上 市 公 司 交通运输 2026 年 02 月 25 日 安徽皖通高速公路 (00995) ——长三角一体化赋能流量增长，外延并购持续扩张 投资要点： | 单位：百万元，人民币 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 6,631 | 7,092 | 7,147 | 7,228 | 7,267 | | 收入增长率（%） | 27.4 | 6.9 | 0.8 | 1.1 | 0.5 | | 归属普通股东净利润 | 1,658 | 1,671 | 1,955 | 2,002 | 2,119 | | 归属普通股东净利润增 | 14.7 | 0.8 | 17.0 | 2.4 | 5.8 | | 长率（%） | | | | | | | 每股收益（元/股） | 1.00 | 1.01 | 1.14 | 1.17 | 1.24 | | 毛利率（%） | 39.1 | 34.1 | 37.9 | 38.1 | 39.4 | | ROE（%） | 13.1 | 12.5 | 14.6 | 1 ...

同时，山东高速建成全国首条"6改12车道"改扩建项目-京台高速公路齐河至济南段，"隧道多源病险高 精准时空协同感知关键技术与综合检测装备"和"路基突发性灾害风险评价、增韧防治与短临预警关键技 术与应用"获省科学技术奖一等奖，济微北段建成全省首条5G智驾底座高速公路，承办全省高速公路建 设观摩会，质量管控、标准化管理等得到交通运输部和同行一致认可，有力擦亮了"山高·行质建智 行"建设管理品牌，为行业高质量转型发展提供了"山东方案""山高经验"。 2026年是"十五五"开局之年，山东高速集团将确保济南至宁津、齐河至东阿、齐河至临清、荣乌高速烟 台枢纽至蓬莱枢纽段改扩建等4个、234.9公里高速公路项目建成通车，济南绕城高速表白寺枢纽至晏城 枢纽段改扩建项目开工建设，全年基础设施重点项目建设完成投资400亿元，新增通车里程173.7公里， 勇当山东省交通基础设施建设"开路先锋"，为全省"十五五"谋好篇、开好局作出"山高贡献"。 2025年，山东高速集团积极投身交通强国山东示范区建设，推进项目达33个，项目建设规模再创新高， 圆满完成年度重点项目建设任务，年内实现临沂至滕州等7条高速、295公里建成通车，潍坊至邹城等 ...

证券代码:600035 证券简称:楚天高速 公告编号:2026-014 公司债简称：25楚天K1 公司债代码：242698 湖北楚天智能交通股份有限公司（以下简称"公司"）于2025年2月13日发行了2025年度第一期中期票据 （简称：25楚天智能MTN001；代码：102580565），实际发行总金额为人民币540,000,000.00元，期限3 年，发行利率1.92%，起息日为2025年2月14日，兑付日为2028年2月14日，按年付息（若遇节假日顺 延）。有关该期中期票据的具体情况，详情请参见公司于2025年2月15日在上海证券交易所网站 (www.sse.com.cn)发布的《关于2025年度第一期中期票据发行情况的公告》(公告编号：2025-003)。 公司于2026年2月14日完成了该期中期票据2026年付息工作，支付利息金额为人民币10,368,000.00元。 特此公告。 湖北楚天智能交通股份有限公司董事会 2026年2月25日 湖北楚天智能交通股份有限公司 关于2025年度第一期中期票据2026年付息的公告 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 ...

