| | | | 页码 | | --- | --- | --- | --- | | 第一章 | 总 | 则 | 3.5.1 | | 第二章 | 人员组成 | | 3.5.1 | | 第三章 | 职责权限 | | 3.5.2 | | 第四章 | 议事规则 | | 3.5.3 | | 第五章 | 附 | 则 | 3.5.4 | 深高速 风险管理委员会工作细则 SZEW/AM-618-A7 深高速 风险管理委员会工作细则 SZEW/AM-618-A7 深圳高速公路集团股份有限公司 风险管理委员会工作细则 第一章 总则 第二章 人员组成 因成员辞任导致委员会成员低于法定最低人数，在新成员就任前，原成员 应当继续履行职责。 3.5. 1/4 第一条 深圳高速公路集团股份有限公司（"公司"）董事会（"董事会"）为了更好 地履行职责，提高工作效率，根据《中华人民共和国公司法》（"《公司法》"） 《上市公司治理准则》《公司章程》及其他有关规定，设立风险管理委员会 （"委员会"），并制定风险管理委员会工作细则（"本细则"）。 第二条 委员会为董事会下设的一个专门委员会，对董事会负责。委员会主要负责 监督公司风险管理计划的制定及实 ...

深高速 战略与投资委员会工作细则 SZEW/AM-614-A5 深圳高速公路集团股份有限公司 战略与投资委员会工作细则 | | | | 页码 | | --- | --- | --- | --- | | 第一章 | 总 | 则 | 3.1.1 | | 第二章 | 人员组成 | | 3.1.1 | | 第三章 | 职责权限 | | 3.1.2 | | 第四章 | 议事规则 | | 3.1.2 | | 第五章 | 附 | 则 | 3.1.3 | 深高速 战略与投资委员会工作细则 SZEW/AM-614-A5 第一章 总则 第四条 委员会主席及成员由董事会委任，委员会的构成应当满足以下条件： (一) 由三至五名董事组成，外部董事应当占多数； (二) 设委员会主席一人，由董事长担任。 第五条 委员会成员应熟悉公司业务发展和经营运作特点，具有丰富的行业经验和 综合判断能力，了解国家宏观经济政策走向及国内外经济、行业发展趋势。 第六条 委员会设委员会秘书，协助委员会与董事会、其他专门委员会以及公司职 能部门等进行工作协调和沟通，并协助委员会取得履行职务所需的资料。 公司为委员会提供工作支持的牵头职能部门为战略与投资发展部， ...

深高速 提名委员会工作细则 SZEW/AM-617-A5 深圳高速公路集团股份有限公司 提名委员会工作细则 | | | | 页码 | | --- | --- | --- | --- | | 第一章 | 总 | 则 | 3.4.1 | | 第二章 | 人员组成 | | 3.4.1 | | 第三章 | 职责权限 | | 3.4.2 | | 第四章 | 议事规则 | | 3.4.2 | | 第五章 | 附 | 则 | 3.4.4 | 深高速 提名委员会工作细则 SZEW/AM-617-A5 第一章 总则 第二章 人员组成 因成员辞任导致委员会成员低于法定最低人数，在新成员就任前，原成员 应当继续履行职责。 3.4. 1/4 第一条 深圳高速公路集团股份有限公司（"公司"）董事会（"董事会"）为了更好 地履行职责，提高工作效率，根据《中华人民共和国公司法》（"《公司法》"）、 《上市公司治理准则》《公司章程》《香港联合交易所有限公司证券上市规 则》及其他有关规定，设立提名委员会（"委员会"），并制定提名委员会工 作细则（"本细则"）。 第二条 委员会为董事会下设的一个专门委员会，对董事会负责。委员会主要负责 按照有关 ...

