证 券 研 究 报 告 ◼ 低利率环境下，红利资产配置价值突出，港股通高股息跑赢其他高股息指数，6月港股 通高股息指数跑赢沪深300红利指数1.17pct。截至2025年7月9日，股息率-十年期国 债收益率中，高速公路约1.5%，港口约1%，航运约5%。 ◼ 资金面：24年以来红利产品规模加速增长，截至2025Q1，规模合计超2000亿元，其 中红利ETF贡献较多增量；近一周看ETF规模有不同程度的变化，资金流向分化，长期 看（今年以来及近6月）多数ETF规模增长，年内资金持续流入。不同时间段，申赎净 流入及净值涨跌对规模变动影响不同。今年以来大部分港股红利ETF增量主要来自于申 赎净流入。交通运输行业在A股及港股红利指数中占比较高，大部分红利指数中交运 行业权重在10%以上。 ◼ 公路铁路预测股息率大于3%、利润增速稳定的公司：宁沪高速AH、赣粤高速、深高 速AH、大秦铁路、越秀交通基建、浙江沪杭甬、四川成渝AH、招商公路、中原高速、 粤高速A、福建高速、深圳国际、港铁公司、东莞控股；港口预测股息率大于3%、 ROE及利润增速稳定的公司：中远海运港口、招商局港口、唐山港、上港集团、招商 港口；航运预测股息率 ...

Core Viewpoint - The Wuhan Urban Circle Ring Expressway (Wuhan Sixth Ring Road) is progressing with significant milestones, including the full connectivity of Zhujiadian Bridge and Zhaipojiao Bridge, with completion expected by July 2027 [1][5]. Group 1: Project Overview - The Wuhan Sixth Ring Road is part of the "12th Five-Year Plan" for transportation development in Hubei Province and is a key project in the "14th Five-Year Plan" for comprehensive transportation development [3]. - The expressway spans approximately 215 kilometers, connecting two major bridges over the Yangtze River: the Douliu Changjiang Bridge and the Hannan Changjiang Bridge [3]. Group 2: Infrastructure Details - The northern section of the Sixth Ring Road, which includes the newly connected bridges, is crucial, starting from the boundary between Xiaogan City and Huangpi District, extending through several districts, and ending in the western part of Xinzhou District [5]. - The total length of the northern section is 66.12 kilometers, designed as a dual six-lane expressway with a speed limit of 120 km/h [5]. Group 3: Economic and Transportation Impact - The completion of the expressway will significantly reduce travel time, cutting the journey from northern to eastern Wuhan from 1.5 hours to 40 minutes, and reducing intercity commuting time to Ezhou and Huanggang by over 30% [9]. - The expressway will enhance the connectivity of key economic zones and tourist attractions, and is expected to lower annual logistics costs in the urban circle by 1.5 billion yuan [9].

星标 ★ IPO日报 精彩文章第一时间推送 2025年上半年，A股定增市场交出了一份亮眼的成绩单。 据IPO日报不完全统计，按增发股份上市日计算，截至6月30日，2025年上半年A股市场共计实施 了78个定增项目，募集资金总额为7805.1亿元。去年同期共计实施了83个增发项目，募资金额累 计977.93亿元。 与去年同期相比，今年上半年的增发数量基本持平，募资总额大幅上涨近700%，呈现显著回暖态 势。 制图：佘诗婕 增发规模大涨 IPO日报发现，今年定增规模爆发与国有银行巨额定增相关。 今年上半年，交通银行、中国银行、邮储银行、建设银行已完成超千亿定增。其中，中国银行募资 1650亿元，邮储银行募资1300亿元，交通银行募资1200亿元，建设银行募资1050亿元。上述四 大银行此次定增募资额合计达到5200亿元，占今年上半年募集资金总额的66.62%。 除了国有银行发起巨额定增，其他上市公司的定增规模也有明显增长。 具体来看，增发金额超100亿元的有9家，增发金额在50亿元-100亿元之间的有4家，增发金额在 20亿元-50亿元之间的有10家，增发金额10亿元-20亿元的有16家，其余公司的增发金额均在1 ...

Group 1: Market Overview - The FTSE China A50 Index components showed a positive trend with insurance, oil, and securities sectors rising significantly, while the banking sector also performed well [1][6]. Group 2: Sector Performance - The insurance sector, including companies like China Life and Ping An, saw increases in market capitalization, with China Life at 1,387.12 billion and Ping An at 1,036.22 billion, reflecting gains of 2.05% and 2.04% respectively [3]. - The oil sector, represented by Sinopec and PetroChina, also experienced growth, with Sinopec's market cap at 698.73 billion and PetroChina at 1,588.62 billion, both showing positive changes of 1.17% and 1.41% respectively [3]. - The semiconductor industry, including Northern Huachuang and Cambrian, faced slight declines, with Northern Huachuang down by 1.43% [3]. - The beverage sector, particularly Kweichow Moutai, reported a market cap of 1,780.16 billion, with a minor decrease of 0.13% [3]. Group 3: Trading Volume - Trading volumes varied across sectors, with the insurance sector leading with a total trading volume of 24.01 billion for Ping An, while the semiconductor sector had lower volumes, with Northern Huachuang at 9.73 billion [3][4]. - The automotive sector, represented by BYD, had a significant trading volume of 47.62 billion, indicating strong investor interest [3].

