证券研究报告 | 公司点评报告 2025 年 09 月 12 日 招商公路（001965.SZ） 受路产出表及路网变化影响，Q2 业绩有所下滑 周期/交通运输 招商公路发布 2025 年中期业绩，上半年实现营业收入 56.6 亿元，同比下降 5.4%，实现归母净利润 25 亿元，同比下降 7.6%。其中 Q2 实现营业收入 28.6 亿元，同比下降 3.4%，实现归母净利润 11.7 亿元，同比下降 17%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 9731 | 12711 | 12465 | 12386 | 12871 | | 同比增长 | 17% | 31% | -2% | -1% | 4% | | 营业利润(百万元) | 7567 | 6382 | 7130 | 7357 | 7164 | | 同比增长 | 52% | -16% | 12% | 3% | -3% | | 归母净利润(百万元) | 6767 | 5322 | 580 ...

证券代码：001965 证券简称：招商公路 公告编号：2025-55 招商局公路网络科技控股股份有限公司 2025 年度第二期中期票据发行结果公告 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"）于 2023 年 6 月 8 日召开了 2023 年第三次临时股东大会，会议审议通过了《关于公司申请注 册发行债务融资工具的议案》，并授权董事会或董事会授权人士办理本次申请注 册发行债务融资工具的相关事宜。 一、本次中期票据注册情况 公司已收到中国银行间市场交易商协会出具的《接受注册通知书》（中市协 注[2023]DFI50 号），同意接受公司债务融资工具注册，注册有效期为 2 年。 | | 发行要素 | | | | --- | --- | --- | --- | | 债券名称 | 招商局公路网络科技控股 股份有限公司 2025 年度第 二期中期票据 | 债券简称 | 25 招商公路 MTN002 | | 债券代码 | 102583834 | 期限 | 3+N 年 | | 起息日 | 2025 年 09 月 11 ...

Core Viewpoint - The company has appointed Mr. Chen Quan as the Vice General Manager, with the decision made during the 36th meeting of the third board of directors held on September 10, 2025, and the appointment is effective immediately until the end of the current board's term [1][2]. Group 1 - The board meeting was conducted via electronic means, with all 11 directors present and voting, resulting in unanimous approval for the appointment of Mr. Chen Quan [1][2]. - Mr. Chen Quan, born in 1974, is a senior engineer with a master's degree in project management from Shanghai University. He currently serves as the chairman of China Merchants Jinling Holdings Co., Ltd. and has held various managerial positions in highway construction and operation companies in Guangxi [3]. - Mr. Chen has no prior penalties from the China Securities Regulatory Commission or other relevant authorities, and he does not have any conflicts of interest with the company's major shareholders or other board members [3].

每经AI快讯，招商公路（SZ 001965，收盘价：10.11元）9月10日晚间发布公告称，公司第三届第三十 六次董事会会议于2025年9月10日以通讯表决的方式召开。会议审议了《关于聘任陈全先生为公司副总 经理的议案》等文件。 （记者 王晓波） 每经头条（nbdtoutiao）——"史上最丑"与"丑上最薄"：iPhone 17系列背后的新战事 2025年1至6月份，招商公路的营业收入构成为：投资运营板块占比79.07%，交通科技板块占比 16.15%，智慧交通板块占比2.68%，招商生态板块占比2.1%。 截至发稿，招商公路市值为690亿元。 ...

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"） 第三届董事会第三十六次会议通知于 2025 年 9 月 5 日以电子邮件等方式送达全 体董事。本次会议于 2025 年 9 月 10 日以通讯表决的方式召开。本次会议应表决 董事 11 名，实际行使表决权董事 11 名。会议的召集、召开符合有关法律、法规 和《公司章程》的规定。会议审议通过了《关于聘任陈全先生为公司副总经理的 议案》。 经公司总经理杨旭东先生提名，董事会提名委员会审核通过，本次董事会审 议，同意聘任陈全先生为公司副总经理，任期自本次董事会审议通过之日起至第 三届董事会任期结束之日止。 表决结果：11 名董事同意，0 名董事反对，0 名董事弃权。 招商局公路网络科技控股股份有限公司董事会 二〇二五年九月十日 证券代码：001965 证券简称：招商公路 公告编号：2025-54 招商局公路网络科技控股股份有限公司 第三届董事会第三十六次会议决议公告 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。 附件：简历 陈全先生：1974 年出生，正高级工程师，享受政府特殊津贴人员，毕业于 ...

