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 ...

6月20日，省交通运输厅举办全省交通运输系统防汛防台风综合应急演练，旨在提升全系统汛期抢 险救灾保障能力，全力保障全省交通运输线平稳度汛。目前，我省已组建179支、8000余人的公路抢险 队伍，并落实机械设备、料场、应急储备库等相关保障支援力量。 当前正值汛期，省交通运输厅明确把保障汛期安全作为汛期首要工作任务，要强化相关举措，全力 推进防汛备汛工作：完善应急管理机制，制定出台交通运输系统防汛工作方案、规则、灾害风险隐患排 查行动方案等，建立职责清晰、衔接顺畅的工作机制；抓好风险隐患排查整治，协调自然资源、水利部 门共享全省地质、洪水灾害风险普查数据，组织专业技术力量全面开展公路灾害风险区域落图叠加和精 细评估，逐项落实整改和管控措施，普通干线公路23处二级（较高）风险点采取工程措施全部销号。 与此同时，我省强化"人防+技防"管理措施，针对易发生自然灾害的桥隧、边坡增设监测预警设 施。在去年完成46处监测预警设施布设的基础上，我省今年在高速公路和普通干线公路分别新布设75处 和32处，切实提升了公路突发事件感知和应急处置能力。 当天的演练主要包括防汛防台风预警"叫应"、公路安全风险管控、公路突发灾毁抢险抢通及 ...

Distribution Plan - The profit distribution plan was approved at the company's annual shareholders' meeting on May 23, 2025 [1] - The distribution is based on a total share capital of 1,610,115,901 shares, with a cash dividend of 0.17 RMB per share (before tax), totaling 273,719,703.17 RMB [1][2] - The distribution will be made to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the record date [1] Implementation Details - Cash dividends for shareholders who have not designated a trading account will be held by China Securities Depository and Clearing Corporation Limited until they complete the designated trading [1] - The company will directly distribute cash dividends to specific shareholders, including Hubei Transportation Investment Group Co., Ltd. and China Merchants Highway Network Technology Holdings Co., Ltd. [2] Taxation Information - For individual shareholders holding shares for over one year, the cash dividend of 0.17 RMB per share is exempt from personal income tax [5] - For individual shareholders holding shares for one year or less, the company will not withhold personal income tax at the time of distribution, but the tax will be calculated upon the transfer of shares [5] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied, resulting in a net cash dividend of 0.153 RMB per share [6] - Hong Kong Stock Exchange investors will also face a 10% withholding tax, leading to a net cash dividend of 0.153 RMB per share [6] - Other institutional investors and corporate shareholders will receive the full cash dividend of 0.17 RMB per share without withholding [6] Contact Information - For inquiries regarding the implementation of the equity distribution, shareholders can contact the company's board office at 027-87576667 [7]