每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 【策略】股市看似"风波又起"，实则升势"未完待续" 报告摘要： 大势研判：继续看好，行情看似"风波又起"，实则升势"未完待续"。 国泰海通策略是在 4 月 7 日后前瞻且持续研判中国股市上升的研究团队，近期在"疑云重重"的伊朗局势下关于股市"风波又起"的 担忧有所增加。不同于当下投资人的疑虑，我们认为，外部疑云并不足以趋势性阻断中国股市，相反中国 的确定性是当下中国股市稳定和阶梯式上升的重要基础，我们对行情的看法仍比共识更乐观： 1 ）投资人 关于经济形势与国际形势的复杂性认识是充分的，而新技术、新消费等商业机会开始涌现，这并不是短期 现象，而是结构趋势的积极转变。 2 ）利率降至低位后，长期国债收益破 2 与存款利率破 1 ，中国股市的 无风险利率实质性降低，投资股票的机会成本下降，长期入市和居民入市进入历史转折点。 3 ）及时、得 当与合理的宏观政策，更重视投资者回报的资本市场基础制度改革，对于推动经济社会风险评价的降低与 改变投资人面对风险的保守态度具有关键意义。股市预期和微观流动性均进入上升的趋势，继续看多。 与众不同的认识：经济预期正 ...

Core Viewpoint - The C-REITs market continues to perform strongly amid low bond yields, attracting long-term capital, particularly in the highway REITs sector, which is expected to benefit from increasing regional liquidity and favorable policies [1][2]. Market Performance - As of the 23rd week of 2025, the CSI REITs Index closed at 881.85, up 10.7% year-on-year and 1.55% month-on-month; the CSI REITs Total Return Index reached 1107.26, up 18.05% year-on-year and 1.58% month-on-month [2]. - The weekly trading volume of the REITs market was 465 million units, a year-on-year increase of 18.93%, with a transaction value of 2.093 billion yuan, up 29.28% year-on-year [2]. - Highway REITs are favored for their strong cash flow and stable returns, supported by the growth in vehicle ownership and economic recovery [2]. Industry Outlook - The Central Committee and State Council have issued opinions to support the issuance of REITs for qualifying transportation projects, indicating significant potential for the expansion of highway REITs [3]. - As of the end of 2024, the total length of highways in China reached 190,700 kilometers, with a notable increase in the national highway network [4]. - The construction of highways is ongoing, with a potential asset scale for highway REITs estimated to be over 10 trillion yuan, given the profitability of underlying road assets [4]. Policy Support - New regulations extending the concession period for infrastructure projects to 40 years are expected to enhance the stability and attractiveness of highway REITs [4]. - The government is actively promoting the optimization of toll road policies and extending toll collection periods, which will benefit the highway sector [5]. Investment Opportunities - The issuance of highway REITs can help accelerate capital turnover for highway construction companies and reduce their debt ratios, providing investors with a new channel to participate in infrastructure returns [5]. - The competitive landscape for quality highway projects is intensifying, necessitating improved operational management capabilities [6]. Future Development - Companies are exploring synergies between highways and other sectors, such as logistics, tourism, and renewable energy, to enhance asset management [6]. - The integration of renewable energy projects, such as solar power generation along highways, is being pursued to align with national carbon neutrality goals [7]. - Highway REITs are expected to maintain growth potential due to stable cash flows and favorable policies, appealing to long-term investors like insurance and pension funds [7].

铺开中国地图，19万余公里的高速公路纵横交错。在这张全球规模最大的高速公路网上，越来越多 的"黑科技"正在为安全出行保驾护航。 浙江金华，甬金高速改扩建金华段工程建设正酣。几公里外，操作员轻点屏幕，一架无人机随即升空， 以每秒15米的速度飞行。无人机时而自动巡飞，时而悬停航拍，并将动态实时回传后台。 "相比于人工巡检，无人机不仅有效降低了涉路安全风险，还能在两小时内完成全线近70公里的线路巡 检，效率提高约10倍。"浙江交通集团甬金高速改扩建金华段工程指挥部副指挥陈魁介绍。 无人机借助高清相机，实时回传巡检线路的图像。后台AI算法平台通过逐帧分析图像，能及时发现隐 患，并下发至工点网格员来处理。"未来，全线将布设11个起降平台，投用9台无人机，实现全线高效巡 检。"陈魁说。 这边，无人机"亮相"；那头，机器人"上岗"。 江苏省常泰高速公路上，世界最大跨度公铁两用斜拉桥——常泰长江大桥即将通车。 阳光洒落，主桥斜拉索如琴弦般闪耀。定睛细看，在钢铁巨构上，两台形如银环的智能爬索机器人正紧 紧环抱拉索，以每分钟10米的速度爬升。 "单根重达百吨的斜拉索，是主桥的关键受力构件，直接关系桥梁整体的运营状态。"江苏交控长 ...

