证券之星消息，11月4日铁路公路板块较上一交易日上涨0.3%，福建高速领涨。当日上证指数报收于 3960.19，下跌0.41%。深证成指报收于13175.22，下跌1.71%。铁路公路板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600033 | 福建高速 | 3.79 | 5.87% | 149.70万 | 5.62亿 | | 601107 | 四川成渝 | 6.12 | 3.90% | 40.75万 | 2.49亿 | | 001317 | 三丰司 | 48.84 | 3.56% | 7.42万 | 3.60亿 | | 000429 | 粤高速A | 12.19 | 3.31% | 1 23.57万 | 2.85亿 | | 002357 | 富临远 | 11.01 | 2.99% | 22.36万 | 2.50亿 | | 600012 | 皖通高速 | 15.68 | 2.82% | 11.56万 | 1.80亿 | | 600561 | 江西长运 | 7.42 | ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].

证券研究报告 交通运输 | 铁路公路 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 03 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 市场表现： | 收盘价（元） | 5.71 | | --- | --- | | 一 年 内 最 高 / 最 低 | 6.56/4.74 | | （元） | | | 总市值（百万元） | 17,461.52 | | 流通市值（百万元） | 17,461.52 | | 总股本（百万股） | 3,058.06 | | 资产负债率（%） | 66.28 | | 每股净资产（元/股） | 5. ...

FF301 本月底法定/註冊股本總額： RMB 3,058,060,000 | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601107 | 說明 | | A股（上海證券交易所） | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,162,740,000 | RMB | | | 1 RMB | | 2,162,740,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,162,740,000 | RMB | | | 1 RMB | | 2,162,740,000 | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | ...

Core Insights - The railway and highway sector experienced a 0.95% increase on November 3, with Fulin Transportation leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Sector Performance - Fulin Transportation (002357) closed at 10.69, up 5.95% with a trading volume of 180,100 shares and a turnover of 189 million yuan [1] - Hainan Highway (000886) closed at 7.70, up 3.77% with a trading volume of 821,900 shares and a turnover of 628 million yuan [1] - Sichuan Chengyu (601107) closed at 5.89, up 2.79% with a trading volume of 349,100 shares and a turnover of 205 million yuan [1] - Other notable performers include Jilin Highway (601518) at 3.03, up 2.36%, and Anhui Expressway (600012) at 15.25, up 2.21% [1] Capital Flow - The railway and highway sector saw a net inflow of 115 million yuan from institutional investors, while retail investors experienced a net inflow of 4.09 million yuan [2][3] - Notable net inflows from major players include Hainan Highway with 30.42 million yuan and Fulin Transportation with 18.16 million yuan [3] - Conversely, retail investors showed a net outflow from Hainan Highway of 39.57 million yuan and Fulin Transportation of 1829.05 million yuan [3]

同花顺iFinD数据显示，122家成都A股上市公司中，91家上市公司盈利。58家实现净利润同比正增长， 占比近48%。其中，成都银行以94.93亿元的净利润总额位居第一。 其中，成都银行首次前三季度净利破90亿元，新易盛和四川路桥净利润也分别达到63.27亿元和53亿 元。净利润超过10亿元的成都A股上市公司共12家，除成都银行、新易盛等外，还有四川路桥53.00亿 元、川投能源42.21亿元、东方电气29.66亿元、兴蓉环境17.64亿元、国金证券17.00亿元、四川成渝 13.00亿元、昊华科技12.32亿元、科伦药业12.01亿元、华西证券10.59亿元、康弘药业10.33亿元。 从净利润增速来看，欧林生物以1079.36%列净利润同比增长率第一。智明达净利润大增995.37%，盛和 资源、汇源通信、*ST天微净利润增速都超过500%。此外，爱乐达、华西证券等17家公司净利润实现倍 增。 营业收入方面，116家成都上市公司当中，实现营业收入4340.55亿元。其中，四川路桥、通威股份、东 方电气、成都银行、新易盛、云图控股、科伦药业、昊华科技、盛和资源9家企业营业收入突破百亿。 A股上市公司三季报披露收 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector is showing resilience in demand, with a "de-involution" trend leading to price increases, which is expected to enhance corporate profitability. Long-term positive competition opportunities are anticipated in the e-commerce express delivery market [14] - The shipping sector is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market anticipated in Q4 2025 [14] - The shipbuilding sector is in the early stages of a green renewal cycle, with demand driven by shipping market recovery and green updates. The shipbuilding market is expected to see improved activity as various constraints ease [14] - The aviation sector is projected to see Q3 performance as a signal for a long-term market upturn, with stable demand growth and cost improvements expected [14] - The supply chain logistics sector is expected to see performance elasticity from the transformation of logistics parks in South China, with a focus on high dividends and value reassessment [15] Summary by Sections Express Delivery - The "Tongda" companies reported Q3 2025 performance with improved single-ticket profits, reflecting the impact of price increases. YTO, Shentong, and Yunda's revenues were 18.27 billion, 13.55 billion, and 12.66 billion yuan, respectively, with year-on-year growth of 8.73%, 13.62%, and 3.29% [5] - YTO's business volume reached 7.721 billion pieces, a year-on-year increase of 15.0%, while Shentong and Yunda's volumes were 6.515 billion and 6.417 billion pieces, with year-on-year growth of 10.7% and 6.6% [5] Shipping - VLCC TCE rates surged to $125,000/day, a 10-year high, driven by tightening capacity and increasing demand [7] - The SCFI index rose by 10.5% week-on-week, indicating a positive trend in container shipping rates [8] - The BDTI index increased by 8.47% week-on-week, reflecting rising oil tanker rates [9] Aviation - Global passenger demand grew by 3.6% in September 2025, with a load factor of 83.4% [10] - China National Airlines plans to purchase up to 10 A350F freighters, with a total value of approximately $4.65 billion [11] Road and Rail - National logistics operations were stable from October 20 to 26, with rail freight at 79.224 million tons, a 1.37% decrease [12] - Sichuan Chengyu reported Q3 2025 revenue of 1.96 billion yuan, a 1.52% year-on-year decline, but net profit increased by 8.96% [13]

