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 ...

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 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]

Group 1 - The railway and highway sector increased by 1.47% on January 20, with Shandong Expressway leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the railway and highway sector showed various performance, with Shandong Expressway closing at 10.18, up 3.98%, and Guangdong Expressway A at 11.73, up 2.53% [1] Group 2 - The railway and highway sector saw a net inflow of 72.14 million yuan from main funds, while retail funds had a net inflow of 20.25 million yuan [2] - Major stocks like Beijing-Shanghai High-Speed Railway experienced a significant net outflow of 761 million yuan from speculative funds [3] - Shandong Expressway had a net inflow of 6.83 million yuan from main funds, indicating a mixed sentiment among investors [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001965 证券简称：招商公路 公告编号：2026-05 招商局公路网络科技控股股份有限公司2025年度第二期超短期融资券到期兑付公告 特此公告。 招商局公路网络科技控股股份有限公司董事会 二〇二六年一月十四日 招商局公路网络科技控股股份有限公司（以下简称"公司"或"招商公路"）于2025年9月19日发布《招商 公路关于债务融资工具获准注册的公告》（公告编号：2025-56），公司收到中国银行间市场交易商协 会出具的《接受注册通知书》（中市协注[2025]DFI58号），同意接受公司债务融资工具注册，注册有 效期为2年。 2025年10月15日，公司发行了2025年度第二期超短期融资券（简称：25招商公路SCP002，代码： 012582466），发行规模为15亿元，期限为90天，发行利率为1.64%。具体内容请详见于2025年10月21 日披露的《招商公路关于2025年度第二期超短融发行结果公告》（公告编号：2025-61）。 公司2025年度第二期超短期融资券已于2026年1月14日到期，公司已在到期日兑付了2025年度第二期超 短期融资券本息 ...

证券代码：001965 证券简称：招商公路 公告编号：2026-05 公司 2025 年度第二期超短期融资券已于 2026 年 1 月 14 日到期，公司已在 到期日兑付了 2025 年度第二期超短期融资券本息，公司本次超短期融资券兑付 公 告 详 见 中 国 货 币 网 （ www.chinamoney.com.cn ） 和 上 海 清 算 所 网 站 （www.shclearing.com）。 特此公告。 招商局公路网络科技控股股份有限公司董事会 二〇二六年一月十四日 2025 年度第二期超短期融资券到期兑付公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 招商局公路网络科技控股股份有限公司（以下简称"公司"或"招商公路"） 于 2025 年 9 月 19 日发布《招商公路关于债务融资工具获准注册的公告》（公告 编号：2025-56），公司收到中国银行间市场交易商协会出具的《接受注册通知书》 （中市协注[2025]DFI58 号），同意接受公司债务融资工具注册，注册有效期为 2 年。 2025 年 10 月 15 日，公司发行了 2025 年度第二期超 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook for the sector's performance relative to the overall market [12]. Core Insights - The shipping market is expected to see significant growth in Q4 2025, driven by strong VLCC freight rates and structural changes in trade dynamics, including new refinery capacities and geopolitical shifts [4]. - The aviation sector is projected to enter a golden era, with passenger transport expected to reach 770 million in 2025, marking a 5.5% increase from 2024 and a 16.7% increase from 2019 [4]. - The report highlights a shift in the shipping industry from supply-driven to demand-driven dynamics, particularly in shipbuilding, as older vessels are replaced [4]. - The logistics and freight forwarding sectors are facing challenges due to trade tensions, impacting profit margins and demand [4]. Summary by Sections Shipping - Q4 2025 VLCC freight rates are expected to average around $95,500 per day, with a projected demand increase of 1.7% from new refinery capacities and a 2.1% increase from compliance changes in Venezuelan oil [4]. - The dry bulk market is also showing strong performance, with Cape-sized vessel rates expected to rise by 20% to $27,600 per day [4]. - The report estimates that COSCO Shipping Energy's Q4 earnings will be approximately 1.9 billion RMB, while China Merchants Energy's will be around 2.9 billion RMB [4]. Shipbuilding - The shipbuilding sector is experiencing a tight supply-demand balance, with second-hand ship prices rising for 11 consecutive months, indicating a positive outlook for the industry [4]. Freight Forwarding - The freight forwarding sector is facing profit margin compression due to trade frictions, with the CCFI index expected to decline by 26% in Q4 2025 [4]. Aviation - The Chinese aviation market is expected to achieve a profit of 6.5 billion RMB in 2025, with major airlines like China Eastern Airlines anticipated to see significant performance improvements [4]. - The report emphasizes the importance of international routes as passenger volumes are expected to grow, driven by a recovery in outbound travel [4]. Express Delivery - The express delivery sector is projected to see a 5% year-on-year growth in Q4, driven by price increases and seasonal demand, despite challenges from trade policies [4]. Road and Rail - The report notes a slowdown in highway traffic growth, while rail passenger and freight volumes continue to increase, with recommendations for specific companies in the sector [4].