Core Viewpoint - The company plans to utilize part of its temporarily idle raised funds for cash management, with a maximum amount of RMB 2.8 billion, ensuring that this arrangement will not affect the progress of investment projects or normal operations [1] Group 1 - The company will hold its ninth board meeting on February 10, 2026, to approve the proposal for cash management of idle funds [1] - The investment limit for cash management is set at RMB 2.8 billion, which includes the principal amount [1] - The investment products will have a maximum term of 12 months and can be rolled over within 24 months from the board's approval date [1] Group 2 - The source of funds for this cash management will be temporarily idle raised funds [1] - The investment direction focuses on high safety, good liquidity, and capital preservation, including but not limited to structured deposits, notice deposits, time deposits, and large certificates of deposit [1] - The arrangement is designed to ensure that it does not impact the progress of investment projects or the company's normal production and operations [1]

2月4日，深高速大宗交易成交39.4万股，成交额353.42万元，占当日总成交额的3.7%，成交价8.97元， 较市场收盘价9.12元折价1.64%。 | 反崇参五信息 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 卖出营业部 | 是否为专场 | | 026-02-04 | 深高速 | 600548 | 353.42 39.4 8.97 委员通委驻轮集暨 | 藝韻錄醫 | | ко | ...

Core Insights - The railway and highway sector experienced a rise of 1.42% on February 4, with Fulin Transportation leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Sector Performance - Fulin Transportation (002357) closed at 13.42, up 4.76% with a trading volume of 171,900 shares and a turnover of 230 million yuan [1] - Shanxi Expressway (000755) increased by 3.03% to close at 5.44, with a trading volume of 259,200 shares and a turnover of 142 million yuan [1] - Guangzhou-Shenzhen Railway (601333) rose by 2.61% to 3.15, with a trading volume of 702,800 shares and a turnover of 219 million yuan [1] - Other notable performers include Jilin Expressway (601518) up 2.45%, Tielong Logistics (600125) up 2.21%, and Shenhigao Expressway (600548) up 2.01% [1] Capital Flow - The railway and highway sector saw a net inflow of 400 million yuan from institutional investors, while retail investors contributed a net inflow of 1.78 million yuan [2] - The sector experienced a net outflow of 418 million yuan from speculative funds [2] Individual Stock Capital Flow - Major net inflows were observed in Daqin Railway (601006) with 272 million yuan, and Beijing-Shanghai High-Speed Railway (601816) with 131 million yuan [3] - Fulin Transportation (002357) had a net inflow of 17 million yuan from institutional investors, while retail investors saw a net outflow of 24.8 million yuan [3] - Other stocks like Haikou Group (603069) and Fujian Expressway (600033) also showed varying net inflows and outflows among different investor types [3]

Industry Dynamics Tracking - The overall container shipping rates have decreased, with the SCFI composite index dropping by 9.7% to 1317 points. Specific routes such as Shanghai-Europe and Shanghai-Mediterranean saw declines of 11.1% and 12.0% respectively [3][4] - The refined oil tanker rates have increased, with the BCTI index rising by 4.6% to 890 points. The MR rates in the Pacific and Atlantic regions showed mixed results, with a notable increase of 12.7% in the Atlantic [8] - The logistics sector is witnessing a resilient demand, with the e-commerce express delivery industry expected to benefit from a recovery in the economy and a reduction in costs, leading to improved profitability for companies like SF Express and JD Logistics [12] Air Transport - The civil aviation sector is showing signs of recovery, with major airlines like China Southern and Hainan Airlines expected to turn profitable in 2025, while Eastern and Air China are projected to reduce their losses significantly [3] - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on transportation services among others, which is expected to support the aviation sector [3] Shipping and Port Operations - The dry bulk shipping market is experiencing a "strong off-season" due to a combination of high demand in the Atlantic region and tight capacity, with the BDI index rising by 12.0% to 1949 points [8] - The geopolitical situation in the Middle East is tense, with the U.S. increasing military presence and Iran conducting live-fire exercises, which could impact oil shipping routes [6] - China's port cargo throughput has decreased, with a reported decline of 1.70% in total cargo and a 4.35% drop in container throughput [9] Road and Rail Transport - National logistics operations are running smoothly, with rail freight volumes reported at 7441.9 million tons, a decrease of 3.35% [10] - Shenzhen International reported a 3.3% increase in toll revenue for December 2025, indicating stable revenue growth in the road transport sector [11] Investment Opportunities - In the express delivery sector, companies like YTO Express and ZTO Express are expected to benefit from market share growth and operational improvements, while SF Express is noted for its cost control and shareholder returns [12] - The oil transportation market is anticipated to improve due to OPEC+ production increases and potential interest rate cuts, suggesting a favorable outlook for companies like China Merchants Energy and COSCO Shipping Energy [13] - The dry bulk shipping market is expected to continue its recovery, driven by environmental regulations and increased demand for commodities, with companies like China Merchants Energy and Haitong Development highlighted as potential beneficiaries [13]

