Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on February 3, with a total transaction value of 2.236 billion yuan, highlighting notable trading in specific stocks such as Shanghai Airport, Zijin Mining, and Longjing Environmental Protection [1]. Group 1: Block Trading Activity - A total of 80 stocks underwent block trading, with Shanghai Airport leading at 349 million yuan, followed by Zijin Mining at 274 million yuan and Longjing Environmental Protection at 161 million yuan [1]. - Among the stocks traded, 7 were sold at par value, 2 at a premium, and 71 at a discount, indicating a predominance of discounted trades [1]. Group 2: Premium and Discount Rates - The stocks with the highest premium rates were DeMa Technology at 5.67% and Shen High-Speed at 2.01% [1]. - The stocks with the highest discount rates included Kai Fa Technology at 29.94%, New Wave Shares at 23.56%, and Ai Meike at 23.43% [1]. Group 3: Institutional Buying and Selling - The top institutional buying positions included Shanghai Airport at 349 million yuan, Longxin Zhongke at 116 million yuan, and Xinyuan Shares at 60.575 million yuan [2]. - The leading institutional selling positions were Nanxin Technology at 8.4 million yuan and Guobo Electronics at 4.1784 million yuan [2].

行 业 及 产 业 交通运输 相关研究 证 券 研 究 报 告 证券分析师 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 联系人 行 业 研 究 / 行 业 点 评 - ⚫ 造船板块业绩预告总结：苏美达 25Q4 归母 2.5e，同比+71%，超预期，柴发与造船贡献业绩弹性。ST 松发 Q4 归母 11- 14e，环比 ...

[Table_ReportInfo] 2026 年 01 月 28 日 证券研究报告•金融工程报告 机器学习金融工程月报 请务必阅读正文后的重要声明部分 机器学习因子选股月报（2026 年 2 月） 截至 2026年 1月 28日，1月当期多头组合超额收益最高的五个行业（除综合） 分别为国防军工、通信、农林牧渔、家电、电力设备及新能源，多头组合相对 行业指数超额收益分别为 11.41%、8.40%、7.85%、6.01%以及 4.98%。 近一年来看，多头组合月平均超额收益最高的五个行业（除综合）分别为房地 产、家电、商贸零售、建筑、国防军工，超额收益分别为 2.17%、2.09%、1.69%、 1.69%以及 1.58%。且 29 个中信一级行业（除综合）中， GAN_GRU 因子 多头组合近一年有 6个行业未跑赢对应中信一级行业指数（电子、煤炭、非银 金融、传媒、有色、通信）。 摘要 西南证券研究院 [Table_Author] 分析师：郑琳琳 执业证号：S1250522110001 邮箱：zhengll@swsc.com.cn 分析师：祝晨宇 执业证号：S1250525100004 邮箱：zhcy@sw ...

股票研究 /[Table_Date] 2026.01.26 公路政策优化可期，公路法修正将是信号 [Table_Industry] 公路 股 票 研 究 ——高速公路行业更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | | 陈亦凡(研究助理) | 0755-23976151 | chenyifan2@gtht.com | S0880124070025 | 本报告导读： 《收费公路管理条例》全面修订已酝酿多年，四项修订业界共识广泛。我们预计政 策优化或将加速推进，重点提示公路法修正将是重要信号，有望改善行业长期回报。 投资要点： [Table_Report] 相关报告 | 公路《内需主题股息确定，政策优化有望加速》 | | --- | | 2025.06.02 | | 公路《公路政策优化加速，助力长期回报改善》 | | 2025.03.25 | | 公路《高分红现金流稳定，政策优化或将加速》 | | ...

