（记者 王晓波） 2025年1至6月份，吉林高速的营业收入构成为：高速公路营运占比93.4%，机电工程占比6.6%。 每经AI快讯，吉林高速（SH 601518，收盘价：2.92元）11月28日晚间发布公告称，公司于近日收到鲁 明威先生递交的书面辞职报告：由于工作调整的原因，现辞去吉林高速公路股份有限公司总经理的职 务。鲁明威先生的辞职报告自送达公司董事会之日起生效，并已按照相关规定做好交接工作，其辞职不 会影响公司的正常运营。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 截至发稿，吉林高速市值为55亿元。 ...

该行预计，短期公司收购阜周和泗许高速安徽段、宣广和广祠改扩建完成贡献盈利增量，另收购山东高 速（600350）7%股权有望增厚2026年投资收益约3亿元人民币;中长期看，高界高速改扩建和参股修建 新路产体现持续成长性。 中金发布研报称，首次覆盖安徽皖通高速（600012）公路(00995)，给予"优于大市"评级，目标价15.12 港元，较现价有8%上行空间。公司路产多位于省际交界处，承东启西、连南接北、沿江通海，当地汽 车产业发达，区域客货运需求大。公司核心路产开通时间早，2014-24年平均毛利率高达59.5%，改扩建 后收费年限长。 报告提到，公司2025-27年规划分红比例不低于60%，据该行测算，H股现价对应2025-26年股息率为 5.4%/6%，均位于H股高速前列。中金预计公司2025/26年盈利分别为19.7/21.7亿元人民币，2024-26年复 合增长率为14%。当前H股高速平均股息率为5.9%，考虑皖通聚焦高速、资产优异且成长性好，市场应 给予一定估值溢价，以5%股息率对应H股2025年目标价15.12港元，对应2025/26年12/10.8倍市盈率。 ...

智通财经APP获悉，中金发布研报称，首次覆盖安徽皖通高速公路(00995)，给予"优于大市"评级，目标 价15.12港元，较现价有8%上行空间。公司路产多位于省际交界处，承东启西、连南接北、沿江通海， 当地汽车产业发达，区域客货运需求大。公司核心路产开通时间早，2014-24年平均毛利率高达59.5%， 改扩建后收费年限长。 该行预计，短期公司收购阜周和泗许高速安徽段、宣广和广祠改扩建完成贡献盈利增量，另收购山东高 速7%股权有望增厚2026年投资收益约3亿元人民币;中长期看，高界高速改扩建和参股修建新路产体现 持续成长性。 报告提到，公司2025-27年规划分红比例不低于60%，据该行测算，H股现价对应2025-26年股息率为 5.4%/6%，均位于H股高速前列。中金预计公司2025/26年盈利分别为19.7/21.7亿元人民币，2024-26年复 合增长率为14%。当前H股高速平均股息率为5.9%，考虑皖通聚焦高速、资产优异且成长性好，市场应 给予一定估值溢价，以5%股息率对应H股2025年目标价15.12港元，对应2025/26年12/10.8倍市盈率。 ...

南财智讯11月28日电，吉林高速公告，公司于近日收到鲁明威先生递交的书面辞职报告，由于工作调整 的原因，现辞去吉林高速公路股份有限公司总经理的职务。根据《公司法》《公司章程》等有关规定， 鲁明威先生的辞职报告自送达公司董事会之日起生效，并已按照相关规定做好交接工作。 ...

Core Viewpoint - Fujian Expressway (600033.SH) is enhancing its external investment strategy by participating in a capital increase project for Haixia Insurance, aiming to leverage its cash flow advantages for sustainable development [1][5]. Investment Plan - Fujian Expressway plans to invest 180 million yuan in Haixia Insurance's 2025 capital increase project, which totals 1 billion yuan [1][2]. - After the capital increase, Fujian Expressway will maintain an 18% stake in Haixia Insurance, making it the second-largest shareholder [1][3]. Financial Performance - For the first three quarters of 2025, Fujian Expressway reported revenue of 2.298 billion yuan, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 822 million yuan, up 3.58% [1][5]. - The company plans to distribute a cash dividend of 0.5 yuan per share, totaling 137 million yuan, which represents 16.70% of its net profit for the same period [1][6]. Shareholder Structure Post-Investment - Following the capital increase, Fujian Provincial Investment Development Group will increase its stake in Haixia Insurance from 20% to 55.49%, while Fujian Shipbuilding Industry Group will maintain its 10% stake [3]. Operational Context - Fujian Expressway operates 282 kilometers of toll roads and has invested in various financial institutions, contributing positively to its long-term sustainable development [5][6]. - The company has achieved an investment income of 49.12 million yuan in the first nine months of 2025, reflecting a year-on-year growth of 23.63% [6]. Financial Stability - As of September 2025, Fujian Expressway's total assets amounted to 17.593 billion yuan, with a low debt-to-asset ratio of 14.01% [7].

