Summary of Key Points from the Conference Call Industry or Company Involved - Focus on high dividend sectors including regional banks, railways, telecommunications, publishing, construction, and environmental protection industries [1][5][10] Core Insights and Arguments - **Investment Strategy**: - Trading investors should reduce dividend holdings, while long-term investors can switch within high dividend assets, focusing on sectors with lower congestion and strong fundamentals [1][3] - Quantitative models show a neutral stance on dividend assets due to mixed influences from market trends and interbank transaction volumes [6] - **Insurance Capital**: - Insurance funds are expected to purchase approximately 800-900 billion yuan in dividend stocks in 2024, aiming to allocate 5% of total assets to dividend investments [1][9] - High dividend stocks are seen as opportunities for insurance capital to compensate for cash shortfalls, with a preference for stable dividends and reasonable valuations [7][8] - **Sector Performance**: - The highway sector showed good performance in Q1 2025, with recommendations for specific stocks like Anhui Expressway and Guangdong Expressway [1][10][11] - The logistics park sector is benefiting from marginal recovery in real estate, while the port sector is advised to be cautious due to tariff impacts [1][10] - In the construction and building materials sector, cement and fiberglass profitability is improving, with recommendations for Sichuan Road and Bridge, China Liansu, and Shifeng Cement [1][12] - **Banking Sector**: - The banking sector continues to exhibit strong dividend logic, with regional banks showing resilience while large banks face some performance differentiation due to bond market fluctuations [20][22] - The overall stability of bank earnings is noted, with improvements in net interest margins and a stable dividend payout [21][22] - **Telecommunications**: - Telecom operators are diversifying into AI and cloud computing to offset declines in traditional business, with expected cost growth slowing down in 2025 [23][24][25] - Dividend yields for major telecom companies are projected to remain between 5% and 6%, with significant dividend growth anticipated [25] - **Education and Publishing**: - The education publishing sector is showing stable performance, with some companies achieving growth in net profits despite challenges [26][27] - The dividend payout ratio is expected to remain stable, with leading companies achieving higher ratios [27] Other Important but Possibly Overlooked Content - **High Dividend Stocks Recommendations**: - Specific high dividend stocks recommended include Anhui Expressway (A-share 3.5%, H-share 5.5%), Guangdong Expressway (A-share 3.7%), and Zhejiang Huhangyu (H-share 6.4%) [11] - In the logistics sector, Shenzhen International is highlighted for its strong profit growth and high dividend yield [11] - **Future Projections**: - The construction sector is expected to see improved profitability, with a focus on structural and regional plans [12] - The railway sector is projected to maintain high investment levels, with significant demand for rail transit equipment [17][18] - **Market Dynamics**: - The overall market sentiment is cautious, with potential volatility due to tariff impacts and corporate earnings uncertainties [3][5] - The insurance sector's approach to dividend stocks is characterized by selective buying during market downturns, focusing on quality over quantity [9][10]

Summary of Zhongyuan Expressway Conference Call Company Overview - Zhongyuan Expressway operates primarily in the toll road sector, contributing 96% of revenue and 98% of profit in 2024, with a projected net profit of 880 million yuan, a 6.3% year-on-year increase, driven by lower financial costs and investment income from Binhai [2][3][4] Industry Insights - The toll road industry in China has shown weak cyclicality, with a compound annual growth rate (CAGR) of 7.7% in toll revenue from 2013 to 2021, and a 5.3% CAGR in revenue per kilometer [2][5] - Passenger vehicles account for 77% of traffic, while freight vehicles make up 23%, linking passenger traffic to vehicle ownership and travel willingness, and freight traffic to economic conditions [2][5] Key Financial Metrics - The company’s financial expenses have significantly decreased, optimizing the debt-to-asset ratio to 71.1% [4][16] - The dividend payout ratio has been maintained at 40%, with an expected dividend yield exceeding 4%, which is attractive compared to the industry average [4][17] Growth Drivers - Future growth is reliant on new road projects, such as the Zhengluo Expressway expected to open in 2026, with an internal rate of return of approximately 6% [4][12] - The company plans to replace real estate assets with mature road assets to enhance profitability and reduce risks associated with the real estate sector [4][13] Revenue Sources - The main sources of toll revenue include the Jinggang'ao Expressway's Zhenluo and Luozhu sections, contributing 56% of total toll revenue [8] - Other significant contributors include Zhengyao Expressway (17%), Shangdeng Expressway (13%), and Zhengmin Expressway (11%) [8] Regulatory Environment - Toll rates and duration are heavily influenced by government policies, with recent regulations extending the concession period from 30 to 40 years, which is expected to positively impact investor returns [6][19] Competitive Advantages - Zhongyuan Expressway benefits from its strategic location in Henan Province, a major transportation hub with high demand for both freight and passenger services [7] - The profitability of its core assets, particularly the Jinggang'ao Expressway, is significantly above the national average, indicating strong demand [7][9] Future Outlook - The company is expected to achieve net profits of 1.06 billion yuan and 1.14 billion yuan in 2025 and 2026, respectively, with growth rates of 20.7% and 7.4% [19] - The focus will remain on core toll road operations while divesting from non-core businesses to stabilize cash flow and enhance shareholder returns [18][19] Investment Considerations - The estimated target price based on a 4% dividend yield is approximately 5.17 yuan, indicating over 10% upside potential from the current price [20]

