Secretary of the Provincial Ethnic and Religious Affairs Committee [4][6] - Wang Xianzheng has been appointed as the Party Secretary and Chairman of Jiangsu Transportation Holding Co., Ltd. [6][8] Group 2 - Bi Jinbiao has been appointed as the General Manager and Deputy Party Secretary of Jiangsu Cultural Investment Management Group Co., Ltd. [8][10] - Zhu Yan has been appointed as the Director and Deputy Party Secretary of Jiangsu Academy of Agricultural Sciences [11][13] - Li Lianghui has been appointed as the Party Secretary and Deputy Director of Nanjing Museum [15][16]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing high dividends and capital operations as dual engines for growth [1]. Core Insights - The transportation sector has shown mixed performance, with the overall industry ranking 8th among 31 sectors in terms of growth, having increased by 1.68% from December 1 to December 19, 2025, outperforming the CSI 300 index by 0.76 percentage points [12][13]. - The report highlights that the dividend yield for major segments within the transportation sector, including highways, railways, and ports, remains in the 3%-4% range, with coal and banking sectors leading in yield [27][21]. - The report identifies several high-dividend stocks in the A and H-share markets, recommending companies such as Sichuan Chengyu Expressway (6.0% yield) and China Merchants Port (5.8% yield) as attractive investment opportunities [21][22]. Monthly Market Performance - The report notes that the performance of dividend assets in December 2025 was generally underwhelming, with highway, railway, and port segments showing cumulative changes of -1.45%, +1.12%, and +1.21%, respectively [13][11]. - The average daily transaction volume for ports increased by 26.7% year-on-year, while highway and railway transaction volumes decreased by 5.5% and 34.8%, respectively [26][23]. - The report indicates that the low interest rate environment continues to support the market, with the 10-year government bond yield remaining stable around 1.83% [25][23]. Capital Operations - Sichuan Chengyu plans to acquire 85% of Hubei Jingyi Expressway for 2.409 billion yuan in cash, shifting from a stock issuance to a cash purchase to avoid equity dilution [32]. - Ninghu Expressway is increasing its investment in the Jiangsu Longtan Bridge project by 3.26964 billion yuan, enhancing its stake in the project [34]. - Qingdao Port has terminated its cash acquisition of the Rizhao Port oil terminal due to potential business impacts from legal issues, prioritizing shareholder interests [35]. Highway Sector Tracking - In October 2025, highway passenger traffic was reported at 975 million, a decrease of 3.7% year-on-year, while freight traffic showed a slight increase of 0.1% [36]. - The report highlights the revenue performance of key companies, such as Gansu Expressway, which reported a slight decline in toll revenue for November 2025 [44]. Railway Sector Tracking - Railway passenger volume reached 410 million in October 2025, marking a 10.1% increase year-on-year, while freight volume showed a modest increase of 0.6% [52]. - The report notes that the Daqin Railway achieved a freight volume of 37.22 million tons in November 2025, reflecting a year-on-year growth of 1.75% [59]. Port Sector Tracking - The report indicates that monitored port cargo throughput reached 1.078 billion tons over four weeks, with a year-on-year growth of 2.6% [63]. - Container throughput for the year-to-date reached 31.0469 million TEUs, reflecting a 7.7% increase compared to the previous year [63].

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly recommending stocks such as China Shipbuilding, China Power, and Sumec [4]. Core Insights - The report highlights the launch of the first shipping industry index fund on December 19, 2025, and notes a continued increase in second-hand ship prices, with a 5-year-old VLCC price rising by $2 million to $120 million [4]. - Seasonal fluctuations are observed in freight rates, with oil and bulk carrier second-hand prices increasing. The report recommends stocks like COSCO Shipping and China Merchants Energy [4]. - The report anticipates a significant improvement in airline profitability due to supply constraints and increasing passenger demand, recommending stocks such as China Eastern Airlines and Spring Airlines [4]. Summary by Sections Shipping Industry - The second-hand ship price index increased by 0.38% to 194.32 points, with a recommendation for COSCO Shipping and China Merchants Energy [4]. - VLCC freight rates decreased by 11% to $101,623 per day, while Suezmax rates increased by 9% to $78,107 per day [4]. Airline Sector - The report indicates that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet and supply constraints expected to continue [4]. - Airlines are projected to experience significant profitability improvements, with recommendations for stocks such as China Eastern Airlines and China Southern Airlines [4]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for industry performance [4]. - Recommended stocks include Shentong Express and Yunda Holdings, with a focus on companies benefiting from Southeast Asian e-commerce growth [4]. Rail and Road Transport - Rail freight volume and highway truck traffic are expected to maintain steady growth, with data showing a slight decrease in freight volume [4]. - The report suggests that traditional high-dividend investment themes and potential value management catalysts will be key investment lines through 2025 [4].

Market Overview - The railway and highway sector increased by 0.42% on December 19, with Haikou Group leading the gains [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] Top Performers - Haikou Group (603069) closed at 23.86, up 10.00% with a trading volume of 234,900 shares and a transaction value of 543 million [1] - Hainan Expressway (000886) closed at 6.68, up 6.37% with a trading volume of 834,200 shares [1] - Sanfeng Company (001317) closed at 56.22, up 5.08% with a trading volume of 209,700 shares and a transaction value of 1.151 billion [1] Underperformers - Ninghu Expressway (600377) closed at 12.16, down 1.46% with a trading volume of 151,000 shares and a transaction value of 18.4 million [2] - China Merchants Highway (001965) closed at 9.98, down 1.09% with a trading volume of 158,600 shares [2] - Guangdong Expressway A (000429) closed at 11.86, down 1.08% with a trading volume of 83,700 shares [2] Capital Flow - The railway and highway sector experienced a net outflow of 17.788 million from institutional investors, while retail investors saw a net inflow of 7.817 million [2] - The main stocks with significant capital inflow included Dazhong Transportation (600611) with a net inflow of 58.3566 million [3] - Haikou Group (603069) had a net inflow of 55.5408 million, while Sanfeng Company (001317) saw a net inflow of 52.0940 million [3]