Core Insights - The traffic flow on Jiangsu highways during the National Day and Mid-Autumn Festival holiday is expected to reach a historical high, with an average daily vehicle flow exceeding 4.3 million [1] Group 1: Traffic Management Measures - Jiangsu has implemented "ten hard measures" to enhance traffic management and ensure smooth flow during the holiday [1] - The "358" control strategy will be employed to alleviate congestion based on the length of traffic jams, with dynamic control measures at toll stations and interchanges [1] - Traffic departments are collaborating with navigation platforms like Gaode and Baidu to predict congestion and implement early interventions [2] Group 2: Enforcement and Regulation - Joint law enforcement actions are being conducted to regulate passenger and freight transport, focusing on illegal operations and hazardous materials during the holiday [2] - Heavy trucks are subject to time-limited travel restrictions and right-side traffic control measures in certain areas [2] Group 3: Infrastructure and Service Enhancements - The introduction of free towing and rescue services on highways aims to improve emergency response efficiency [3] - Charging infrastructure is being expanded, with overall charging capacity increased by over 30%, and specific busy service areas seeing a 70% increase in charging capabilities [3]

2、本公司董事（包括独立非执行董事）认为该 12 项交易在本公司日常业 务中进行，属一般的商业条款，交易价格公允合理，公司的收入、利润对该类 关联交易并不存在依赖性，也不存在影响本公司作为上市公司独立性的情形， 对本公司并无负面影响，不会损害公司及非关联股东利益，尤其是中小股东的 利益，且符合本公司及其股东的整体利益。 3、除特别注明外，本日常关联交易公告均以人民币元为金额单位。 股票代码：600377 股票简称：宁沪高速 编号：临 2025-044 江苏宁沪高速公路股份有限公司 日常关联交易公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1、本次日常关联交易事项无须提交股东大会批准。 3、本公司就本公司房建改造项目、服务区宣传活动设计策划及宣传推广项 目与江苏交通文化传媒有限公司（以下简称"交通传媒公司"）签署《关联交易 框架协议》之补充协议。 4、本公司就本公司及控股子公司江苏五峰山大桥有限公司（以下简称"五 峰山大桥公司"）的服务区充电桩建设项目与江苏镇扬交通科技有限公司（以下 简称"镇扬交科公司" ...

股票简称：宁沪高速 股票代码：600377 编号：临 2025-043 江苏宁沪高速公路股份有限公司 第十一届监事会第十五次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、会议召开情况 江苏宁沪高速公路股份有限公司监事会 （三）会议应到监事 5 人，会议实际出席监事 5 人。董事会秘书列席了本次 会议。 （四）会议的召开符合《公司法》及本公司《章程》的有关规定，会议决议 为有效决议。 二、会议审议情况 本次会议审议并通过如下议案： 1、审议并通过《关于补充预计 2025 年度日常关联交易的议案》。 表决结果：同意 5 票；反对 0 票；弃权 0 票。 此议案获得通过。 特此公告。 （一）江苏宁沪高速公路股份有限公司（以下简称"本公司"）第十一届监 事会第十五次会议（以下简称"会议"）于 2025 年 9 月 30 日在南京市仙林大道 6 号本公司 2 号楼会议室以现场会议及视频会议相结合的方式召开，会议由杨世 威先生主持。 （二）会议通知及材料以邮件、传真的方式向全体监事发出。 二〇二五年十月一日 1 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 股票简称：宁沪高速 股票代码：600377 编号：临 2025-042 江苏宁沪高速公路股份有限公司 第十一届董事会第十五次会议决议公告 一、会议召开情况 （一）江苏宁沪高速公路股份有限公司（以下简称"本公司"）第十一届董事会 第十五次会议（以下简称"会议"）于2025年9月30日以现场会议及视频会议相结合 的方式召开。 （二）会议通知以邮件或专人送达的方式向董事会全体成员发出。 （1）本公司就本公司及控股子公司江苏广靖锡澄高速公路有限责任公司（以下 简称"广靖锡澄公司"）及其控股子公司江苏宜长高速公路有限公司、江苏常宜高速 公路有限公司的道路日常养护项目、道路专项养护维修项目、房建改造项目、路桥专 项设计项目与江苏现代路桥有限责任公司签署《关联交易框架协议》之补充协议。 （三）会议应到董事13人，会议出席董事13人。 （四）会议的召开符合《公司法》及本公司《章程》的有关规定，会议决议为有 效决议。 二、会议审议情况 本次会议审议并通过如下议案： （一）审议并批准《关于补充预计 ...

