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]

Core Viewpoint - Jiangsu Ninghu Expressway (600377) announced the resignation of Executive Director Zhang Xinyu due to adjustments in the company's governance structure, although he will continue to hold other positions within the company [1] Group 1 - The board received the resignation letter on December 18, 2025 [1] - Zhang Xinyu will resign from his roles as Executive Director and member of the Board's Strategic Committee [1] - The resignation is part of a broader adjustment in the company's governance structure [1]

Core Viewpoint - Jiangsu Ninghu Highway Company (00177) announced an increase in shareholding by its controlling shareholder, Jiangsu Transportation Holding Co., Ltd. (referred to as "Jiangsu JiaoKong") through its wholly-owned subsidiary, Jiangsu Yunsong Capital Management Co., Ltd. (referred to as "Yunsong Capital") [1] Group 1 - Jiangsu JiaoKong informed that Yunsong Capital increased its holdings of the company's H shares by 52.862 million shares from November 12, 2025, to December 17, 2025 [1] - Following the acquisition, Jiangsu JiaoKong and its concerted parties hold a total of 2.824 billion shares, raising their ownership percentage from 55.00% to 56.05% [1] - The change in equity ownership triggered a 1% integer threshold [1]

Core Viewpoint - Jiangsu Ninghu Expressway (600377) announced that its controlling shareholder, Jiangsu Transportation Holding Co., Ltd. (referred to as "Jiangsu Jiao Control"), has increased its stake in the company through its wholly-owned subsidiary, Jiangsu Yunsong Capital Management Co., Ltd. (referred to as "Yunsong Capital") [1] Group 1 - Jiangsu Yunsong Capital acquired an additional 52.862 million H-shares of the company between November 12, 2025, and December 17, 2025, via the Hong Kong Stock Connect trading system [1] - Following this acquisition, Jiangsu Jiao Control and its concerted parties now hold a total of 2.824 billion shares in the company, increasing their ownership percentage from 55.00% to 56.05% [1] - The change in equity ownership triggered a 1% integer threshold [1]

江蘇寧滬高速公路股份有限公司 獨立董事工作細則 （二零二五年十二月十八日股東會審議通過） 獨立董事工作細則 目錄 第一章 總則 2 第二章 獨立董事 第三章 獨立董事任職條件 第四章 獨立董事的提名、選舉和更換 第五章 獨立董事的職責 第六章 獨立董事履職方式 第七章 獨立董事的履職保障 第八章 附則 江蘇寧滬高速公路股份有限公司 獨立董事工作細則 1 總則 1.1 為進一步完善公司治理結構，促進公司規範運作，根據《中華人民共和 國公司法》（"《公司法》"）《中華人民共和國證券法》（"《證券法》"）、 《國務院辦公廳關於上市公司獨立董事制度改革的意見》《上市公司獨立董事管 理辦法》（"《獨董辦法》"）《上海證券交易所股票上市規則》、江蘇寧滬高速 公路股份有限公司（"公司"）章程（"公司章程"），並參照其他有關法律法 規，制定公司獨立董事工作細則（"本細則"）。 2 獨立董事 2.1 公司依法設立獨立董事制度，董事會成員中有 5 名為獨立董事，佔全體 董事會成員的三分之一以上，其中包括至少 1 名會計專業人士。 公司董事會中設置審計委員會。審計委員會成員應當為不在公司擔任高級管 理人員的董事，其中獨立董事應當過 ...

