Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its asset optimization and growth potential [4][6]. Core Views - The company is expected to benefit from a young asset structure and value reassessment driven by asset optimization. The focus on operational efficiency and network expansion is anticipated to enhance revenue and profitability [4][5][8]. Summary by Relevant Sections Financial Performance - The company forecasts revenue of RMB 6,825 million for 2025, with a slight decline of 2.06% year-on-year, followed by a recovery to RMB 7,017 million in 2026 and RMB 7,438 million in 2027. Net profit attributable to shareholders is projected to grow from RMB 1,002 million in 2025 to RMB 1,150 million in 2027, reflecting a compound annual growth rate (CAGR) of 5.32% [4][6]. - The company’s earnings per share (EPS) is expected to increase from RMB 0.45 in 2025 to RMB 0.51 in 2027, with a price-to-earnings (P/E) ratio decreasing from 10.92x to 9.52x over the same period [4][6]. Business Structure - The company primarily operates toll roads, with toll revenue accounting for approximately 63.98% of total revenue in 2024. The construction service segment contributes 33.22%, while real estate sales account for only 1.25% [5][15]. - The company has a total of 808 kilometers of managed highways, with a weighted average remaining toll collection period of 17.04 years, providing ample time for traffic growth and revenue generation [5][42]. Dividend Policy - The company emphasizes shareholder returns, committing to a minimum cash dividend payout ratio of 40% of net profit from 2025 to 2027. The dividend payout ratio was 40.42% in 2023 and is expected to rise to 43.40% in 2024 [5][35]. Market Position - The company benefits from a strategic location in Henan Province, a key transportation hub in China, enhancing its operational advantages and potential for traffic growth [5][36]. - The company is part of the Henan Transportation Investment Group, which holds a significant share of the province's toll road assets, providing a strong backing for its operations and growth prospects [12][57].

"这不是一条普通的公路，"刚果（金）国家大型工程局局长尼科·恩扎乌·恩扎乌说，"这是连接金沙萨未 来发展的主动脉。"他说，环线建成后将彻底打破城市发展过程中对于中心城区的依赖。 新华社金沙萨6月25日电 题：路所至，发展即来——记中企承建刚果（金）首都环线公路开工一周年 新华社记者史彧 从刚果（金）首都金沙萨西南郊区的红土地出发，穿越丘陵与村落，直通东部恩吉利国际机场，一条双 向四车道的城市主干道正一路向前延展。 5月31日，在刚果（金）首都金沙萨环线公路项目上，施工人员为道路铺设沥青。 新华社发（中刚基础 设施建设股份有限公司供图） 这是由中国企业承建的首都环线公路项目，主线全长约72公里，分为西南环线与东南环线两段推进。 2024年6月22日，刚果（金）总统齐塞克迪登上装载机，为项目正式奠基。一年过去，环城公路主线已 具雏形。 5月26日，公路全线沥青铺装启动，标志着项目进入快速推进阶段。整个环线预计于2028年底全面建成 通车。 "路所至，发展即来。"这是刚果（金）国务部长兼基础设施和公共工程部部长亚历克西斯·吉萨罗·穆文 伊最常说的话。他表示，刚中在基建领域的多项合作有利于加强刚果（金）公路互联互通， ...

Group 1 - The "Deep Sea No. 1" Phase II project has been fully put into operation, marking it as the largest offshore gas field in China, capable of supplying over 4.5 billion cubic meters of natural gas annually to the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan [1] - The "Deep Sea No. 1" gas field has a proven geological reserve of over 1500 billion cubic meters and operates at the deepest water depth and highest temperature and pressure conditions in China, with a maximum temperature of 138 degrees Celsius [1] - The Shaanbei to Anhui ±800 kV UHVDC transmission project has commenced the core equipment electrical installation phase, with a total length exceeding 1000 kilometers and expected to deliver over 36 billion kilowatt-hours of electricity annually to Anhui by mid-2026 [1] Group 2 - The construction of the Chongqing to Chengdu high-speed railway's main navigation hole bridge has entered the steel beam construction phase, with the bridge being a key node for the railway and expected to be fully operational by 2027 [2] - The Jin-Ha Highway expansion project in the Panjin section has achieved mainline connectivity, spanning 238 kilometers and set to become the first long-distance ten-lane highway in northern China upon completion [2] - The construction of the station building for the Xining to Chengdu railway in Sichuan has commenced, which is a significant part of China's "eight vertical and eight horizontal" high-speed rail network, aimed at promoting economic and social development along the route [2]