Core Viewpoint - The AI Fund Guojin Hongli Quantitative Stock Selection Mixed A (024385) reported a profit of 4.2903 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0116 yuan, indicating a stable performance in a challenging market environment [1] Fund Performance - The fund's net value growth rate for the reporting period was 0.74%, with a total fund size of 312 million yuan as of the end of Q4 [1] - As of January 23, the unit net value was 1.051 yuan, reflecting a positive trend in fund valuation [1] Fund Manager Insights - The fund manager, Ma Fang, oversees seven funds, with the Guojin Quantitative Multi-Factor A achieving the highest one-year cumulative net value growth rate of 70.06%, while the Guojin Quantitative Multi-Strategy A recorded the lowest at 49.44% [1] - The fund management indicated that during the reporting period, the fund was in a closed period at certain times, adhering to a steady investment rhythm driven by quantitative models based on market conditions [1] Top Holdings - As of the end of Q4 2025, the fund's top ten holdings included Agricultural Bank of China, Gree Electric Appliances, Nanjing Bank, Tangshan Port, Guangdong Expressway A, Shandong Expressway, Phoenix Media, Shanghai Electric, TBEA Co., and Anhui Expressway [1]

证券日报网讯 1月23日，粤高速A发布2025年度业绩快报称，公司2025年实现营业总收入4，468，780， 063.73元，同比下降2.21%；归属于上市公司股东的净利润为1，800，619，042.34元，同比增长 15.27%。 （文章来源：证券日报） ...

据悉，影响本期经营业绩的主要因素包括：根据政府有关文件，广佛公司代垫的管养支出资金来源明 确，转回已计提的坏账准备;公司控股路段京珠高速公路广珠段和佛开高速受区域路网变化影响，通行 费收入同比减少。 智通财经APP讯，粤高速A(000429.SZ)披露2025年度业绩快报，公司实现归属于上市公司股东的净利润 18.01亿元，同比增加2.38亿元，增幅15.27%;实现归属于上市公司股东的扣除非经常性损益的净利润 15.22亿元，同比减少1.22亿元，减幅7.44%。 ...

格隆汇1月23日丨粤高速Ａ(000429.SZ)公布2025年度业绩快报，截至2025年12月31日，公司合并报表资 产总额268.12亿元，比期初增加43.70亿元，增幅19.47%；公司负债总额125.87亿元，比期初增加33.41 亿元，增幅36.14%；归属于上市公司股东的所有者权益合计111.37亿元，比期初增加6.69亿元，增幅 6.39%。公司本年实现归属于上市公司股东的净利润18.01亿元，同比增加2.38亿元，增幅15.27%；公司 本年实现归属于上市公司股东的扣除非经常性损益的净利润15.22亿元，同比减少1.22亿元，减幅 7.44%。影响本期经营业绩的主要因素包括：1.根据政府有关文件，广佛公司代垫的管养支出资金来源 明确，转回已计提的坏账准备；2.公司控股路段京珠高速公路广珠段和佛开高速受区域路网变化影响， 通行费收入同比减少。 ...

南财智讯1月23日电，粤高速Ａ发布2025年度业绩快报，报告期内公司实现营业收入44.69亿元，同比下 降2.21%；归属于上市公司股东的净利润18.01亿元，同比增长15.27%；基本每股收益0.86元，同比增长 14.67%。 ...

Financial Performance - Total operating revenue for 2025 was RMB 4.47 billion, a decrease of 2.21% compared to RMB 4.57 billion in the previous year[4] - Operating profit increased by 14.02% to RMB 3.17 billion from RMB 2.78 billion year-on-year[4] - Net profit attributable to shareholders reached RMB 1.80 billion, reflecting a 15.27% increase from RMB 1.56 billion in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1.52 billion, a decrease of 7.44% from RMB 1.64 billion year-on-year[4] - Basic earnings per share rose to RMB 0.86, an increase of 14.67% compared to RMB 0.75 in the previous year[4] - The weighted average return on equity improved by 1.29 percentage points to 16.81% from 15.52%[4] Assets and Liabilities - The company's total assets as of December 31, 2025, amounted to RMB 26.81 billion, an increase of 19.47% from RMB 22.44 billion at the beginning of the year[5] - Total liabilities increased by 36.14% to RMB 12.59 billion, up from RMB 9.18 billion at the start of the year[5] - Shareholders' equity attributable to the company increased by 6.39% to RMB 11.14 billion from RMB 10.47 billion at the beginning of the year[5] Operational Challenges - The company faced challenges in toll revenue due to changes in regional road networks affecting key highway segments[5]