Summary of Key Points from Conference Call Records Industry Overview - **Transportation Industry**: The report focuses on the transportation sector, particularly the aviation and shipping industries, with a positive outlook for 2026 [1][2][3]. Core Insights and Arguments Aviation Industry - **Optimistic Outlook**: The aviation sector is expected to perform well in 2026, with passenger load factors reaching historical highs (e.g., 87% for major airlines like China Southern and China Eastern, and over 90% for Spring Airlines) [3][4]. - **Profit Potential**: A 10% increase in ticket prices for airlines with revenues around 100 billion can lead to a profit increase of approximately 10 billion [1][3]. - **Supply Chain Constraints**: The global aircraft supply chain is anticipated to remain tight due to limited participants in the manufacturing market and challenges in scaling production [4]. - **Demand Drivers**: Increased consumer policies and travel demand are expected to significantly boost service consumption, particularly in cultural and tourism sectors [4]. Shipping Industry - **Market Segments to Watch**: Focus on cruise, bulk cargo, and container shipping markets, with cruise rates exceeding $100,000 per day, driven by oil production cycles and sanctions [5][6]. - **Capacity Constraints**: The shipping industry faces limited capacity growth due to low order backlogs since 2022, leading to a strong growth outlook [5][6]. - **Oil Tanker Market**: High percentage of aging vessels (20 years or older) necessitates increased scrapping, with every $10,000 rise in rates potentially adding over 1 billion in profits for companies like COSCO Shipping Energy [8]. - **Dry Bulk Market**: The Simandou iron ore project is expected to significantly increase transportation demand, with production projected to reach 20 million tons by 2026 and 80 million tons by 2028 [8]. Dividend Assets - **Return Expectations**: Dividend assets are projected to revert to mean returns around 10% in 2026, driven by 5% earnings growth and a 4-5% dividend yield [9][10]. - **Highway Sector Stability**: The highway sector is expected to maintain stable operations, with dividend yields projected between 4.5-5% for companies like Sichuan Chengyu and Shandong Highway, and potentially over 6% for Hong Kong-listed firms [10]. Port Sector - **Strategic Importance**: Ports are highlighted as strategic global assets, with companies like China Merchants Port showing upward momentum due to their current undervaluation [11]. Express Delivery Industry - **Market Adjustments**: The express delivery sector, particularly the Tongda system, is positioned for growth following adjustments and the "anti-involution" policy, which is expected to enhance industry quality and profitability [12]. Additional Important Insights - **Investment Recommendations**: Key companies to watch include major airlines (Air China, China Eastern, China Southern), and shipping firms like COSCO Shipping and China Merchants Energy, as well as express delivery leaders like YTO Express and ZTO Express [6][12]. - **Overall Investment Focus**: The report emphasizes the importance of sectors with upward performance potential, such as aviation, shipping, and express delivery, alongside dividend assets that are expected to recover in the economic recovery context [13].

11月26日晚间，福建高速披露对外投资计划，拟以自有资金1.8亿元，参与海峡金桥财产保险股份有限 公司（以下简称"海峡保险"）2025年度增资扩股项目。 数据显示，2025年前三季度，福建高速实现营业收入22.98亿元，同比增长1.3%；归属于上市公司股东 的净利润（以下简称"归母净利润"）8.22亿元，同比增长3.58%。 值得关注的是，同日晚间，福建高速发布利润分配方案，拟每10股派发现金红利0.5元（含税，下 同），合计拟派发现金红利1.37亿元，占公司2025年前三季度归母净利润的比例为16.70%。 同花顺数据显示，自2001年上市以来，福建高速累计分红68.5亿元。而自2009年11月定增之后，福建高 速已16年未实施股权再融资。 长江商报消息●长江商报记者 徐佳 在"主业提升、投资驱动"的发展战略下，福建高速将通过参与海峡保险增资，发挥公司现金流优势，拓 展可持续发展空间。 主业稳健的福建高速（600033.SH）加码对外投资。 长江商报记者注意到，海峡保险本次将获得10亿元增资。本次增资后，福建高速依旧持有海峡保险18% 股权，为后者第二大股东。 同时，福建省投资开发集团作为海峡保险的第一大股 ...