Core Viewpoints - The shipping industry is experiencing high volatility in crude oil freight rates while container shipping rates on long-distance routes are declining [3] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for application by the Southwest Civil Aviation Administration, and a collaboration between Saudi Arabia and Ehang is set to launch autonomous flying vehicles and air taxi services [3] - China's first national standard for logistics enterprise digitization has been officially released, and the "parallel port" logistics model has achieved a throughput of over 76,000 tons in its first year of operation [3] Shipping Industry - As of September 25, the China Import Crude Oil Comprehensive Index (CTFI) was reported at 1908.03 points, a decrease of 3.4% from September 18 [3] - The VLCC market in the Middle East is seeing a slowdown in cargo availability, while the Atlantic and Gulf routes remain relatively calm [3] - The shipping rates from Shanghai to Europe and the U.S. have decreased, with rates to Europe at $971/TEU (down 7.7%) and to the U.S. West and East coasts at $1460/FEU (down 10.8%) and $2385/FEU (down 6.7%) respectively [3] Aviation Industry - The first hybrid tilt-rotor eVTOL model application has been accepted, marking a significant milestone in China's aviation sector [3] - Saudi Arabia's Front End and Cluster2Airports are collaborating with Ehang to introduce autonomous flying vehicles and air taxi services [3] Logistics and New Transportation Models - The national standard for logistics enterprise digitization was released on September 26, focusing on general requirements [3] - The "parallel port" logistics model has been operational for one year, achieving a throughput of 76.61 million tons and 37,000 standard containers [3] Investment Recommendations - Companies in the equipment and manufacturing export chain are recommended for attention, including COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [6] - Opportunities related to the construction of hydropower stations in the Yarlung Tsangpo River downstream are highlighted, with a focus on Sichuan Chengyu, Chongqing Port, and Fulmin Transportation [6] - The low-altitude economy and highway-railway sectors are also suggested for investment, with specific companies recommended for consideration [7]

报告要点 丨证券研究报告丨 [TaSummary] 今年以来，受资金风格切换等因素影响，交运板块核心红利资产标的均面临一定程度股价调整， 估值及股息率重回高性价比区间，显著领先十年期国债收益率，对于绝对收益资金吸引力逐步 提升。基于行业特征，我们重点推荐交运板块中具有低估值、高股息特征的垄断性资产，1）买 低波稳健+分红确定：优选高速公路龙头（招商公路以及宁沪高速等），以及大秦铁路与青岛港； 2）短期看，港股市场估值折价明显、股息率更具性价比，建议关注港股向上弹性。 行业研究丨行业周报丨运输 [Table_Title] 当前时点，如何看待交运红利资产配置价值？ 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 当前时点，如 ...

