货运量保持增长。1至10月，我国完成营业性货运量482.9亿吨，同比增长3.5%。其中，完成公路货运量 356.2亿吨，同比增长3.6%；完成水路货运量82.9亿吨，同比增长3.5%。 交通固定资产投资规模维持高位。1至10月，我国完成交通固定资产投资2.95万亿元。其中，公路、水 运分别完成投资2.01万亿元和1761亿元。 新华社北京11月28日电（记者叶昊鸣）记者28日从交通运输部获悉，1至10月，我国跨区域人员流动量 达568.8亿人次，同比增长3.6%。 港口集装箱吞吐量增长较快。1至10月，我国完成港口货物吞吐量151.3亿吨，同比增长4.3%。其中， 内、外贸吞吐量同比分别增长4.6%和3.7%。完成集装箱吞吐量2.9亿标箱，同比增长6.4%。 （文章来源：新华社） ...

看数据，截至今年9月，我国已有数十个数据基础设施节点完成互联互通验证，共覆盖20个省份。 看交通，京津冀、长三角、粤港澳大湾区等区域已形成1至2小时交通圈，"四纵四横两网"国家高等 级航道已经达标70%以上。 看能源，今年7月我国"北气南下"能源大通道累计输气量突破1000亿立方米。 基建赋能区域互联！"十五五"规划建议提出，推进跨区域跨流域大通道建设，强化区域基础设施互 联互通。 高效畅通的通道是促进区域联动发展的基础。促进各类要素合理流动、高效集聚，推动区域间互融 互促、互利共赢，需要依靠基础设施互联互通，让各地在深化合作中更好融入和支撑新发展格局，拓展 国内大循环空间。 放眼全国，区域基础设施互联互通成果斐然—— 推进大通道建设，要因地制宜。 "比如，在东北地区要加快论证建设油气管道和电力外送通道等，中部地区要依托现代化基础设施 体系建设强化该地区的大通道格局。"南方科技大学副校长金李建议，不同区域要发挥各自优势，在大 通道建设中精准施策。 以基建之利，济发展之需。在跨区域跨流域大通道托举下，区域联动发展成效将持续凸显。 "十五五"开局在即，提升区域基础设施互联互通水平有较大空间。要加快完善交通运输大通 ...

当日，2025年国际铁路安全理事会年会在港举行，李家超致辞时作上述表示。 香港特区行政长官李家超26日表示，中九龙绕道(油麻地段)将于12月21日通车。 香港特区政府表示，中九龙绕道(油麻地段)通车后，交通可绕过繁忙的中九龙地区，显著缩短行车 时间。在繁忙时间，由油麻地前往九龙湾的车程可由约30分钟缩短至仅约5分钟。 特区政府指出，中九龙绕道(油麻地段)工程包括天桥、地底钻爆隧道、海底隧道等部分，规模浩 大、挑战重重。工程团队采用崭新科技并推动工程数码化，不仅成功克服挑战，也使推进工程期间，仍 能确保社区的日常运作及保护邻近历史建筑物。 据悉，中九龙绕道(油麻地段)是香港又一项大型基建工程，是穿越中九龙的重要干道。中九龙绕道 (油麻地段)全长4.7公里，包括一段长约3.9公里隧道，采用双程三线分隔车道设计，连接西九龙的油麻 地交汇处与东九龙的启德发展区和九龙湾。 ...

