智通财经APP获悉，香港联交所最新数据显示，9月16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)7.4万股，每股作价7.308港元，总金额约为54.08万港元。增持后最新持股数目 约为1.35亿股，持股比例为18.01%。 ...

Market Overview - On September 16, the railway and highway sector rose by 0.38% compared to the previous trading day, with Wuzhou Transportation leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Gainers in Railway and Highway Sector - Wuzhou Transportation (600368) closed at 4.52, up 5.36% with a trading volume of 1.6379 million shares and a turnover of 744 million yuan [1] - Three Gorges Tourism (002627) closed at 7.40, up 4.96% with a trading volume of 1.0433 million shares and a turnover of 758 million yuan [1] - Other notable gainers include Fulin Yuan (002357) up 3.76%, Jinjia Online (600650) up 2.31%, and Jiangxi Changyun (600561) up 2.19% [1] Top Losers in Railway and Highway Sector - Guangdong Expressway A (000429) closed at 11.05, down 0.81% with a trading volume of 95,700 shares and a turnover of 106 million yuan [2] - Shandong Expressway (600350) closed at 8.84, down 0.67% with a trading volume of 149,300 shares and a turnover of 132 million yuan [2] - Other notable losers include Chongqing Road and Bridge (600106) down 0.59% and Anhui Expressway (600012) down 0.52% [2] Capital Flow Analysis - The railway and highway sector experienced a net outflow of 78.42 million yuan from institutional investors and a net outflow of 126 million yuan from speculative funds, while retail investors saw a net inflow of 204 million yuan [2] - Key stocks with significant capital inflow include Jinjia Online (600650) with a net inflow of 33.62 million yuan and China Merchants Highway (001965) with a net inflow of 31.69 million yuan [3] Individual Stock Performance - Jinjia Online (600650) had a net inflow of 33.62 million yuan from institutional investors, but saw outflows from speculative and retail investors [3] - China Merchants Highway (001965) also had a significant net inflow from institutional investors at 31.69 million yuan, with outflows from speculative investors [3] - Other stocks like Anhui Expressway (600012) and Fujian Expressway (600033) showed mixed capital flows with varying degrees of net inflow and outflow [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company's revenue for the first half of 2025 was 5.4% lower year-on-year, totaling 5.66 billion yuan, with a net profit attributable to shareholders of 2.5 billion yuan, down 7.6% year-on-year [1][8] - The decline in revenue is attributed to the impact of the removal of the Bozhou-Fu Highway from the asset list and changes in the surrounding road network [8] - The company has strong capabilities in road asset investment and operation, with a sustainable acquisition model expected to contribute to long-term growth [8] Financial Data and Valuation - Total revenue projections for 2025 are estimated at 12.465 billion yuan, reflecting a 2% decrease from the previous year [2][15] - The projected net profit for 2025 is 5.805 billion yuan, with a corresponding PE ratio of 11.9x and PB ratio of 0.9x [8][16] - The company’s total assets are projected to be 155.026 billion yuan in 2025, with total liabilities of 62.631 billion yuan [14] Performance Analysis - The company’s operating costs for the first half of 2025 were 3.74 billion yuan, a 1% decrease year-on-year, with a gross margin of 34% [8] - The investment income for the first half of 2025 was stable at 2.35 billion yuan, with a slight year-on-year increase of 0.3% [8] - The company’s management expenses decreased by 3.2% year-on-year, attributed to improved cost control [8] Shareholder Information - The major shareholder is China Merchants Group, holding a 62.19% stake in the company [3]

证券代码：001965 证券简称：招商公路 公告编号：2025-55 招商局公路网络科技控股股份有限公司 2025 年度第二期中期票据发行结果公告 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 2023 年 6 月 8 日召开了 2023 年第三次临时股东大会，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、本次中期票据注册情况 公司已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[2023]DFI50 号），同意接受公司债务融资工具注册，注册有效期为 2 年。 | | 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 2025 年度第 二期中期票据 | 债券简称 | 25 招商公路 MTN002 | | 债券代码 | 102583834 | 期限 | 3+N 年 | | 起息日 | 2025 年 09 月 11 ...

Core Viewpoint - The company has appointed Mr. Chen Quan as the Vice General Manager, with the decision made during the 36th meeting of the third board of directors held on September 10, 2025, and the appointment is effective immediately until the end of the current board's term [1][2]. Group 1 - The board meeting was conducted via electronic means, with all 11 directors present and voting, resulting in unanimous approval for the appointment of Mr. Chen Quan [1][2]. - Mr. Chen Quan, born in 1974, is a senior engineer with a master's degree in project management from Shanghai University. He currently serves as the chairman of China Merchants Jinling Holdings Co., Ltd. and has held various managerial positions in highway construction and operation companies in Guangxi [3]. - Mr. Chen has no prior penalties from the China Securities Regulatory Commission or other relevant authorities, and he does not have any conflicts of interest with the company's major shareholders or other board members [3].

