每经AI快讯，12月19日，四川成渝（601107）(601107.SH)公告称，全资子公司蜀南公司拟以现金收购 蜀道创投所持有的荆宜公司85%股权，交易对价为24.09亿元。交易完成后，荆宜公司将成为蜀南公司 的控股子公司，并纳入公司合并报表范围。本次交易构成关联交易，需提交公司股东会审议。 ...

人民财讯12月19日电，四川成渝（601107）12月19日公告，公司全资子公司四川蜀南投资管理有限公司 拟以现金收购蜀道（四川）创新投资发展有限公司所持有的湖北荆宜高速公路有限公司（简称"荆宜公 司"）85%股权。标的企业85%股权转让价款为24.09亿元。通过本次交易收购荆宜公司85%股权，有利 于增加公司控股的高速公路项目，进一步提高公司资产规模、发挥规模效应。与此同时，荆宜公司的注 入能够提高公司路网规模。 ...

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]

Summary of Sichuan Chengyu Conference Call Company Overview - Sichuan Chengyu was established in 1997 and listed on the H-share market the same year, with a history of 28 years [3] - The company has 19 subsidiaries and returned to A-shares in 2009, holding 2.162 billion shares in A-shares and 895 million shares in H-shares [3] - The largest shareholder is Shudao Group, holding 24.88% of shares, followed by China Merchants Highway [3] - The company operates nearly 900 kilometers of highways, including Chengyu, Chengya, Chengle, Chengren, and Tianqiong highways, with two ongoing projects: Chengle expansion and Chenyang expansion [3] Financial Performance - In Q3 2025, Sichuan Chengyu reported revenue of 16.086 billion yuan, a year-on-year decrease of 17.29%, primarily due to reduced construction service income [2][6] - Net profit attributable to shareholders was 1.3 billion yuan, a year-on-year increase of 15.78%, attributed to reduced financial expenses [2][6] - The debt ratio decreased from 72% to 66.28%, and the company maintains a high dividend policy, with a payout ratio not less than 60% for 2025 [2][6] Operational Insights - Overall traffic volume across all roads showed positive growth, although truck toll revenues decreased, putting pressure on income [2][7] - Maintenance costs were managed effectively, showing no significant changes compared to the previous year [7] - The cessation of tolls on the Northern section had a minor impact on annual profits, estimated at 10-20 million yuan [7] - The company is responding to the decline in truck traffic, which constitutes 40% of total traffic, by reducing costs and consolidating operations [9] Project Developments - The Chenyang expansion project has a total investment of approximately 28.4 billion yuan, with a per-kilometer cost of about 178 million yuan [9] - The project is progressing well, with expectations to extend the toll collection period and increase toll rates, pending final project costs and government approval [9] Future Outlook - Tianqiong Highway is expected to open in 2026, while the operation of the Erxi Highway this year may fall short of acquisition commitments, with the controlling shareholder prepared for compensation [10] - The company is exploring asset injections from its major shareholder, which has quality road assets available for integration [10] Industry Context - Recent toll increases in provinces like Shanxi and Ningxia have had a positive impact on the industry, and the company hopes for similar actions from the government [15] - The pricing of tolls is influenced by construction costs and government assessments, with recent tolls ranging from 0.6 to 1.2 yuan per kilometer [11][19] Strategic Direction - Sichuan Chengyu aims to focus on managing its core highway operations while expanding into new energy, fuel sales, and service area renovations to enhance shareholder returns [4][23]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - Crude oil freight rates have declined from high levels, with mixed changes in ocean freight rates. The China Import Crude Oil Composite Index (CTFI) was reported at 2321.90 points on December 4, down 7.9% from November 27. The VLCC market has seen transactions at major loading ports, with shipowners trying to maintain price levels despite a cooling market [3][14] - China Eastern Airlines has launched the world's longest one-way flight route from Shanghai to Buenos Aires, reducing travel time by over 4 hours. Additionally, a ton-class eVTOL was included in urban firefighting drills for the first time [3][16] - In November, China's express delivery volume exceeded 180 billion items for the first time, marking a new record. The first full schedule China-Europe freight train departed from Shijiazhuang [3][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the Middle East route showing a 9.76% drop. The Shanghai port's export rates to Europe and the US have also seen declines of 0.3%, 5.0%, and 4.7% respectively [14][15] - The launch of the longest flight route by China Eastern Airlines connects Shanghai to Buenos Aires, significantly shortening travel time [16][17] - The express delivery volume in China reached a record high of 180 billion items in November, reflecting strong economic vitality [24][26] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 5721.00 points, up 2.4% year-on-year [28] - Domestic freight flight numbers decreased by 2.03% year-on-year in November, while international flights increased by 14.88% [30] - The SCFI index for container shipping was reported at 1397.63 points, down 0.39% week-on-week and down 38.06% year-on-year [37] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream [5] - Investment opportunities in low-altitude economy trends, recommending CITIC Offshore Helicopter [5] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [5] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [5] - Opportunities in the aviation sector, recommending Air China, China Southern Airlines, and others [5]

