智通财经APP获悉，香港联交所最新数据显示，2月5日，招商局公路网络科技控股股份有限公司增持深圳高速公路股份(00548)56.6万股，每股作价7.6港元， 总金额为430.16万港元。增持后最新持股数目约为1.57亿股，持股比例为21.01%。 ...

智通财经APP获悉，香港联交所最新数据显示，2月5日，招商局公路网络科技控股股份有限公司增持深 圳高速公路股份(00548)56.6万股，每股作价7.6港元，总金额为430.16万港元。增持后最新持股数目约为 1.57亿股，持股比例为21.01%。 ...

格隆汇2月6日丨根据联交所最新权益披露资料显示，2026年2月5日，深圳高速公路股份(00548.HK)获招商局公路网络科技控股股份有限公司在场内以每股均 价7.60港元增持56.6万股，涉资约430.16万港元。 增持后，招商局公路网络科技控股股份有限公司最新持股数目为157,018,000股，持股比例由20.93%上升至21.01%。 | 股份代號: | 00548 | | --- | --- | | 上市法國名稱: | 深圳高速公路集團股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 06/01/2026 - 06/02/2026 | | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | 持有權益的股份數目 佔已發行的 有關事件的日 | | --- | --- | --- | --- | | | 份數目 | | ( 請參関上述 * 註解 ) 有投票權股 (日 / 月 / 年 | | | | | 份自分比 | | | | | 0 96 ) | | CS20260205E00436 | 招商局公路网络科技控股股份 1101(L) | ...

证券研究报告 交通运输 加码航空/油运，配置公路 华泰研究 2026 年 2 月 05 日│中国内地 专题研究 看好春运催化航空，交易油运运价上行，配置公路 展望 2 月，春运旺季开启，我们看好三条投资主线：1）航空：春节假期较 长，二次出行、反内卷、返乡/学生/旅游客流重叠等有望催化新一轮行情。 我们坚定看好行业供需格局改善，行业高景气从高客座率向票价提升传导， 首选三大航 A/H。2）油运：1 月委内瑞拉/伊朗局势升级，合规油运市场运 力不足，往后展望，地缘扰动有望进一步催化油运运价上行。3）公路：贵 金属价格剧烈波动，2 月市场波动率或放大，作为稳定型红利的公路板块具 备配置价值，叠加近期货运高景气、春运旺季到来，首选皖通高速 H，招商 公路。此外，我们优选部分个股：极兔速递（海外电商高增），嘉友国际（非 洲陆港通车量高增+中蒙回升），东航物流（景气修复+高股息），顺丰控 股 A/H（估值底部+盈利修复）。 航空：看好春运数据催化；机场：关注新产能投产对利润的影响 25 年民航客座率高位提升至 85.1%，票价同比前低后高。短期我们看好春 运数据成为新一轮股价催化，主因 26 年春节假期较长、二次出行、 ...

2月1日下午，"低空无界 共赢南山——2025福布斯中国低空经济产业系列评选颁奖典礼暨低空生态服务 体系推介"活动在深圳蛇口希尔顿南海酒店成功举办。本次活动由福布斯中国集团与深圳润维产业咨询 有限公司联合主办，招商局蛇口工业区控股股份有限公司承办，并获多家高校研究院及产业创新中心支 持。来自政府、企业、学术界、投资界及媒体等400余位代表齐聚，共同探讨低空经济发展路径，见证 年度产业标杆诞生。 多个项目入选奖项，南山区擘画全球领先低空经济中心核心区图景 活动在嘉宾致辞中拉开序幕。福布斯中国集团首席战略官晏格文指出，中国低空经济发展进入快车道， 呈现政策助力、技术突破、场景落地、资本加持的发展态势，希望通过本次评选，挖掘低空经济领域优 质企业与创新项目，吸引资本、技术、人才向优质主体集聚，加速创新成果转化，推动产业链不断完 善。招商蛇口副总经理伍斌表示，招商蛇口积极融入招商局集团"第三次创业"进程，推动产业园业务 从"空间运营"向"产业运营"深刻变革。低空经济作为新质生产力代表和下一个一万亿产业新风口，是公 司锚定的核心方向之一。加拿大工程院院士杨军强调，本届福布斯评选聚焦创新具有典型代表性，广东 省垂直起降飞 ...

证券之星消息，2月2日铁路公路板块较上一交易日下跌0.06%，西部创业领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。铁路公路板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000886 | 海南高速 | 6.60 | 3.77% | 64.05万 | 4.25 乙 | | 001965 | 招商公路 | 9.61 | 2.45% | 28.85万 | 2.79亿 | | 600350 | 山东高速 | 10.21 | 1.90% | 9.72万 | 9927.62万 | | 600377 | 宁沪高速 | 12.09 | 0.50% | 18.99万 | 2.31亿 | | 001317 | 三丰马 | 48.55 | 0.39% | 4.13万 | 2.04亿 | | 600106 | 重庆路桥 | 6.38 | 0.31% | 20.96万 | 1.35亿 | | 601816 | 京沪高铁 | 4.88 | ...

