招商局公路网络科技控股股份有限公司 2025 年面向专业投 o25年4月门日 (本页无正文,为《招商局公路网络科技控股股份有限公司2025年面向专业 投资者公开发行科技创新公司债券(第一期)更名公告》之签章页) 有配 招前食公画 2025年4月日 资者公开发行科技创新公司债券（第一期）更名公告 招商局公路网络科技控股股份有限公司（以下简称"发行人"）于2024年12 月31日获得中国证券监督管理委员会《关于同意招商局公路网络科技控股股份有 限公司向专业投资者公开发行公司债券注册的批复》（证监许可〔2024〕1948 号）同意发行人向专业投资者公开发行面值总额不超过100亿元公司债券的注册 申请。招商局公路网络科技控股股份有限公司2025年面向专业投资者公开发行科 技创新公司债券（第一期）（以下简称"本期债券"）发行规模为不超过15亿元 （含15亿元）。 按照公司债券命名惯例，本期债券名称由原申请的"招商局公路网络科技控 股股份有限公司2024年面向专业投资者公开发行公司债券"变更为"招商局公路 网络科技控股股份有限公司2025年面向专业投资者公开发行科技创新公司债券 （第一期）"。本期债券名称变更不改变原签订 ...

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。 重要内容提示： 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"） 之控股股东招商局集团有限公司（以下简称"招商局集团"）将举办"'创新驱 动，创建一流'招商局集团上市公司集体业绩说明会"，旨在加强与投资者沟通， 推进上市公司高质量发展。公司将与招商局集团的其他三家深市上市公司于2025 年4月23日下午共同参加集体业绩说明会。 一、说明会类型 本次业绩说明会以现场交流、视频直播、网络文字互动等形式召开，公司将 针对2024年度的经营成果和对未来的展望与投资者进行坦诚互动、交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行解答。 证券代码：001965 证券简称：招商公路 公告编号：2025-19 招商局公路网络科技控股股份有限公司 关于参加招商局集团有限公司上市公司集体业绩说明会的公告 二、说明会召开的时间、地点 1、会议召开时间：2025年4月23日（星期三）14:30-17:00 会议召开时间：2025 年 4 月 23 日（星期三）14:30-17:00 会议召开地点：深圳证 ...

Core Viewpoint - The China Securities Index Transportation Index has shown mixed performance, with a recent increase but a decline over the year-to-date period, indicating potential volatility in the transportation sector [2]. Group 1: Index Performance - The China Securities Index Transportation Index opened higher and rose by 0.25%, closing at 1537.59 points with a trading volume of 27.15 billion [1]. - Over the past month, the index has decreased by 0.62%, increased by 1.55% over the last three months, and has declined by 4.72% year-to-date [2]. Group 2: Index Composition - The index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [2]. - The top ten holdings in the index include: - Beijing-Shanghai High-Speed Railway (9.83%) - SF Express (9.29%) - COSCO Shipping Holdings (8.23%) - Datong Railway (6.17%) - Shanghai Airport (3.74%) - China Eastern Airlines (2.99%) - Southern Airlines (2.86%) - Air China (2.53%) - China Merchants Highway (2.45%) - Spring Airlines (2.43%) [2]. Group 3: Market Segmentation - The Shanghai Stock Exchange accounts for 75.92% of the index's holdings, while the Shenzhen Stock Exchange represents 24.08% [2]. - The industry breakdown of the index holdings is as follows: - Railway Transportation: 18.18% - Shipping: 16.69% - Air Transportation: 14.11% - Express Delivery: 13.27% - Comprehensive Logistics: 12.05% - Highways: 9.70% - Ports: 9.57% - Airports: 5.34% - Road Transportation: 1.09% [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3].

Core Viewpoint - The article highlights a significant increase in stock repurchase and shareholder buyback activities among A-share listed companies in response to market volatility caused by U.S. tariffs, indicating strong confidence in the Chinese market and the financial strength of these companies [1][5][10]. Summary by Sections Stock Buybacks and Shareholder Actions - Since April, numerous A-share companies have announced stock buybacks and shareholder increases, reflecting a proactive approach to market conditions [3][4]. - In 2024, over 2,100 A-share companies executed stock buybacks totaling more than 160 billion yuan, marking a historical high with a year-on-year increase of 71.1% [5][10]. - As of April 9, 2025, 684 companies had already implemented stock buybacks exceeding 30 billion yuan [5]. Confidence from State-Owned Enterprises - Major state-owned enterprises like Sinopec, China Three Gorges, and Chalco have committed to increasing their stakes in listed companies, demonstrating confidence in the long-term prospects of the Chinese economy [4]. - The China Merchants Group announced collective buyback plans for seven listed companies, emphasizing their commitment to enhancing shareholder value and market confidence [4]. Leading Companies' Initiatives - Leading firms such as CATL, Midea Group, and Kweichow Moutai have initiated new rounds of stock buybacks, with CATL planning to use 4 to 8 billion yuan for share repurchases [4]. - Midea Group intends to repurchase shares worth 1.5 to 3 billion yuan, while Kweichow Moutai aims to complete a remaining buyback of approximately 4.05 billion yuan [4]. Market Implications - The increase in buybacks and shareholder actions is seen as a positive sign for the long-term health of the capital market, enhancing liquidity and improving investor sentiment [9][10]. - The establishment of a stock buyback loan policy by the central bank in October 2024 has encouraged companies to pursue buybacks, with 430 companies disclosing plans to apply for loans totaling over 90 billion yuan [9]. Strengthening Corporate Fundamentals - The rising trend in buybacks reflects the growing financial strength of Chinese companies, as evidenced by increased cash flow and improved overall capabilities [10]. - The innovation capacity of Chinese listed companies has significantly improved, with total R&D spending rising from 585.6 billion yuan in 2018 to 1.5593 trillion yuan in 2023, indicating a strong correlation with profitability and financial strength [11].