Group 1 - The company will hold its third extraordinary general meeting of shareholders on December 24, 2025 [2][21] - The meeting will be conducted using a combination of on-site and online voting methods [2][3] - The on-site meeting will take place at 15:00 at the company's office in Chengdu, Sichuan Province [2][12] Group 2 - The online voting system will be available on the same day from 9:15 to 15:00 [3] - Specific voting procedures for margin trading, transfer, and other related accounts must comply with relevant regulations [4] - There are no public solicitations for shareholder voting rights involved in this meeting [5] Group 3 - Proposals for the meeting have been previously approved in board meetings held on October 30 and November 10, 2025 [7] - There are no special resolutions for this meeting [7] - Proposals affecting minority investors will be counted separately [7] Group 4 - Shareholders must register to attend the meeting, with specific registration procedures outlined [14][15] - Registration will take place on December 23, 2025, with designated times for both corporate and individual shareholders [16] - Proxy representation is allowed, but must be formally authorized in writing [17][18] Group 5 - The meeting is expected to last no more than half a day, with attendees responsible for their own travel and accommodation costs [19] - Contact information for inquiries is provided, including a contact person and phone number [20]

四川成渝高速公路股份有限公司 SICHUAN EXPRESSWAY COMPANY LIMITED 2025 年第三次临时股东会 会议资料 现场会议召开时间：2025 年 12 月 24 日（星期三）15:00 网络投票时间：自 2025 年 12 月 24 日 至 2025 年 12 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东会召开当日的交易时间段，即 9:15-9:25,9:30- 11:30，13:00-15:00；通过互联网投票平台的投票时间为股东会 召开当日的 9:15-15:00。 | | 页码 | | --- | --- | | 一、会议须知 | 1-2 | | 二、会议议程 | 3-4 | | 三、投票表格填写说明 | 5-6 | | 四、会议议案 | 7-14 | 议案一：关于本公司控股子公司与施工单位分别签署《G5 京昆高速公路成都 至雅安段扩容工程项目工程总承包合同》的议案； 议案二：关于本公司与蜀道投资签署《施工工程及相关服务关联交易框架协 议》的议案； 议案三：关于变更本公司二〇二五年度境内审计师的议案； 议案四：关于罗宏先生董事酬金的议案； ...

| 证券代码：601107 | 证券简称：四川成渝 | | 公告编号：2025-051 | | --- | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24 | 成渝 01 | | | 债券代码：102485587 | 债券简称：24 | 成渝高速 | MTN001 | 四川成渝高速公路股份有限公司 关于召开2025年第三次临时股东会的通知 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： 股东会召开日期：2025年12月24日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第三次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 24 日 15 点 00 分 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通 ...

此乃要件 請即處理 閣下如對本通函任何方面或擬採取之行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的四川成渝高速公路股份有限公司（「本公司」）所有股份全部出售或轉讓，應立即將本通 函及隨附的代理人委任表格送交買方、承讓人，或經手買賣或轉讓的銀行、持牌證券商或其他代理商，以 便轉交買方或承讓人。 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就因本通函全部或任何部分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。 本通函僅供參考用途，概不構成收購、購買或認購本公司證券之邀請或要約。 四川成渝高速公路股份有限公司 Sichuan Expressway Company Limited* （在中華人民共和國註冊成立之股份有限公司） （股份編號：00107） I.非常重大的收購及關連交易－ 有關成雅高速擴容項目之工程合同； II.持續關連交易－施工工程及相關服務框架協議； III.建議變更本公司二〇二五年度境內審計師； IV.建議委任獨立非執行董事及其建議董事薪 ...

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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通告全部或任何部分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。 四川成渝高速公路股份有限公司 Sichuan Expressway Company Limited* （在中華人民共和國註冊成立之股份有限公司） （股份編號：00107） 臨時股東會通告 茲通告四川成渝高速公路股份有限公司（「本公司」）謹訂於2025年12月24日（星 期三）下午3:00假座中國四川省成都市武侯祠大街252號4樓420室舉行臨時股東會（「臨 時股東會」），藉以審議及酌情通過（不論有否修訂）下列決議案。 除文義另有所指外，本通告所採用之詞彙與本公司日期為2025年12月4日的通函 （「通函」）所界定者具相同涵義，通函載有有關本通告中以下決議案詳情。 普通決議案 以現場記名非累積投票表決方式審議及批准以下決議案： 1. 動議：審議、追認、確認和批准工程合同及其項下擬進行的交易；以及授 權本公司董事長或董事長授權代表為及代表本公司簽立所有相關其他文 件、文據及協議，並採取所有必要或權宜措施以實 ...