Investment Rating - The report highlights the attractiveness of high dividend assets in the transportation industry under a low interest rate environment, suggesting a positive investment outlook for this sector [3][16]. Core Insights - The low interest rate environment enhances the value of dividend asset allocation, with transportation sector dividend yields exceeding current government bond yields as of February 28, 2024 [3][16]. - Policy guidance is encouraging long-term funds, such as insurance capital, to enter the market, increasing demand for high dividend assets [32]. - There is a valuation differentiation in the market, favoring companies in the highway and port sectors with stable earnings and high dividend ratios [48]. Summary by Sections Low Interest Rate Environment and Dividend Asset Allocation - The report emphasizes the significance of high dividend assets in a low interest rate context, with highway yields around 2%, shipping at approximately 2.7%, and ports at about 1.5% as of February 2024 [3][16]. - The report notes that the demand for high dividend assets is expected to rise due to the low interest rate cycle, which has led to a sustained low yield on ten-year government bonds [32]. Fund Flow Analysis - The report indicates that the scale of dividend products has significantly increased, with dividend ETFs showing the highest growth [36]. - The report mentions that the inflow of dividend ETFs has a positive impact on the stock prices of high dividend stocks in the transportation sector [37]. High Dividend Stocks in Transportation - The report lists key companies in the transportation sector with predicted dividend yields exceeding 3%, including Ninghu Expressway, Gansu Expressway, and Daqin Railway, among others [49][62]. - It highlights that the transportation sector's dividend ratios still have room for improvement compared to other industries [23].

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [4][49]. Core Viewpoints - The company is a leading player in the highway operation sector, focusing on nationwide highway network development and has a strong cash dividend yield [5][8]. - The company has achieved a compound annual growth rate (CAGR) of 9.81% in revenue and 12.65% in net profit from 2016 to 2023, indicating robust growth [5][18]. - The company emphasizes investor returns, having distributed a total of 14.066 billion yuan in cash dividends from 2017 to 2023, with an average annual payout ratio of 45.50% [5][25]. Summary by Relevant Sections Company Overview - The company, a subsidiary of China Merchants Group, has established a national highway network with over 14,700 kilometers of operational highways covering 22 provincial regions [5][12]. - It has invested in 26 highway companies, with 16 being listed on A and H shares, enhancing its market presence [5][30]. Financial Performance - The company forecasts revenues of 12,379 million yuan in 2024, with a year-on-year growth rate of 27.21% [4][48]. - The projected net profit for 2024 is 5,795 million yuan, reflecting a decline of 14.36% compared to the previous year [4][49]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 15.1x, 15.5x, and 14.9x respectively [4][49]. Business Segments - The company operates in three main segments: investment and operation, traffic technology, and smart transportation, with the investment and operation segment contributing 80.67% of revenue in the first half of 2024 [15][36]. - The traffic technology segment has shown a revenue CAGR of 9.14% from 2018 to 2023, indicating a growing importance in the overall business model [36][41]. Growth Drivers - The company is expected to benefit from the integration of new assets and the recovery of transportation demand as the macroeconomic environment improves [7][46]. - The ongoing expansion of road assets and the completion of key projects, such as the Beijing-Tianjin-Tanggu expressway upgrade, are anticipated to drive revenue growth [7][46].