Core Viewpoint - The article highlights a significant increase in stock buybacks and shareholder repurchases among A-share listed companies in response to market volatility, indicating strong confidence in the Chinese market and the financial strength of these companies [2][6][7]. Group 1: Stock Buyback and Shareholder Repurchase Trends - Over 2,100 A-share listed companies implemented stock buybacks in 2024, with a total buyback amount exceeding 160 billion yuan, marking a historical high and a year-on-year increase of 71.1% [5]. - As of April 9, 2025, 684 companies had executed stock buybacks totaling over 30 billion yuan [5]. - Major state-owned enterprises, including Sinopec and China Three Gorges, announced plans for shareholder repurchases based on their confidence in the long-term prospects of the Chinese economy [4]. Group 2: Corporate Actions and Market Confidence - Companies like CATL, Midea Group, and Kweichow Moutai initiated new rounds of stock buybacks, with CATL planning to use 4 to 8 billion yuan for repurchasing shares [4]. - The collective actions of companies signal a commitment to enhancing shareholder value and maintaining market confidence [4][6]. - The increase in buybacks and repurchases is seen as a positive indicator for the long-term health of the capital market, improving investor sentiment and market liquidity [6][7]. Group 3: Economic and Competitive Landscape - The growing scale of buybacks reflects the robust financial health of Chinese companies, supported by a comprehensive industrial system and significant market advantages [7]. - China's large consumer market, with over 1.4 billion people and a per capita GDP exceeding 13,000 USD, presents vast demand potential, further bolstered by proactive macroeconomic policies [7]. - The innovation capabilities of Chinese listed companies have significantly improved, contributing to overall profitability and financial strength [8].

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of 15.6 CNY, indicating a potential upside of 16% from the current price of 13.38 CNY [3][7]. Core Insights - The company is expected to experience a 5% decline in net profit excluding non-recurring items in 2024, while maintaining a stable dividend payout ratio of 53.44% [2][7]. - The total revenue for 2024 is projected to be 12,711 million CNY, reflecting a year-on-year growth of 30.6%, primarily due to the consolidation of招商中铁 at the end of 2023 [3][7]. - The net profit attributable to the parent company is forecasted to decline by 21.3% in 2024, with a gradual recovery expected in the following years [3][7]. Financial Summary - **Revenue Forecast**: - 2024: 12,711 million CNY - 2025: 12,889 million CNY (1.4% growth) - 2026: 13,474 million CNY (4.5% growth) - 2027: 14,113 million CNY (4.7% growth) [3][8] - **Net Profit Forecast**: - 2024: 5,322 million CNY - 2025: 5,567 million CNY (4.6% growth) - 2026: 5,930 million CNY (6.5% growth) - 2027: 6,320 million CNY (6.6% growth) [3][8] - **Earnings Per Share (EPS)**: - 2024: 0.78 CNY - 2025: 0.82 CNY - 2026: 0.87 CNY - 2027: 0.93 CNY [3][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio is projected to decrease from 17 in 2024 to 14 in 2027 [3][8]. - Price-to-Book (P/B) ratio is expected to remain stable around 1.3 to 1.1 over the forecast period [3][8]. Operational Highlights - The company’s total operational road mileage increased from 14,745 kilometers in 2023 to 14,785 kilometers in 2024, with a significant revenue increase in the investment and operation segment [7]. - The traffic volume for 2024 is expected to be 15,920 million vehicles, with toll revenue projected at 9,450 million CNY, both showing a slight decline compared to the previous year [7]. Dividend Policy - The company plans to distribute a cash dividend of 4.17 CNY per 10 shares, totaling 28.44 billion CNY, which corresponds to a dividend yield of 3.12% based on the current stock price [7].

