作为国内公路运营板块龙头企业，招商公路（001965）(001965.SZ)积极为公益事业贡献力量。 公开信息显示，招商局慈善基金会正式成立于2009年6月15日，是全国性非公募基金会，由招商局集团 发起并持续捐资，以"关注民生、扶贫济困、热心公益、和谐发展"为宗旨。2020年至2024年，招商局慈 善基金会累计接受捐赠及其他收入5.68亿元，其中招商局集团及各下属公司捐款额为5.54亿元；累计发 生公益支出为5.26亿元，开展公益项目240余项。 长江商报公益记者了解到，近些年来，招商公路持续以招商局慈善基金会为统一专业公益平台，积极参 与社会帮扶工作。 其中，在公益助教方面，早在2022年，招商公路便积极与各省、市管师范院校开展交流合作，策划推出 招商局"C Green公益助教计划"。该项目以"公益助教+赋能培训"为主要形式，重点择选地方师范院校， 通过设立企业奖学金、引进开设绿色环保类公开课、支持大学生开展绿色环保类社会实践活动，让育人 之人传播绿色发展理念，不断深化青年对可持续发展问题的洞察与思考，鼓励和支持更多大学生以青年 智慧和青年行动服务国家绿色发展和乡村振兴。 在最新发布的半年报中，招商公路披 ...

Core Viewpoint - The rapid development of autonomous driving technology in China is expected to drive the digital transformation of highways, which is crucial for high-quality development [1] Group 1: Market Projections - By 2029, the sales of L2 and above intelligent driving vehicles in China are projected to reach 31.7 million units, with a penetration rate of 84.99% [1] - In 2024, the sales of vehicles equipped with L2 and above intelligent driving solutions are expected to reach 15.2 million units, with a penetration rate of 68.47% for intelligent driving passenger cars [2] Group 2: Infrastructure and Technology Development - The current total length of highways in China is 5.4909 million kilometers, connecting approximately 88% of county-level administrative regions and about 95% of the population [1] - The transition from manual inspections to systematic proactive monitoring is necessary to accommodate both human and machine recognition needs [2] - A virtual road operation platform is to be constructed on existing physical roads, promoting real-time interaction between various intelligent driving systems and traffic infrastructure [2] Group 3: Case Studies and Innovations - A smart highway case study by China Merchants Highway demonstrates the use of a traffic video event intelligent monitoring system, achieving over 95% accuracy in automatic identification of 12 types of events, with an average response time reduced from 5 minutes to under 15 seconds [3]

安徽皖通高速（600012）公路(00995)公布，2025 年 12 月 22 日，公司收到招商公路（001965）发来的 《关于对皖通高速股票减持情况的告知函》，告知招商公路在减持计划期间内通过集中竞价交易方式累 计减持公司 A 股股份约840.9万股，占公司总股本的 0.492%。本次减持计划时间区间已届满，减持计划 已实施完毕。 ...

智通财经APP讯，安徽皖通高速公路(00995)公布，2025 年 12 月 22 日，公司收到招商公路发来的《关 于对皖通高速股票减持情况的告知函》，告知招商公路在减持计划期间内通过集中竞价交易方式累计减 持公司 A 股股份约840.9万股，占公司总股本的 0.492%。本次减持计划时间区间已届满，减持计划已实 施完毕。 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing high dividends and capital operations as dual engines for growth [1]. Core Insights - The transportation sector has shown mixed performance, with the overall industry ranking 8th among 31 sectors in terms of growth, having increased by 1.68% from December 1 to December 19, 2025, outperforming the CSI 300 index by 0.76 percentage points [12][13]. - The report highlights that the dividend yield for major segments within the transportation sector, including highways, railways, and ports, remains in the 3%-4% range, with coal and banking sectors leading in yield [27][21]. - The report identifies several high-dividend stocks in the A and H-share markets, recommending companies such as Sichuan Chengyu Expressway (6.0% yield) and China Merchants Port (5.8% yield) as attractive investment opportunities [21][22]. Monthly Market Performance - The report notes that the performance of dividend assets in December 2025 was generally underwhelming, with highway, railway, and port segments showing cumulative changes of -1.45%, +1.12%, and +1.21%, respectively [13][11]. - The average daily transaction volume for ports increased by 26.7% year-on-year, while highway and railway transaction volumes decreased by 5.5% and 34.8%, respectively [26][23]. - The report indicates that the low interest rate environment continues to support the market, with the 10-year government bond yield remaining stable around 1.83% [25][23]. Capital Operations - Sichuan Chengyu plans to acquire 85% of Hubei Jingyi Expressway for 2.409 billion yuan in cash, shifting from a stock issuance to a cash purchase to avoid equity dilution [32]. - Ninghu Expressway is increasing its investment in the Jiangsu Longtan Bridge project by 3.26964 billion yuan, enhancing its stake in the project [34]. - Qingdao Port has terminated its cash acquisition of the Rizhao Port oil terminal due to potential business impacts from legal issues, prioritizing shareholder interests [35]. Highway Sector Tracking - In October 2025, highway passenger traffic was reported at 975 million, a decrease of 3.7% year-on-year, while freight traffic showed a slight increase of 0.1% [36]. - The report highlights the revenue performance of key companies, such as Gansu Expressway, which reported a slight decline in toll revenue for November 2025 [44]. Railway Sector Tracking - Railway passenger volume reached 410 million in October 2025, marking a 10.1% increase year-on-year, while freight volume showed a modest increase of 0.6% [52]. - The report notes that the Daqin Railway achieved a freight volume of 37.22 million tons in November 2025, reflecting a year-on-year growth of 1.75% [59]. Port Sector Tracking - The report indicates that monitored port cargo throughput reached 1.078 billion tons over four weeks, with a year-on-year growth of 2.6% [63]. - Container throughput for the year-to-date reached 31.0469 million TEUs, reflecting a 7.7% increase compared to the previous year [63].

