Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].

Group 1 - The core point of the article is that China Merchants Highway Network Technology Holdings Company Limited has increased its stake in Shenzhen Expressway Company Limited by purchasing 228,000 shares at approximately HKD 7.195 per share, totaling around HKD 1.6405 million [1] - After the purchase, the total number of shares held by China Merchants Highway is approximately 142 million, representing a 19% ownership stake in Shenzhen Expressway [1]

证券代码：001965 证券简称：招商公路 公告编号：2025-71 招商局公路网络科技控股股份有限公司 2023 年度第一期中期票据兑付公告 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。 | 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 2023 年度 第一期中期票据 | | 债项简称 23 | 招商公路 MTN001 | | 债项代码 | 102382960.IB | | 发行总额(亿) 5 | | | 起息日 | 2023-11-02 | | 发行期限（年） | 2+N | | 债券余额(亿) 5 | | | 最新评级情况 | AAA | | 偿还类别 | 本息兑付 | | 本计息期债项利率 | 3.18% | | 本息兑付日 | 2025-11-02(如遇节假日顺延至下一工作日) | | 本期应偿付本息金额(万元) | 51,590.00 | | 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 ...

Core Viewpoint - The company has completed the repurchase and cancellation of shares, reducing its total share capital and ensuring compliance with relevant regulations [2][4][7]. Group 1: Bond Redemption Announcement - The company announced the exercise of the redemption option for its 2023 second tranche medium-term notes, ensuring a smooth execution of the rights [1]. - The bond code for the medium-term notes is 102383299.IB, and the company is committed to accurate and complete information disclosure [1]. Group 2: Share Repurchase Completion - The company has completed the repurchase of 25,242,402 shares, which represents 0.3701% of the total share capital before cancellation [2][3]. - The total share capital has been reduced from 6,820,337,394 shares to 6,795,094,992 shares following the cancellation [2][4]. Group 3: Repurchase Details - The shares were repurchased between January 23, 2025, and October 22, 2025, with a total expenditure of 310,009,184.90 yuan, achieving the lower limit of the repurchase plan [3]. - The highest and lowest prices for the repurchased shares were 13.40 yuan and 10.12 yuan per share, respectively [3]. Group 4: Post-Cancellation Arrangements - Following the cancellation of shares, the company will amend its articles of association to reflect changes in registered capital and total shares, and will proceed with necessary registrations [7].

Core Viewpoint - The company, China Merchants Highway, is a leading player in the domestic toll road sector, with a comprehensive business model that includes toll road operations and traffic technology services [1] Group 1: Business Performance - In Q3 2025, China Merchants Highway reported revenue of 8.703 billion yuan, ranking third among 20 companies in the industry, with the top competitor, Shandong Highway, at 16.841 billion yuan [2] - The net profit for the same period was 4.423 billion yuan, leading the industry, while the second place, Ninghu Highway, reported 4.037 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 44.26%, slightly down from 45.42% year-on-year, but higher than the industry average of 41.31% [3] - The gross profit margin for Q3 2025 was 34.19%, down from 37.96% year-on-year, and below the industry average of 46.20% [3] Group 3: Management and Shareholder Information - The total compensation for General Manager Yang Xudong in 2024 was 1.596 million yuan, a decrease of 180,500 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 32.84% to 48,000, while the average number of shares held per shareholder decreased by 24.72% to 142,200 shares [5] Group 4: Future Outlook - Analysts project net profits for 2025, 2026, and 2027 to be 5.62 billion, 6.01 billion, and 6.36 billion yuan respectively, maintaining a "buy" rating [5] - The company continues to pursue an expansion strategy, including a recent investment in the Guizhou-San Highway, adding 135.3 kilometers to its management portfolio [5]

招商局公路网络科技控股股份有限公司 证券代码：001965 证券简称：招商公路 公告编号：2025-70 2023 年度第二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 2023 年度第二期中期票据（债券简称：23 招商公路 MTN002，债券代码： 102383299.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。 | 发行人赎回面额（亿元） | 12.5 | | --- | --- | | 赎回价格（元/百元面值） | 100 | | 行权日 | 2025-12-11 | 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）存续期管理机构：招商银行股份有限公司 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 2023 年度第二期中期票据 债券简称 23 招商公路 MTN0 ...

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 8.703 billion CNY, a decrease of 4.2% year-on-year [1] - The net profit attributable to shareholders for the same period was 4.012 billion CNY, down 3.56% year-on-year [1] - In Q3 2025, the company recorded a net profit of 1.509 billion CNY, an increase of 3.91% year-on-year [2] - The net profit excluding non-recurring items for Q3 2025 was 1.458 billion CNY, up 1.05% year-on-year [2] Revenue Decline Factors - The decline in revenue is primarily attributed to the exit of the Bozhou-Fu Highway REITs and the impact of road network diversions and construction activities [1] - The decrease in gross margin is due to factors such as construction disruptions and differentiated toll policies affecting revenue from toll fees [2] - Increased maintenance costs in 2025, designated as a national inspection year, have also pressured gross margins [2] Future Plans and Shareholder Returns - The company aims to enhance proactive management and focus on internal growth to create more investment value for shareholders [1] - From 2022 to 2024, the total cash dividends distributed reached 9.026 billion CNY, receiving high recognition from investors [2] - The company plans to develop a new three-year shareholder return plan, balancing funding needs with shareholder returns [2]

证券代码：001965 证券简称：招商公路 公告编号：2025-69 招商局公路网络科技控股股份有限公司 关于回购股份注销完成暨股份变动的公告 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"）本次回购股份已实施完毕。公司本次注销的股份为 25,242,402 股，占注销 前公司总股本 6,820,337,394 股的 0.3701%，本次注销的股份数量与公司实际回 购的股份数量一致。 2.公司于 2025 年 10 月 30 日在中国证券登记结算有限责任公司深圳分公司 办理完成上述股份的注销手续。本次股份回购注销完成后，公司总股本由 6,820,337,394 股变更为 6,795,094,992 股。 一、回购股份实施情况 公司于 2025 年 1 月 23 日首次以集中竞价方式实施股份回购，具体内容详见 公司于 2025 年 1 月 24 日披露的《招商公路关于首次回购公司股份的公告》（公 告编号：2025-03）。回购期间，公司按规定于每个月的前三个交易日内披露截至 上月末回购进展情况，具体内容详见公司刊登在巨潮资讯网的相关进展公告。 截至 2025 年 10 月 22 日，公 ...

Group 1 - HSBC has initiated a "Buy" rating for China Merchants Highway with a target price of 12.80 RMB [1]

Group 1 - HSBC has initiated a buy rating for China Merchants Jinling with a target price of 12.80 RMB [1]