公司第五届董事会第五次 独立董事专门会议决议 按照中国证监会《上市公司独立董事管理办法》有关要求, 公司于 2026 年 2 月 25 日,以通讯形式召开了第五届董事会第五 次独立董事专门会议。独立董事曾辉祥为会议召集人。 一、会议审议通过了《关于公司未来三年（2025~2027年） 股东分红回报规划的议案》 独立董事一致认为,公司制定的《未来三年（2025~2027年） 股东分红回报规划》,符合相关法律法规、规范性文件规定,符 合公司及其股东利益,不存在损害公司及全体股东、特别是中小 股东合法权益的情形。 表决情况：有权表决票数４票，同意４票，反对０票,弃权 0 票。 特此决议。 (本页无正文,为《公司第五届董事会第五次独立董事专门会议 决议》之签字页) d 11 12 王永生 曾辉祥 苏 波 刘少轩 2026年2月25日 苏 波 刘少轩 2026 年 2 月 25 日 1/2 王永生 ： （本页无正文，为《公司第五届董事会第五次独立董事专门会议 决议》之签字页) 曾辉祥 曾辉祥 (本页无正文, 为《公司第五届董事会第五次独立董事专门会议 决议》之签字页) 王永生 曾辉祥 319 苏 波 刘少轩 2026 ...

（文章来源：每日经济新闻） 每经AI快讯，2月27日，京沪高铁晚间公告，公司制定了未来三年（2025—2027年）股东分红回报规 划，旨在建立健全科学、持续、稳定的分红回报机制，积极回报投资者。根据规划，公司在无重大投资 计划或现金支出时，每年累计分配的利润将不低于当年合并报表归母净利润总额的55%，利润分配主要 采取现金分红方式。公司将优先采取现金方式进行利润分配，并在符合条件的情况下进行中期利润分 配。 ...

京沪高铁晚间公告，公司制定了未来三年（2025-2027年）股东分红回报规划，旨在建立健全科学、持 续、稳定的分红回报机制，积极回报投资者。根据规划，公司在无重大投资计划或现金支出时，每年累 计分配的利润将不低于当年合并报表归母净利润总额的55%，主要采取现金分红方式。公司将优先采取 现金方式进行利润分配，并在符合条件的情况下进行中期利润分配。 ...

Group 1 - The core viewpoint of the article highlights the performance of the 180 Governance ETF (510010), which rose by 0.77% to 1.836 yuan with a trading volume of 418,500 yuan as of the midday close [1] - Major holdings in the 180 Governance ETF include Kweichow Moutai, which increased by 2.59%, Ping An of China up by 1.75%, and China Merchants Bank rising by 0.15% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange 180 Corporate Governance Index, managed by China International Fund Management Co., Ltd. The fund has achieved a return of 102.94% since its inception on September 25, 2009, and a return of 1.90% over the past month [1]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly focusing on oil transportation and shipbuilding sectors, recommending stocks such as ST Songfa and China Merchants Energy [4]. Core Insights - The report highlights a strong performance in oil shipping, with VLCC TCE rates rising by 24% to $146,385 per day, and a significant increase in demand leading to higher freight rates [4]. - The global energy chain's valuation is on the rise, driven by long-term capacity utilization and mid-cycle profit expectations, suggesting a favorable environment for shipping rates [4]. - The report emphasizes the resilience of the dry bulk market, with the BDI index recording a slight increase of 1.19% to 2,043 points, indicating stable demand despite seasonal fluctuations [5]. Summary by Sections Shipping Market Performance - The shipping index decreased by 1.41%, underperforming the CSI 300 index by 1.77 percentage points, with the aviation sector experiencing the largest decline at -5.16% [5]. - The report notes that the coastal dry bulk freight index in China fell by 1.76%, while the Baltic Dry Index increased by 1.19% [5]. Oil Transportation - VLCC rates reached a new high of approximately $160,000 per day during the Spring Festival, with expectations for continued strength in the coming weeks [4]. - The report indicates that the average VLCC freight rate increased by 23% week-on-week, reaching $149,564 per day, reflecting tight capacity and strong demand [4]. Dry Bulk Market - The report mentions that the Capesize freight rate decreased by 4.1%, while the Panamax index showed resilience with a 3.5% increase [4]. - The report anticipates that post-holiday demand recovery will be crucial for the dry bulk market, particularly in iron ore shipments [4]. Air Transportation - The report suggests that the airline industry is at a turning point, with potential for significant profit growth due to increased passenger volumes and operational efficiencies [4]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch in this sector [4]. Express Delivery - The report notes uncertainties in the express delivery sector due to fluctuating demand and competitive pressures, but highlights the strong market position of leading companies like ZTO Express and YTO Express [4]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are reported to be resilient, with the Ministry of Transport data showing a slight decrease in freight volume but overall stability [4]. - The report identifies two main investment themes in the highway sector: high dividend yields and potential value recovery in undervalued stocks [4].

