萝岗互通。广东交通集团 供图 广惠高速公路是联系粤港澳大湾区与福建、江西等地的省际大通道，也是大湾区中心城市向粤东地区辐 射的重要高速通道。自2003年12月通车以来，随着车流持续攀升，部分路段高峰期交通压力较大，现有 通行能力难以满足民众日益增长的出行需求。 作为国家有关规划重点工程，广惠高速改扩建项目全长约153.9公里，起于广州市黄埔区，终于惠州市 惠东县，全线设互通式立体交叉29处，服务区4处，停车区2处，汤泉至汝湖段及既有隧道路段设计时速 为100公里，其余路段采用120公里，其中济广高速公路惠州小金口至广州萝岗段由双向六车道扩建为双 向十车道，广惠高速惠州小金口至凌坑段由双向四车道扩建为双向八车道。 广惠高速改扩建项目开工 大湾区大通道再升级 中新网广州9月16日电 (记者 蔡敏婕)广(州)惠(州)高速改扩建项目16日开工，大湾区大通道再升级。 当天，济广高速公路惠州小金口至广州萝岗段及广惠高速公路惠州小金口至凌坑段改扩建工程(即"广惠 高速改扩建项目")开工动员会在广州举行，标志着项目建设进入实质性施工阶段。 该项目建成后，将缓解交通拥堵，强化粤港澳大湾区互联互通，进一步拓宽大湾区向粤东地区的辐 ...

Core Viewpoint - Hainan Highway's stock price has shown fluctuations, with a recent increase of 2.11% on September 16, 2023, despite a year-to-date decline of 12.87% [1][2]. Financial Performance - As of August 29, 2023, Hainan Highway reported a revenue of 171 million yuan for the first half of 2025, marking a significant year-on-year growth of 314.30%. However, the net profit attributable to shareholders was a loss of 35.31 million yuan, a decrease of 220.92% compared to the previous year [2]. - Cumulatively, since its A-share listing, Hainan Highway has distributed a total of 643 million yuan in dividends, with 119 million yuan distributed over the last three years [3]. Stock Market Activity - The stock price of Hainan Highway was reported at 6.77 yuan per share with a market capitalization of 6.694 billion yuan as of September 16, 2023. The trading volume reached 145 million yuan, with a turnover rate of 2.21% [1]. - The stock has experienced a net inflow of 1.1351 million yuan from main funds, with significant buying and selling activities recorded [1]. Shareholder Information - As of June 30, 2025, Hainan Highway had 70,200 shareholders, a decrease of 1.92% from the previous period. The average number of circulating shares per shareholder increased by 1.96% to 13,938 shares [2]. - The top ten circulating shareholders include significant institutional investors, with the Southern CSI Real Estate ETF being the fifth largest, holding 10.08 million shares, an increase of 317,900 shares from the previous period [3].

Group 1 - Wuzhou Transportation's controlling shareholder plans to increase its stake in the company by investing between 85 million and 170 million yuan [1] - Blue Dai Technology received approval from the Anhui State-owned Assets Supervision and Administration Commission for a change in control [1] - Delin Hai's director plans to reduce his holdings by up to 505,600 shares, representing no more than 0.4474% of the total share capital [1] Group 2 - Rihua Chemical's shareholder plans to reduce holdings by up to 1.29% of the total share capital, equating to 5,996,900 shares [2] - Haili Wind Power's general manager intends to reduce holdings by up to 200,000 shares, representing 0.92% of the total share capital [3] Group 3 - China Merchants Shekou elected Zhu Wenkai as the new chairman following the resignation of Jiang Tiefeng [4] - Jingwei Hengrun's director plans to reduce holdings by up to 1 million shares, which is 0.8336% of the total share capital [6] Group 4 - Shanghai Construction clarified that recent media reports regarding the Koka gold mine are based on previously disclosed information [7] - Puran Technology is planning to acquire a controlling stake in a semiconductor company, enhancing its product offerings [8] Group 5 - Zhongchuang Environmental Protection's shareholder plans to reduce holdings by up to 2% of the total share capital, equating to 7,709,800 shares [10] - Yantian Port announced a cash dividend of 0.88 yuan per 10 shares, totaling 458 million yuan [11] Group 6 - Aishida's controlling shareholder plans to reduce holdings by up to 3% of the total share capital, equating to 10,219,200 shares [13] - Huaguang New Materials' shareholder plans to reduce holdings by up to 2.9972% of the total share capital, equating to 2.7 million shares [14] Group 7 - Yantian Port's wholly-owned subsidiary is introducing a strategic investor through a capital increase of 132.3275 million yuan [15] - Longpan Technology's subsidiary signed a procurement agreement with CATL for lithium iron phosphate cathode materials, with a total sales value exceeding 6 billion yuan [16] Group 8 - China Pacific Insurance announced a transfer of state-owned equity involving 55.59 million shares, representing 0.58% of the total share capital [17][18] - Longxing Technology's major shareholder plans to reduce holdings by up to 1% of the total share capital, equating to 5,032,800 shares [18] Group 9 - Guangda Tongchuang's shareholder plans to reduce holdings by up to 1% of the total share capital, equating to 106,750 shares [19] - Qusleep Technology's multiple shareholders plan to collectively reduce holdings by up to 4.88% of the total share capital [19]

