Core Viewpoint - Sichuan Chengyu (601107) is the only A+H share listed infrastructure company in Western China, focusing on enhancing its core competitiveness in the highway sector while providing high dividends to attract investors [1][6] Business Strategy - The company aims to strengthen its main business by upgrading existing roads, asset integration, and acquiring quality road assets [1][3] - Sichuan Chengyu's highway assets are strategically located in economically developed and tourist areas of Sichuan, which supports stable toll revenue despite concerns about competition from high-speed rail [2][3] Financial Performance - In 2024, the average daily traffic on Chengyu Highway is projected to be 20,600 vehicles, a year-on-year increase of 1.15%, with toll revenue expected to reach 855 million yuan, up 4.20% year-on-year [2] - The company has a high dividend payout ratio, with a planned cash distribution of at least 60% of net profit for the years 2023-2025, and a dividend ratio of 61.83% in 2023 [6][7] Investment and Growth Opportunities - Sichuan Chengyu is exploring diversification into emerging industries such as smart driving and low-altitude economy, with a focus on integrating drone technology into highway operations [3][4] - The company has initiated drone inspections on several highways, significantly improving efficiency and reducing operational costs [4][5] New Business Development - The comprehensive energy business is showing initial success, providing charging services for 3.325 million electric vehicles in 2024, with charging revenue exceeding 100 million yuan for the first time [6] - Sichuan Chengyu operates 313 charging stations and 2,275 charging piles, with significant growth in charging volume and frequency during the recent holiday period [6] Market Position and Shareholder Engagement - The company's A and H shares have reached nearly ten-year highs, attracting attention from institutional investors focused on stable performance and dividend policies [6][7] - The company is committed to enhancing operational efficiency and optimizing its business structure to increase profitability and shareholder returns [7]

Core Insights - The recent bridge card competition in Qinyuan, Lishui, Zhejiang, has not only served as a platform for enthusiasts but also highlighted the region's development potential due to improved transportation infrastructure [1][3] - The opening of the Longqing Expressway in 2013 has significantly enhanced accessibility, leading to a steady increase in traffic and tourism, with expectations of reaching 1.9 million visitors in 2023 [1][3] - The local government aims to leverage sports events to boost tourism and economic growth, planning 112 large-scale events by 2025, which are projected to attract 780,000 visitors and generate over 1.13 billion yuan in consumption [3] Transportation Development - The Longqing Expressway has seen a traffic increase of 8% to 13% annually, with over 20,000 vehicles recorded during the recent Dragon Boat Festival, marking a 32% increase year-on-year [1][3] - The expressway is described as a "golden link" for shared prosperity in the mountainous region, facilitating the movement of goods and tourists [4] Safety and Management Innovations - The Lishui Management Center has implemented advanced technologies such as the "High Eye" event detection system and drones for monitoring, enhancing safety and operational efficiency on the expressway [3][4] - Upgrades to the Baima Fan interchange have improved traffic flow and safety, including the installation of 28 roadside lights and anti-slip markings [4]

今日早参 2025 年 6 月 03 日 林晓明 金融工程首席研究员 座机：0755-82080134 邮箱：linxiaoming@htsc.com 林晓明 金融工程首席研究员 座机：0755-82080134 邮箱：linxiaoming@htsc.com 今日热点 金工：如何看待当前股指期货深度贴水？ 上周海外投资者风险偏好有所抬升，欧美日韩主要指数多数上涨，美股三大 指数集体上涨，相对于 4 月份的低点显著上行。全球主要国家 10 年期国债收 益率多数下行，美 10 年期国债收益率相较于 5 月 21 日高点有所回落，但整 个五月仍以上行为主。黄金高位震荡，上周整体下跌，但支撑黄金价格的中 长期因素未发生根本转变，美元指数小幅反弹。A 股主要指数以收跌为主， 整体成交热度有所下降，沪深两市日均成交额回落至万亿左右。内部存在分 化，价值好于成长、小盘好于大盘。整体来看，外部扰动下市场资金在高成 长与防御性板块间快速轮动，行业配置方面，我们继续推荐哑铃型方案。 风险提示：周度观点基于数据和逻辑推演，无法保证永远正确；相关模型均 根据历史规律总结，历史规律可能失效。 韩晳 SAC:S057052010000 ...