（一）对 2023 年年度报告的更正情况 第三节"管理层讨论与分析"之"五、报告期内主要经营情况"之"（三） 资产、负债情况分析"之"1.资产及负债状况"。 证券代码：600033 证券简称：福建高速 编号：临 福建发展高速公路股份有限公司 关于 2023 年、2024 年年度报告更正的公告 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。 福建发展高速公路股份有限公司（以下简称公司）分别于 2024 年 4 月 18 日、2025 年 4 月 19 日披露了公司《2023 年年度报告》《2024 年年度报告》。 经核查，公司披露的 2023 年、2024 年年度报告个别数据有误，现对相关信息进 行更正。本次更正不涉及对公司财务报表的调整，不会对公司 2023 年、2024 年 年度的经营业绩造成影响。 一、更正内容 | | | 本期期末 数占总资 | | 上期期末 数占总资 | | 本期期末金 额较上期期 | | --- | --- | --- | --- | --- | --- | --- | | 项目名称 数 | 本期期末 ...

Core Points - The company announced a cash dividend of 0.131 yuan per share for its A shares [1][2] - The dividend distribution plan was approved at the annual shareholders' meeting held on April 22, 2025 [1] - The record date for shareholders to receive the dividend is June 19, 2025, with the ex-dividend date on June 20, 2025 [2] Dividend Distribution Details - The total number of shares for the dividend distribution is based on the company's total share capital of 1,609,653,858 shares [2] - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch [2] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [2] Taxation Information - Individual shareholders holding shares for over one year are exempt from personal income tax on dividends [3] - For shares held for one month or less, the full dividend amount is subject to personal income tax, while shares held between one month and one year are taxed at 50% of the dividend amount [3] - Qualified Foreign Institutional Investors (QFII) will receive a net cash dividend of 0.1179 yuan per share after a 10% withholding tax [4][5] Contact Information - Shareholders with inquiries regarding the dividend distribution can contact the company's securities department at 07715520235 [6]

Core Viewpoint - The performance of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF reflects mixed results among constituent stocks, with a notable focus on liquidity and fund inflows, indicating a potential investment opportunity in low volatility dividend stocks [3][4][5]. Group 1: Index Performance - As of June 13, 2025, the Zhongzheng Dividend Low Volatility 100 Index (930955) decreased by 1.14%, with constituent stocks showing varied performance [3]. - The top-performing stocks included Shandong High-speed (600350) up by 1.79% and China Gold (600916) up by 1.67%, while Jizhong Energy (000937) led the decline at 6.43% [3][9]. - The Dividend Low Volatility 100 ETF (159307) fell by 0.57%, with a latest price of 1.05 yuan and a turnover rate of 1.17% [3]. Group 2: Fund Flows and Liquidity - The Dividend Low Volatility 100 ETF has seen a recent net inflow of 529.31 million yuan, with 16 out of the last 22 trading days showing positive net inflows totaling 4,734.67 million yuan [4][5]. - The ETF's latest scale reached 994 million yuan, marking a one-year high, with shares totaling 938 million, also a one-year high [4]. Group 3: Financial Metrics - The Dividend Low Volatility 100 ETF has achieved a 12.24% increase in net value over the past year, ranking first among comparable funds [6]. - The ETF's maximum drawdown this year was 6.18%, the smallest among comparable funds, with a recovery time of 36 days [6]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest in its category [6]. Group 4: Index Composition - As of May 30, 2025, the top ten weighted stocks in the Zhongzheng Dividend Low Volatility 100 Index accounted for 19.64% of the index, with Jizhong Energy (000937) being the highest at 3.09% [7][9].

Core Viewpoint - The article highlights the rapid response and dedication of the China Railway Construction Kunlun Investment Group's Chongqing Jinlu Transportation Engineering Co., Ltd. in emergency rescue operations during severe weather events, showcasing their commitment to maintaining road safety and efficiency [1][3]. Group 1: Emergency Response Actions - On May 30, a landslide on the Deysu Expressway prompted a swift response from the Sichuan maintenance center, which cleared debris and restored a safe passage [1]. - On June 9, heavy rainfall caused a mudslide on the Moxilin Expressway, where 12 team members from the Yunnan maintenance center worked tirelessly for 11 hours to reopen the blocked road [1][3]. Group 2: Technological Support - Jinlu Company has developed the "Jinlu Tong" smart maintenance platform, which integrates with Gaode's "Early Warning Spirit" to create a comprehensive emergency response system that enhances decision-making through data analysis [6]. - This smart system is currently applied to 21 expressways managed by Jinlu Company, covering over 1,800 kilometers, ensuring ongoing safety for the highways [6]. Group 3: Summer Flood Prevention Measures - Jinlu Company has initiated a "Three Checks and Three Strengths" summer flood prevention campaign, focusing on slope stability, drainage systems, and identifying hidden risks to ensure road safety [8]. - The company is also conducting emergency drills to test the effectiveness of their emergency plans and improve team coordination for rapid response to flooding disasters [8].

