登录新浪财经APP 搜索【信披】查看更多考评等级 即刻交通 据"中国公路"消息，近日，华泰联合证券有限责任公司发布关于招商局公路网络科技控股股份有限公司（以下简称"招商公路"）董事变更、董事长变更、董 事会秘书暨信息披露事务负责人变更及废止《监事会议事规则》并由董事会审计委员会履行监事会职责等事项的受托管理事务临时报告。 根据《招商局公路网络科技控股股份有限公司第三届董事会第三十四次会议决议公告》，2025年7月31日，经招商公路第三届董事会第三十四次会议审议通 过，该公司董事会同意选举宋嵘为招商公路第三届董事会董事长，任期自董事会选举通过之日起至第三届董事会任期结束。 据悉，宋嵘曾任中外运集装箱运输有限公司副总经理，中国外运股份有限公司运营部总经理，中国外运山东有限公司执行董事、总经理，招商局物流集团有 限公司总经理，中国外运股份有限公司执行董事、总经理等职务。现任招商局集团有限公司副总经理、总法律顾问，招商公路董事长。 ...

Summary of Conference Call Records Industry Overview - **Industry Focus**: The conference call primarily discusses the highway, port, and power industries, emphasizing their investment frameworks and dividend asset characteristics [1][20]. Key Points and Arguments Highway Industry - **Business Model**: The highway business model is robust, driven by passenger and freight traffic. Passenger traffic benefits from the increase in car ownership and self-driving tourism, while freight traffic remains dominant despite a slight decline due to the "road-to-rail" policy [1][4]. - **Revenue Growth**: From 2011 to 2019, the average revenue growth rate for the highway industry was 8.5%, outpacing the GDP growth rate of 7.4% during the same period, indicating strong resilience [5]. - **Investment Strategy**: High dividend strategies are favored in weak markets, highlighting the defensive nature of highway assets. Prioritizing high-dividend, high-yield highway assets is a crucial investment strategy [1][7][9]. - **Regulatory Environment**: The optimization of toll road policies at the national level presents systemic opportunities for valuation improvement in the highway sector [2]. Port Industry - **Cargo Throughput Growth**: The port industry has seen steady growth in cargo throughput, benefiting from supply-side integration and rational production management. The average growth rate of cargo throughput over the past decade is between 3% and 4% [12]. - **Pricing Flexibility**: Port charges are flexible and can be adjusted based on market demand, unlike highway tolls, which are more rigid [14]. - **Investment Characteristics**: Ports are characterized by perpetual operation and dynamic pricing capabilities, making them attractive stable growth assets [15]. Power Industry - **Profitability Framework**: The hydroelectric power industry has a stable profitability framework with a clear cost structure, ensuring steady net profit generation. Companies like Yangtze Power commit to maintaining high dividend rates [21]. - **Nuclear Power Growth**: The nuclear power sector is in a clear growth cycle, with plans for significant new installations, supporting long-term profitability and dividend potential [24][25]. - **Gas Industry Dynamics**: The gas industry is transitioning towards maturity, with decreasing capital expenditures expected to enhance dividend levels as projects mature [29][31]. Additional Important Insights - **Investment Recommendations**: Recommended investment targets include high-dividend companies such as China Merchants Highway, Shandong Highway, and Ninghu Highway, which have shown strong performance in shareholder returns [9][11]. - **Future Potential**: Potential investment opportunities in the highway sector include Sichuan Chengyu and Ganyue Highway, which are expected to replicate successful growth patterns seen in other companies [11]. - **Governance and Stability**: The water and nuclear power sectors exhibit strong governance and stable dividend levels, making them attractive for long-term investment [20][21]. Conclusion The conference call highlights the resilience and growth potential of the highway, port, and power industries, emphasizing the importance of dividend strategies and regulatory environments in shaping investment opportunities. The focus on high-dividend assets reflects a broader trend towards stable, income-generating investments in the current market landscape.

