央视网消息：中国物流与采购联合会6月10日公布5月份中国电商物流指数。5月份中国电商物流指数继续回升，供求两端均呈现稳步上涨态势。 5月份中国电商物流指数为111.6点，较上月回升1.1点。分项指数中，电商物流总业务量指数创年内新高。电商物流总业务量同比增速年内首次突破 30%。分地区来看，全国所有地区总业务量指数均有所回升，西部地区环比回升幅度最大。农村电商物流业务量指数为129.6点，比上月回升0.6点，也创年 内新高。 从需求品类看，消费品"以旧换新"政策带动家电及通讯器材类商品消费需求旺盛。 5月份物流时效指数年内首次突破100点，升至101.2点。随着物流时效指数的回升，电商物流企业服务效率继续改善，履约率指数环比有所回 升。"AI+"科技赋能电商物流服务升级，"无人车+骑手"协同配送模式应用场景日益丰富，电商物流"最后一公里"服务效率明显提升。 5月份中国公路物流运价指数公布 供需改善 公路运输市场延续较好发展态势 中国物流与采购联合会10日公布5月份中国公路物流运价指数。在多重稳经济、扩内需政策加持下，公路运输市场延续较好发展态势。 5月份中国公路物流运价指数为105点，环比回升0.06%，同比 ...

Core Insights - The construction of the Xixiang Expressway, which connects Xichang to Shangri-La, is making significant progress with the completion of over 1000 meters of tunneling in both the Jinhe Tunnel and Hanpoling Tunnel, indicating a strong advancement towards timely project completion [1][2] Group 1: Project Significance - The Xixiang Expressway is crucial for the economic development of Liangshan, serving as a vital transportation route that connects key tourist attractions and supports the region's infrastructure goals [2] - The expressway is part of a broader initiative to enhance transportation networks in Liangshan, with a total of seven expressway projects currently under construction, exceeding 1200 kilometers in total length [2] Group 2: Investment and Infrastructure Development - Liangshan has invested over 150 billion yuan in expressway construction since the start of the 14th Five-Year Plan, with plans to complete over 41 billion yuan in road and waterway investments this year, leading the province [2] - The recently signed investment agreement for the Panyan Expressway, estimated at approximately 34.96 billion yuan, highlights ongoing infrastructure development efforts, with construction expected to begin in the third quarter of 2025 [3]

本次交易为公司控股子公司日常业务合同，合同定价均按照市场公允价格，不损害公司利益，也不存在 对集团内部关联人士进行利益输送的情形;同时，相关业务可以发挥集团内部关联公司的协同效应，进 一步节约公司及子公司的管理成本、提升管理效率，保证主营业务的有效运营。由于苏高新材公司以及 公司均为同一控股股东的子公司，以往所签署的协议均能得到有效执行，未出现任何违约情况，因此我 们认为有关关联交易╱持续关连交易协议不存在不能履约的风险。 江苏宁沪高速（600377）公路(00177)发布公告，公司控股子公司广靖锡澄公司就广靖北段扩建工程及 锡宜高速公路南段扩建工程委托交建局进行项目建设管理。2025年6月9日，就两项工程的沥青及新材料 采购，广靖锡澄公司、交建局、苏高新材公司三方分别就广靖北段扩建工程签订京沪高速公路广陵至靖 江段扩建工程沥青及新材料供应合同、就锡宜高速公路南段扩建工程签订无锡至宜兴高速公路雪堰枢纽 至西坞枢纽段扩建工程沥青及新材料供应合同。由苏高新材公司(作为供货方)向广靖锡澄公司提供工程 所需改性沥青、不粘轮乳化沥青、高模量添加剂、木质素纤维、抗剥落剂等工程材料。广靖北段扩建工 程所需沥青等材料采购履约 ...