Summary of Key Points Core Viewpoint - The company held a performance briefing on November 27, 2025, to address investor concerns regarding its financial performance and operational strategies for the upcoming periods [1]. Group 1: Financial Impact and Revenue - The revenue from the Weilai Expressway is expected to decrease by 345 million yuan in 2025 due to the cessation of tolls after its expiration on October 18, 2024 [3]. - The JiTai Expressway project is progressing normally, and the impact of construction on revenue has been adequately considered in profit forecasts [3]. - The JiHe Expressway saw a year-on-year revenue increase of 178.59% due to the restoration of two-way traffic, while the revenue from the JiTai Expressway segment decreased by 7.94% due to the expiration of tolls on the JiTai-JiQing connection line [3]. Group 2: Technological Development and Innovation - The company is focusing on "smart highways" and "green low-carbon" technologies, with a commitment to increasing research and development efforts despite a current R&D expense ratio of only 1.76% [4]. - The company is exploring new profit growth points through digital transformation and innovative services, which have already shown significant results in cost reduction and efficiency improvement [4]. Group 3: Capital Structure and Shareholder Returns - The company has experienced high capital expenditures and rising debt levels due to extensive infrastructure projects since 2016, but plans to gradually reduce its debt ratio as these projects are completed and operational [4]. - Future strategies may include asset securitization or the introduction of strategic investors to optimize the capital structure and balance large-scale infrastructure investments with shareholder returns [4]. Group 4: Profitability and Margin Management - The gross profit margin increased by 4.8 percentage points to 31.09% in Q3 2025, primarily due to a reduction in low-margin PPP construction revenue [5]. - The company aims to maintain profitability by focusing on its core business and enhancing the proportion of high-margin assets in its portfolio [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000886 证券简称：海南高速 公告编号：2025-072 海南高速公路股份有限公司 关于重大资产重组进展的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、交易概述 公司于2025年11月22日披露了《海南高速公路股份有限公司关于深圳证券交易所〈关于对海南高速公路 股份有限公司重大资产购买暨关联交易的问询函〉的回复公告》（公告编号：2025-067）。 公司于2025年11月24日披露了太平洋证券股份有限公司、北京中评正信资产评估有限公司、致同会计师 事务所（特殊普通合伙）关于深圳证券交易所《关于对海南高速公路股份有限公司重大资产购买暨关联 交易的问询函》的相关回复及核查意见。 公司于2025年11月26日披露了《海南高速公路股份有限公司关于本次交易相关主体买卖股票情况的自查 报告的公告》等相关公告。 海南高速公路股份有限公司（以下简称"公司"）拟以现金支付方式购买海南省交投商业集团有限公司 （以下简称"交易对方"）持有的海南省交控石化有限公司（以下简称"交控石化"）51.0019%股权。 ...

Core Viewpoint - The company held a Q3 2025 earnings briefing to address investor concerns regarding its financial performance and future projects, highlighting both challenges and strategic responses in its operations [1][3]. Group 1: Financial Impact and Revenue - The revenue from the Weilai Expressway is expected to decrease by 345 million yuan in 2025 due to the cessation of tolls after its completion in October 2024 [3]. - The Jihe Expressway saw a significant revenue increase of 178.59% year-on-year due to the restoration of two-way traffic, while the Jingtai Expressway experienced a revenue decline of 7.94% primarily due to the expiration of tolls on a connecting line [3]. Group 2: Project Progress and Challenges - The Jingtai Expressway project is progressing normally, with 97.5% of the roadbed completed, although building and electromechanical works lag behind at 57% and 50% respectively, which will not affect the planned opening [3]. - The company is exploring measures such as "highway + cultural tourism" and customized services to enhance overall road network utilization [3]. Group 3: Innovation and R&D - The company is focusing on "smart highways" and "green low-carbon" technologies, although its R&D expense ratio is currently at 1.76% [4]. - Innovations in infrastructure digital transformation and all-weather traffic are already contributing to cost reduction and efficiency improvements [4]. Group 4: Capital Structure and Shareholder Returns - The company has experienced high capital expenditures and rising debt levels due to extensive infrastructure projects since 2016, but plans to gradually reduce its debt ratio as projects are completed and operational [4]. - Future strategies may include asset securitization or attracting strategic investors to optimize the capital structure [4]. Group 5: Profitability and Margin Management - The gross profit margin increased by 4.8 percentage points to 31.09% year-on-year, mainly due to a reduction in low-margin PPP construction revenue [5]. - The company aims to maintain profitability by focusing on core operations and exploring new profit growth points within the industry [5].