流动性方面，300红利低波ETF盘中成交3234.71万元。拉长时间看，截至7月9日，300红利低波ETF近1周日均成交1.56亿元。 规模方面，300红利低波ETF最新规模达57.39亿元。资金流入方面，300红利低波ETF最新资金净流入1.43亿元。拉长时间看，近5个交易日内有3日资金净流 入，合计"吸金"1.56亿元。 截至7月9日，300红利低波ETF近5年净值上涨61.15%，指数股票型基金排名43/995，居于前4.32%。从收益能力看，截至2025年7月9日，300红利低波ETF自 成立以来，最高单月回报为13.89%，最长连涨月数为5个月，最长连涨涨幅为14.56%，上涨月份平均收益率为3.66%。截至2025年7月9日，300红利低波ETF 近3个月超越基准年化收益为7.10%。 截至2025年7月10日 10:22，沪深300红利低波动指数上涨0.38%，成分股民生银行上涨4.74%，上海医药上涨3.94%，北京银行上涨2.41%，华夏银行上涨 2.13%，平安银行上涨1.71%。300红利低波ETF(515300)上涨0.35%。 有数据显示，截至目前，42家上市银行中，有35家银行已公 ...

证券代码：600350 证券简称：山东高速 公告编号：2025-054 山东高速股份有限公司 《关于以集中竞价方式回购股份的 关于以集中竞价交易方式首次回购公司股份的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 回购方案首次披露日 2025/4/30，由董事长提议 回购方案实施期限 2025 年 6 月 6 日~2026 年 6 月 5 日 预计回购金额 2亿元~3亿元 √减少注册资本 □用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 累计已回购股数 1,951,300股 累计已回购股数占总股本比例 0.04% 累计已回购金额 19,996,933.00元 实际回购价格区间 10.16元/股~10.3元/股 一、 回购股份的基本情况 山东高速股份有限公司（以下简称"公司"）于 2025 年 6 月 6 日召开 2024 年 年度股东大会，审议通过了《关于以集中竞价交易方式回购公司部分股份的议案》， 同意公司在股东大会审议通过回购方案之日起 12 个月内，以集中竞价 ...

板块周涨跌情况： 过去5个交易日，上证指数涨跌幅为+1.40%，深证成指涨跌幅为+1.25%，沪深300指数涨跌幅为+1.54%，创业 板指涨跌幅为+1.50%。中信交通运输板块涨跌幅为-0.3%，涨跌幅位居所有板块第27位。过去5个交易日，交 通运输行业子板块以上涨为主。涨跌幅前三位的子板块为：航运（+1.91%），港口（+0.83%），公路 （+0.70%）。涨跌幅后三位的子板块为：航空（-2.74%），快递（-1.37%），铁路（-0.93%）。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 地缘政治事件扰动剧烈，25H1油运运价宽幅震荡 2025H1，地缘政治事件扰动运价，1月美国对俄油轮实施大规模制裁，造成短期运价跳涨，而制裁带来的原油 合规运输需求提升使25Q1运价维持高位运行。Q2以来全球原油需求预 ...

Group 1 - Zhongyuan Expressway's wholly-owned subsidiary, Bingyuan Investment Holdings, successfully listed its investment in Geek+ (stock code: 02590.HK) on the Hong Kong Stock Exchange, marking it as the "first global stock of autonomous mobile robots in warehousing" [1] - Bingyuan Investment holds approximately 6.1815 million shares of Geek+ through the Sailin Huihong Fund, which is expected to yield good investment returns for Zhongyuan Expressway based on the closing price of HKD 17.7 per share on the listing day [1] Group 2 - Geek+ is recognized as a national-level manufacturing single champion and is a global leader in the smart logistics robot sector, maintaining the top market share in the global AMR (Autonomous Mobile Robot) solutions for warehousing for six consecutive years [3] - The company's AMR solutions are widely applied across various industries, including retail, manufacturing, and logistics, serving over 800 global clients, including many Fortune 500 companies, and covering more than 40 countries and regions [3] - Geek+ demonstrates strong growth momentum with a projected revenue compound annual growth rate (CAGR) of 45% from 2021 to 2024 and has established a leadership position in high-end markets in Europe and the United States [3] - The global AMR market is entering a rapid development phase, and the listing will provide Geek+ with a broader development platform [3] Group 3 - Bingyuan Investment was established in 2008 with a registered capital of 700 million yuan, fully funded by Zhongyuan Expressway, and is one of the early domestic investment institutions operating in a market-oriented manner [3] - The investment platform focuses on equity investment in strategic emerging industries, particularly in technology innovation enterprises [3] - Zhongyuan Expressway plans to continue leveraging Bingyuan Investment's professional operations to contribute to the development of new productive forces [3]