新华社长沙2月24日电（记者明星）2月24日，湖南省高速公路路网运行监测指挥中心发布数据： 2026年春节假期9天（2月15日至2月23日），全省高速公路出入口总流量达5499万辆次，较2025年同期 增长20.16%，路网车流总量、峰值流量、跨省流量均刷新历史纪录。 今年春节期间，新能源汽车出行占比大幅增加，湖南高速服务区充电服务供需矛盾突出。湖南高速 集团相关负责人介绍，湖南高速集团在全省160对服务区投运了2064个充电车位，相较去年春运，充电 车位总量增长超50%。据统计，春节假期，湖南高速服务区充电桩日均使用频次达4.9万次，充电量同 比增长99.21%，创历史新高。为应对高峰时段"一桩难求"的问题，湖南高速集团在武深、许广、泉南、 杭瑞、京港澳、长张等重点路段服务区动态投放16台应急充电车和3台应急充电舱，并在长沙西、舂陵 江、邵东服务区配置了6台移动充电机器人，保障绿色出行。 【纠错】 【责任编辑:张樵苏】 湖南省高速公路路网运行监测指挥中心数据显示，湖南高速路网在农历正月初六（2月22日）迎来 假期流量峰值。当日出入口通行流量达848.6万辆次，是平日流量的3.5倍，较2023年正月初六的历史 ...

经济观察网 近一周（2026年2月18日至24日），齐鲁高速（01576.HK）关联公司山东高速集团于2月23 日启动社会招聘及校园招聘，计划招聘615人，涉及收费、路巡等岗位，可能反映行业人力资源扩张及 运营需求。同时，全国春节返程高峰于2月22日出现，高速公路车流量超7100万辆次，或提振高速公路 板块情绪。 股票近期走势 齐鲁高速股价近期表现平稳，2月24日收盘报1.81港元，近7日（2月20日至24日）微涨0.56%，区间振幅 1.11%。成交清淡，日均成交额不足10万港元，换手率接近0%。技术面显示股价位于布林带中轨附近 （1.813港元），MACD柱状图轻微负值，短期趋势偏中性。所属铁路及公路板块同期上涨1.11%，表现 优于港股大盘（恒生指数跌1.82%）。 以上内容基于公开资料整理，不构成投资建议。 ...

香港联交所最新资料显示，2月13日，小摩减持江苏宁沪高速（600377）公路(00177)1097.5537万股，每 股作价10.3288港元，总金额约为1.13亿港元。减持后最新持股数目约为7122.56万股，最新持股比例为 5.82%。 ...

沿江公司是一家于中国注册成立的有限责任公司，公司的非全资附属公司，其由公司及深高速分别持股 51%及49%，其主要业务为广深沿江高速公路深圳段的投资、建设及经营。 格隆汇2月24日丨湾区发展(00737.HK)发布公告，2026年1月30日，沿江公司以内部资源向工商银行认购 结构性存款产品A人民币2亿元。此后，于2026年2月24日，沿江公司以内部资源向工商银行认购结构性 存款产品B人民币4.20亿元。 ...

Group 1: Macro Insights - The overall sentiment around the Spring Festival is mixed, with positive aspects outweighing the negative; the macro environment remains favorable for the market [3] - Key observations include a decline in new home sales and a drop in movie ticket sales during the holiday, while travel and tourism showed strong activity [3] - The economic performance is still under observation, with credit data showing mixed results and social financing needing further assessment [3] Group 2: Fixed Income Market - The bond market is expected to continue its upward trend post-Spring Festival, supported by a stable demand for bonds from banks and other institutional investors [12][15] - The liquidity environment is anticipated to remain loose, with the central bank likely to smooth out market shocks through rollovers of maturing repos [13][14] - The overall bond market is expected to stabilize due to low financing demand and a favorable trading structure [15][16] Group 3: Transportation Sector - High dividend highway companies are becoming attractive for investment, with dividend yields rising to 4-6% [17] - The growth potential in the transportation sector is driven by infrastructure expansion and investment opportunities in mature operational assets [17] - The revision of the "Highway Management Regulations" is expected to enhance long-term returns for the industry [17] Group 4: Food and Beverage Sector - Baoli Food has transitioned from single product offerings to a comprehensive empowerment model, focusing on compound seasonings and light cooking solutions [19] - The company has shown steady revenue growth, with a projected CAGR of 14.09% from 2022 to 2024, and a net profit of 1.92 billion yuan in Q1-Q3 2025 [19][20] - Investment recommendations include focusing on high-dividend and growth-oriented companies within the food and beverage sector, particularly those with strong B-end customer relationships [32][20] Group 5: Coal Industry - Global energy prices are experiencing divergence, with crude oil prices rising significantly due to geopolitical tensions and supply concerns [29][30] - The increase in oil prices is driven by factors such as military actions in the Middle East and a reduction in U.S. oil inventories [30] - Investment suggestions include focusing on high-performing coal companies and those in niche markets [30]