Core Viewpoint - The company has appointed Mr. Chen Quan as the Vice General Manager, with unanimous approval from the board of directors during the meeting held on September 10, 2025 [1] Group 1 - The board meeting was the 36th session of the third board of directors, and all 11 directors participated in the voting process [1] - The appointment of Mr. Chen Quan was based on the nomination by the General Manager and the review by the Nomination Committee [1] - Mr. Chen Quan, born in 1974, is a senior engineer with a rich professional background, meeting the qualifications for the position [1]

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。 为保证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）兑付工作的顺利 进行，现将有关事宜公告如下。 证券代码：001965 证券简称：招商公路 公告编号：2025-52 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兑付安排公告 （二）存续期管理机构：招商银行股份有限公司 联系人：张连明 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 2022 年度第二期中期票据 债项简称 22 招商公路 MTN002 债项代码 102282074.IB 发行总额(亿) 20.00 起息日 2022-09-13 发行期限（年） 3+N 年 债券余额(亿) 20.00 最新评级情况 AAA 偿还类别 本息兑付 本计息期债项利率 2.82% 本息兑付日 2025-09-13(如遇节假日顺延至下一工 作日) 一、本期债券基本情况 | 本期应偿付本息金额(万元) | 205,64 ...

证券代码：001965 证券简称：招商公路 公告编号：2025-53 招商局公路网络科技控股股份有限公司 2022 年度第三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 2022 年度第三期中期票据（债券简称：22 招商公路 MTN003，债券代码： 102282248.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 年度第三期中期票据 | | 债券简称 | 22 招商公路 MTN003 | | 债券代码 | 102282248.IB | | 发行金额（亿元） | 15.5 | | 起息日 | 2022-10-14 | | 发行期限 | 3+N 年 | | 债项余额（亿元） | 15.5 | | 最新评级情况 | AAA | | 本计息期债项利率（%） | 2.85 | ...

Group 1 - The core viewpoint of the article highlights the performance and outlook of the AI Fund, Xingzheng Global Dividend Mixed A, which reported a profit of 5.7861 million yuan in the first half of 2025, with a net value growth rate of 5.79% [3] - As of September 5, 2025, the fund's unit net value was 1.096 yuan, and the fund manager, Zhang Xiaofeng, manages two funds that have shown positive returns over the past year [3][6] - The fund's performance compared to peers shows a one-year net value growth rate of 16.74%, ranking 576 out of 604 comparable funds [6] Group 2 - The fund's management maintains a humble approach to macroeconomic predictions, focusing on intuitive logic and adaptability to changing circumstances, with a shift towards domestic demand as a core driver post-export growth decline [3] - The fund's stock assets are undervalued, with a weighted average price-to-earnings ratio (TTM) of approximately 5.63 times, significantly lower than the peer average of 33.74 times [12] - The weighted average net profit growth rate (TTM) for the fund's held stocks was -0.01%, indicating a challenging growth environment [22] Group 3 - The fund's maximum drawdown since inception was 6.82%, occurring in the second quarter of 2025, with an average stock position of 71.31%, lower than the peer average of 85.36% [34][37] - As of June 30, 2025, the fund had 1,515 holders, with individual investors holding 81.33% of the shares, indicating a strong retail investor base [42] - The fund's top ten holdings include companies like China Shenhua, Gree Electric, and Agricultural Bank of China, reflecting a diversified investment strategy [48]

Company Overview - China Merchants Highway Network Technology Holdings Co., Ltd. is primarily engaged in toll road operations and transportation technology services, with revenue contributions of 79.07% from investment operations, 16.15% from transportation technology, 2.68% from intelligent transportation, and 2.10% from transportation ecology [1] - The company was established on December 18, 1993, and was listed on December 25, 2017 [1] Financial Performance - For the first half of 2025, the company reported a revenue of 5.663 billion yuan, a year-on-year decrease of 5.36%, and a net profit attributable to shareholders of 2.504 billion yuan, down 7.56% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 16.902 billion yuan, with 9.019 billion yuan distributed over the past three years [3] Stock Performance - As of September 5, the stock price of China Merchants Highway fell by 2.04% to 10.10 yuan per share, with a total market capitalization of 68.885 billion yuan [1] - The stock has declined by 25.37% year-to-date, with a 2.98% drop over the last five trading days, 12.10% over the last 20 days, and 14.65% over the last 60 days [1] Shareholder Information - As of June 30, the number of shareholders increased to 36,100, a rise of 14.34%, while the average circulating shares per person decreased by 12.54% to 188,855 shares [2] - The seventh largest circulating shareholder, Hong Kong Central Clearing Limited, held 99.1263 million shares, a decrease of 9.8392 million shares compared to the previous period [3] Market Activity - On September 5, the net outflow of main funds was 3.8038 million yuan, with large orders accounting for 15.98% of purchases and 17.06% of sales [1]