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) has successfully completed the first batch of four corporate bond renewals, marking the initiation of a pilot program for corporate bond renewals and asset-backed securities expansion [1][3]. Group 1: Pilot Program Launch - On July 18, SZSE issued a notice to officially start the pilot program for corporate bond renewals, focusing on optimizing the issuance mechanism, aligning market-making mechanisms, and protecting investor rights [3]. - Issuers can use existing valid approval documents for renewals without reapplying for security codes, significantly reducing the average time from application to listing by nearly half [3]. Group 2: Market Impact - The renewed bonds will be listed alongside existing bonds, maintaining consistency in core elements, and eligible bonds will be included in the benchmark market-making range, enhancing price discovery and liquidity [3]. - The SZSE currently has 242 credit benchmark market-making bonds with a total balance exceeding 380 billion yuan, which supports improved market dynamics [3]. Group 3: Investor Participation - Following the announcement, companies such as GF Securities, China Merchants Highway, Guosen Securities, and Shenzhen Investment Holdings quickly participated in the pilot, representing various high-quality state-owned and private enterprises [3]. - The types of bonds issued include ordinary corporate bonds and technology innovation corporate bonds, with GF Securities issuing a renewal of 2 billion yuan for "25 GF D7" [3]. Group 4: Infrastructure Development - In recent years, SZSE has been enhancing bond market infrastructure to promote healthy interaction between primary and secondary markets, revising business guidelines, and launching a book-building system to improve issuance efficiency [4]. - The successful implementation of the renewal mechanism and the first batch of bond renewals have created a positive cycle of "expanding scale - increasing liquidity - reducing costs" [4]. - SZSE aims to continue strengthening market infrastructure to support high-quality economic development from both financing and investment perspectives [4].

记者了解到，已有多家企业正积极筹备公司债券续发行，预计将在未来几个月逐步落地。 据了解，《通知》围绕发行机制优化、做市机制衔接、投资者权益保护三大目标，在以下方面作出系统 性安排： 一是发行更为便捷、高效。发行人可使用存量有效批文参与续发行，无需重复申请证券代码，显著减少 发行准备工作，缩短发行周期，首批续发行公司债券从提交发行申请至披露发行文件平均用时2个交易 日，从完成发行到上市挂牌平均用时3个交易日，用时缩短近半，发行效率显著提升。 二是有效衔接做市机制。续发行债券与存量债券合并上市后，保持证券代码、票面利率等核心要素一 致，符合要求的可纳入基准做市范围，目前首批4单续发行债券均符合信用债基准做市券纳入标准。截 至目前，深市信用基准做市券已达242只(含企业债)，债券余额超3800亿元，做市商持续做市服务有助 于提升基准券价格发现及流动性水平。 三是强化投资者权益保护。明确续发行可能导致重大权益变化时，需召开债券持有人会议审议，信息披 露充分揭示风险，同时要求发行人严格按约定使用募集资金，强化事中事后监管。对于附有增信机制的 债券，要求发行人提前完成增信安排变更并经中介机构核查，确保投资者权益不受影响。 ...

Core Viewpoint - The company is actively developing intelligent robots for various applications, particularly in infrastructure inspection and maintenance [1] Group 1: Company Development - The company’s wholly-owned subsidiary, Quanzhong Technology (Chongqing) Co., Ltd., is responsible for the research and development of intelligent robots [1] - Current applications of the robots include high-altitude bridge inspections and underwater inspections [1] - The company plans to expand the application scenarios of its robots to other infrastructure areas in the future [1]

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（第二期） 在深圳证券交易所上市的公告 （以下无正文） (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(第二期)在深圳证券交易所上市的公告》之签 章页) 招商局公路网络科技控股股份有限公司 (公司) 日 11 片 70V ne ter ing the later 根据深圳证券交易所债券上市的有关规定，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（第二期）符合深圳 证券交易所债券上市条件，将于 2025 年 8 月 12 日起在深圳证券交易所上市，并 面向专业投资者中的机构投资者交易，交易方式包括匹配成交、点击成交、询价 成交、竞买成交和协商成交。债券相关要素如下： | 债券名称 | 招商局公路网络科技控股股份有限公司 年面向专业投资 2025 | | | --- | --- | --- | | | 者公开发行科技创新公司债券（第二期） | | | 债券简称 | 招路 25 | K2 | | 债券代码 | 524395 | ...