皖通高速 20250602 摘要 皖通高速核心路段如合宁、高界、宣广高速贡献主要营收和利润，2024 年合宁高速毛利占比 39%，高界占比 25%，三条路总占比超 75%。未 来随着宣杭高速通车，宣广高速通行费收入预计显著增长。 安徽省差异化收费政策及拟收购资产（抚州和四许高速）预计提升皖通 高速盈利能力。差异化收费减少货车减免金额约 1.1 亿，收购资产预计 在 2025-2026 年分别贡献净利润 2.27 亿和 2.42 亿元。 皖通高速单公里运输费收入在行业内领先，2024 年达 629 万元/公里， 排名第三。货车比例较高，如芜合高速货车占比 26%，部分路段超 70%，与宏观经济关联紧密，经济复苏时弹性更大。 高速公路改扩建显著提升盈利能力。合宁高速改扩建完成后车流量同比 增长 41%，通行费收入增长 19%。宁宣杭高速断头路打通后，通行费 收入同比增长 190%，2024 年毛利达 1.66 亿元。 皖通高速采用直线折旧法，前期折旧费用较高，后期折旧费用相对较少。 新版收费公路管理条例若延长东部地区收费期限，将显著提升公司公路 资产价值和投资回报率。 Q&A 皖通高速作为交运红利中的核心标的，其 ...

北交所氢能源相关标的有： 天力复合、凯大催化、硅烷科技、惠同新材、方盛股份、齐鲁华信，其中 凯大催化、方盛股份 识别度较高。 3、特斯拉Robotaxi上线运营 5月21日，特斯拉CEO马斯克接受CNBC旗下"Power Lunch"节目采访时宣布，6月奥斯汀将上线无监督 FSD的Robotaxi服务，届时车辆上将没有安全驾驶员，只有车辆"孤单"地全天候运行。计划初期投放10- 20辆车，逐步扩展至其他城市，车主可出租闲置车辆赚取收入，这是自动驾驶实现商业化的关键一步， 预计2026年达数十万辆规模。 5月，北交所走了一波冲高回落。节后开盘一直到5月21日是一路高歌，北证50指数上涨超过10%，一举 达到1500点新高，较沪深也是遥遥领先，但过程中北研君也是捕捉到诸多蹊跷，包括"加价不增量"、个 股赚钱难度增大、"关键少数"让指数走势失真等，进而判断本轮创新高概率不大；随后，北证见顶回 调，同时成交量收缩严重， 但调整幅度小于我们的预期，表现相对强势 。 进入6月，2025年的上半年即将收关，全年经济发展的基调逐步显现，诸多关键经济数据将密集披露， 各行各业对下半年的规划布局也要陆续展开。 那么本月会有哪些可 ...

股票代码：000828 股票简称：东莞控股 编号：2025-002 | □特定对象调研 | □分析师会议 | 投资者关系活 | | --- | --- | --- | | □媒体采访 | □业绩说明会 | 动类别 | | □新闻发布会 | ☑路演活动 | | | □现场参观 | | | | （请文字说明其他活动内容） | □其他 | | | 光大证券资管、鹏扬基金、泰合资本等 | | 参与单位名称 | | | | 及人员姓名 | | 年 5 月 28 日 | 2025 | 时间 | | | 上海 | 地点 | | 董事、副总裁、董事会秘书：林永森先生 | | 上市公司接待 | | | | 人员姓名 | | | 1、除高速公路业务外，公司第二增长曲线的方向是什么？ | | | | 答：公司正积极推进投资并购，重点围绕综合交通、新能源 | | | | 及新质生产力产业链上下游进行研究，寻找细分行业龙头的 | | | 并购机会。 | | | | | 2、公司大股东持股较为集中，个人股东偏多，如何进行优化？ | | | 有无考虑采用可交债或其他方式进行减持。 | | | | | 答：公司正在积极推进投资者关系管理工作 ...

先回顾一下5月的看法："对于5月市场展望，综合各方反馈来看，起码比4月要乐观，因为最恶劣的阶段 已经过去了"，港股走势超出预期，全月都是震荡上行的态势，直到最后一周才出现调整，恒指运行空 间在22058.30-23917点。 5月市场最大的催化来自于中美互降关税，美方暂停2025年4月2日实施24%的关税，保留10%的关税； 美方取消2025年4月8日、4月9日宣布加征的报复性关税，整体将对中国商品关税从145%下调至30%。 中国也同等对美商品征收10%关税。加速这一进程的是印巴冲突，中国的歼-10及一系列军工产品展现 了巨大威力，直接改写了印巴交战史，也让美西方看到了中方的实力。另外，美国库存告急，很多经销 商也扛不住，关税暂缓一下也为了圣诞节好过一点。国内方面，政策也在开始调整，利率终于出现松 动，银行存款利率跌破1%。A股赴港上市潮涌，巨无霸宁德时代（300750）(03750)募资超300亿人民 币，成为2025年港股市场最大的IPO项目，也成为今年全球最大的上市交易之一，扭转了去年IPO低迷 的尴尬局面。预计接下来还会有众多的企业赴港上市。 市场最强板块依旧是创新药，三生制药(01530)率先打响 ...

