ETF Industry News - Major indices experienced fluctuations with the Shanghai Composite Index down 0.02%, Shenzhen Component down 0.26%, and ChiNext down 0.31. Multiple transportation sector ETFs saw gains, including the Logistics Express ETF (516530.SH) up 1.23%, Logistics ETF (516910.SH) up 1.15%, and Transportation ETF (561320.SH) up 0.93 [1] - The logistics industry is expected to maintain rapid growth in 2024, despite a decline in package value and ticket prices due to trends towards smaller packages. Rail passenger volume is projected to grow at a double-digit rate in 2024, while road freight and passenger transport will continue to increase [1] - In the ETF market, as of the end of April, the Shanghai Stock Exchange had 680 ETFs with a total market value of 2.96 trillion yuan and total shares of 1.75 trillion. The Shenzhen Stock Exchange had 467 ETFs with a total market value of 1.09 trillion yuan and total shares of 866.68 billion [3][4] - The top three brokers in terms of ETF trading volume on the Shanghai Stock Exchange in April were Huatai Securities, China Galaxy, and CITIC Securities, with market shares of 10.94%, 8.52%, and 7.94% respectively [4] - The overall performance of ETFs showed that strategy-based ETFs had the best average return of 0.43%, while thematic ETFs had the worst average return of -0.37% [11] - The top three performing stock ETFs for the day were Communication ETF (515880.SH) with a return of 1.42%, 800 Cash Flow ETF (563990.SH) with 1.37%, and 180 Governance ETF (510010.SH) with 1.24% [13] - The top three stock ETFs by trading volume were A500 ETF Fund (512050.SH) with 2.798 billion yuan, A500 Index ETF (159351.SZ) with 2.533 billion yuan, and CSI 300 ETF (510300.SH) with 2.130 billion yuan [17]

Group 1 - The legal opinion letter is issued by Kangda Law Firm regarding the 2024 annual shareholders' meeting of Heilongjiang Transportation Development Co., Ltd. [2][3] - The meeting was convened with the approval of the company's fourth board of directors and was announced 20 days prior to the meeting date [4][5] - The meeting took place on May 28, 2025, at 14:00 in Harbin, combining both on-site and online voting methods [5][6] Group 2 - A total of 5 shareholders and their proxies attended the meeting, representing 58.43% of the voting shares [5][6] - No shareholders participated in the online voting, while one small investor participated in the on-site voting, representing 1,100,000 shares or 0.08% of the total voting shares [6][7] - The meeting's voting results showed unanimous approval of the proposals, with 762,838,571 shares voting in favor, representing 100% of the votes cast [7][10] Group 3 - The meeting's procedures, including the qualifications of the conveners and attendees, as well as the voting process, were deemed compliant with relevant laws and regulations [11][12] - The legal opinion concludes that all aspects of the meeting were conducted legally and effectively [12]

金十图示：2025年05月28日（周三）富时中国A50指数成分股今日收盘行情一览：石油、煤炭板块全天飘红，银行、汽车板块午 后继续涨跌互现 @ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM 电力行业 互联网服务 长江电力 88 中国核电 1982.76亿市值 东方财富 a 2018-02-1 7470.15亿市值 3239.83亿市值 16.37亿成交额 5.55亿成交额 27.20亿成交额 30.53 9.64 20.50 +0.27(+0.89%) -0.01(-0.10%) -0.19(-0.92%) 食品饮料 证券 中信证券 国泰海通 海天味业 (D 3037.60亿市值 3767.38亿市值 2523.96亿市值 9.03亿成交额 3.13亿成交额 6.16亿成交额 25.42 17.23 45.39 -0.09(-0.35%) -0.10(-0.58%) +0.87(+1.95%) 消费电子 化学制药 工业富联 立讯精密 個瑞医药 3689.78亿市值 2202.50亿市值 3582.41亿市值 20.24亿成交额 6.16亿成交额 19.44亿成交额 18.58 30.39 ...