前不久，交通运输部公布2024年"十大最美农村路"系列推选名单，这三条农村公路在众多参选道路 中突出重围、成功入选，获评"最具人气路"。 内蒙古清水河，冯家塔至老牛湾公路依山就势、借水成景；江苏南通，龙游湾路临江而建、风景如 画；安徽宣城，广卢路穿越竹海、一驿一景……南北三条不同的农村公路，如今有了一个共同的响亮名 头：2024年"我家门口那条路"最具人气的路。 在冯家塔至老牛湾公路，公路延伸至老牛湾黄河大峡谷景区，搭建起爱情步道、千亩花海、诗词长 廊灯12处特色景观和40多个打卡点，"交通+旅游"模式成效显著。2024年，景区全年接待国内外游客约 131万人，同比增长68.4%，实现旅游收入3.95亿元，同比增长44.2%。 农村公路远离城市、沟通阡陌。火热的人气，究竟从何而来？ 高人气来自乡村美。 漫步在龙游湾路，薄雾轻笼、绿树摇曳，很难想象多年前，这里一度"临江不见江"，码头堆场企业 遍布、沿江岸线凌乱不堪。从无人问津到游人如织，背后是如皋市一场狠下决心的"生态伤疤"修复，通 过拆除多家非法码头、复垦复绿大片土地，昔日的工业岸线最终转变为如今5.5公里的生态农路长廊。 行走在广卢路上，路面整洁、绿化美观 ...

Core Points - The Beijing-Harbin Expressway Shenshan Section expansion project is progressing steadily, with the Beijing direction expected to open by the end of July and full dual-direction ten-lane operation by the end of September, one year ahead of schedule [1] - The Shenshan Section, serving as a crucial passage in Liaoning's transportation network, has been in operation for 22 years and the original six-lane design is no longer sufficient to meet increasing travel demands [1] - The expansion project, initiated in August 2022, spans 238.04 kilometers, involving multiple cities and counties, and includes significant infrastructure such as 15 toll stations and 58 overpass bridges [1] Construction Innovations - The construction company has adopted an innovative "construction while traffic" model, enhancing emergency response efficiency and optimizing traffic organization through various strategies [2] - New technologies such as "double-layer paving + 3D intelligent paving" have been implemented to improve road surface precision and paving efficiency, alongside a smart management platform for real-time monitoring of the construction process [2] - As of June 22, the project has achieved significant completion rates: 98.6% for the subgrade, 99.8% for bridges and culverts, 92.8% for pavement, and 94.3% for tunnels [2]

Group 1: Infrastructure Projects - The Bolivia Ruri Highway, constructed by China Railway Construction International Group, spans 508.07 kilometers and supports agriculture, forestry, animal husbandry, and tourism in Bolivia [1] - The highway project integrates green and low-carbon environmental concepts, protecting the natural and ecological environment along the route [1] - The Pakistan Sahiwal Power Plant, built by China Huaneng Group, has been awarded the "Environmental Excellence Award" six times and alleviates Pakistan's electricity shortage while reducing carbon emissions [1][2] Group 2: Environmental Initiatives - The Ruri Highway project includes measures such as animal passages and rare plant information signs to protect local biodiversity [1] - The Sahiwal Power Plant has transformed the surrounding environment into a large garden, playing a key role in restoring local biodiversity [2] - The Rossing Uranium Mine in Namibia emphasizes sustainable development and strict adherence to principles of protecting rare plants and animals [3] Group 3: Renewable Energy Projects - The Cox's Bazar Wind Power Project in Bangladesh, with a capacity of 66 MW, will provide approximately 145 million kWh of clean electricity annually, reducing coal consumption by 44,600 tons and CO2 emissions by 109,200 tons [4] - The Uzbekistan 1 GW photovoltaic project, the largest solar project in Central Asia, will generate about 2.4 billion kWh of electricity annually, contributing to the country's energy structure transformation [6]