Macro Research - The US labor market is experiencing a significant slowdown in new job creation, raising concerns about a potential recession, although it has not yet reached that point. The impacts of immigration and retirement on labor supply are diminishing, making it difficult to maintain the current balance between supply and demand in the labor market, which has raised alarms about a potential slowdown [4][12][14] - The average monthly new job creation needed to keep the unemployment rate stable is estimated to be between 150,000 and 180,000. However, the recent average has fallen to 120,000, which is below this range, indicating a need for policy adjustments to stimulate job growth [14][16] Company Research: Anhui Expressway - Anhui Expressway completed the acquisition of group road assets in Q1 2025, significantly enhancing its performance. The company is also benefiting from the accelerated recovery of toll revenues following the expansion of the Xuanguang Expressway, with a 13% year-on-year increase in toll revenue [6][7] - The company has committed to a high dividend policy, maintaining a dividend payout ratio of no less than 60% of net profit for 2025-2027, which is expected to yield dividend rates of 4.9%, 4.9%, and 4.7% respectively [7][9] - Despite recent stock price pressure due to shareholder reduction announcements, the long-term value of Anhui Expressway remains intact, supported by its strong return on equity (ROE) and stable cash flow [7][9] Industry Research: Transportation - The transportation sector is seeing a recovery in toll revenues, particularly in the context of expressway expansions, which is expected to continue driving stable growth in comparable performance metrics [6][7] - The overall market sentiment is influenced by changes in risk appetite, with a focus on high dividend yields and stable cash flows in the transportation industry [7][9] Industry Research: Coal - The coal industry is strategically viewed positively, with expectations of upward price trends driven by increased demand and supply constraints. The total coal production for the year is projected to remain stable, with a slight decrease expected in the second half due to regulatory impacts [31][33] - The price of thermal coal has seen a slight decline, but overall demand is expected to improve, particularly in Q3, as the market adjusts to supply dynamics [34][31] Industry Research: Textile and Apparel - The textile and apparel industry is facing challenges, with export growth slowing down in both China and Vietnam. In August, China's textile and apparel exports fell by 5% year-on-year, indicating a significant decline in growth momentum [35][36] - Several Taiwanese manufacturers reported a slowdown in revenue growth, highlighting the pressures faced by the manufacturing sector amid changing market conditions [36][35]

