Core Viewpoint - Sichuan Chengyu announced that it holds 100% rights to the Chengya Expressway, which is currently managed by its subsidiary Chengyu Sanfen Company, while a newly established Chengya Company is responsible for the investment, construction, and operation of the expressway expansion project [2] Group 1 - Chengya Expressway is operated and managed by Chengyu Sanfen Company, which is a subsidiary of Sichuan Chengyu [2] - The expansion project of Chengya Expressway is being handled by the newly formed Chengya Company, which will enjoy 100% toll rights after the project is completed [2] - Sichuan Chengyu holds an 85% stake in Chengya Company, making it the controlling shareholder, and will consolidate its financial data [2]

Core Viewpoint - Sichuan Chengyu Expressway (00107.HK) announced an earnings presentation scheduled for November 13, 2025, to enhance investor understanding of the company's operational results, financial status, and development strategy [1] Group 1 - The earnings presentation will take place from 15:00 to 16:00 on November 13, 2025 [1] - The event will be hosted on the "Value Online" platform (www.ir-online.cn) [1] - The company aims to engage with investors and gather their opinions and suggestions [1]

格隆汇11月5日丨四川成渝高速公路(00107.HK)公告，为便于广大投资者更加全面深入地了解公司经营 成果、财务状况、发展战略等，公司定于2025年11月13日(星期四)15:00-16:00在"价值在线"(www.ir- online.cn)举办四川成渝高速公路股份有限公司2025年第三季度业绩说明会，与投资者进行沟通和交 流，广泛听取投资者的意见和建议。 ...

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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 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關於召開2025年第三季度業績說明會的公告》及 《四川成渝高速公路股份有限公司投資者關係活動記錄表》，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 二零二五年十一月五日 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，獨立非執行董事余海宗先 ...

| 证券代码：601107 | 证券简称：四川成渝 | 公告编号：2025-046 | | --- | --- | --- | | 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年第三季度业绩说明会的公告 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。 重要内容提示： 四川成渝高速公路股份有限公司（以下简称"公司"）已于 2025 年 10 月 会议召开时间：2025 年 11 月 13 日（星期四）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 13 日 前 访 问 网 址 https://eseb.cn/1sVrkKFT7Gw 或使用微信扫描下方小程序码进行会前提 问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍 关注的问题进行回 ...

Market Overview - The railway and highway sector increased by 0.15% compared to the previous trading day, with Shanxi Expressway leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Key Stocks Performance - Shanxi Expressway (000755) closed at 5.91, with a significant increase of 10.06% and a trading volume of 343,500 shares, amounting to a transaction value of 200 million yuan [1] - Haikou Group (603069) saw a rise of 5.16%, closing at 29.97 with a trading volume of 340,900 shares, totaling 1.015 billion yuan [1] - Hainan Expressway (000886) increased by 2.06%, closing at 7.94 with a trading volume of 1,128,300 shares, amounting to 897 million yuan [1] - Other notable performers include Sichuan Chengyu (601107) and Tielong Logistics (600125), with increases of 1.96% and 1.09% respectively [1] Fund Flow Analysis - The railway and highway sector experienced a net inflow of 49.92 million yuan from institutional investors, while retail investors contributed a net inflow of 40.50 million yuan [2] - However, speculative funds saw a net outflow of 90.42 million yuan [2] Individual Stock Fund Flow - Haikou Group (603069) had a net inflow of 54.07 million yuan from institutional investors, while it faced a net outflow of 20.01 million yuan from speculative funds [3] - Hainan Expressway (000886) also saw a net inflow of 51.33 million yuan from institutional investors, with a net inflow of 50.01 million yuan from speculative funds [3] - Shanxi Expressway (000755) reported a net inflow of 46.81 million yuan from institutional investors, but faced significant outflows from both speculative and retail investors [3]

Market Overview - On November 4, the railway and highway sector rose by 0.3% compared to the previous trading day, with Fujian Expressway leading the gains [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Top Performers - Fujian Expressway (600033) closed at 3.79, up 5.87% with a trading volume of 1.497 million shares and a turnover of 562 million yuan [1] - Sichuan Chengyu (601107) closed at 6.12, up 3.90% with a trading volume of 407,500 shares and a turnover of 249 million yuan [1] - Sanfengsi (001317) closed at 48.84, up 3.56% with a trading volume of 74,200 shares and a turnover of 360 million yuan [1] Underperformers - Guangshen Railway (601333) closed at 3.02, down 1.63% with a trading volume of 892,800 shares and a turnover of 271 million yuan [2] - Chongqing Road and Bridge (600106) closed at 6.61, down 1.05% with a trading volume of 181,500 shares and a turnover of 120 million yuan [2] - Haikou Group (603069) closed at 28.50, down 1.04% with a trading volume of 270,400 shares and a turnover of 764 million yuan [2] Capital Flow - The railway and highway sector experienced a net outflow of 163 million yuan from institutional investors, while retail investors saw a net inflow of 125 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors increased their positions [2][3] Individual Stock Capital Flow - Fujian Expressway saw a net inflow of 42.24 million yuan from institutional investors, but a net outflow of 50.68 million yuan from retail investors [3] - Guangdong Expressway A (000429) had a net inflow of 21.26 million yuan from institutional investors, with retail investors experiencing a net outflow of 26.64 million yuan [3] - Sanfengsi (001317) recorded a net inflow of 17.95 million yuan from institutional investors, while retail investors had a net outflow of 19.98 million yuan [3]

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].

Investment Rating - The investment rating for Sichuan Chengyu (601107.SH) is "Buy" (maintained) [5] Core Views - The company's performance growth is driven by cost reduction, and there is significant growth potential under resource integration [5] - Despite a slight decline in revenue due to external factors, net profit has shown a strong increase due to effective cost control [7] - The company is advancing several key projects that are expected to contribute significantly to future earnings [7] Financial Performance Summary - For 2023, the projected revenue is 11,652 million RMB, with a year-on-year growth rate of 10.12% [6] - The net profit attributable to shareholders is expected to reach 1,187 million RMB in 2023, reflecting a substantial year-on-year increase of 90.15% [6] - The company’s earnings per share (EPS) is projected to be 0.39 RMB in 2023, with a price-to-earnings (P/E) ratio of 14.71 [6] Future Projections - The forecasted net profit for 2025-2027 is 16.1 billion RMB, 17.4 billion RMB, and 19.4 billion RMB respectively, with corresponding P/E ratios of 10.8, 10.0, and 9.0 [7] - The company is expected to maintain a high dividend payout ratio and dividend yield, which will likely enhance its value [7] Market Performance - The closing price of the stock is 5.71 RMB, with a market capitalization of 17,461.52 million RMB [3] - The stock has experienced a 52-week high of 6.56 RMB and a low of 4.74 RMB [3]

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 | | | --- | --- | --- | --- | ...