行业研究 证 券 研 究 报 告 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 华创交运|红利资产月报（2025 年 6 月） H 股较 A 股表现更优，重视港股红利资产投 推荐（维持） 资机会 交通运输 2025 年 06 月 23 日 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 联系人：李清影 邮箱：liqingying@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 122 | 0.02 | | 总市值(亿元) | 33,240.61 | 3.34 | ...

金十图示：2025年06月23日（周一）富时中国A50指数成分股午盘收盘行情一览：银行股多数走高、酿酒股、汽车股、石油股全 线下跌 富时中国A50指数连续 电力行业 互联网服务 东方财富 长江电力 8 中国核电 1916.94亿市值 n in home 7457.91亿市值 3271.44亿市值 9.17亿成交额 3.74亿成交额 17.77亿成交额 9.32 20.70 30.48 +0.08(+0.26%) -0.07(-0.75%) -0.01(-0.05%) 食品饮料 证券 中信证券 国泰海通 海天味业 (D 2231.91亿市值 3841.49亿市值 3233.29亿市值 3.45亿成交额 6.13亿成交额 3.14亿成交额 18.34 25.92 38.22 +0.04(+0.15%) -0.10(-0.54%) -0.29(-0.75%) 消费电子 化学制药 工业富联 立讯精密 恒瑞医药 3981.70亿市值 2402.28亿市值 3398.83亿市值 21.38亿成交额 10.26亿成交额 8.31亿成交额 51.47 20.05 33.14 -0.29(-0.56%) -0.54(-2.62 ...

物流：危化品物流持续承压，发力智慧物流推荐海晨股份。本周中国化工产品价格指数(CCPI)为 4210 点，同比-11.3%， 环比+2.9%。上周液体化学品内贸海运价格为 163 元/吨，同比持平，环比-13.9%。本周对二甲苯（PX）开工率为 86.3%， 环比-0.1pct，同比+3.2pct；上周甲醇开工率为 83.8%，环比+1.7pct，同比+7.1pct；上周乙二醇开工率为 62.3%，环 比+5.7pct，同比+2.5pct。发力智慧物流，正式成立机器人行业应用研究院，并宣布达成多项战略和技术合作，主业 受益消费电子服务器需求改善，推荐海晨股份。 航空机场：5 月民航国际地区线旅客量再超 2019 年同期。本周（6/14-6/20）全国日均执飞航班量 14,867 班，同比增 长 1.32%；其中国内线日均 12,684 班，同比下降 0.86%%；国际地区线日均 2,183 班，同比增长 16.17%，为 2019 年 83.33%。2025 年 5 月，民航国内航线客运量为 5645 万人次，同比+7%；国际地区航线客运量为 722 万人次，同比增长 23%，约为 2019 年 102%。各 ...

上 市 公 司 交通运输 2025 年 06 月 21 日 深圳国际 (00152) —— 国企优质资源禀赋，物流园转型升级带来业绩弹性 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 20 日 | | --- | --- | | 收盘价（港币） | 7.60 | | 恒生中国企业指数 | 8527.07 | | 52 周最高/最低（港币） | 8.15/5.68 | | H 股市值（亿港币） | 185.72 | | 流通 H 股（百万股） | 2,443.74 | | 汇率（人民币/港币） | 1.0949 | 一年内股价与基准指数对比走势： -13% 87% 06/20 07/20 08/20 09/20 10/20 11/20 12/20 01/20 02/20 03/20 04/20 05/20 06/20 HSCEI 深圳国际 资料来源：Bloomberg 相关研究 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 郑逸欢 A0230124010001 zhengyh@swsresearch.com 联系人 郑 ...