南都讯记者蒋小天发自北京7月9日，交通运输部发布消息，近期，交通运输部检查指导组明察暗访青海 3市州54点位，发现多处风险隐患。 6月13日至19日，交通运输部检查指导组第五组(简称检查指导组)先后对青海省西宁市、海东市、海南 藏族自治州14个区县的54个单位、企业和点位明察暗访。6月15日17时，检查指导组在海南藏族自治州 暗访，发现310国道连(云港)共(和)线恰卜恰至龙羊峡段(原恰龙公路)K20+000—K33+000段局部路基发 生明显沉陷。地方交通运输管理部门虽已将该风险点纳入2025年养护工程整治计划，但未及时采取临时 防护与交通引导措施。在季节性交通流量增大的背景下，公路运营安全风险突出。 此外，检查指导组还发现，个别高速公路路段由于湿陷性黄土等原因产生不均匀沉陷，且现场没有设置 完备的限速标志，可能对高速行车造成一定风险。部分管理单位和企业应急预案不完善且未开展针对性 演练，未按要求开展应急装备物资维护保养。部分运输企业安全生产主体责任落实不到位，执行安全生 产管理制度不够严格，安全管理较为粗放。 本次明察暗访中，检查指导组还发现，京藏高速公路上行方向老鸦峡1号隧道南侧、2号隧道北侧中央分 隔 ...

Market Overview - The FTSE China A50 Index components showed varied performance, with the liquor sector rising throughout the day while the semiconductor sector experienced a decline in the afternoon [1] Insurance Sector - China Life Insurance, China Pacific Insurance, and Ping An Insurance had market capitalizations of CNY 376.78 billion, CNY 356.91 billion, and CNY 1,017.95 billion respectively, with trading volumes of CNY 0.75 billion, CNY 2.22 billion, and CNY 0.84 billion [3] - The stock prices changed as follows: China Life Insurance decreased by CNY 0.73 (-1.93%), China Pacific Insurance decreased by CNY 0.55 (-0.97%), and Ping An Insurance decreased by CNY 0.14 (-1.62%) [3] Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of CNY 1,782.39 billion, CNY 217.50 billion, and CNY 472.00 billion respectively, with trading volumes of CNY 3.95 billion, CNY 2.00 billion, and CNY 2.48 billion [3] - Stock price changes included Kweichow Moutai increasing by CNY 2.38 (+1.35%), Shanxi Fenjiu increasing by CNY 0.82 (+0.68%), and Wuliangye increasing by CNY 2.77 (+0.20%) [3] Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Hygon had market capitalizations of CNY 238.96 billion, CNY 223.82 billion, and CNY 314.69 billion respectively, with trading volumes of CNY 1.47 billion, CNY 1.23 billion, and CNY 2.64 billion [3] - The stock prices changed as follows: Northern Huachuang decreased by CNY 7.77 (-1.43%), Cambricon Technologies decreased by CNY 1.51 (-1.10%), and Hygon decreased by CNY 2.82 (-0.84%) [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of CNY 187.27 billion, CNY 1,790.16 billion, and CNY 280.83 billion respectively, with trading volumes of CNY 3.97 billion, CNY 0.31 billion, and CNY 0.56 billion [3] - Stock price changes included BYD decreasing by CNY 1.08 (-0.33%), Great Wall Motors decreasing by CNY 0.08 (-0.36%), and Beijing-Shanghai High-Speed Railway increasing by CNY 0.03 (+0.53%) [3] Shipping and Oil Sector - COSCO Shipping Holdings, Sinopec, and PetroChina had market capitalizations of CNY 235.91 billion, CNY 688.67 billion, and CNY 1,570.32 billion respectively, with trading volumes of CNY 0.77 billion, CNY 1.08 billion, and CNY 0.76 billion [3] - The stock prices changed as follows: COSCO Shipping Holdings remained unchanged, Sinopec decreased by CNY 0.09 (-0.59%), and PetroChina increased by CNY 0.01 (+0.12%) [3] Coal and Battery Sector - China Shenhua, Shaanxi Coal and Chemical Industry, and CATL had market capitalizations of CNY 185.95 billion, CNY 745.07 billion, and CNY 1,234.66 billion respectively, with trading volumes of CNY 0.79 billion, CNY 0.69 billion, and CNY 7.95 billion [3] - Stock price changes included China Shenhua increasing by CNY 7.49 (+2.84%), Shaanxi Coal and Chemical Industry decreasing by CNY 0.22 (-0.58%), and CATL increasing by CNY 0.03 (+0.16%) [3] Other Sectors - Various sectors such as food and beverage, electronics, and pharmaceuticals showed mixed performance in terms of market capitalization and stock price changes [4]