Core Viewpoint - The China Logistics and Purchasing Federation announced that the highway logistics freight index for May shows a positive trend in the road transport market, supported by various economic stabilization and domestic demand expansion policies [1] Group 1: Freight Index Performance - The highway logistics freight index for May is reported at 105 points, indicating a month-on-month increase of 0.06% [1] - Year-on-year, the index has increased by 2.02%, reflecting a stable growth in the logistics sector [1]

周期论剑｜下半年逻辑再梳理 20250608 摘要 市场对经济预期已处于低谷，与经济相关板块零回报，表明市场上升动 力非经济增长改善，经济压力不会实质性影响市场。 新旧经济资本开支分野显现，新兴经济结构资本开支增加，传统老经济 资本开支下降，投资者对长期悲观预期开始修正。 2025 年股市上涨动力来自贴现率降低，无风险利率和风险溢价下降， 长期国债利率走低，增量资金入市推动估值提升。 经济下行催生资产管理需求，实业资本退出再生产，年轻人寻求资金增 值，长期投资逻辑在当前市场结构中尤为重要。 中国风险溢价降低，得益于合理经济政策和资本市场制度性改革，吸引 实业和金融资本参与，推动资本结构改革。 2025 年中国证券市场前景看好，新兴科技是主线，周期金融或成黑马， 看好稳定垄断和具有成长性的生意。 钢铁行业需求侧触底，出口和制造业对冲地产下行，供给侧企业自主减 产，预计钢价短期下行后有望触底反弹。 Q&A 2025 年下半年中国股市的走势预期如何？ 2025 年下半年，上证指数大概率会挑战 924 点的高点，预计上证指数的高点 会在 3,600 点以上。同时，港股有望创出年内新高。在投资主线上，新兴科技 是主线， ...

Core Viewpoint - The legal opinion letter from Grandall Law Firm confirms that Anhui Wantuo Expressway Co., Ltd. can proceed with a non-public issuance of H shares to Anhui Transportation Holding Group (Hong Kong) Co., Ltd. without the need to issue a tender offer, as it meets the relevant regulatory conditions [2][11][17]. Group 1: Investor Rights Changes - The legal opinion addresses the changes in investor rights related to the non-public issuance of shares and confirms that the issuance complies with the relevant laws and regulations [3][11]. - The opinion states that Anhui Wantuo Expressway has provided all necessary documentation to support the issuance and that the information is accurate and complete [3][5]. Group 2: Qualification of the Subscriber - Anhui Transportation Holding Group (Hong Kong) Co., Ltd. is confirmed to have legal entity status and is in good standing, with a registered capital of USD 24.8 million [5][6]. - The subscriber has no disqualifying conditions that would prevent it from acquiring H shares of Anhui Wantuo Expressway, as verified by the legal firm [6][17]. Group 3: Approvals and Authorizations - The board of directors of Anhui Wantuo Expressway has approved the issuance of H shares and authorized the necessary actions to complete the transaction [7][8]. - The shareholders' meeting has also granted general authorization for the issuance of new shares, allowing the board to act based on market conditions [8][9]. Group 4: Issuance Details - The non-public issuance involves the subscription of 49,981,889 H shares, with a total payment of HKD 522,310,740.05 made by the subscriber [11][17]. - The issuance is structured to ensure that the direct and indirect shareholding of Anhui Transportation Holding Group does not exceed the regulatory threshold for requiring a tender offer [17].

Core Insights - The digital transformation of transportation infrastructure in China has achieved significant milestones, with over 500 kilometers of highway corridors upgraded to smart systems [1][2] - The total length of demonstration corridors in 20 regions exceeds 60,000 kilometers, covering approximately 54,000 kilometers of highways and 7,500 kilometers of waterways, effectively establishing a comprehensive transportation network [1][2] Digital Transformation in Road Transportation - The next phase of digital transformation will focus on enhancing connectivity across regions and urban clusters, aiming for integrated services and operations [3] - Current applications include network monitoring, proactive management of high-traffic routes, and unified travel services, leading to a 20% improvement in traffic efficiency and a 30% increase in emergency response efficiency [3] Case Study: Guangdong Province - In Guangdong, the digital transformation has facilitated the management of over 6 million daily vehicle trips on a 11,700-kilometer highway network, with real-time traffic information accessible via the "Yue Tongxing" platform [4][5] - The platform enhances rescue response efficiency by approximately 40% through precise location sharing during accidents [5] Smart Control Platforms - The smart control platform for the Guangdong-Hong Kong-Macao Greater Bay Area utilizes real-time data to predict and manage traffic congestion, generating control strategies automatically [6] Integration of Services - The "Yue Tongxing" platform is evolving to integrate various services along highways, including dining, accommodation, and tourism, creating a diversified ecosystem [7] Digital Transformation in Water Transportation - The digitalization in water transport, exemplified by the "Zhe Zha Tong" platform, has significantly improved efficiency, reducing transit times from 26 hours to 10 hours for vessels passing through locks [10][12] - The platform has achieved a 99% usage rate among vessels in Zhejiang, with an 80% reduction in waiting times at locks, saving logistics costs by 300 million yuan annually [14]