陈星源 近日，湖南投资集团旗下的绕城高速西南段分公司（以下简称"绕南分公司"）迎来了一群特殊的访客 ——交通运输部调研组。在赴绕南分公司开展湖南省公路水路交通基础设施数字化转型升级绩效评价 中，交通运输部对绕南分公司率先在全省数字化转型升级中取得的突出成果赞誉有加。 全国高速交通网络星罗棋布，绕南分公司何以脱颖而出？答案在于其作为湖南省数字化转型标杆示范单 位，以提升交通安全与事件处置效率为目标，成功搭建了全省首个"AI+智慧高速"智能预警平台。这家 长沙国企从传统人工管理到AI驱动的智慧转型，极具典型意义。 智慧基石： 从"人防"到"技防"战略转型 将目光投向山水洲城西南方向，绕南高速上车流如织，通行繁忙。 作为国家高速公路京港澳高速路网的重要组成部分，它连接京港澳高速、长韶娄高速、长潭西高速、 G5517长益北线及绕城高速西北段，也是跨越湘江连接长沙河东与河西的主要通道。它主线全长28.665 公里，设有黄花塘、坪塘、大托、洞井、万家丽南五个互通收费站，辖区内还包括黑石铺湘江大桥、梅 溪湖隧道等重要节点。 周边物流、企业和居民区密集，货物转运和公众出行需求旺盛……绕南高速作为关键通道，既是国家高 速网过境 ...

Group 1 - JPMorgan Chase & Co. reduced its stake in Jiangsu Ninghu Expressway (00177.HK) by selling 3.7 million shares at an average price of HKD 9.1741 per share, totaling approximately HKD 33.94 million [1] - After the reduction, JPMorgan's total holdings decreased to 71,686,325 shares, representing a decline in ownership from 6.16% to 5.86% [1][2]

Group 1 - JPMorgan Chase & Co. reduced its stake in Jiangsu Ninghu Expressway (00177.HK) by selling 3.7 million shares at an average price of HKD 9.1741 per share, totaling approximately HKD 33.94 million [1] - After the reduction, JPMorgan's total holdings in Jiangsu Ninghu Expressway decreased to 71,686,325 shares, representing a reduction in ownership from 6.16% to 5.86% [1][2]

机构：中金公司 研究员：Yuanfan GU/Wenjie ZHANG/Qibin FENG/Xin YANG Initial Coverage Investment positives We initiate coverage on Sichuan Expressway Company Limited (SichuanExpressway) with an OUTPERFORM rating and a target price of Rmb6.85for A-shares. We assign an OUTPERFORM rating and target price ofHK$5.61 for H-shares. Our valuations imply dividend yields of 4.5% and4.7% for A-shares in 2025 and 2026, and 6.0% and 6.4% for H-shares in2025 and 2026, based on the dividend yield valuation method. Thecompany is the on ...

（文章来源：证券日报） 证券日报网讯 9月15日晚间，赣粤高速发布2025年8月份车辆通行服务收入数据公告称，公司2025年8月 份车辆通行服务收入为349，489，070.91元。 ...

Core Viewpoint - The article discusses the potential of companies with high dividend yields and the effectiveness of dividend strategies in attracting long-term investments, despite the recent underperformance of dividend stocks compared to growth stocks in the TMT sector [1][2]. Group 1: High Dividend Companies - Over 600 companies have disclosed their shareholder return plans for 2025-2027, with Jianghe Group leading with a proposed cash distribution of at least 80% of its net profit or a minimum of 0.45 CNY per share [2]. - Huaihe Energy ranks second, planning to distribute at least 75% of its net profit and a minimum of 0.19 CNY per share [2]. - China Shenhua and Mindray Medical are tied for third, each proposing a minimum cash distribution of 65% of their net profits during the same period [2]. Group 2: Historical Performance and Dividend Records - Companies like China Shenhua, Wuhu Highway, and Mindray Medical have shown strong historical dividend records, with cumulative dividends exceeding 100% of net profits over the past three years [4]. - Jianghe Group's minimum dividend of 0.45 CNY per share results in a dividend yield exceeding 6%, while Huaihe Energy and Guodian Power have yields of 5.49% and over 4%, respectively [4]. Group 3: Future Dividend Predictions - Predictions for future dividends based on consensus earnings estimates indicate that Sichuan Road and Bridge could yield a dividend rate of 6.36% based on a projected earnings per share of 0.92 CNY and a 60% payout ratio [5]. - Other companies like Zhongfu Industrial and Wuhu Highway are also expected to have dividend yields exceeding 5% and 4%, respectively [5]. - A total of 25 stocks are predicted to have dividend yields over 2%, with an average price increase of nearly 11% this year, significantly outperforming the CSI Dividend Index [5].