格隆汇12月22日｜皖通高速公告，股东招商局公路网络科技控股股份有限公司在2025年9月22日至2025 年12月21日期间通过集中竞价减持公司A股840.9万股，占公司总股本的0.492%，减持价格区间为15～ 15.79元/股，减持总金额为1.3亿元。减持后，招商公路持有公司股份4.88亿股，占公司总股本的 28.572%。 ...

| 要植序鼓 | 大股票/董事/霞嘉行政人員名稱 作出按露的 廣入 / 齊出或涉及的股 每股的平均價 | | 持有權益的股份數目 佔已發行的 角關事件的日期 相關法國股份 價權證據益 | | --- | --- | --- | --- | | | 原因 ◎ 7日 | | ( 時多関上述* 註解 ) 淘投票權股 (日 / 月 / 年) 權益 | | | | | 倒圍分比 | | | | | ( % ) | | CS20251218E00445 | 招商局公路网络科技控股股份 1101(L) | 1,886,000(L) | HKD 4.6110 250,975,000(L) 15.00(L)18/12/2025 G # # # | | | 有限公司 | | | 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250,975,000股，持股比例由14.89%上 升至15.00%。 | 股份代號: | 01052 | | --- | --- | | 上市法國名稱: | 越秀交通基建有限公司 | | 日期(日/月/年): | 22/11/2025 - 22/12/2025 | 格隆汇12月22日丨根据联交所最 ...

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly recommending stocks such as China Shipbuilding, China Power, and Sumec [4]. Core Insights - The report highlights the launch of the first shipping industry index fund on December 19, 2025, and notes a continued increase in second-hand ship prices, with a 5-year-old VLCC price rising by $2 million to $120 million [4]. - Seasonal fluctuations are observed in freight rates, with oil and bulk carrier second-hand prices increasing. The report recommends stocks like COSCO Shipping and China Merchants Energy [4]. - The report anticipates a significant improvement in airline profitability due to supply constraints and increasing passenger demand, recommending stocks such as China Eastern Airlines and Spring Airlines [4]. Summary by Sections Shipping Industry - The second-hand ship price index increased by 0.38% to 194.32 points, with a recommendation for COSCO Shipping and China Merchants Energy [4]. - VLCC freight rates decreased by 11% to $101,623 per day, while Suezmax rates increased by 9% to $78,107 per day [4]. Airline Sector - The report indicates that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet and supply constraints expected to continue [4]. - Airlines are projected to experience significant profitability improvements, with recommendations for stocks such as China Eastern Airlines and China Southern Airlines [4]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for industry performance [4]. - Recommended stocks include Shentong Express and Yunda Holdings, with a focus on companies benefiting from Southeast Asian e-commerce growth [4]. Rail and Road Transport - Rail freight volume and highway truck traffic are expected to maintain steady growth, with data showing a slight decrease in freight volume [4]. - The report suggests that traditional high-dividend investment themes and potential value management catalysts will be key investment lines through 2025 [4].

Group 1 - The company held its 38th meeting of the third board of directors on December 19, 2025, to discuss various proposals, including the recommendation of candidates for the fourth board of directors [1][3] - The board approved the recommendation of eight non-independent director candidates and four independent director candidates for a term of three years [2][4] - The board also approved an annual pre-tax allowance of RMB 150,000 for independent directors [6][7] Group 2 - The company agreed to purchase liability insurance for its directors and senior management with a policy limit of RMB 50 million per year and a premium not exceeding RMB 280,000 per year [9][10] - The board approved a proposal for the company's wholly-owned subsidiary to provide a guarantee for a loan application of RMB 11.64 billion for its associate company [12][13] - The company plans to donate RMB 15 million to the China Merchants Charity Foundation for various public welfare activities [14][15] Group 3 - The company adjusted the financial service agreement with China Merchants Group Finance Co., increasing the maximum daily deposit amount to RMB 10 billion and the maximum loan balance to RMB 10 billion [41][58] - The financial company reported total assets of RMB 51.317 billion and net profit of RMB 169 million for the first nine months of 2025 [47][48] - The company has a total of RMB 59.6295 million in external guarantees, which is 8.37% of its latest audited net assets [75]