内容概要：公路建设是指公路、桥梁、隧道、交通工程及沿线设施和公路渡口的项目建议书、可行性研 究、勘察、设计、施工、竣（交）工验收和后评价全过程的活动。公路建设资金包括：国家和地方投 资、专用单位投资、中外合资、社会集资、贷款、车辆购置附加费和部分养路费。随着国家公路、铁路 网逐渐完善，交通基建投资高增长的时代已终结。2023-2025年一季度，我国公路固定资产投资额呈下 滑态势，2024年全年固定资产投资额为25774亿元，同比下滑8.7%。2025年一季度投资额为4679亿元， 同比下滑8.4%。这主要系公路投资以地方政府和建筑类央企为主，当前地方政府和建筑类央企都面临 较大财务压力，影响了公路领域投资进度。从地区公路固定资产投资额来看，2024年期间，四川省以 2545.4亿元位居全国首位，占全国总投资额的9.9%；其次为浙江省，投资额为2278.1亿元，占全国总投 资额的8.8%。此外，还有广东、湖北、山东、安徽、广西、江苏、河南等7地公路固定资产投资额超千 亿元。 上市企业：粤高速A(000429)、山西高速(000755)、山东高速（600350）、招商公路(001965)、皖通高速 (600012 ...

证券研究报告 交通运输 看多航空、配置高股息港股公路、集运板块波动率加大 5 月客货两旺，五一假期出行需求旺盛，关税缓和提振美线货量。展望 6 月， 1）看多航空：短期暑运旺季催化、油汇利好下，行业景气回升；中长期供给 增速放缓推动供需改善。2）配置高股息港股公路：港股 Hibor 走低支撑红利 估值，公路板块业绩稳健性突出，推荐底仓配置。3）关税缓和大幅推升集运 运价，但市场预期或已充分，板块波动率加大。此外，推荐业绩稳健、盈利 向好、股息率较高的个股。综上，推荐：中国国航 AH/中国东航 AH/华夏航空 /中远海能 H/皖通高速 AH/浙江沪杭甬/粤高速 A/港铁公司/顺丰控股 AH。 航空机场：航空期待暑运表现；机场关注流量变现能力和资本开支周期 "五一"假期民航出行需求旺盛，并且票价持续好转。根据航班管家的数据， 第 18-21 周（4/28-5/25）国内线含油均价同比上升 0.8%。往后展望，航司 收益管理逐步改善，短期或将借助暑运进一步好转，叠加油汇或利好成本费 用，我们看好航司旺季盈利表现。中期由于供应商产能未恢复、发动机检修、 在手订单有限，航空供给或将维持较低增速，航司盈利能力有望持续提升 ...

6月6日，四川泸定至石棉高速公路(简称泸石高速)紫和1号隧道6日双幅贯通，标志着泸石高速泸定段45 公里主线工程实现贯通。 当日贯通的紫和1号隧道位于四川甘孜藏族自治州泸定县田坝乡甘草村，隧道右线全长2503米、左线全 长2466米，最大埋深达627米。隧道三分之一为稳定性极差的V级围岩，松软的块石土层、富含地下水 的冰碛层、破碎的岩体相互交织，地质灾害风险极高。 该隧道施工负责人介绍，项目团队采用"预注浆加固－短进尺掘进－弱爆破开挖－快速支护封闭"的循环 作业模式，用直径近1米的高压旋喷桩，像"打针"一样将水泥浆注入岩体，形成立体加固网络，使松软 岩体的"抗压能力"提升120%。 泸石高速全长96.511公里，由蜀道集团投资建设，概算总投资约174.08亿元，是四川甘孜藏族自治州第 二条高速公路。该项目连接通往甘孜涉藏地区的雅康高速和通往凉山彝区的雅西高速，是中国藏彝走廊 的重要组成部分。该项目桥隧比达86.5%，隧道占比达69%，平行接近多条区域性活动大断裂带，地震 基本烈度为Ⅷ度(8度)。 泸石高速王岗坪互通至大杉树枢纽互通33公里已于2024年12月31日通车试运营，泸石高速泸定段将于今 年再通45公 ...