Core Points - The construction of the Kezhu Expressway and the Su-Tai Expressway (Phase II) is progressing rapidly, with both projects expected to be completed and operational by 2025, thereby closing the last two gaps in the Hangzhou Second Ring Road [2][4] - The Hangzhou Second Ring Road, once completed, will significantly enhance traffic flow and economic connectivity within the Hangzhou metropolitan area, benefiting various local industries [5][6] Group 1: Project Progress - The main construction of the Kezhu Expressway includes 23 bridges and 7 tunnels, with asphalt paving currently underway [2] - The Su-Tai Expressway (Phase II) has also reached a critical stage, with the completion of the main line and the commencement of construction for the service area [2][4] Group 2: Economic and Traffic Impact - The completion of the Hangzhou Second Ring Road will alleviate congestion on the existing Hangzhou Ring Expressway, which has been experiencing high traffic volumes and frequent bottlenecks [5] - The new ring road will connect key urban nodes, enhancing economic ties and facilitating quicker access to major industrial areas, such as the pearl industry in Zhuji and the textile industry in Keqiao [5][6] Group 3: Future Developments - The Hangzhou Central Ring Road is also under construction, with plans for completion by 2027, further improving regional connectivity and supporting the city's goal of becoming an international transportation hub [6][7] - The overall transportation plan aims to achieve one-hour commuting within the Hangzhou metropolitan area and two-hour access to major cities in the Yangtze River Delta by 2027 [7]

云杉资本成立是根据资产配置需求和相关投资决策，通过沪港通参与香港联合交易所有限公司集中交易方式增持深高速H股，增持价格为6.41港元—6.73港 元/股，本次增持股份的资金来源均为合法自有及自筹资金。 深高速（600548）5月27日晚间公告，公司于2025年5月27日获悉，公司持股5%以上股东江苏云杉资本管理有限公司于2025年4月15日至2025年5月27日期间 通过集中竞价方式增持公司H股股票1081万股。累计持有深高速达到10%。 云杉资本购入深高速股权主要是通过增发，今年3月份，该公司以13.17元/股，认购深高速2.43亿股，斥资接近32亿元人民币。 深高速今年3月份完成一次定增，共募资47亿元，除了云杉资本，认购的还有安徽省交通控股集团有限公司旗下皖通高速（600012），控股股东深圳国际认 购10亿元。这次募资金额中的46亿元将投入深圳外环高速项目，其余1.03亿元募资用于偿还有息负债。深圳外环高速的总投资规模为294.04亿元，剩余投资 金额(即坑梓至大鹏段)为84.47亿元。深圳外环高速公路整体经济效益指标进行了测算，全线的税后财务内部收益率约为6.76%，具有良好的经济效益，静态 投资回 ...

Core Viewpoint - Jiangsu listed company Ninghu Expressway (600377.SH) plans to increase capital for its subsidiary to accelerate project construction [1][2] Group 1: Capital Increase and Project Details - Ninghu Expressway announced a capital increase of approximately 2.497 billion yuan for its subsidiary Jiangsu Xitai Expressway Co., Ltd. [1] - The company has been approved to invest in the Wuxi to Taicang Expressway, with a total project investment of about 24.198 billion yuan [2] - The capital increase will result in Ninghu Expressway holding 47.50% of Xitai Company after the investment [2][6] Group 2: Financial Performance and Strategy - Since its listing in 2001, Ninghu Expressway has accumulated profits of 62.553 billion yuan and cash dividends of 41.209 billion yuan, with a dividend payout ratio of 65.88% [4][10] - The company has maintained a net profit exceeding 2 billion yuan for 16 consecutive years, indicating strong financial performance [8][10] - Ninghu Expressway has a total asset value of approximately 89.886 billion yuan and a net asset value of about 38.597 billion yuan [8] Group 3: Market Position and Competitive Advantage - Ninghu Expressway is one of the largest listed companies in the domestic highway industry, with significant experience in investment, construction, operation, and management of transportation infrastructure [4][9] - The company operates in the dynamic Yangtze River Delta region, controlling or participating in approximately 1,000 kilometers of expressway projects [8][9] - The introduction of social capital is expected to accelerate the construction progress of the Xitai project, enhancing the company's position in the southern Jiangsu highway network [7][6]

