格隆汇1月29日丨四川成渝高速公路(00107.HK)公告，因工作调动原因，马永菡已提出辞任公司执行董 事职务，郭人荣已提出辞任公司财务总监职务，该等辞任均自2026年1月29日生效。 ...

四川成渝高速公路股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣 布，因工作調動原因，馬永菡女士（「馬女士」）已提出辭任本公司執行董事之職 務，郭人榮先生（「郭先生」）已提出辭任本公司財務總監之職務，該等辭任均自二 零二六年一月二十九日生效。 馬女士及郭先生均已確認，彼等與董事會並無任何意見分歧，亦無有關其辭任之 其他事宜須提呈本公司股東垂注。 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） 執行董事及財務總監辭任公告 執行董事兼公司秘書 中華人民共和國•四川省•成都市 二零二六年一月二十九日 於本公告之日，董事會成員包括：執行董事羅祖義先生（董事長）、游志明先生 （副董事長）、姚建成先生及毛渝茸女士，非執行董事楊少軍先生（副董事長）、李 成勇先生及陳朝雄先生，獨立 ...

每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 （记者 张明双） 每经AI快讯，四川成渝1月29日晚间发布公告称，因工作调动原因，马永菡女士申请辞去其所担任的公 司第八届董事会执行董事职务，郭人荣先生申请辞去其所担任的财务总监职务。马永菡女士、郭人荣先 生的辞任函已送达公司董事会并生效，马永菡女士、郭人荣先生在辞任后将不再担任公司任何职务。 ...

| 证券代码：601107 | 证券简称：四川成渝 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：241012.SH | 债券简称：24 成渝 01 | | 马永菡女士、郭人荣先生在任职期间勤勉尽责、恪尽职守，为公司的规范运 作和健康发展做出了积极贡献。公司董事会对马永菡女士、郭人荣先生任职期间 作出的贡献表示诚挚的敬意和衷心的感谢！ 特此公告。 四川成渝高速公路股份有限公司董事会 四川成渝高速公路股份有限公司 关于董事及财务总监辞任的公告 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。 四川成渝高速公路股份有限公司（"本公司""公司"）于近日接到公司执行 董事马永菡女士、财务总监郭人荣先生的书面辞职申请。 因工作调动原因，马永菡女士申请辞去其所担任的公司第八届董事会执行董 事职务，郭人荣先生申请辞去其所担任的财务总监职务。马永菡女士、郭人荣先 生的辞任函已送达公司董事会并生效，马永菡女士、郭人荣先生在辞任后将不再 担任公司任何职务。马永菡女士、郭人荣先生确认，其与董事会并无意见分歧 ...

四川成渝公告称，近日接到执行董事马永菡、财务总监郭人荣书面辞职申请。因工作调动，马永菡辞去 第八届董事会执行董事职务，郭人荣辞去财务总监职务，辞任函已生效，二人辞任后不再担任公司任何 职务。其与董事会无意见分歧，马永菡辞任未使董事会成员低于法定人数，不影响董事会运作。公司将 按程序尽快补选董事及财务总监。 ...

Investment Rating - The report assigns an "Accumulate-A/Accumulate-H" rating to the company, with a current price of 6.26 CNY and a reasonable value of 6.43 CNY for A shares, and 5.38 HKD with a reasonable value of 5.75 HKD for H shares [4]. Core Views - The company is the only highway platform under Shudao Group, focusing on both expansion and optimization of existing assets. It is backed by the Sichuan Provincial State-owned Assets Supervision and Administration Commission [9]. - The company has a strong cash flow and has increased its dividend payout ratio to 60%, highlighting its asset dividend characteristics [9]. - The strategic location of the company's assets supports steady growth in toll revenue, with an expected toll income of 4.777 billion CNY in 2024, showing a strong CAGR over the past three years [9]. - The company is positioned to benefit from the Sichuan Province's transportation planning, which is among the fastest in the country, and the integration of the Chengdu-Chongqing economic circle [9]. - The company aims to optimize existing assets while expanding its portfolio through upgrades, asset integration, and acquisitions, which are expected to enhance performance and shareholder returns in the medium to long term [9]. Financial Forecast - The company’s revenue is projected to decline from 11.652 billion CNY in 2023 to 9.812 billion CNY by 2027, with a significant drop in 2024 due to the end of construction-related income [2]. - EBITDA is expected to increase from 3.577 billion CNY in 2023 to 4.475 billion CNY in 2027, indicating a positive trend in operational efficiency [2]. - Net profit attributable to shareholders is forecasted to grow from 1.187 billion CNY in 2023 to 1.784 billion CNY in 2027, reflecting a strong growth trajectory [2]. - The company’s earnings per share (EPS) is expected to rise from 0.39 CNY in 2023 to 0.58 CNY in 2027, with a price-to-earnings (P/E) ratio projected to remain stable around 10.7 to 11.9 [2]. Company Overview - The company operates a total of approximately 900 kilometers of highways, with 858 kilometers being toll roads, and has a competitive average remaining toll collection period of 12.38 years [22][27]. - The company’s core assets include major highways such as Chengyu, Chengya, Chengle, and Chengren, which are critical for connecting economically developed and tourist areas in Sichuan [9][23]. - The company has shown a robust performance in toll revenue, with a CAGR of 11.01% from 2021 to 2024, reaching a peak of 4.777 billion CNY in 2024 [29].