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu (601107) [1] Core Views - The company achieved a year-on-year revenue growth of 15.78% in the first three quarters of 2025, with continuous optimization of financial expenses, highlighting the undervalued assets with expected discrepancies [1] - The report emphasizes the significant reduction in financial expenses, which decreased by 31.9% to 428 million yuan, enhancing profits [6] - The company has secured long-term operational rights for its core profitable assets through major infrastructure projects, which are expected to improve revenue [6] Financial Summary - **Revenue Forecasts**: - Total revenue for 2024A is projected at 10,362 million yuan, with a decline to 9,946 million yuan in 2025E, followed by a slight recovery in subsequent years [2] - Year-on-year growth rates are expected to be -11.1% in 2024A, -4.0% in 2025E, 3.0% in 2026E, and 4.6% in 2027E [2] - **Net Profit Forecasts**: - The net profit attributable to the parent company is forecasted to be 1,459 million yuan in 2024A, increasing to 1,630 million yuan in 2025E, and further to 1,728 million yuan in 2026E [2] - Year-on-year growth rates for net profit are projected at 22.9% for 2024A, 11.7% for 2025E, 6.0% for 2026E, and 8.1% for 2027E [2] - **Earnings Per Share (EPS)**: - EPS is expected to be 0.48 yuan in 2024A, increasing to 0.53 yuan in 2025E, 0.56 yuan in 2026E, and 0.61 yuan in 2027E [2] - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to decrease from 12 in 2024A to 9 in 2027E, while the price-to-book (P/B) ratio remains stable at around 0.9 to 0.8 [2] Investment Recommendations - The report maintains profit forecasts of 1.63 billion yuan for 2025, 1.73 billion yuan for 2026, and 1.87 billion yuan for 2027, with corresponding EPS of 0.53, 0.57, and 0.61 yuan [6] - The target price is set at 7.70 yuan for A-shares and 6.74 HKD for H-shares, indicating a potential upside of 35% from the current price [6] - The company is positioned as a growth-oriented dividend asset, with a commitment to a 60% dividend payout ratio for 2024 [6]

Core Viewpoint - The company has announced its quarterly report and various related transactions, ensuring the accuracy and completeness of the information provided, while also detailing significant ongoing projects and their financial implications [2][9][10]. Financial Data and Indicators - The company reported that as of September 30, 2025, the total number of ordinary shareholders was 38,437, with 38,205 being A-share shareholders and 232 being H-share shareholders [4]. - The company has not conducted an audit for the third-quarter financial statements [2]. Major Projects - The Chengle Expressway expansion project, approved in 2017, has an estimated total investment of approximately RMB 251.5 billion, with a completed investment of about RMB 145.14 billion as of September 30, 2025 [4]. - The Tianqiong Expressway BOT project, with an estimated investment of RMB 86.85 billion, is expected to be completed by September 13, 2024, with a cumulative investment of approximately RMB 70.05 billion as of September 30, 2025 [5]. - The G5 Jingkun Expressway expansion project has an estimated total investment of RMB 285.48 billion, with a cumulative investment of approximately RMB 0.80 billion as of September 30, 2025 [6]. Related Transactions - The company signed a framework agreement for daily related transactions with Shudao Investment Group, which holds a 39.861% stake in the company, ensuring compliance with relevant regulations [10][11]. - The company also entered into a service agreement with Sichuan Intelligent Transportation Systems Management Co., Ltd. for highway toll collection services, with an expected transaction amount not exceeding RMB 35 million per year [23][24]. Board Decisions - The company’s board of directors approved the third-quarter report and the related transactions during a meeting held on October 30, 2025, with all resolutions passed unanimously [38][46]. - The board also proposed the nomination of a new independent director, Ro Hong, to replace the outgoing independent director, with the decision pending shareholder approval [35][47].

2025年10月31日，四川成渝(601107.SH)发布2025年三季报。 公司营业总收入为60.86亿元，在已披露的同业公司中排名第9。归母净利润为13.00亿元，在已披露的同 业公司中排名第11，较去年同报告期归母净利润增加1.77亿元，实现3年连续上涨，同比较去年同期上 涨15.78%。经营活动现金净流入为25.58亿元，在已披露的同业公司中排名第9。 公司最新资产负债率为66.38%，较去年同期资产负债率减少5.26个百分点。 公司最新毛利率为39.34%，在已披露的同业公司中排名第13，较上季度毛利率增加1.90个百分点，较去 年同期毛利率增加5.47个百分点，实现3年连续上涨。最新ROE为6.50%，在已披露的同业公司中排名第 12。 公司摊薄每股收益为0.40元，在已披露的同业公司中排名第11，较去年同报告期摊薄每股收益增加0.04 元，实现3年连续上涨，同比较去年同期上涨9.83%。 公司最新总资产周转率为0.10次。最新存货周转率为123.60次，在已披露的同业公司中排名第5，较去年 同期存货周转率增加92.92次，同比较去年同期上涨302.84%。 公司股东户数为3.84万户，前十大股东 ...