Core Viewpoint - Zhejiang Jiaokao is actively planning its "14th Five-Year" development strategy, focusing on five major business segments to become a leading enterprise in new infrastructure [1] Group 1: Business Development - The company aims to optimize its business structure and enhance its capabilities in transportation infrastructure, urban construction, comprehensive maintenance, transportation manufacturing, and related industries [1] - As of September 2025, Zhejiang Jiaokao secured 801 new orders totaling 66.569 billion, a year-on-year increase of 20.20%, driven by expanded market efforts both domestically and internationally [1] - Key projects include significant highway contracts, indicating a strong order acquisition trend [1] Group 2: Maintenance Business - The company has developed strong professional and scale advantages in county-level maintenance, leading to good growth in maintenance business revenue and new orders [2] - For the first three quarters of 2025, Zhejiang Jiaokao reported a revenue of 31.418 billion, a year-on-year increase of 2.50%, maintaining a steady growth trend [2] - The net cash flow from operating activities improved significantly to -0.791 billion, attributed to advance payments from new projects and enhanced project fund management [2] Group 3: Future Development Strategy - The company plans to expand its industrial chain through mergers and acquisitions, focusing on three dimensions: enhancing the industrial chain, breaking through regional market limitations, and entering new infrastructure and technology sectors [2] - The core logic for mergers and acquisitions includes expanding qualifications, regional expansion, and strengthening the supply chain [2] Group 4: Industry Outlook - In 2024, Zhejiang's total transportation investment is expected to reach 409.3 billion, a year-on-year increase of 9.6%, with significant contributions from road and waterway investments [3] - The company is well-positioned to benefit from provincial infrastructure orders and is actively pursuing maintenance business to contribute additional profits [3]

Investment Rating - The report assigns a "Collect" rating to CK Infrastructure Holdings, with a target price of HKD 60.35 based on a 17x PE for 2026 [3]. Core Insights - CK Infrastructure Holdings demonstrates stable business performance, with an expected increase in project return rates during the new regulatory period [2][31]. - The company is actively expanding sustainable development projects in the UK and Australia, including smart grid solutions and electric vehicle charging infrastructure [2]. - The financial forecasts predict net profits of HKD 85.97 billion, HKD 89.38 billion, and HKD 92.69 billion for 2025, 2026, and 2027 respectively, reflecting a growth trend [3][5]. Business Performance Summary - For the first half of 2025, the company reported stable performance across various segments, with contributions from Electric Power Industry Limited increasing by 1% year-on-year to HKD 1.095 billion [4][11]. - The UK operations contributed HKD 2.223 billion, a 19% increase year-on-year, primarily due to the performance of Northumbrian Water and several gas networks [4][11]. - The Australian infrastructure business saw a decline of 8% in profit contribution to HKD 793 million, attributed to currency fluctuations and the expiration of profitable contracts [4][11]. - The company’s financial foundation remains strong, with cash holdings of HKD 47 billion and a net debt to total capital ratio of 10.6% [14][15]. Regulatory Period Insights - The new regulatory period starting April 1, 2026, is expected to enhance return rates for UK operations, with Northumbrian Water and Wales & West Utilities receiving proposals for increased returns [4][31]. - In Australia, significant regulatory resets are anticipated in 2025, with SA Power Networks commencing a new regulatory period on July 1, 2025, which is expected to allow for increased returns and asset base growth [4][34]. Dividend Information - The interim dividend for 2025 is set at HKD 0.73 per share, marking a 1.4% increase year-on-year, continuing a 28-year streak of dividend growth since the company's listing [4][11].

Core Viewpoint - Zhejiang Jiaokao (002061.SZ) focuses on infrastructure engineering, including investment, design, construction, maintenance, and consulting for various transportation infrastructure projects [1] Group 1: Company Overview - The company specializes in infrastructure engineering business, which encompasses roads, bridges, tunnels, rail transit, ports, and underground engineering [1] - The company has not yet ventured into the robotics field [1]