Group 1 - The core point of the article is that China Merchants Highway announced the appointment of Mr. Chen Quan as the deputy general manager during its board meeting held on September 10, 2025 [1] - For the first half of 2025, the revenue composition of China Merchants Highway is as follows: investment operation segment accounted for 79.07%, traffic technology segment accounted for 16.15%, smart transportation segment accounted for 2.68%, and ecological segment accounted for 2.1% [1] - As of the time of reporting, the market capitalization of China Merchants Highway is 69 billion yuan [1]

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"） 第三届董事会第三十六次会议通知于 2025 年 9 月 5 日以电子邮件等方式送达全 体董事。本次会议于 2025 年 9 月 10 日以通讯表决的方式召开。本次会议应表决 董事 11 名，实际行使表决权董事 11 名。会议的召集、召开符合有关法律、法规 和《公司章程》的规定。会议审议通过了《关于聘任陈全先生为公司副总经理的 议案》。 经公司总经理杨旭东先生提名，董事会提名委员会审核通过，本次董事会审 议，同意聘任陈全先生为公司副总经理，任期自本次董事会审议通过之日起至第 三届董事会任期结束之日止。 表决结果：11 名董事同意，0 名董事反对，0 名董事弃权。 招商局公路网络科技控股股份有限公司董事会 二〇二五年九月十日 证券代码：001965 证券简称：招商公路 公告编号：2025-54 招商局公路网络科技控股股份有限公司 第三届董事会第三十六次会议决议公告 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。 附件：简历 陈全先生：1974 年出生，正高级工程师，享受政府特殊津贴人员，毕业于 ...

Core Viewpoint - The company has appointed Mr. Chen Quan as the Vice General Manager, with unanimous approval from the board of directors during the meeting held on September 10, 2025 [1] Group 1 - The board meeting was the 36th session of the third board of directors, and all 11 directors participated in the voting process [1] - The appointment of Mr. Chen Quan was based on the nomination by the General Manager and the review by the Nomination Committee [1] - Mr. Chen Quan, born in 1974, is a senior engineer with a rich professional background, meeting the qualifications for the position [1]

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。 为保证招商局公路网络科技控股股份有限公司 2022 年度第二期中期票据 （债券简称：22 招商公路 MTN002，债券代码：102282074.IB）兑付工作的顺利 进行，现将有关事宜公告如下。 证券代码：001965 证券简称：招商公路 公告编号：2025-52 招商局公路网络科技控股股份有限公司 2022 年度第二期中期票据兑付安排公告 （二）存续期管理机构：招商银行股份有限公司 联系人：张连明 发行人名称 招商局公路网络科技控股股份有限公司 债项名称 招商局公路网络科技控股股份有限公司 2022 年度第二期中期票据 债项简称 22 招商公路 MTN002 债项代码 102282074.IB 发行总额(亿) 20.00 起息日 2022-09-13 发行期限（年） 3+N 年 债券余额(亿) 20.00 最新评级情况 AAA 偿还类别 本息兑付 本计息期债项利率 2.82% 本息兑付日 2025-09-13(如遇节假日顺延至下一工 作日) 一、本期债券基本情况 | 本期应偿付本息金额(万元) | 205,64 ...

证券代码：001965 证券简称：招商公路 公告编号：2025-53 招商局公路网络科技控股股份有限公司 2022 年度第三期中期票据发行人赎回选择权行权公告 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。 根据发行文件中相关条款规定，招商局公路网络科技控股股份有限公司 2022 年度第三期中期票据（债券简称：22 招商公路 MTN003，债券代码： 102282248.IB）设有发行人赎回选择权。为保证行权工作顺利进行，现将有关事 宜公告如下。 | 发行人名称 | 招商局公路网络科技控股股份有限公司 | | --- | --- | | 债券名称 | 招商局公路网络科技控股股份有限公司 | | | 2022 年度第三期中期票据 | | 债券简称 | 22 招商公路 MTN003 | | 债券代码 | 102282248.IB | | 发行金额（亿元） | 15.5 | | 起息日 | 2022-10-14 | | 发行期限 | 3+N 年 | | 债项余额（亿元） | 15.5 | | 最新评级情况 | AAA | | 本计息期债项利率（%） | 2.85 | ...