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 report maintains a "Strong Buy" rating for Sichuan Chengyu (601107) [1] Core Views - The company plans to acquire 85% of Hubei Jingyi Expressway Co., Ltd. for a total cash consideration of 2.409 billion yuan, avoiding equity dilution and ensuring stable earnings growth [6] - The acquisition is expected to enhance the company's profitability and dividend capacity, with projected net profits from the acquired asset reaching 2.4 billion yuan in 2026, 2.5 billion yuan in 2027, and 2.7 billion yuan in 2028 [6] - The report emphasizes the company's strategy of integrating high-quality road assets to strengthen its core business and enhance shareholder returns [6] Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 10,362 million yuan, 9,946 million yuan, 10,246 million yuan, and 10,717 million yuan respectively, with a year-on-year growth rate of -11.1%, -4.0%, 3.0%, and 4.6% [2] - Net profit attributable to shareholders is forecasted to be 1,459 million yuan in 2024, 1,630 million yuan in 2025, 1,728 million yuan in 2026, and 1,867 million yuan in 2027, reflecting growth rates of 22.9%, 11.7%, 6.0%, and 8.1% respectively [2] - Earnings per share (EPS) are projected to be 0.48 yuan in 2024, 0.53 yuan in 2025, 0.56 yuan in 2026, and 0.61 yuan in 2027 [2] Valuation Metrics - The target price is set at 7.70 yuan for A-shares and 6.81 HKD for H-shares, indicating a potential upside of 24% and 27% from the current prices respectively [3] - The price-to-earnings (P/E) ratio is expected to decrease from 13 in 2025 to 10 in 2027, while the price-to-book (P/B) ratio is projected to remain stable at around 0.9 [2][3]

Group 1 - China Shenhua plans to issue A-shares and pay cash to acquire assets from its controlling shareholder, China Energy Group, and its wholly-owned subsidiary, West Energy, for a total transaction price of 133.598 billion yuan, with 30% paid in shares and 70% in cash [1][4] - Qingdao Port intends to invest approximately 15.7 billion yuan in two terminal projects [4] - Jifeng Co., Ltd. has been awarded a total assembly project for passenger car seats, with an estimated total lifecycle value of 9.8 billion yuan [4] Group 2 - Shengxin Lithium Energy's partner, Zhongxin Aviation, plans to purchase 200,000 tons of lithium salt products from the company between 2026 and 2030 [4] - Chlor-alkali Chemical's subsidiary plans to invest 2.975 billion yuan in an advanced materials supporting waste salt comprehensive utilization project [4] - Tianqi Lithium's third-phase chemical-grade lithium concentrate expansion project has been completed and is now in trial operation [4] Group 3 - Oriental Cable has recently won projects totaling approximately 3.125 billion yuan [4] - Jiangshan Luneng has signed a series of contracts totaling approximately 815 million yuan [4] - Huahai Wenkang has produced over 800 CMP equipment units [4] Group 4 - Sichuan Chengyu's subsidiary plans to acquire 85% of Jingyi Company for 2.409 billion yuan [4] - Qi Yi Er intends to acquire 60% of Fangzhou Technology through acquisition and capital increase [4] - Tianchuang Fashion is planning a change of control, resulting in a stock suspension [4]

Core Viewpoint - Sichuan Chengyu aims to expand its revenue channels outside of Sichuan by acquiring high-quality highway assets in Hubei province, with a recent announcement of a cash acquisition of 85% equity in Hubei Jingyi Highway Co., Ltd. for 2.4 billion yuan [2][3] Group 1: Acquisition Details - The acquisition involves Sichuan Chengyu's wholly-owned subsidiary, Sichuan Shunan Investment Management Co., Ltd., purchasing 85% of the equity from Shudao Innovation Investment Development Co., Ltd. for 2.4 billion yuan, based on an assessed value of 2.8 billion yuan for 100% equity [3][4] - Following the completion of this transaction, Jingyi Company will become a subsidiary of Shunan Company and will be included in Sichuan Chengyu's consolidated financial statements [3] Group 2: Financial Performance of Target Company - Jingyi Company, which operates the Jingmen to Yichang section of the G42 highway, reported revenues of 529 million yuan and a profit of 187 million yuan in 2023, with projected revenues of 512 million yuan and a net profit of 192 million yuan for 2024 [4] - For the first seven months of 2025, Jingyi Company achieved revenues of 310 million yuan and a net profit of 149 million yuan [4] Group 3: Legal and Regulatory Context - The previous acquisition attempt was terminated due to legal disputes regarding minority equity, but a final ruling from the Supreme People's Court in November resolved these issues, allowing the current acquisition to proceed [5][6][8] - The legal disputes involved a minority shareholder, Jinhao Group, which held 15% of Jingyi Company, and the resolution of these disputes was crucial for the completion of the acquisition [6][7] Group 4: Strategic Considerations - The decision to switch from a share issuance to a cash acquisition was influenced by shareholder feedback, as issuing new shares could dilute existing shareholders' equity [8]