Summary of the Conference Call for Shen High-Speed (深高速) Company Overview - Shen High-Speed reported a revenue of 1.772 billion yuan for Q1 2025, with a net profit attributable to shareholders of approximately 478 million yuan, showing a slight year-on-year increase. The net profit after deducting non-recurring gains and losses grew nearly 16% year-on-year, with earnings per share at 0.203 yuan [2][4] Key Financial Performance - For the full year 2024, Shen High-Speed achieved a revenue of 9.25 billion yuan and a net profit of 1.15 billion yuan, with earnings per share at 0.411 yuan. The decline in profit was mainly due to reduced revenue from the joint venture in real estate and asset impairment provisions made at the end of 2024 [4] Toll Road Business - The toll road business remained stable, with daily toll revenue in the Shenzhen area increasing, particularly benefiting from the opening of new roads. The average daily toll revenue for the Yangtze River Highway increased by 18% [2][7] Environmental Business - Shen High-Speed is actively expanding its environmental business, with an organic waste processing capacity exceeding 6,900 tons per day. In Q1 2025, 17 projects were in commercial operation, processing 320,000 tons of waste and generating revenue of 174 million yuan. However, the overall environmental business is currently operating at a loss, and the company plans to be cautious in future investments in clean energy [2][8][21][22] Financing and Debt Management - The company completed a private placement in March 2025, raising approximately 4.7 billion yuan. Additionally, it raised 7.3 billion yuan through various debt instruments, optimizing its debt structure and reducing financing costs. The comprehensive borrowing cost was approximately 3.19% [2][9][26] Future Development Strategy - Shen High-Speed is focused on advancing key highway projects, including the Outer Ring Phase III and the expansion of the Guangshen Expressway. A new five-year development strategy has been initiated, with the Outer Ring Phase III expected to be completed by the end of 2029 [2][11][15][16] Internal Rate of Return (IRR) and Investment Strategy - The internal rate of return (IRR) requirement for toll road and environmental projects has been adjusted to 6%-7%, still above the industry average. The company remains open to acquiring quality toll road projects but emphasizes profitability and regional barriers [5][17][18] Shareholder Returns and Capital Expenditure - Shen High-Speed is committed to returning at least 55% of net profits to shareholders in cash dividends from 2024 to 2026, with expectations of exceeding 60% in 2024. The planned capital expenditure for 2025-2027 is approximately 20.6 billion yuan, primarily for the Outer Ring Phase III and other projects [5][25][24] Impact of Road Network Changes - The opening of new roads and other structural changes in the road network have had a mixed impact on traffic flow, with overall positive factors outweighing negatives. The company is monitoring these changes closely [14] Conclusion - Shen High-Speed is navigating a complex landscape with stable performance in its toll road business, ongoing challenges in its environmental sector, and a clear focus on strategic growth and shareholder returns. The company is poised for future developments while maintaining a cautious approach to investments and financing.

Group 1: Company Overview and Financial Performance - The company reported its Q1 2025 operational status and key financial data, highlighting year-on-year changes [2] - The company aims to expand its main business scale and enhance profitability through capital operations in the transportation sector [2] Group 2: Infrastructure Development Progress - The Jiangzhu Expressway expansion is completed and operational, with fee adjustment applications underway [2] - The GY Expressway expansion is on schedule, with the main line expected to be completed by 2025 [2] - The Guanghui Expressway expansion project has been approved and is set to commence in 2025, with an estimated construction period of 5 years [2] Group 3: Traffic Impact and Strategic Response - The company is implementing traffic organization plans to mitigate the impact of construction on traffic flow, drawing from experiences on other expressways [2] - The opening of the Shenzhen-Zhongshan Channel has affected toll revenue on the Guangzhu East section, with a year-on-year decline expected to continue into 2025 [2] Group 4: Future Planning and Development Strategy - The company’s "14th Five-Year" plan emphasizes its role as a capital operation platform for the transformation and upgrading of Guangdong's expressway transportation industry [2] - The strategy includes mergers and acquisitions in emerging transportation sectors to create new revenue and profit growth points [2]

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

年报中的红利改善方向——多行业联合红利资产 4 月报 20250505 摘要 • 红利及低波动性板块展现防御属性，4 月表现优于主要指数，如 2000 指 数和全 A 指数。石化、家电、食品饮料和交运等一级行业符合股息率改善 且业绩稳健标准，其中石化行业股息率提升幅度最大，但一季度业绩略有 负增长。 • 二级行业中，航运港口、白电、白酒和纺织制造符合股息率改善且绝对水 平在 3%以上，同时一季度业绩稳健增长的标准。三级行业细分领域包括 航运、空调、肉制品、白酒、快递服务、人力资源服务等。 • 公用事业领域中，高速公路和港口分红比例提升，显示长期配置价值。四 川成渝高速公路 A 股股息率达 5.1%，H 股超过 7%。2024 年港口板块业 绩增长最快，预计 2025 年高速公路将呈现回升趋势。 • 重点推荐红利资产包括四川成渝、广通高速、山东高速、宁沪高速和招商 公路，这些公司具备稳定的业绩表现和较高的分红能力。招商港口因海外 资产布局和提高分红比例成为长久期经营资产中的优选。 Q&A 2025 年 4 月份华创红利资产研究中心对红利市场的看法是什么？ 2025 年 4 月份，华创红利资产研究中心对红利市场持 ...