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [4][49]. Core Insights - The company is a leading player in the highway operation sector, focusing on nationwide highway network development and has a strong cash dividend yield [5][8]. - The company has a robust growth trajectory, with a compound annual growth rate (CAGR) of 9.81% in revenue and 12.65% in net profit from 2016 to 2023 [5][18]. - The company emphasizes investor returns, having distributed a total of 14.066 billion yuan in cash dividends from 2017 to 2023, with an average annual payout ratio of 45.50% [5][25]. Summary by Sections Company Overview - The company, a subsidiary of China Merchants Group, operates over 14,700 kilometers of highways across 22 provincial regions in China and holds stakes in 26 highway companies, including 16 listed firms [5][12][29]. - The average remaining toll collection period for the company's controlled highways is 12.96 years, with over 80% of assets having more than 10 years left, providing ample time for traffic growth and revenue generation [30]. Financial Performance - The company forecasts revenue growth, with expected revenues of 12,379 million yuan in 2024, 12,989 million yuan in 2025, and 13,649 million yuan in 2026, reflecting a growth rate of 27.21%, 4.92%, and 5.08% respectively [4][48]. - The projected net profit for 2024, 2025, and 2026 is 5,795 million yuan, 5,665 million yuan, and 5,878 million yuan, with corresponding price-to-earnings (P/E) ratios of 15.1x, 15.5x, and 14.9x [6][49]. Business Segments - The company operates in three main segments: investment and operation, traffic technology, and smart transportation, with the investment and operation segment contributing 80.67% of revenue in the first half of 2024 [15][36]. - The traffic technology segment has shown a steady increase in revenue contribution, rising from 29.32% in 2018 to 34.19% in 2023, indicating a growing importance of this segment in the overall business model [41][42]. Market Position - The company is positioned as a leader in the domestic highway operation sector, continuously enhancing its asset scale and operational efficiency, which is expected to drive further revenue and profit growth [8][49]. - The company has a diversified revenue structure, with significant contributions from core assets such as the Yongtaiwen Expressway and the Jingtaix Expressway, which accounted for 20.35% and 14.77% of revenue in 2023 respectively [30].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

证券代码：001965 证券简称：招商公路 公告编号：2025-06 根据《公司法》《公司章程》等有关规定，刘昌松先生、寇遂奇先生的辞职 未导致董事会成员低于法定人数，上述辞职申请自送达本公司董事会之日起生效， 辞职后，刘昌松先生、寇遂奇先生均将不在公司担任任何职务。截至本公告披露 日，刘昌松先生、寇遂奇先生均未持有公司股票。 刘昌松先生、寇遂奇先生在担任公司董事、专门委员会委员期间，勤勉敬业， 恪尽职守，切实维护了公司和全体股东的权益。公司董事会对刘昌松先生、寇遂 奇先生在担任公司董事期间所做的工作表示衷心感谢！ 招商局公路网络科技控股股份有限公司 关于董事辞职的公告 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"）董事会于近日 收到公司董事刘昌松先生、寇遂奇先生提交的辞职申请。因工作原因，刘昌松先 生申请辞去公司董事及其在战略与可持续发展委员会中担任的职务，寇遂奇先生 申请辞去公司董事及其在审计委员会中担任的职务。 二〇二五年三月五日 特此公告。 招商局公路网络科技控股股份有限公司董事会 ...

证券代码：001965 证券简称：招商公路 公告编号：2025-08 关于召开 2025 年第一次临时股东大会的通知 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。 一、召开会议基本情况 （一）股东大会届次：本次股东大会为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"）2025 年第一次临时股东大会。 （二）股东大会的召集人：公司董事会。 公司第三届董事会第二十九次会议审议通过了《关于召开公司 2025 年第一 次临时股东大会的议案》。 （三）会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行 政法规、部门规章、规范性文件和《公司章程》等的规定。 （四）会议召开的日期和时间： 1、现场会议召开时间为：2025 年 3 月 21 日（星期五）下午 14:50。 2、网络投票时间为：2025 年 3 月 21 日。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：2024 年 2025 年 3 月 21 日 9:15—9:25,9:30— 11:30 和 13:00—15:00；通过深圳证券交易所互联网投票的具体时间为：2 ...

