每周股票复盘：中原高速（600020）郑洛高速预计2026年底通车

Core Viewpoint - The company is focusing on optimizing its resource allocation and enhancing operational efficiency while addressing the challenges posed by its real estate assets and external economic factors [2][5][6]. Group 1: Financial Performance - As of November 7, 2025, the stock price of Zhongyuan Expressway reached 4.8 yuan, reflecting a 5.49% increase from the previous week [1]. - The company has a total market capitalization of 10.787 billion yuan, ranking 15th in the railway and highway sector and 1766th in the A-share market [1]. Group 2: Business Strategy and Resource Allocation - The company evaluates the growth potential of different regional businesses based on traffic volume, revenue growth, asset quality, and regional economic advantages [2]. - The company plans to optimize resource allocation by focusing on its core business, disposing of non-core assets, and pursuing quality acquisitions [2]. - A strategic shift is underway to divest real estate assets, which are seen as a burden to the company's health and growth [2][5]. Group 3: Project Development and Returns - The Zhenglu Expressway is expected to be completed by the end of 2026, with a post-tax internal rate of return (IRR) of 6.12%, indicating profitability [3][6]. - The company aims to maintain a dividend payout ratio of no less than 40% over the next three years to enhance investor returns [3][6]. Group 4: Innovation and Sustainability - The company is expanding its business layout while reinforcing its core operations, focusing on technological innovation and increasing R&D investment [4]. - Specific initiatives include promoting green development and integrating climate change responses into strategic planning [6]. Group 5: Risk Management and Policy Response - The company is closely monitoring macroeconomic conditions and policy impacts to manage asset quality and financial stability [5][6]. - Strategies to address policy changes include enhancing macroeconomic analysis, extending the industrial chain, and improving communication with government entities [6].