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on May 23, 2025, at 14:30 in Hefei, Anhui Province [2][6] - The meeting will utilize the Shanghai Stock Exchange's online voting system, with voting available from 9:15 to 15:00 on the same day [3][6] Voting Procedures - Shareholders can vote through both on-site and online methods, with specific time slots designated for trading system voting [6][8] - A total of three resolutions will be presented, including special resolutions and those requiring separate counting for minority shareholders [7][8] Shareholder Participation - Only A-share shareholders registered by the close of trading on the registration date are eligible to attend the meeting [11] - Shareholders must register in advance, either in person or via written authorization, to participate in the meeting [14][15] Related Party Transactions - The company, in collaboration with Anhui Transportation Holding Group, has won a bid for the Bozhou to Dancheng Expressway project, establishing a project company with a registered capital of RMB 10 million [26][27] - The company will contribute RMB 3.5 million, representing a 35% equity stake in the project [26][28] Project Company Details - The project company is named Anhui Bo-Dan Expressway Co., Ltd., and will engage in investment, construction, and operation of the expressway [42] - The total estimated investment for the project is RMB 3.08 billion, with a capital contribution requirement of at least 20% [43] Financial Overview of Related Parties - Anhui Transportation Holding Group reported a revenue of RMB 71.68 billion and a net profit of RMB 5.82 billion for 2024 [29] - Anhui Transportation Engineering Group and Anhui Transportation Construction Group also maintain independent operations and financials [34][36]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000886 证券简称：海南高速 公告编号：2025-019 海南高速公路股份有限公司 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ □适用 √不适用 公司不存在将《公开发行证 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 4.78 billion yuan in Q1 2025, representing a year-on-year increase of 37.7%. However, the net profit attributable to shareholders was 1.211 billion yuan, down 2.9% year-on-year, while the net profit excluding non-recurring items grew by 0.63% year-on-year [1][3]. Summary by Sections Financial Performance - In Q1 2025, the company's highway toll revenue was 2.33 billion yuan, a year-on-year increase of 2.3%. The growth was influenced by a lower base in Q1 2024 due to adverse weather conditions and one less day of toll-free travel during the Spring Festival compared to the previous year [8]. - The traffic volume on the Jiangsu section of the Huning Expressway increased by 5.5%, benefiting from the diversion caused by the expansion of the Yangtze River Highway. Other expressways experienced varied traffic changes, with some showing significant declines due to construction impacts [8]. - The company’s construction revenue, supporting services, electricity sales, real estate sales, and other income for Q1 2025 were 1.8 billion, 420 million, 170 million, 20 million, and 50 million yuan respectively, with respective year-on-year changes of +13.3%, 0.0%, -0.4%, -0.6%, and +0.2 million yuan [8]. Investment and Capital Expenditure - The company’s investment expenditure significantly increased in 2024, reaching 11.16 billion yuan, a year-on-year increase of 307.26%. The planned capital expenditure for 2025 is 9.37 billion yuan, a decrease of 1.79 billion yuan from 2024, focusing on several key projects [8]. - The company continues to actively invest in quality road assets, which is expected to support long-term profit growth as traffic volumes increase [8]. Profitability and Dividend Policy - The company recorded a significant decrease in non-recurring income in Q1 2025, leading to a decline in attributable net profit. However, the net profit excluding non-recurring items showed a slight increase, indicating stable performance in the core business [8]. - The company maintains a stable dividend policy, with a slight increase in the dividend per share (DPS) to 0.49 yuan, corresponding to a dividend yield of 3.2% at the current stock price [8].

超配（维持） 交运板块新思 交通运输行业 交通运输行业深度报告 2025 年 4 月 30 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 申万交通运输指数走势 资料来源：iFind，东莞证券研究所 相关报告 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 深 度 研 究 行 业 研 究 证 券 研 究 报 告 ◼ 全球冲突新形势下交运板块的新篇章。近期全球冲突进入新形势，我们 认为，当前全球地缘政治关系的影响在交通运输板块的影响可能会表现 出以下两个主要方向：（1）全球不确定性上升可能加剧市场的避险情绪 需求；（2）全球需求下降的预期与OPEC+意外增产相叠加，可能导致原 油成本下降，从而刺激对油价敏感的运输行业。基于2025年全球经济新 形势的变化，我们在战略层面明确了稳健与进攻两大投资方向：（1）全 球不确定性提升或放大避险需求，强化公路等基础设施板块类债属性的 投资需求， ...