江蘇寧滬高速公路股份有限公司 董事會議事規則 （二零二五年十二月十八日股東會審議通過） 1 第一節 董事的任免 第二節 董事的權利和義務 第三節 董事的薪酬 第三章 董事會職權 第一節 會議準備和通知 第二節 會議提案規則 第三節 會議召開 第四節 會議議事和決議規則 第五節 會後事項 董事會議事規則 目錄 第一章 總則 第二章 董事 第四章 董事長 第五章 董事會組織機構 第六章 董事會會議 第七章 附則 2 江蘇寧滬高速公路股份有限公司 董事會議事規則 第一章 總則 1.1 為建立現代企業制度及完善公司法人治理結構，根據《中華人民共和國公司 法》（"《公司法》"）、《中華人民共和國證券法》（"《證券法》"）、江蘇寧 滬高速公路股份有限公司（"公司"）章程（"公司章程"）、香港聯合交易所 有限公司（"聯交所"）《證券上市規則》和上海證券交易所（"上交所"）《股 票上市規則》、中國證券監督管理委員會（"證監會"）有關規定，並參照國家 和地方政府其他有關法規，制定江蘇寧滬高速公路股份有限公司董事會議事規則 （"本規則"）。 1.2 制定本規則的目的是為了進一步明確公司董事會的職責和權限，規範公司 董事會的議事方 ...

Core Viewpoint - Jiangsu Ninghu Expressway (00177.HK) announced the resignation of executive director Zhang Xinyu due to adjustments in the company's governance structure, effective December 18, 2025. Zhang will continue to hold other positions within the company after his resignation [1]. Summary by Categories - **Company Governance** - Zhang Xinyu has applied to resign from his position as executive director and member of the board's strategic committee due to governance structure adjustments [1]. - **Future Roles** - After resigning from the aforementioned positions, Zhang Xinyu will retain other roles within the company [1].

江蘇寧滬高速公路股份有限公司 股東會議事規則 （二零二五年十二月十八日股東會審議通過） 股東會議事規則 目錄 第四章 股東會 2 第一章 總則 第二章 股東的權利和義務 第一節 普通股股東的權利和義務 第二節 控股股東對其他股東的義務 第三章 股東會的職權 第一節 會議召開 第二節 會議召集與通知 第三節 股東委託代理人 第四節 會議主持人 第五節 會議提案 第六節 會議表決 第七節 會議決議 第八節 會後事項 第五章 獨立董事、股東或審計委員會提議召開臨時股東會 第六章 類別股東會 第七章 附則 江蘇寧滬高速公路股份有限公司 股東會議事規則 第一章 總則 1.1 為充分行使股東會權力，保障股東的利益，規範股東會的議事及決策的程 序和方式，特制定本規則。 1.2 本規則依據《中華人民共和國公司法》（"《公司法》"）《中華人民共 和國證券法》（"《證券法》"）《上市公司股東會規則》、公司股票的上市交 易所上市規則、江蘇寧滬高速公路股份有限公司（"公司"）章程及其他相關法 律法規而制定。 1.3 公司由股東組成股東會。股東會是公司的最高權力機構，依照公司章程和 本規則行使職權。公司全體董事應當勤勉盡責，確保股東會 ...

江蘇寧滬高速公路股份有限公司 Jiangsu Expressway Company Limited （於中華人民共和國註冊成立的股份有限公司） 章 程 公 司 章 程 1.1 為維護公司、股東、職工和債權人的合法權益，規範公司的組織和行為，根 據《中華人民共和國公司法》（以下簡稱《公司法》）、《中華人民共和國證券 法》（以下簡稱《證券法》）、《中國共產黨章程》（以下簡稱《黨章》）和其 他有關規定，制定本章程。 1.2 本公司系依照《公司法》《國務院關於股份有限公司境外募集股份及上市的 特別規定》和中華人民共和國（"中國"）其他有關法律、行政法規成立的股份 有限公司。 公司經江蘇省經濟體制改革委員會蘇體改生[1992]151 號文批准，以發起方 式設立，於 1992 年 8 月 1 日在江蘇省工商行政管理局註冊登記，取得公司營業 執照。 修改及批准生效時間 一九九七年四月二日經公司股東大會特別決議通過 一九九七年六月二日經國家經濟體制改革委員會批准生效 一九九九年六月十八日經公司股東大會特別決議通過修改 二零零一年四月二十六日經國家經濟貿易委員會批准生效 二零零二年五月二十八日經公司股東大會特別決議通過修改 二 ...