Market Performance - The railway and highway sector increased by 0.24% compared to the previous trading day, with Sichuan Chengyu leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Sichuan Chengyu (601107) closed at 6.26, up 3.81% with a trading volume of 271,500 shares and a transaction value of 26.97 million [1] - Jilin Expressway (601518) closed at 2.92, up 2.10% with a trading volume of 195,800 shares and a transaction value of 56.81 million [1] - Western Entrepreneurship (000557) closed at 5.10, up 2.00% with a trading volume of 194,100 shares and a transaction value of 98.11 million [1] - Other notable stocks include Shanxi Expressway (000755) at 5.38, up 1.89%, and Iron Dragon Logistics (600125) at 6.58, up 1.39% [1] Capital Flow - The railway and highway sector saw a net inflow of 309 million in main funds, while retail investors experienced a net outflow of 232 million [2] - The main funds' net inflow for Beijing-Shanghai High-Speed Railway (601816) was 2.35 million, while it faced a net outflow of 83.12 million from speculative funds [3] - Other stocks like Guangzhou-Shenzhen Railway (601333) had a main fund net inflow of 1.89 million, but a net outflow of 1.14 million from retail investors [3]

Investment Rating - The report assigns an "Overweight" rating to the highway industry [6]. Core Insights - The comprehensive revision of the "Regulations on the Management of Toll Roads" has been in preparation for years, with broad consensus on four key amendments. The anticipated policy optimization is expected to accelerate, with the amendment of the Highway Law serving as an important signal that could improve long-term returns in the industry [3][6]. - The demand for highway tolls is recovering, and the certainty of dividends remains prominent. The highway industry is experiencing a release of suppressed demand and expansion effects, driving significant growth in traffic volume and profitability. From the second half of 2024 to the first half of 2025, traffic volume in the highway industry is expected to remain under pressure, particularly with a year-on-year reduction in truck traffic, which contrasts with the steady growth trend in highway freight volume [6]. - The report highlights that highway companies are actively optimizing their debt structures in response to the continuous decline in the Loan Prime Rate (LPR), which is expected to further reduce financial costs and support profitability growth. The stability of the highway dividend policy and manageable capital expenditure pressures for expansion and reconstruction projects position the industry as a preferred choice for dividends in the transportation sector [6]. Summary by Sections Policy Revision - The "Regulations on the Management of Toll Roads" is the most important policy for the highway industry, originally enacted in 2004. It has effectively supported the rapid construction of China's highway network over the past forty years. However, rising construction costs and unchanged toll standards have led to declining returns on new and expanded projects, increasing financing difficulties and accumulating debt risks [6]. - The Ministry of Transport has previously released draft amendments in 2013, 2015, and 2018, with the revision consistently appearing in annual legislative work plans. The report suggests that as a batch of highways approaches the end of their tolling period, policy optimization may accelerate [6]. - Key amendments include extending the operating period for new projects from 25 years to 30 years, allowing for extensions on reconstruction projects, introducing compensation mechanisms for reductions, and establishing a maintenance fee system based on the "user pays" principle [6]. Investment Recommendations - The report maintains an "Overweight" rating for the highway sector, suggesting that policy optimization may catalyze optimistic expectations. The industry faces reinvestment pressures due to limited operating years and ongoing business needs, making reinvestment a necessary choice. The report anticipates that policy optimization will systematically improve reinvestment risks and ensure reasonable returns on reinvestment [6]. - Recommended stocks include China Merchants Highway, Nanjing-Hangzhou Expressway, Anhui Wantuo Expressway, and Shenzhen International, with additional mentions of Sichuan Chengyu, Guangdong Expressway, Shandong Expressway, and Zhongyuan Expressway as related targets [6].

Core Viewpoint - The company, Sichuan Chengyu, is focusing on its core business of highway construction and operation while gradually expanding into green energy and related sectors to cultivate new growth points [1] Group 1: Business Focus - The company emphasizes its commitment to its main responsibility in highway construction and operation [1] - Future development plans will consistently focus on the core business while ensuring coordinated development with extended industries [1] Group 2: Value Creation - The company aims to create long-term and stable value for all shareholders through its strategic focus [1]

（编辑 任世碧） 证券日报网讯 1月23日，四川成渝在互动平台回答投资者提问时表示，公司是蜀道投资集团有限责任公 司旗下唯一的高速公路板块上市平台。公司将努力做优做强主业基础，力争为投资者创造长期、稳定的 价值回报。 ...