Investment Rating - The report suggests a high dividend reallocation strategy for the highway sector, indicating a favorable investment rating as it awaits policy catalysts [2]. Core Insights - The highway industry is characterized by state-owned enterprises dominating the market, leading to regional monopolies. 95% of the 22 listed highway companies are state-owned, with 77% having provincial or municipal government backgrounds [10][11]. - The industry is entering a mature phase, marked by a slowdown in investment and stable growth in revenue and net profit, with a projected 4% growth in highway mileage by 2024 [14][24]. - The highway sector exhibits characteristics of a heavy asset, strong cash flow, and low cyclicality, making it a stable investment with predictable returns [33]. Summary by Sections Industry Overview - The highway industry is primarily state-led, resulting in regional monopolies, with most provinces having only one listed highway platform [10]. - The industry is closely tied to public welfare, with government oversight on toll rates and operational aspects [11]. Value Proposition - High dividend assets provide a defensive investment logic, with stable cash flows and a dividend yield that offers protection against market volatility [82]. - The report highlights that highway stocks have shown defensive characteristics during market downturns, with significant excess returns during periods of market stress [82]. Growth Drivers - The growth in the highway sector is driven by both organic growth and acquisitions, with a focus on expansion and improvement of existing infrastructure [90]. - Investment in upgrades can extend the toll collection period, ensuring high operational efficiency and returns [91]. Key Companies and Investment Recommendations - The report recommends focusing on high-dividend stocks and those with increasing dividend rates, such as 安徽皖通高速公路, 山东高速, 粤高速A, and 招商公路, which have shown resilience and attractive yields [88].

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly focusing on oil transportation and shipbuilding sectors, recommending stocks such as ST Songfa and China Merchants Energy [4]. Core Insights - The report highlights a strong performance in oil shipping, with VLCC TCE rates rising by 24% to $146,385 per day, and a significant increase in demand leading to higher freight rates [4]. - The global energy chain's valuation is on the rise, driven by long-term capacity utilization and mid-cycle profit expectations, suggesting a favorable environment for shipping rates [4]. - The report emphasizes the resilience of the dry bulk market, with the BDI index recording a slight increase of 1.19% to 2,043 points, indicating stable demand despite seasonal fluctuations [5]. Summary by Sections Shipping Market Performance - The shipping index decreased by 1.41%, underperforming the CSI 300 index by 1.77 percentage points, with the aviation sector experiencing the largest decline at -5.16% [5]. - The report notes that the coastal dry bulk freight index in China fell by 1.76%, while the Baltic Dry Index increased by 1.19% [5]. Oil Transportation - VLCC rates reached a new high of approximately $160,000 per day during the Spring Festival, with expectations for continued strength in the coming weeks [4]. - The report indicates that the average VLCC freight rate increased by 23% week-on-week, reaching $149,564 per day, reflecting tight capacity and strong demand [4]. Dry Bulk Market - The report mentions that the Capesize freight rate decreased by 4.1%, while the Panamax index showed resilience with a 3.5% increase [4]. - The report anticipates that post-holiday demand recovery will be crucial for the dry bulk market, particularly in iron ore shipments [4]. Air Transportation - The report suggests that the airline industry is at a turning point, with potential for significant profit growth due to increased passenger volumes and operational efficiencies [4]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch in this sector [4]. Express Delivery - The report notes uncertainties in the express delivery sector due to fluctuating demand and competitive pressures, but highlights the strong market position of leading companies like ZTO Express and YTO Express [4]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are reported to be resilient, with the Ministry of Transport data showing a slight decrease in freight volume but overall stability [4]. - The report identifies two main investment themes in the highway sector: high dividend yields and potential value recovery in undervalued stocks [4].