Group 1 - The real estate project under the fund is the Anhui Bo-Fu Expressway project, managed by China Merchants Highway Network Technology Holdings Co., Ltd. and its wholly-owned subsidiary [1] - The project spans a total length of 101.3 kilometers with a dual four-lane configuration, including three toll stations and two service areas [1] - The project starts at the Huangzhuang area at the border of Anhui and Henan provinces and connects to the Jiefu-Bang Expressway at the end [1] Group 2 - On January 12, 2026, the management team of the operating management institution underwent a personnel change, which is considered a normal adjustment and does not affect operational stability [4] - Song Rong was elected as the chairman of the fourth board of directors of China Merchants Highway [2] - Key appointments include Yang Xudong as General Manager, and Fu Xiaoqiang as Chief Legal Counsel and Chief Compliance Officer, with a background in risk management and legal affairs [3]

证券代码：001965 证券简称：招商公路 公告编号：2026-04 招商局公路网络科技控股股份有限公司 2026 年度第一期超短期融资券发行结果公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 招商局公路网络科技控股股份有限公司（以下简称"公司"）于 2025 年 7 月 31 日召开公司 2025 年第二次临时股东大会，会议审议通过了《关于公司申请 注册发行债务融资工具的议案》，并授权董事会或董事会授权人士办理本次申请 注册发行债务融资工具的相关事宜。 一、本次超短期融资券注册情况 特此公告。 招商局公路网络科技控股股份有限公司董事会 二、本次超短期融资券发行情况 2026 年 1 月 8 日，公司成功发行了 2026 年度第一期超短期融资券，发行结 果如下： | | 发行要素 | | | | | --- | --- | --- | --- | --- | | 债券名称 | 招商局公路网络科技 控 股 股 份 有 限 公 司 2026 年度第一期超短 期融资券 | 债券简称 | 26 | 招商公路 SCP001 | | 债券代码 | 012680069 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001965 证券简称：招商公路 公告编号：2026-01 招商局公路网络科技控股股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 1、本次股东会无增加、变更、否决议案的情况； 2、本次会议采取现场投票与网络投票结合的表决方式。 一、会议召开和出席情况 2025年12月20日，招商局公路网络科技控股股份有限公司（以下简称"公司"或"招商公路"）董事会以公 告方式向全体股东发出召开公司2026年第一次临时股东会的通知。本次会议以现场会议与网络投票相结 合的方式召开。其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2026年1月8日9:15一 9:25,9:30一11:30和13:00一15:00；通过深圳证券交易所互联网系统投票的具体时间为2026年1月8日9:15 一15:00。现场会议于2026年1月8日下午14：50分在公司11层会议室召开。 本次会议召集人为公司董事会，公司董事长宋嵘先生主持本次会议。公司部分董事、董事会秘书出席了 本次会议，高级管理人员列席了本 ...