Summary of China Expressway Equities Conference Call Industry Overview - The conference call focused on the **China Expressway sector**, discussing potential investment opportunities and challenges in the upcoming quarters, particularly in **4Q25** [1] Key Points and Arguments Market Performance - Since July 2025, sector share prices have fluctuated between **-16% to +1%**, while the Hang Seng Index (HSI) increased by **+9%** [2] - The sell-off was attributed to: 1. Soft toll growth 2. Investors' risk-on sentiment 3. Company-specific risks, including major shareholder sell-offs and earnings revisions [2][4] Investment Opportunities - There is a potential opportunity in **4Q25** as dividend yields are expected to return to an attractive range of **6-7%** [2] - The expressway sector saw a share price rally of **5-15%** in **4Q24** [2] Catalysts for Growth - Expected catalysts include: 1. Stable dividend policies leading to attractive yields [3] 2. Potential revisions to the Toll Road Ordinance 3. Asset injections, particularly from Jiangsu Expressway's Suxichang South Expressway, which has shown strong traffic growth [3] Toll Growth Projections - Despite soft toll growth in **2H25**, projections for toll growth are as follows: - **Zhejiang Expressway**: -2% - **Jiangsu Expressway**: +1% - **Anhui Expressway**: +10% [4][11] Company Ratings and Preferences - The preferred companies in the sector are: - **Anhui Expressway**: Rated as **Buy** for better-than-peer toll income growth and high dividend yield - **Zhejiang Expressway**: Rated as **Buy** due to potential upside from its securities business and upcoming A-share listing - **Jiangsu Expressway**: Rated as **Hold** due to concerns over road expansion projects and uncertain returns from greenfield projects [5][8] Financial Metrics and Valuations - Current and target prices for key companies are as follows: - **Anhui Expressway - H**: Current price **HKD 11.35**, Target price **HKD 15.70** (Buy, +38.3% upside) - **Anhui Expressway - A**: Current price **RMB 12.92**, Target price **RMB 19.70** (Buy, +52.5% upside) - **Zhejiang Expressway**: Current price **HKD 7.26**, Target price **HKD 7.70** (Buy, +6.1% upside) - **Jiangsu Expressway - H**: Current price **HKD 9.27**, Target price **HKD 10.50** (Hold, +13.3% upside) [6][11] Dividend Policies - Companies are expected to maintain stable dividend payouts: - **Anhui Expressway**: Minimum **60%** payout ratio for 2025-27 - **Zhejiang Expressway**: Expected stable dividends of **RMB 0.49** for 2025-27 - **Jiangsu Expressway**: Expected stable absolute dividends [11][30] Risks and Challenges - Key risks include: - Slower-than-expected traffic volume growth - Uncertainties related to government policies affecting toll income and logistics costs - Potential negative impacts from road expansion projects [30][21] Conclusion - The China Expressway sector presents both opportunities and risks, with a focus on stable dividends and potential growth catalysts in the near future. Investors are advised to consider the specific company ratings and market conditions when making investment decisions [21][30]

Group 1 - The upcoming Mid-Autumn and National Day holidays are expected to see a significant increase in travel demand, characterized by "strong demand, diverse structure, prominent peaks, and active inter-provincial travel" [1][2] - Daily average highway exit flow in Jiangsu province is projected to reach 4.36 to 4.48 million vehicles, representing a year-on-year increase of 4% to 7%, and a 78% increase compared to regular days [2][3] - On October 1, the single-day exit flow is expected to exceed 4.9 million vehicles, setting a historical peak for the National Day holiday [2][3] Group 2 - The holiday period will see a notable increase in passenger transport, with a total of 22.06 million travelers expected to be sent via various transport modes, averaging 2.76 million per day, which is a 5.1% year-on-year increase [3] - Among the transport modes, railways are expected to dominate long-distance travel, with a projected passenger volume of 11.05 million, averaging 1.38 million per day, marking an 8.2% increase [3] - The increase in travel is driven by a combination of family visits, tourism, and student travel, with tourism orders in Jiangsu province increasing by over 50% [3] Group 3 - Traffic flow during the holiday is expected to exhibit a "two peaks" pattern, with significant congestion anticipated on September 30 and October 8, and extended peak hours on October 1 [4] - Major highways around large cities will experience "early out and late return" traffic patterns, with significant variations in flow across different river crossing points [4] - Daily average traffic flow on key river crossings such as the Jiangyin Bridge and Suzhou Bridge is projected to reach between 121,000 to 148,000 vehicles [4] Group 4 - The newly opened Ningyang and Changtai Yangtze River bridges are expected to handle an average total traffic flow of 25,000 vehicles per day, effectively alleviating congestion [5] - Recent infrastructure improvements, including new highway segments, have significantly optimized the regional road network and enhanced service capacity [5] - The highway network's supply capacity has been strengthened, with only six construction-related closures planned during the holiday period [5]