Core Viewpoint - The construction of a strong transportation system in China has made significant progress in recent years, with a focus on high-quality development and the establishment of a comprehensive transportation network [2][3]. Infrastructure Development - China's comprehensive transportation network has exceeded 6 million kilometers, connecting over 80% of counties and serving approximately 90% of the economy and population [2]. - As of the end of last year, the railway operating mileage reached 159,000 kilometers, with over 45,000 kilometers of high-speed rail; the total length of highways reached 5.4368 million kilometers, including 183,600 kilometers of expressways [2]. - Inland waterway navigation mileage is 128,200 kilometers, with 15,400 kilometers of class three and above waterways; there are 22,023 productive port berths, including 2,878 berths for vessels of 10,000 tons and above [2]. Transportation Efficiency - Daily transportation volumes have increased, with approximately 150 million tons of goods and 445 million express parcels delivered each day in 2023 [4]. - The railway sector has improved service levels, enhancing both passenger and freight transport capabilities [4]. - The civil aviation sector has seen a 13.4% year-on-year increase in flight volume, with an on-time performance rate exceeding 80% for six consecutive years [5]. Logistics and Cost Reduction - The logistics cost as a percentage of GDP decreased by 0.3 percentage points compared to the previous year, indicating improved efficiency in logistics operations [5]. - The proportion of freight volume from rail and water transport has increased by 1.4 and 3 percentage points, respectively, since 2017 [5]. Technological Innovation - Significant advancements in transportation technology have been made, including the development of high-speed rail technology and the introduction of smart logistics solutions [7]. - The low-altitude economy is thriving, with over 14,000 drone companies and more than 225,000 licensed drone operators in China [7]. - The number of newly registered drones reached nearly 608,000 in the first half of this year, a 48% increase from the end of last year [7]. Future Initiatives - The Ministry of Transport plans to accelerate the construction of the "6 axes, 7 corridors, and 8 channels" framework and enhance the national comprehensive freight hub [3][6]. - Efforts will be made to lower logistics costs and improve efficiency through structural, systematic, and technological enhancements [6]. - The government aims to develop a robust low-altitude service guarantee system and improve infrastructure standards to support the growth of the low-altitude economy [8].

齐鲁晚报·齐鲁壹点 张頔 齐鲁晚报·齐鲁壹点记者于浙江政务服务网获悉，6月5日，其公示了浙江杭宣高速公路有限公司（下称"杭宣高速公司"）未经批准非法占用土地案的行政处 罚结果信息，行政处罚决定书文号杭桐旧县罚决字﹝2025﹞第000006号。 | | 全国一体化在线政务服务平台 ട്ര 浙江政务服务网 | ●浙江省▼ | | 国家政务服务平台 浙江省人民政府 无障碍 | | --- | --- | --- | --- | --- | | 好差评 | 首页 企业服务 | 个人服务 | 部门服务 | Q 动物检疫证明核发 | | | 行政处罚结果信息公开详情 | | | 返回行政处罚结果信息: | | 浙江杭宣高速公路有限公司未经批准非法占用土地案 | 案件名称 | | | | | 杭桐旧县罚决字〔2025〕第000006号 | 行政处罚决定文书号 | | | | | 浙江杭宣高速公路有限公司 | 被处罚单位(被处罚人) | | | | | 叶某某 | 法定代表人（或单位负责人） | | | | | 桐庐县人民政府旧县街道办事处 | 执法部门 | | | | | 2025-06-05 | 作出行政处罚的日期 | ...

智通财经APP获悉，东兴证券发布研报称，下半年的运输板块挑战与机遇并存。目前市场对于部分周期 底部行业给予了较为悲观的预期，但这也正是周期行业的机会所在。价格竞争是行业的正常现象，去年 以来政府部门对于反内卷的日益重视，则体现出国家希望为行业的价格竞争行为划定一条底线。交运板 块中，航空板块自疫情后持续亏损，24年还出现了较明显的票价下降;快递板块24年起价格战烈度明显 加剧，目前也已经持续了较长时间。两者盈利都长期受价格竞争的影响。 长期看，任何行业都需要合理的利润，长期处于微利或亏损状态不利于行业健康发展。因此该行认为， 对于价格竞争较为激烈的领域，需要重点关注行业基本面和政策调控带来的变化，行业价格端的触底回 升会带来较强的盈利弹性。 东兴证券主要观点如下： 快递：通达系价格战进入深水区，重视左侧配置价值 今年快递板块的价格战烈度较高，中通与圆通两家头部企业同时加大对市场份额的争夺力度，对行业后 续的价格水平大概率形成一定冲击。受价格战烈度加剧的影响，一季度行业整体表现为利润下降。若将 盈利拆解为件量乘以单票净利润，则表现为件量增长无法完全对冲单票盈利下降造成的影响。 与业绩的压力相对的是，目前市场对快 ...