证券代码：001965 证券简称：招商公路 公告编号：2025-07 招商局公路网络科技控股股份有限公司 第三届董事会第二十九次会议决议公告 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。 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"） 第三届董事会第二十九次会议通知于 2025 年 2 月 25 日以电子邮件等方式送达全 体董事、监事及高级管理人员。本次会议于 2025 年 3 月 5 日上午 9:30 在公司 1101 会议室，以现场及通讯表决的方式召开。本次会议应表决董事 9 名，实际 行使表决权董事 9 名。会议的召集、召开符合有关法律、法规和《公司章程》的 规定。会议由董事长白景涛先生主持，会议审议通过了如下议案： 一、审议制定《招商局公路网络科技控股股份有限公司市值管理制度》的 议案。 表决结果：9 名董事同意，0 名董事反对，0 名董事弃权。 四、审议《关于召开公司 2025 年第一次临时股东大会的议案》。 该议案具体详情请参见《招商公路关于召开 2025 年第一次临时股东大会的 通知》。 表决结果：9 名董事同意，0 名董 ...

招商局公路网络科技控股股份有限公司 市值管理制度 (经 2025 年 3 月 5 日公司第三届董事会第二十九次会议审议通过) 第一章 总则 第一条 为加强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"）市值管理，切实推动公司投资价值提升，增强投资者回 报，维护投资者利益，根据《中华人民共和国公司法》《中华人民共和 国证券法》《国务院关于加强监管防范风险推动资本市场高质量发展的 若干意见》《上市公司信息披露管理办法》《上市公司监管指引第 10 号——市值管理》《关于改进和加强中央企业控股上市公司市值管理工 作的若干意见》《招商局公路网络科技控股股份有限公司章程》及其他 法律、行政法规和规章的有关规定，结合本公司实际情况，制定本制度。 第二条 本制度是公司市值管理的基本行为指南，公司应当按照本制度要求开 展市值管理工作。 第三条 市值管理，是指公司以提高上市公司质量与可持续发展能力为基础， 为提升公司投资价值和股东回报能力而实施的战略管理行为。 第四条 公司开展市值管理工作时，应当坚守以投资者为本理念，牢固树立回 报股东意识，采取措施保护投资者尤其是中小投资者利益，诚实守信、 规范运作、专注 ...

招商局公路网络科技控股股份有限公司 关于以集中竞价方式回购公司股份的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、股份回购方案概述 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 2024 年 10 月 16 日召开第三届董事会第二十五次会议，并于 2024 年 11 月 1 日召开 2024 年第二次临时股东大会，会议分别审议通过了《关于公司以集中竞 价交易方式回购公司股份的议案》，公司拟以集中竞价交易方式回购公司已发行 的部分人民币普通股（A 股）股票，本次回购的股份将全部予以注销并减少注册 资本。本次回购股份价格不超过人民币 18.10 元/股（含），本次回购资金总额 不低于人民币 31,000 万元（含）且不超过人民币 61,800 万元（含）。本次回购 方案具体内容详见公司分别于 2024 年 10 月 17 日、2024 年 11 月 2 日、2024 年 11 月 28 日刊登在《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）的《招商公路第三届董事会第二 ...

证券代码：001965 证券简称：招商公路 公告编号：2025-04 招商局公路网络科技控股股份有限公司 一、股份回购方案概述 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 2024 年 10 月 16 日召开第三届董事会第二十五次会议，并于 2024 年 11 月 1 日召开 2024 年第二次临时股东大会，会议分别审议通过了《关于公司以集中竞 价交易方式回购公司股份的议案》，公司拟以集中竞价交易方式回购公司已发行 的部分人民币普通股（A 股）股票，本次回购的股份将全部予以注销并减少注册 资本。本次回购股份价格不超过人民币 18.10 元/股（含），本次回购资金总额 不低于人民币 31,000 万元（含）且不超过人民币 61,800 万元（含）。本次回购 方案具体内容详见公司分别于 2024 年 10 月 17 日、2024 年 11 月 2 日、2024 年 11 月 28 日刊登在《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）的《招商公路第三届董事会第二十五次会议决议 公告》（公告编号 2024-81）、《招商公路关 ...