Core Viewpoint - Sichuan Chengyu aims to expand its revenue channels outside of Sichuan by acquiring high-quality highway assets in Hubei province, with a recent cash acquisition plan for an 85% stake in Hubei Jingyi Highway Co., Ltd. [1][2] Group 1: Acquisition Details - Sichuan Chengyu's wholly-owned subsidiary plans to acquire 85% of Jingyi Highway for 2.4 billion yuan, based on an assessed value of 2.8 billion yuan for 100% equity [2][6] - The acquisition follows a previous failed attempt due to legal disputes over minority shares, which have now been resolved by a final ruling from the Supreme People's Court [1][6] Group 2: Financial Performance of Target Company - Jingyi Highway reported revenues of 529 million yuan and a profit of 187 million yuan in 2023, with projected revenues of 512 million yuan and net profit of 192 million yuan for 2024 [3][6] - The company is expected to generate net profits of 235 million yuan, 247 million yuan, and 270 million yuan from 2026 to 2028, excluding non-recurring gains [6] Group 3: Legal and Shareholder Considerations - The minority shareholder, Jinhao Group, holds 15% of Jingyi Highway and was involved in legal disputes affecting the acquisition process [4][5] - The decision to switch from a share issuance to a cash acquisition was influenced by shareholder feedback, as share issuance could dilute existing shareholders' equity [7]

Core Viewpoint - Sichuan Chengyu Expressway (00107.HK) announced a conditional agreement for the acquisition of 85% equity in Hubei Jingyi Expressway Co., Ltd. for a consideration of RMB 2.409 billion, with the transaction expected to enhance its investment and management capabilities in expressway operations [1] Group 1 - The acquisition involves a wholly-owned subsidiary of the company, Shunan Company, entering into a share transfer agreement with Shudao Chuangtou [1] - The target company primarily engages in the investment, construction, operation, and management of the Jingyi Expressway [1] - The transaction is set to be completed by December 19, 2025 [1]

Core Viewpoint - The company Sichuan Chengyu Expressway (00107) has announced a conditional agreement to acquire 85% equity of Hubei Jingyi Expressway Co., Ltd. for RMB 2.409 billion, enhancing its portfolio in the expressway sector [1][2]. Group 1: Acquisition Details - The acquisition involves the company's wholly-owned subsidiary, Shunan Company, which will purchase the equity from Shudao Chuangtou [1]. - The target company, Hubei Jingyi Expressway, is responsible for the investment, construction, operation, and management of the Jingyi Expressway [1]. - The Jingyi Expressway is a crucial part of the national expressway network in China, connecting significant regions and facilitating transportation [1]. Group 2: Financial and Strategic Implications - Post-acquisition, the target company will become an indirect subsidiary with 85% ownership, allowing its financial performance to be consolidated into the company's financial statements [2]. - This acquisition is expected to increase the company's control over expressway projects, enhancing asset scale and operational efficiency [2]. - The integration of the target company is anticipated to improve the company's network scale, sustainability, and core competitiveness [2].

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份內容而產生或因倚 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* 茲載列四川成渝高速公路股份有限公司（「本公司」）在上海證券交易所網站發佈的 《四川成渝高速公路股份有限公司第八屆董事會第四十一次會議決議公告》《四川 成渝高速公路股份有限公司關於全資子公司收購荊宜公司85%股權暨關聯交易公 告》《四川蜀南投資管理有限公司擬收購蜀道（四川）創新投資發展有限公司持有 的湖北荊宜高速公路有限公司85%股權涉及其股東全部權益價值評估項目資產評 估報告》及《湖北荊宜高速公路有限公司2024年度、2025年1-7月審計報告》，僅供 參閱。 承董事會命 四川成渝高速公路股份有限公司 姚建成 執行董事兼公司秘書 中華人民共和國 • 四川省 • 成都市 二零二五年十二月十九日 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）、馬永菡女士、姚建成先生及毛 ...

Core Viewpoint - Sichuan Chengyu Expressway (00107.HK) announced a conditional equity transfer agreement to acquire 85% of Hubei Jingyi Expressway Co., Ltd. for RMB 2.41 billion, which will enhance the company's highway project holdings and overall asset scale [1] Group 1: Acquisition Details - The acquisition involves Sichuan Chengyu's wholly-owned subsidiary, Shunan Company, agreeing to purchase the equity from Shudao Chuangtou [1] - The transaction price for the acquisition is RMB 2.41 billion [1] - Upon completion, the target company will become an indirect subsidiary of Sichuan Chengyu, consolidating its financial performance into the company's financial statements [1] Group 2: Strategic Benefits - The acquisition is expected to increase the company's controlled highway projects, thereby enhancing its asset scale and achieving economies of scale [1] - The integration of the target company will improve the company's network scale and sustainability, optimizing asset structure and reinforcing core competitiveness [1]

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份內容而產生或因倚 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） 有關收購標的公司85%股權之 須予披露及關連交易 本公司財務顧問 獨立董事委員會及獨立股東之獨立財務顧問 緒言 董事會欣然宣佈，於2025年12月19日，本公司直接全資附屬公司蜀南公司與蜀 道創投訂立股權轉讓協議，據此，蜀南公司有條件同意購買而蜀道創投有條件 同意出售標的股權（即標的公司85%股權），代價為人民幣240,942.122萬元。 1 上市規則涵義 由於收購事項的一項或多項適用百分比率根據上市規則超過5%但均低於25%， 收購事項構成本公司一項須予披露的交易，故須遵守上市規則第14章項下的申 報、公告的規定。 於本公告日期，本公司控股股東為蜀道投資（持有1,035,915,462股A股及 183,064,200股H股，總計1 ...