东 兴 晨 报 东兴晨报 P1 2025 年 9 月 3 日星期三 经济要闻 1. 站上 3600 美元！金价创历史新高之际 央行黄金持有量 30 年来首超美 债。受投资者预期美联储本月将降息以及外国央行持续强劲的需求推动，纽 约黄金期货价格周二突破 3600 美元，创历史新高。黄金现货价格也飙升至每 盎司 3533 美元以上的历史高点。在金价大涨背后，各国央行对黄金的强劲需 求是关键推动力之一。根据 Crescat Capital 合伙人兼宏观策略师 Tavi Costa 汇编并发布在 X 上的数据，在金价创下新纪录之际，外国央行的黄金持有量 自 1996 年以来首次超过美国国债。（资料来源：东方财富网） 2. 中国大模型企业级市场爆发增长 调用大模型日均消耗激增。生成式 AI 正加速渗透中国企业级市场。国际市场调研机构沙利文(Frost&Sullivan)最 新发布的《中国 GenAI 市场洞察：企业级大模型调用全景研究，2025》(下称 "报告")显示，中国大模型企业级市场呈爆发式增长，较 2024 年下半年， 2025 年上半年日均调用量暴增 363%，已逾 10 万亿 tokens。具体看，在上述 ...

Group 1: Highway Industry - The highway sector's toll revenue showed slight differentiation in H1 2025, with a total of 27.25 billion yuan, a year-on-year decrease of 0.7% [1] - The overall net profit growth rate for the highway industry in H1 2025 was 3.1%, with notable performers including Shenzhen Expressway (+24%) and Guangdong Expressway A (+23.6%) [1] - The current dividend yields for major highway companies are led by Sichuan Chengyu (5.1%) and Shandong Expressway (4.6%) [2] Group 2: Port Industry - The national port cargo throughput maintained steady growth in H1 2025, with a year-on-year increase of 4.0%, and container throughput grew by 6.9% [3] - The port industry achieved a net profit of 21.82 billion yuan in H1 2025, reflecting a year-on-year growth of 0.7% [3] - Major cargo types showed varied growth rates, with container throughput increasing by 7.7% and coal decreasing by 1.8% [3] Group 3: Railway Industry - The Beijing-Shanghai High-Speed Railway reported a net profit of 6.316 billion yuan in H1 2025, a slight decline of 0.64% year-on-year [4] - The Daqin Railway experienced a significant net profit drop of 29.82% in H1 2025, primarily due to decreased transport volume [4] - The current dividend yields for railway companies are led by Daqin Railway (4.3%) and Beijing-Shanghai High-Speed Railway (2.2%) [4]

Market Overview - On September 3, the railway and highway sector declined by 1.01%, with Shentong Metro leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Shentong Metro (600834) closed at 8.71, down 4.18% with a trading volume of 95,000 shares and a transaction value of 84.02 million yuan [2] - Other notable declines include: - Jinjiang Online (600650) down 3.80% to 15.70 - Sanxia Tourism (002627) down 3.57% to 6.49 - Jiangxi Changyuan (600561) down 3.45% to 6.72 [2] Capital Flow Analysis - The railway and highway sector experienced a net outflow of 275 million yuan from institutional investors, while retail investors saw a net inflow of 122 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are entering the market [2] Detailed Capital Flow by Stock - Key stocks with significant capital flow include: - Beijing-Shanghai High-Speed Railway (601816) saw a net inflow of 37.66 million yuan from institutional investors but a net outflow from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 8.81 million yuan from institutional investors, while retail investors withdrew funds [3] - Shanxi Expressway (000755) experienced a net inflow of 6.48 million yuan from institutional investors but a significant outflow from retail investors [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has a stable toll road operation, and ongoing projects are expected to release incremental revenue [5] - In the first half of 2025, the company achieved operating revenue of 9.406 billion yuan, a year-on-year decrease of 5.56%, and a net profit attributable to the parent company of 2.424 billion yuan, a year-on-year decrease of 11.81% [5] - The second quarter revenue was 4.624 billion yuan, down 28.71% year-on-year, primarily due to reduced investment in road and bridge projects [5] - The toll road business showed stable performance with revenue of 2.278 billion yuan in Q2, up 1.04% year-on-year [5] - The company is steadily advancing new construction and expansion projects, which will strengthen road asset scale and release incremental revenue [6] Financial Summary - The company’s gross profit margin in Q2 2025 was 31.61%, an increase of 10.81 percentage points year-on-year [6] - The projected net profit for 2025-2027 is estimated to be 4.916 billion yuan, 5.092 billion yuan, and 5.378 billion yuan respectively, with corresponding PE ratios of 13.3x and 12.6x [7] - The company’s total market capitalization is approximately 67.707 billion yuan, with a circulating market capitalization of about 67.525 billion yuan [3]

Investment Rating - The report maintains a "Recommended" rating for the company [4][3]. Core Views - The company's revenue for the first half of 2025 was 9.406 billion, a year-on-year decrease of 5.56%. Excluding construction revenue, the revenue decline was only 0.99%. The net profit attributable to shareholders was 2.424 billion, down 11.81% year-on-year. Overall, the company's earnings met expectations [1][2]. - Toll road business revenue slightly increased, with significant revenue growth from the Hu-Ning Expressway, which generated 2.663 billion in revenue, an 8.18% year-on-year increase. This was partly due to traffic rerouting from construction on the Hu-Wu Expressway [1][2]. - Investment income fluctuated significantly, contributing to the decline in profits. The company reported investment income of 700 million, down 33.24% from the previous year, primarily due to reduced earnings from joint ventures and changes in dividend distribution from Jiangsu Bank [2][3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross profit margin of 63.21%, an increase of 2.51 percentage points year-on-year. The operating cost, excluding construction costs, decreased by 6.37% [1][2]. - The company forecasts net profits of 5.09 billion, 5.17 billion, and 5.38 billion for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.01, 1.03, and 1.07 [3][9]. Revenue Breakdown - Toll revenue for the first half of 2025 totaled 4.604 billion, a year-on-year increase of 1.65%. The average daily revenue from the Hu-Ning Expressway increased by 8.18%, while the Ning-Chang Expressway saw a decline of 15.59% [1][2]. - The average daily toll revenue for the Xi-Yi and Chang-Yi Expressways decreased by 28.08% and 12.28%, respectively, due to construction impacts [1][2]. Cost Management - The company reported a significant reduction in maintenance costs, which fell from 215 million to 114 million year-on-year, contributing to the overall decrease in operating costs [2][3].