皖通高速 20250527 摘要 皖通高速作为安徽省内唯一公路上市公司，通过不断扩展公路资产，净 利润从 2000 年的 1.8 亿元增长到 2024 年的 16.7 亿元，复合年增长率 达 9.97%，公路里程从 120 公里增至 609 公里，预计 2025 年底达 745 公里。 公司发展策略从规模扩张转向质量效率提升，控股股东为安徽省交通投 资集团（31.6%），香港持有者（约 30%），招商公路（24.4%）， 未来将推进紧邻长三角和珠三角的新项目。 皖通高速股票自 1996 年上市以来涨幅显著，96 年至 2025 年涨幅达 100 倍，03 年至 2025 年涨幅达 12 倍。分红比例从 2019 年的 35%提 升至 2021 年的 60%，市场关注度随之提升。 A 股高速公路板块共有 19 家上市公司，皖通高速平均市盈率 16.5 倍， 加权市净率 1.5 倍。近三年平均年度股息支付率为 52%，平均股息收益 率达 3.7%。 2025 年 3 月，皖通高速完成两条安徽省内新公路资产装入，总里程达 745 公里，预计下半年开始贡献收益，可能推动明年业绩增长。持续装 入新资产将扩大业务规模和盈 ...

Investment Highlights - Dongguan Holdings focuses on its core highway business, with expected substantial dividends from 2025 to 2027. The company has seen its total revenue grow from 1.097 billion to 1.692 billion yuan from 2015 to 2024, with a CAGR of 4.93%. Cumulatively, the company has distributed 3.108 billion yuan in cash dividends during the same period, and it commits to a minimum annual cash dividend of 0.475 yuan per share for the next three years, provided profits are positive and cash flow supports ongoing operations [1][2]. Competitive Advantages - The core asset of the company is the Dongguan-Shenzhen Expressway, strategically located in the Pearl River Delta, serving as a vital link between Guangzhou, Dongguan, and Shenzhen. From 2015 to 2024, toll revenue from this expressway increased from 930 million to 1.32 billion yuan, with a CAGR of 3.9%, and traffic volume rose from 66.7 million to 125.53 million vehicles, with a CAGR of 7.3%. The ongoing expansion project is expected to enhance traffic capacity significantly upon completion in December 2028 [2]. Strategic Diversification - The company is exploring a diversified strategy, including financial investments and new energy initiatives. Its financial services encompass commercial factoring and leasing, with projected gross margins exceeding 50% in 2024. However, the factoring business faced a net loss of 28 million yuan due to impairment provisions. In the new energy sector, revenue from electric vehicle charging services is expected to reach 86 million yuan in 2024, although margins are under pressure due to declining demand and competitive challenges [3]. Profit Forecast - The company anticipates net profits of 812 million, 856 million, and 888 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -15.0%, 5.4%, and 3.8%. The current price-to-earnings ratios are projected at 13.1, 12.4, and 11.9 times for the respective years. Comparable companies include China Merchants Highway, Ninghu Expressway, and Sichuan Chengyu [3].

证券研究报告 交通运输 | 铁路公路 非金融|首次覆盖报告 hyzqdatemark 2025 年 05 月 27 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | | 2025 | 年 | 05 | | 日 | 27 | | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 10.21 | | | | | | 一 年 内 高 最 低 | / | | | | | | | 最 | | | （元） | | | | | 12.23/8.53 ...

| | | | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-059 | | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | 债券代码：241019 | 债券简称：24 | 深高 | 02 | | | 债券代码：242050 | 债券简称：24 | 深高 | 03 | | | 债券代码：242539 | 债券简称：25 | 深高 | 01 | | | 债券代码：242780 | 债券简称：25 | 深高 | Y1 | | | 债券代码：242781 | 债券简称：25 | 深高 | Y2 | | | 债券代码：242972 | 债券简称：25 | 深高 | Y3 | | | 债券代码：242973 | 债券简称：25 | 深高 | Y4 | | 深圳高速公路集 ...