Investment Rating - The report maintains a positive investment rating for the transportation industry, highlighting potential opportunities in various segments such as shipping, infrastructure, aviation, and express delivery [2][4]. Core Insights - The report emphasizes the improvement in oil shipping market conditions and the potential for price increases in the express delivery sector, driven by a reduction in price competition due to "anti-involution" policies [1][8][24]. Shipping - The oil shipping industry is experiencing improved market conditions, with OPEC+ planning to increase production by 548,000 barrels per day in September, which may lead to better freight rates in the second half of the year [8][16]. - Container shipping rates have declined, necessitating close monitoring of US-China trade negotiations [8][12]. - The report suggests focusing on companies with strong Q2 performance, such as德翔海运, 海丰国际, 中谷物流, and 中远海特 [8][16]. Infrastructure - The report notes that highway passenger traffic decreased by 4.0% year-on-year in June 2025, while cargo traffic showed a slight decline [18][55]. - Port cargo throughput increased by 4.8% year-on-year, indicating stable growth in the infrastructure sector [18][55]. - The report recommends investing in leading highway and port companies, such as 招商公路, 皖通高速, 唐山港, and 青岛港, due to their attractive dividend yields [20][55]. Express Delivery - The express delivery sector is projected to maintain a growth rate of over 20% in 2024, with a 19.3% increase in business volume in the first half of 2025 [24][68]. - The report highlights the initiation of price increases in the express delivery sector in South China, which is expected to alleviate price competition and support valuation recovery [24][68]. - Recommended companies in this sector include 中通快递-W, 圆通速递, 申通快递, and 韵达股份 [24][68]. Aviation - The report indicates a 1.9% week-on-week increase in passenger traffic, with domestic ticket prices experiencing a year-on-year decline of 5.4% [25][26]. - The aviation sector is expected to benefit from "anti-involution" measures aimed at reducing excessive competition, which may enhance valuation recovery [25][26]. - Recommended airlines include 中国国航, 南方航空, 吉祥航空, 春秋航空, and 华夏航空 [26].

Group 1 - The announcement pertains to the exercise of the issuer's redemption option for the 2022 Second Phase Medium-Term Notes issued by China Merchants Highway Network Technology Holdings Co., Ltd [1][2] - The company assures that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1] - The announcement includes details about the basic situation of the bond and the arrangements for exercising the redemption option [2] Group 2 - There are no additional matters that need to be explained in the announcement [2] - The contact information for relevant parties involved in the management and custody of the bonds is provided [3] - The announcement is officially made by the board of directors of China Merchants Highway Network Technology Holdings Co., Ltd on August 8, 2025 [4]

Core Viewpoint - The company, China Merchants Highway Network Technology Holdings Co., Ltd., is set to publicly issue a continuation of its 2025 technology innovation corporate bonds aimed at professional investors, which will be listed on the Shenzhen Stock Exchange starting August 11, 2025 [1] Group 1 - The bond issuance includes a total scale of 1.5 billion yuan for existing bonds, with a continuation issuance of 500 million yuan [1] - The full name of the bond is "China Merchants Highway Network Technology Holdings Co., Ltd. 2025 Technology Innovation Corporate Bonds (First Phase) for Professional Investors," with the abbreviation "25 Zhaolu K1" and the code "524252" remaining unchanged [1] - The trading methods for the bonds will include matched transactions, click transactions, inquiry transactions, competitive bidding, and negotiated transactions, specifically targeting institutional investors among professional investors [1]

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。 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 宜公告如下。 一、本期债券基本情况 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 第二期中期票据 债券简称 22 招商公路 MTN002 债券代码 102282074.IB 发行金额（亿元） 20 起息日 2022-09-13 发行期限 3+N 年 债项余额（亿元） 20 最新评级情况 AAA 本计息期债项利率（%） 2.82 主承销商 招商银行股份有限公司 存续期管理机构 招商银行股份有限公司 登记托管机构 银行间市场清算所股份有限公司 二、本次权利行使基本情况 发行人赎回选择权行使安排如下： 发行人赎回面额（亿元） 20 赎回价格（元/百元面值） 100 行权日 2025-09-13 三、其他需说明的事项 无。 四、本次权利行使相关机构 （一）发行人：招商局公路网络科技控股股份有限公司 联系人：石超 联系方式：010-56529000 （二）存续期 ...