| 股票基金信息 | | --- | | 交易日期 | | 证券代码 | | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 026-02-03 | 深高速 | 600548 | 9.12 | 604.66 66.3 公司通過證件就是 | 藝體驗醫學 | ка | 2月3日，深高速大宗交易成交66.3万股，成交额604.66万元，占当日总成交额的8.99%，成交价9.12元， 较市场收盘价8.94元溢价2.01%。 ...

Group 1: Industry Dynamics - The overall container shipping rates have decreased, with the SCFI composite index dropping by 9.7% to 1317 points, and specific routes such as Shanghai-Europe and Shanghai-Mediterranean seeing declines of 11.1% and 12.0% respectively [1][8] - The refined oil tanker rates have increased, with the BCTI index rising by 4.6% to 890 points, while the MR rates for the Pacific and Atlantic regions showed mixed results [1][9] - The dry bulk market has shown strength during the traditional off-season, with the BDI index increasing by 12.0% to 1949 points, driven by a mismatch in supply and demand [1][8] Group 2: Express Logistics - YTO Express held a conference emphasizing the importance of building a resilient supply chain and adhering to national postal policies [2] - The State Post Bureau has prioritized the governance of illegal charges in rural express delivery as part of its 2026 initiatives [3] - Macro trends indicate a resilient demand in the e-commerce express delivery sector, with companies like SF Express and JD Logistics expected to benefit from cyclical recovery and cost control [13] Group 3: Aviation Sector - The civil aviation sector is showing signs of recovery, with major airlines like China Southern and Hainan Airlines expected to turn profitable in 2025, while others like China Eastern and Air China are projected to reduce losses significantly [4] - The State Council has issued a plan to enhance service consumption, which includes transportation services, aiming to stimulate economic growth [4] - Spring Festival travel demand is strong, with domestic flight bookings exceeding 7.16 million, reflecting a 16% increase compared to the previous year [5][6] Group 4: Shipping and Port Operations - The geopolitical situation in the Middle East remains tense, with the U.S. increasing military presence, which could impact oil shipping routes [7] - The Atlantic freight market is experiencing a surge, with dry bulk rates showing unexpected strength due to concentrated cargo volumes and tight capacity [8] - China's port cargo throughput has decreased, with a reported decline of 1.70% in total cargo and a 4.35% drop in container throughput [10] Group 5: Road and Rail Transport - National logistics operations are running smoothly, with rail freight volumes showing a slight decline of 3.35% [11] - Shenzhen International reported a 3.3% increase in toll revenue for December 2025, indicating stable growth in road transport [12] - Zhongyuan Express plans to recognize credit impairment and asset impairment provisions totaling 950 million, forecasting a 30% decline in annual net profit [12]

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2026 年 02 月 02 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 1）圆通速递举行 2025 年工作总结暨 2026 年工作部署大会，强调"守底线、强基 石、开新路"。1 月 26 日，圆通速递 2025 年工作总结暨 2026 年工作部署大会召开， 圆通速递董事局主席喻渭蛟表示：要打造安全畅通、便捷高效、自主可控、可持续、 有韧性的供应链；要贯彻执行国家邮政局局长赵冲久关于深入推进交通强国邮政篇 建设等 9 个方面的工作，要以"守底线、强基石、开新路"为管理理念和工作指南， 做好各项重点工作。圆通速递总裁潘水苗围绕"守底线、强基石、开新路"对 2026 年重点工作作了具 ...