Core Viewpoint - The company reported a slight increase in revenue for the first three quarters of 2025, but a significant decline in net profit, indicating challenges in profitability despite revenue growth [1][2]. Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 31.418 billion yuan, a year-on-year increase of 2.50% [1][2]. - The net profit attributable to shareholders was 715 million yuan, a year-on-year decrease of 14.83% [1]. - In Q3 alone, the company recorded a revenue of 12.771 billion yuan, up 4.57% year-on-year, but the net profit dropped by 48.14% to 170 million yuan [1][2]. Orders and Market Performance - Q3 saw a significant increase in new orders, with new contracts amounting to 34.412 billion yuan, a year-on-year growth of 210.3% [2]. - Cumulatively, the total orders for the first three quarters reached 66.57 billion yuan, reflecting a year-on-year increase of 20.2% [2]. - The company faced a decline in order volume in 2024 due to delays from some clients, but the trend has reversed in 2025 with accelerated project launches [2]. Margins and Expenses - The overall gross margin for the first three quarters was 8.02%, a decrease of 0.13 percentage points year-on-year [3]. - The expense ratio increased to 4.63%, up 0.37 percentage points year-on-year, with specific increases in management and R&D expenses [3]. - The net profit margin for the first three quarters was 2.27%, down 0.46 percentage points year-on-year [3]. Cash Flow and Financial Health - Q3 saw a significant cash inflow, with net cash flow from operating activities turning positive at 2.108 billion yuan [4]. - The cash collection ratio improved to 109.03%, an increase of 11.01 percentage points year-on-year [4]. - The company's debt ratio decreased by 1.15 percentage points to 76.03%, indicating improved financial stability [4]. Industry Outlook - In 2024, Zhejiang province's transportation investment reached a record high of 409.3 billion yuan, a year-on-year increase of 9.6% [5]. - The company is expected to benefit from the high construction intensity in the province, with planned transportation investments of 350 billion yuan for 2025 [5]. - The company is actively pursuing maintenance business opportunities to enhance profit contributions alongside its core construction activities [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved operating revenue of 31.418 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 2.50%. However, the net profit attributable to shareholders decreased by 14.83% to 715 million yuan, and the net profit after deducting non-recurring gains and losses fell by 15.17% to 697 million yuan [5][6] - In Q3 alone, the company reported operating revenue of 12.771 billion yuan, a year-on-year increase of 4.57%, but the net profit attributable to shareholders dropped significantly by 48.14% to 170 million yuan [5][6] - The company experienced a substantial inflow of cash flow in Q3, primarily due to an increase in cash receipts and significant cash inflows related to operating activities [11] Summary by Sections Revenue and Profitability - The company reported a total operating revenue of 31.418 billion yuan for the first three quarters of 2025, with a 2.50% increase year-on-year. The net profit attributable to shareholders was 715 million yuan, down 14.83% year-on-year, while the net profit after deducting non-recurring items was 697 million yuan, a decrease of 15.17% [5][6] - In Q3, the company achieved an operating revenue of 12.771 billion yuan, reflecting a 4.57% year-on-year growth, but the net profit attributable to shareholders fell by 48.14% to 170 million yuan [5][6] Cash Flow - The company experienced a significant cash inflow in Q3, with a net cash inflow from operating activities of 2.108 billion yuan, marking a positive turnaround compared to the previous year. The cash collection ratio improved to 100.99%, an increase of 5.28 percentage points year-on-year [11] - The net cash outflow from operating activities for the first three quarters was 791 million yuan, which was a reduction of 2.297 billion yuan compared to the previous year [11] Order Growth - The company reported new orders of 34.412 billion yuan in Q3, a remarkable year-on-year increase of 210.3%. Cumulatively, the total orders for the first three quarters reached 66.57 billion yuan, up 20.2% year-on-year [11] - The company is expected to benefit from the high level of infrastructure investment in Zhejiang province, which is projected to reach 350 billion yuan in 2025 [11]

Core Viewpoint - The company, Yuexiu Transportation Infrastructure (01052), has issued a short-term financing bond amounting to RMB 400 million for the year 2025, with a maturity of 180 days and an interest rate of 1.56% [1] Group 1 - The bond issuance took place on November 6, 2025, as part of the company's routine business operations [1] - The company has received a "AAA" credit rating from China Chengxin International Credit Rating Co., Ltd [1] - The funds raised from this bond will be used to repay existing debt financing tools and loans from the company's subsidiaries [1]

Core Viewpoint - Yuexiu Transportation Infrastructure (01052) has issued a short-term financing bond amounting to RMB 400 million for the second phase of 2025, with a coupon rate of 1.56% and a maturity of 180 days [1] Group 1 - The company has received a "AAA" credit rating from China Chengxin International Credit Rating Co., Ltd [1] - The issuance of the short-term financing bond is part of the company's routine business operations, aimed at informing investors about its business development [1] - The funds raised will be used to repay existing debt financing instruments and loans from the company's subsidiaries [1]