在中国式现代化的新征程的路上，浙江经济以坚韧底色与蓬勃活力，成为中国经济高质量发展的重要缩 影。作为全省经济高质量发展的微观镜像，浙江上市公司以卓越创新能力与充沛发展潜力，备受资本市 场瞩目。5月28至29日，"在浙里，看中国企业的创新与变革暨浙江上市公司行业交流活动"于浙江杭州 启幕。 本次活动由浙江省国资委指导，浙江沪杭甬高速公路股份有限公司、杭州海康威视（002415）数字技术 股份有限公司、韵达控股集团股份有限公司、阿里巴巴集团控股有限公司及菜鸟控股集团股份有限公司 联合举办，杭州全景财经信息有限公司协办。 为了进一步促进信息共享与交流，活动特别邀请了机构投资者、行业专家与分析师参与其中，旨在搭建 上市公司与投资者、行业分析师及同行的深度对话平台，助力投资者精准把握行业动态、深入理解企业 发展战略，进一步增强市场信心。 活动首日，东南大学研究员、博士生导师王建就《自动驾驶和数智驱动下未来交通系统管控研究》进行 主题分享，深入剖析前沿技术与交通运输的深度融合，展示自动驾驶和数智驱动对未来交通系统的影 响，探讨未来交通的管控策略，包括政策法规的完善、安全与隐私保护机制的建立，以及公众接受度的 提升等问题。 ...

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.08% as of May 30, 2025, with mixed performance among constituent stocks [1] - Among the top-performing stocks, China Merchants Highway (001965) rose by 2.51%, Anhui Expressway (600012) increased by 2.44%, and Shandong Expressway (600350) went up by 2.04% [1] - Conversely, Cai Bai Co., Ltd. (605599) led the decline with a drop of 3.70%, followed by Weifu High Technology (000581) down 1.69%, and Tunnel Engineering (600820) down 1.63% [1] Group 2 - The National Development and Reform Commission's report indicates a 3.9% year-on-year increase in road personnel flow and a 5.4% increase in road freight volume in Q1 2025 [1] - The performance recovery of highway companies is supported by the reduction in Loan Prime Rate (LPR) and optimization of debt structure [1] - The State-Owned Enterprises Dividend ETF (159515) closely tracks the China Securities State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2] Group 3 - As of April 30, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.18% of the index, including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2] - The upcoming revisions to the toll road management regulations are expected to reduce reinvestment risks and enhance long-term returns for the industry [2]

Group 1: Stablecoin Legislation in Hong Kong - The Hong Kong Legislative Council passed the "Stablecoin Ordinance" on May 21, marking Hong Kong as one of the first regions globally to establish a comprehensive regulatory framework for fiat-backed stablecoins [1] - The Hong Kong Monetary Authority (HKMA) will initiate a licensing system to regulate stablecoin issuance and related activities, with compliance applications expected to be accepted by the end of 2025 [1] - Stablecoins are seen as a means to promote the internationalization of the Hong Kong dollar and the Renminbi, challenge the dominance of the US dollar in the digital currency era, and enhance the cross-border payment environment [1] Group 2: Investment Opportunities and Benefits - Issuers of stablecoins can gain commercial benefits such as minting profits, increasing user engagement within their ecosystems, and expanding customer reach, particularly among unbanked populations [1] - Investors can benefit from stablecoins by avoiding cryptocurrency volatility, meeting cross-border payment needs, participating in DeFi investments, and managing liquidity [1] - Licensed institutions are expected to generate revenue through a combination of interest spreads, fees, and ecosystem services [1] Group 3: Company Announcements and Financial Performance - China Eastern Group reported a sales volume of approximately 1.8 million tons of self-produced steel products for the first quarter, with a gross profit of about 100-150 RMB per ton [9] - Shenzhen Expressway reported a revenue of 97.14 million RMB for its outer ring project in April, reflecting a year-on-year decrease of approximately 9.21% [10] - Sany International reported a revenue of 5.876 billion RMB for the first quarter, a year-on-year increase of 14.6%, with a net profit attributable to shareholders of 635 million RMB, up 23.2% [17]