Core Insights - The report highlights the growth in the export value of China's railway, shipbuilding, aerospace, and other transportation equipment manufacturing industries, with a notable increase of 20.2% year-on-year in July 2025 [1] - Cumulative export value from January to July 2025 reached 264.6 billion yuan, reflecting a year-on-year growth of 20.7% [1] Company Insights - Listed companies in the transportation equipment sector include Shanxi Luqiao (000755), Dongguan Holdings (000828), Modern Investment (000900), China Railway Special Cargo (001213), and others [1] - These companies are positioned to benefit from the overall growth in the transportation equipment manufacturing industry as indicated by the export statistics [1] Industry Insights - The report by Zhiyan Consulting provides a comprehensive analysis of the competitive landscape and development prospects of the transportation equipment industry in China from 2025 to 2031 [1] - The data sourced from the National Bureau of Statistics indicates a robust growth trajectory for the transportation equipment manufacturing sector, suggesting a favorable market environment for investment [1][2]

Performance Summary - In the first half of 2025, the company reported a revenue of 9.41 billion yuan, a year-on-year decline of 5.6%, and a net profit attributable to shareholders of 2.42 billion yuan, down 11.8% year-on-year [1] - In Q2 2025, the company achieved a revenue of 4.62 billion yuan, a significant year-on-year decline of 28.7%, with a net profit of 1.21 billion yuan, down 19.2% year-on-year [1] Revenue Breakdown - The decline in overall revenue was primarily due to a decrease in construction revenue, with a 0.99% decline when excluding construction income. However, toll revenue increased by 1.65%, with the average daily toll revenue on the Hu-Ning Expressway rising by 8.18% due to the impact of the Hu-Wu Expressway expansion [1] - Revenue from ancillary businesses decreased by 2.15%, despite an increase in oil sales volume, which was offset by a decline in sales price [1] - Revenue from the new energy sector fell by 3.7%, mainly due to reduced offshore wind power generation from the Yunshan Qingneng company's project in the Jiangsu region [1] - Real estate revenue plummeted by 84.9%, attributed to a decrease in delivery scale [1] Profitability and Costs - The company's gross margin for H1 2025 was 33.2%, an increase of 3.1 percentage points year-on-year, mainly due to a decrease in the proportion of zero-margin construction period revenue [2] - The company's expense ratio remained stable at 5.87%, with financial expenses decreasing by 0.11 percentage points to 4.7% due to lower interest rates [2] - Investment income fell to 700 million yuan, a decline of 33.2% year-on-year, primarily due to adjustments in the dividend cycle from Jiangsu Bank and the absence of asset disposal gains recorded in the previous year [2] Future Outlook - The company has adjusted its net profit forecasts for 2025-2027 to 5.04 billion yuan, 5.42 billion yuan, and 5.85 billion yuan, respectively, down from previous estimates [3] - The company continues to focus on cost reduction and efficiency improvements, optimizing existing road operations and utilizing diverse financing methods to lower financial costs [2]

证 券 研 究 报 告 【策略月报】 A 股 25H1 分红扩围增量 ——多行业联合红利资产 8 月报 策略研究 策略月报 2025 年 09 月 01 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：刘欣 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 相关研究报告 ...

（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。 股票简称：宁沪高速 股票代码：600377 编号：临 2025-039 江苏宁沪高速公路股份有限公司 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。 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 第十四次会议（以下简称"会议"）于2025年8月28日以现场会议及视频会议相结合 的方式召开。 （三）会议应表决董事13人，会议出席董事13人。 表决结果：同意 13 票；反对 0 票；弃权 0 票。 此议案获得通过。 （三）审议并批准《关于就在江苏交通控股集团财务有限公司开展存贷款金融业 务出具风险评估报告的议案》。 表决结果：同意 13 票；反对 0 票；弃权 0 票。 （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）审议并批准本公司 2025 年半年度报告及摘要，以中文在中国证券报、证 券时报、上海证券报及上海证券交易所网站 www.sse ...

Meeting Overview - The 14th meeting of the 11th Supervisory Board of Jiangsu Ninghu Expressway Co., Ltd. was held on August 28, 2025, in Nanjing, presided over by Mr. Wei [1] - The meeting was notified and materials were sent to all supervisors via email and fax [1] - All 5 supervisors attended the meeting, and the board secretary was present as well [1] - The meeting complied with the relevant provisions of the Company Law and the company's articles of association, making the resolutions valid [1] Resolutions Passed - The Supervisory Board unanimously agreed that the preparation and review procedures of the company's 2025 semi-annual report complied with laws, regulations, and internal management systems [1] - The content and format of the semi-annual report met the requirements of the China Securities Regulatory Commission and the stock exchange [1] - The report accurately reflects the company's operational management and financial status for the first half of 2025, with no violations of confidentiality regulations found among the personnel involved in its preparation and review [1][2]