作 者丨 见习记者李益文 编 辑丨陈思颖 尹华禄 黎雨桐 4月8日下午，据央视新闻消息，国务院国资委8日表示， 将全力支持推动中央企业及其控股上市公司主动作为，不断加大增持回购力度，切实 维护全体股东权益，持续巩固市场对上市公司的信心，努力提升公司价值，充分彰显央企责任担当。 同时，加大对央企市值管理工作的指导， 引导中央企业持续为投资者打造负责任、有实绩、可持续、守规矩的价值投资优质标的，为促进资本市场健康稳定发展作出贡献。 此前，A股市场回购与增持热潮已持续升温。截至8日1 3时3 0分左右， 当日已有近3 0家公司宣布加入股票增持回购行列，涉及金额最高超3 0 0 亿元。 继宁德时代（3 0 0 7 5 0 .SZ）、中国核电（6 0 1 9 8 5 .SH）之后，贵州茅台( 6 0 0 5 1 9 .SH)、招商蛇口( 0 0 1 9 7 9 .SZ)、荣盛石化（0 0 2 4 9 3 .SZ）等一 众龙头企业也相继公布了新一轮回购及增持计划。据Wi n d数据不完全统计，从4月7日盘后到截至目前，总共有7 0余家公司发布了回购公告， 2 0余家公司发布了增持公告。与此同时，"国家队"也同步表态加码， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance is under short-term pressure, but the consolidation with China Merchants Railway has led to significant revenue growth [4] - In 2024, the company achieved a revenue of approximately 12.71 billion yuan, a year-on-year increase of 30.62%, while the net profit attributable to shareholders was about 5.32 billion yuan, a decrease of 21.35% [6] - The company is focusing on its core business and has successfully completed the transition of the management of the Road King asset package, adding 276 kilometers of operational mileage [6] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 9.73 billion yuan (2023), 12.71 billion yuan (2024), 12.90 billion yuan (2025E), 13.23 billion yuan (2026E), and 13.60 billion yuan (2027E) [5] - The net profit attributable to shareholders is projected to be 6.77 billion yuan (2023), 5.32 billion yuan (2024), 5.74 billion yuan (2025E), 6.19 billion yuan (2026E), and 6.70 billion yuan (2027E) [5] - The company’s return on equity (ROE) is expected to be 10.40% (2023), 7.47% (2024), 7.65% (2025E), 7.84% (2026E), and 8.05% (2027E) [5] Market Performance - The company reported a gross margin of 34.09% in 2024, a decrease of 2.87 percentage points year-on-year, primarily due to asset optimization and adverse weather conditions [6] - The company’s operating expenses increased due to the consolidation with China Merchants Railway, with a total expense ratio of 20.92% in 2024, up by 1.34 percentage points year-on-year [6] Strategic Initiatives - The company is actively pursuing expansion strategies and has made progress on various upgrade and expansion projects, including the completion of internal project approvals for the Ningbo-Taizhou-Wenzhou Expressway southern section [6] - The company has also completed the acquisition of the remaining 40% equity in Hunan Yonglan Expressway and is advancing the preliminary engineering for several other projects [6]

蓝思科技：拟以5亿元-10亿元回购公司股份，用于实施员工持股计划或股权激励计划。回购 股份价格上限35元/股。 4月8日盘前，"国家队"果断出手之际，A股上市公司也掀起回购潮，用行动表信心，为市场注入稳定信 号。 招商局集团旗下7家上市公司计划提速实施股份回购计划，贵州茅台已着手起草新一轮回购股份方案， 国泰君安、美的集团、复星医药、京东方Ａ、蓝思科技等也纷纷加入回购： 招商局集团旗下7家上市公司招商蛇口、招商港口、招商轮船、招商公路、中国外运、辽港 股份、招商积余集体发布公告，基于对公司未来发展前景的坚定信心及内在价值的高度认 可，计划提速实施股份回购计划，切实维护上市公司全体股东权益，持续巩固市场对上市公 司的信心，提升上市公司投资价值。 贵州茅台：公司已着手起草新一轮回购股份方案，公司控股股东已着手起草增持方案。据公 告，截至2025年4月7日，贵州茅台已累计回购股份1,315,901股，占公司总股本的比例为 0.1048%，购买的最高价为1,584.06元/股、最低价为1,417.01元/股，已支付的总金额为 1,948,495,151.53元（不含交易费用）。上述回购进展符合法律法规的规定及公司披露 ...

国泰君安公告，公司董事长朱健于2025年4月7日提议，公司通过集中竞价交易方式回购部分公司A股股 份，回购股份将用于维护公司价值及股东权益。回购股份种类为人民币普通股(A股)股票，价格上限不 高于董事会审议通过回购股份方案决议前30个交易日公司股票交易均价的150%，资金总额为10亿元-20 亿元，资金来源为公司自有资金，回购期限为自董事会审议通过方案之日起3个月内。 东方证券：拟以2.5亿元-5亿元回购股份 A股市场剧烈波动关键时刻，上市公司回购潮再起！据不完全统计，从昨日收盘到今晨，A股超20家上 市公司发布回购计划或提速回购计划。 "招商系"7家上市公司：坚定信心提速回购 招商局集团旗下7家上市公司招商蛇口（001979）、招商港口（001872）、招商轮船（601872）、招商 公路（001965）、中国外运（601598）、辽港股份（601880）、招商积余（001914），4月8日盘前集体 发布公告，基于对公司未来发展前景的坚定信心及内在价值的高度认可，计划提速实施股份回购计划， 切实维护上市公司全体股东权益，持续巩固市场对上市公司的信心，提升上市公司投资价值。 国泰君安：董事长提议以10亿元-2 ...