Group 1 - The core viewpoint of the article highlights the performance of the 180 Governance ETF (510010), which saw a slight increase of 0.27% to 1.845 yuan as of midday closing on February 12 [1] - The ETF's major holdings include Guizhou Moutai, which fell by 1.42%, China Ping An down by 1.04%, and China Merchants Bank down by 1.60%, while Zijin Mining rose by 1.70% [1] - The ETF is managed by China International Fund Management Co., with a performance benchmark of the Shanghai Stock Exchange 180 Corporate Governance Index, achieving a return of 105.50% since its inception on September 25, 2009, and a return of 0.54% over the past month [1]

记者从国铁北京局获悉，进入春运以来，京沪高铁北京局管段（北京南站至德州东站）GSM-R无线子系统完成全面升级改造并正式投入运行。此次焕新全 面由国产化设备替代，强化了整体网络性能，大幅提升通信效率，进一步构建了安全可靠、绿色节能、智能高效的铁路专用移动通信系统。 "京沪高铁北京南站至德州东站区间铁路专用通信GSM-R无线子系统的全面升级改造，让京沪高铁在调度指挥通信方面更精准，在列车运行控制数据传送方 面更快捷，在车地语音通话方面更清晰，在应急维护通信保障方面更可靠，为2026年春运期间铁路运输的安全、准点与高效运营提供了更加坚实的技术支 撑。"国铁北京局北京通信段乔祝严介绍。 来源：北京日报客户端 记者：胡子傲 国铁北京局北京通信段主导完成此次改造，突破多项技术瓶颈，历经3个多月攻坚奋战，组织施工人员3800余人次，先后建成2套冗余热备基站控制器 （BSC）、107处基站设备并进行全网调试、压力测试，通过"国产化设备选型、全流程施工规范、科学化运维标准"全面搭建起国产化通信架构，为我国铁 路通信领域核心系统国产化改造提供了可复制、可推广的工程范式。 改造后的系统构建了"全链路、无死角"的智能监测网络，整体性 ...

北京商报讯（记者 和岳）2月10日，北京商报记者从中国铁路北京局集团有限公司（以下简称"国铁北京局"）获悉，进入春运以来，京沪高铁北京局管段 （北京南站至德州东站）GSM-R无线子系统完成全面升级改造并正式投入运行。此次焕新全面由国产化设备替代，强化整体网络性能，大幅提升通信效 率，进一步构建安全可靠、绿色节能、智能高效的铁路专用移动通信系统。 "京沪高铁北京南站至德州东站区间铁路专用通信GSM-R无线子系统的全面升级改造，让京沪高铁在调度指挥通信方面更精准，在列车运行控制数据传送方 面更快捷，在车地语音通话方面更清晰，在应急维护通信保障方面更可靠，为2026年春运期间铁路运输的安全、准点与高效运营提供了更加坚实的技术支 撑。"国铁北京局北京通信段乔祝严表示。 中国 图 图 图 E BESTE pl wounger of (合同日语 无线电干扰监测 The TOBELLERING v 2 t (1) #(250) 11: 33 8 1 n 1991 at 1 1 f TE r e Ca respons lies J 9 A F 17 the prog n the program I el the res g ...

[玫瑰]2025年京沪高铁、广深铁路陆续公布《 查找图书 》，以京沪高铁未来，2023~24年平均自由现金流近200亿 元，分红能力具备现金流支撑，有望通过回购+分红等多种手段进一步优化市值管理。关注1H26经营策略调整带 来利润提升，下半年雄商高铁通车带来京沪高铁区域网优化，未来3年现金流有望保持稳健增长。 [玫瑰]前期市场资金结构的调整导致基础设施红利股的估值和股息率回调至合理区间，以高速公路为例，料2026年 A股头部公路估值回调至11~12倍，股息4%~5%。2月第一周红利板块日均成交额较2025年12月增长48.9%，同时A 股红利类ETF日均净申购增长152.1%，关注风格切换过程中重视交运物流现金流稳健增长稀缺资产布局机会。 [玫瑰] （京泸高铁）[抱拳]【中信证券交运物流】高股息深度跟踪点评—风格切换，优选现金流稳健增长稀缺资产 [玫瑰]风格切换背景下，优选现金流稳健增长稀缺资产，建议重点关注政策端重视市值管理以及基本面悲观因素充 分反应、2026年净利润和现金流有望转增的铁路、高速公路及港口龙头。以高速公路为例，2H25车流量经过两年 消化进入同比转增区间，2026年PPI降幅收窄、稳增长政 ...

Core Viewpoint - China International Capital Corporation (CICC) research report indicates that Beijing-Shanghai High-Speed Railway (Jinghu High-Speed Railway) has entered a value allocation range as a "cash cow" for high-speed rail, with potential upward catalysts in its fundamentals [1] Group 1: Business Growth Potential - Short to medium-term business growth is expected due to increased train frequency and the addition of benchmark trains following the schedule adjustment in the first quarter [1] - The upcoming opening of the Beijing-Xiong'an-Shanghai High-Speed Railway may bring additional business to the Jingfu-Anhui line [1] - Future operation of CR450 trains is anticipated to optimize train structure and unlock capacity limits [1] Group 2: Pricing Strategy - Structural price optimization is expected as the increase in benchmark trains may lead to a short-term rise in ticket prices [1] - The introduction of CR450 trains could further enhance the company's pricing power [1] Group 3: Financial Metrics - The company has abundant free cash flow, suggesting potential for increased dividends [1] - Current trading metrics show a P/E ratio of 17.5x and a P/B ratio of 1.12x for 2026, both of which are below the mean values for P/E and P/B since 2023 by two standard deviations, indicating a historically low valuation [1] - The company maintains an "outperform industry" rating with a target price of 6.14 yuan per share [1]