Core Insights - The report highlights a significant decline in pig prices, with the average price of live pigs dropping to 12.82 yuan/kg by September 19, marking a three-year low [5][6] - The report indicates that the supply side is experiencing pressure due to increased market supply, while demand remains weak, particularly affected by high temperatures in August [5][6] - The government is implementing stricter policies to control pig production capacity, aiming to stabilize prices and promote high-quality development in the industry [6] Industry Overview - In August 2025, the average prices for piglets, live pigs, and pork were 33.63 yuan/kg, 14.35 yuan/kg, and 24.98 yuan/kg, respectively, showing month-on-month declines of 5.87%, 3.77%, and 1.52% [5] - The report notes that the number of breeding sows in July was 40.42 million, with a slight decrease, indicating a trend of capacity reduction in the industry [5] - The report anticipates that the short-term pressure on pig prices will lead to a long-term upward trend as the government’s capacity reduction policies take effect [6] Company Insights - Major companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, reported significant declines in sales prices in August, with average sales prices of 13.51 yuan/kg and 13.90 yuan/kg, respectively [7] - The report suggests that companies with strong cost advantages are likely to maintain profitability despite the current market pressures [6] - The report recommends focusing on leading companies in the industry, such as Muyuan Foods and Wens Foodstuff Group, which are expected to perform well in the long term [6]

Investment Rating - The report maintains a "Buy" recommendation for transportation dividend assets, highlighting the presence of quality stocks with a dividend yield of over 5% [1]. Core Viewpoints - The transportation sector has underperformed relative to the CSI 300 index and the transportation index, with a cumulative decline of 0.3% from September 1 to September 22, 2025 [4][8]. - The report emphasizes the importance of dividend assets in the transportation sector, particularly in a low-interest-rate environment, which has led to a significant increase in trading volumes for ports [25][28]. - The report identifies several high-quality stocks with attractive dividend yields, such as Sichuan Chengyu (5.3%) and Tangshan Port (5.2%) [4][73]. Monthly Market Performance - The transportation sector's performance from September 1 to September 22, 2025, shows declines in highway, railway, and port segments, with cumulative changes of -5.25%, -2.76%, and -0.86%, respectively [4][9]. - Year-to-date performance indicates that highway, railway, and port segments have also underperformed, with cumulative changes of -14.95%, -11.4%, and -3.56% [9]. Market Environment - The report notes a continued low-interest-rate environment, with the 10-year government bond yield at 1.86% as of September 22, 2025, reflecting a slight increase from the previous month [25][28]. - Trading volumes for transportation assets have seen significant growth, with average daily transaction values for highways, railways, and ports increasing by 8.4%, 25.6%, and 104%, respectively [28]. Industry Data - Highway passenger volume in July 2025 was 950 million, a year-on-year decrease of 4.6%, while freight volume increased by 3.3% to 3.699 billion tons [34]. - Railway passenger volume in July 2025 reached 455 million, a year-on-year increase of 6.6%, with freight volume at 45.2 million tons, up 4.5% [46]. - Port cargo throughput for the four weeks ending September 21, 2025, was 1.063 billion tons, a year-on-year increase of 7.0% [54]. Investment Recommendations - The report suggests focusing on high-dividend stocks in the highway sector, particularly Sichuan Chengyu and Anhui Wantong, which have shown stable performance and growth potential [73]. - In the port sector, the report recommends companies like China Merchants Port and Tangshan Port for their high dividend yields and growth prospects [73]. - For the railway sector, it highlights the potential of assets like the Beijing-Shanghai High-Speed Railway and the Daqin Railway, which are expected to benefit from long-term reforms and dividend growth [73].