Investment Rating - The report rates the railway and highway industry as "Overweight" [2][4]. Core Insights - The freight volume in China is projected to reach 58.7 billion tons in 2025, with a year-on-year growth of 3.2%. The growth rates for railway, highway, waterway, and civil aviation freight volumes are expected to be 2%, 3.4%, 3.2%, and 13.3% respectively [4]. - Fixed asset investment in transportation is expected to remain high, with an estimated completion of over 3.6 trillion yuan in 2025. The inter-regional personnel flow is projected to reach 66.86 billion person-times, growing by 3.5% year-on-year [4]. - Railway passenger and freight volumes are expected to maintain steady growth, with passenger volume reaching 4.601 billion people and freight volume reaching 5.277 billion tons in 2025, representing year-on-year growth of 6.7% and 2% respectively [4]. - The highway sector is anticipated to improve in 2026 after a slowdown in growth in 2025, with freight volume growth of 3.4% in 2025 [4]. - Investment recommendations include focusing on high dividend stocks and potential market value management catalysts in the highway sector, with specific companies such as Anhui Expressway, Shandong Expressway, and Zhejiang Expressway being highlighted [4]. Summary by Sections Railway Transportation - In 2025, the total passenger turnover is expected to reach 1,639.556 billion person-kilometers, with a year-on-year growth of 3.8%. The total freight turnover is projected to be 3,686.909 billion ton-kilometers, growing by 2.8% [4]. - The investment in railway fixed assets is expected to reach 901.5 billion yuan in 2025, with a year-on-year increase of 6% [4]. Highway Transportation - The growth rate of highway freight volume is expected to slow down in 2025 but is projected to improve in 2026 due to stable demand in highway logistics [4]. Investment Analysis - The report suggests that the highway sector has two main investment themes for the year: traditional high dividend investments and potential market value management catalysts. Recommended companies include Wanhua Expressway, Shandong Expressway, and others [4].

Investment Rating - The report maintains a "Positive" outlook on the shipping industry, highlighting strong performance in the sector despite seasonal challenges [4]. Core Insights - The shipbuilding sector is expected to show significant earnings growth, with Su Mei Da's Q4 net profit forecasted at 2.5 billion, a year-on-year increase of 71%, driven by strong contributions from shipbuilding and power generation [5]. - The shipping market continues to experience robust demand, with one-year charter rates for VLCCs rising by 2.8% to $64,000 per day, and Cape rates increasing by 8.4% to $28,700 per day [5]. - The report emphasizes the ongoing volatility in oil transportation rates, with VLCC rates experiencing a 62% increase in a single day due to supply-demand imbalances and geopolitical tensions [5]. - The dry bulk shipping market is also showing resilience, with the BDI index rising by 21.9% week-on-week, driven by strong demand from Australia and Brazil [5]. Summary by Sections Shipbuilding Sector - Su Mei Da's Q4 net profit is projected at 2.5 billion, up 71% year-on-year, exceeding expectations [5]. - ST Songfa's Q4 net profit is estimated between 11-14 million, with a net profit margin of 14%, reflecting a 1.6 percentage point increase from Q3 [5]. - Attention is drawn to China Shipbuilding's upcoming full consolidation of assets and the release of high-priced orders in Q1 2026 [5]. Shipping Market - The report notes a continued upward trend in shipping rates, with VLCC rates increasing by 2.8% and Cape rates by 8.4% [5]. - The VLCC average rate rose by 16% week-on-week, reaching $122,326 per day, with Middle East to Far East rates dropping by 25% [5]. - The report highlights the impact of geopolitical tensions on oil transportation, particularly in the context of the Ukraine conflict [5]. Dry Bulk Shipping - The BDI index recorded a 21.9% increase, with Capesize rates rising by 35.8% to $31,809 per day [5]. - Strong demand from Australia and Brazil is noted, with limited supply contributing to higher rates [5]. Air Transportation - The report indicates a significant opportunity for airlines due to rising passenger volumes and historical high load factors, suggesting a potential "golden era" for the industry [5]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch [5]. Express Delivery - The report anticipates uncertainty in the express delivery sector due to fluctuating demand and industry self-regulation policies, but notes that leading companies like Zhongtong Express and YTO Express are expected to maintain their market share and profitability [5]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are showing resilience, with recent data indicating a slight decline in volumes but overall stability [5]. - The report suggests that high dividend investment themes and potential value management catalysts in the highway sector are worth monitoring [5].

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 Shenzhen State-Owned Enterprises Shareholder Return Index (970064) closed at 1740.66 points, down 0.25%, with a trading volume of 37.125 billion yuan and a turnover rate of 1.46% [1] Group 1: Index Performance - On the day, 31 constituent stocks rose, with North New Building Materials leading with a 4.99% increase, while 17 stocks fell, with Shanjin International leading the decline at 2.07% [1] - The index's top ten constituent stocks include: - BOE Technology Group (sz000725) with a weight of 9.45%, closing at 4.40 yuan, down 1.35% [1] - Wuliangye Yibin (sz000858) with a weight of 9.34%, closing at 102.76 yuan, down 0.28% [1] - Hikvision (sz002415) with a weight of 7.48%, closing at 32.09 yuan, down 1.56% [1] - XCMG Machinery (sz000425) with a weight of 6.90%, closing at 10.86 yuan, down 1.54% [1] - Weichai Power (sz000338) with a weight of 6.24%, closing at 22.36 yuan, down 0.89% [1] Group 2: Capital Flow - The net outflow of main funds from the index's constituent stocks totaled 872 million yuan, while retail investors saw a net inflow of 1.149 billion yuan [1] - Detailed capital flow for selected stocks includes: - Yuexiu Capital (000987) with a main fund net inflow of 107 million yuan, but retail outflows of 54.4 million yuan [2] - Huazhong Steel (000932) with a main fund net inflow of 85.6 million yuan, but retail outflows of 33.9 million yuan [2] - Yun Aluminum (000807) with a main fund net inflow of 54.8 million yuan, but retail outflows of 68.3 million yuan [2]