《国资报告》：对于党的二十届四中全会精神，您有哪些学习体会？ 马咏华：党的二十届四中全会，是我党在向第二个百年奋斗目标进军的新征程上举行的一次十分重要的会议，让我们倍感振奋、催人奋进。四中全会要 求，要深化国资国企改革，做强做优做大国有企业和国有资本，推进国有经济布局优化和结构调整，增强国有企业核心功能，提升核心竞争力。四中全会 还指出，要高标准推进海南自由贸易港建设，都为海南的国资国企改革发展，指明了方向，提供了根本遵循。我们要按照中央和海南省委省政府的要求， 进一步推进海南国资国企，做强做优做大，在自贸港建设中发挥好主力军和顶梁柱的作用，为自贸港高水平建设海南自由贸易港和推进海南高质量发展发 挥战略支撑作用。具体来说，我们要进一步把资源、资产、资本、资金向优势产业、优秀企业集中，向旅游业、现代服务业、高新技术产业和热带特色高 效农业集中，聚焦"向天图强、向海图强、向种图强、向数图强、向绿图强"，培育新质生产力，为海南打造最有海南特色和优势的现代化产业体系做出我 们的贡献。我们还将进一步完善国有企业履行战略功能的评价体系，让国有企业为海南经济高质量发展和民生保障、基础设施建设发挥更好的作用。 今年10月底， ...

Core Viewpoint - Shenzhen Expressway Company Limited (00548.HK) received a notification from its major shareholder, Jiangsu Yunsong Capital Management Co., Ltd., regarding the increase in shareholding through the Stock Connect program [1] Group 1: Shareholding Increase - Jiangsu Yunsong Capital increased its holdings by acquiring 25.378 million H-shares from September 22, 2025, to December 10, 2025 [1] - As of December 10, 2025, Jiangsu Yunsong Capital holds a total of 329,922,461 shares, representing 13.00% of the company's total share capital [1] - The breakdown of the holdings includes 242,976,461 A-shares and 86,946,000 H-shares [1]

Economic News - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.5%-3.75%, marking the third rate cut since 2025 [1] - Vietnam's National Assembly amended the mineral law to prohibit the export of rare earth ores starting January 1, 2026, emphasizing strict control over exploration and processing [1] - The Ministry of Human Resources and Social Security held a seminar in collaboration with the International Labour Organization [1] - The Ministry of Industry and Information Technology emphasized the importance of pilot innovation in manufacturing as a key link connecting innovation, technology, and industry [1] - The Ministry of Commerce plans to enhance policy support for the retail industry's innovation and transformation during the 15th Five-Year Plan period [1] - The Ministry of Commerce will work with local governments to implement policies to stabilize foreign trade and promote market diversification [1] - The China Textile Import and Export Chamber reported that yarn and fabric exports reached $69.18 billion from January to October 2025, a 2.1% year-on-year increase [1] - The Ministry of Finance plans to issue special government bonds due in 2025, with a total face value of CNY 400 billion for the first phase and CNY 350 billion for the second phase [1] - The National Internet Information Office is conducting a special campaign to rectify online chaos in the automotive industry [1] - The Ministry of Education reported an increase in the number of students returning from studying abroad, with 495,000 expected to return in 2024, a 19.1% increase from 2023 [1] Company News - Pop Mart announced changes in its board of directors, with new appointments effective December 10, 2025 [4] - Kweichow Moutai announced a cash dividend of CNY 23.957 per share, totaling CNY 30 billion, with the ex-dividend date on December 19 [4] - Nanjing Highway plans to invest up to CNY 9.033 billion in the construction of the Nanyang Yangtze River Bridge southern connection project [4] - ZTE Corporation is in communication with the U.S. Department of Justice regarding compliance investigations related to the Foreign Corrupt Practices Act [4] - Oracle reported Q2 FY2026 revenue of $16.1 billion, a 14% year-on-year increase, with cloud revenue of $8 billion, a 34% increase, but below market expectations [4] Transportation Industry - The transportation sector has shown signs of recovery, with the strong cycle sectors benefiting from anti-involution policies [5] - The focus for 2026 will remain on sectors benefiting from anti-involution and high certainty stocks, with a long-term impact expected from these policies [6] - The express delivery industry has seen a recovery in profitability, with rising prices and a reduction in low-price competition [7] - The airline sector has improved performance due to lower oil prices and better management of ticket pricing, with a cautious approach to aircraft procurement expected to continue [8] - The highway sector has experienced significant stock price adjustments, with a focus on high dividend yield and low debt ratio companies expected to gain more attention [9]

Group 1 - The core point of the article is that Jiangsu Yunshan Capital Management Co., Ltd., a major shareholder of Deep Highway (600548.SH), has increased its stake in the company by acquiring 25.378 million H shares through the Stock Connect program between September 22, 2025, and December 10, 2025 [1] - As of December 10, 2025, Jiangsu Yunshan Capital directly holds 330 million shares of Deep Highway, representing 13% of the company's total share capital [1] - The breakdown of the shareholding includes 243 million A shares and 86.946 million H shares [1]

Core Viewpoint - The company announced that as of December 10, 2025, it received a notification from its major shareholder, Yunshan Capital, regarding an increase in shareholding from 12.00% to 13.00% through the acquisition of 25.378 million H-shares from September 22 to December 10 [1] Group 1 - Yunshan Capital increased its stake in the company by acquiring 25.378 million H-shares, raising its ownership percentage from 12.00% to 13.00% [1] - As of December 10, Yunshan Capital directly holds a total of 329.922461 million shares, which includes 242.976461 million A-shares and 86.946 million H-shares [1] - The change in shareholding does not require the disclosure of a report on equity changes and does not trigger a mandatory takeover bid [1] Group 2 - The share acquisition plan by Yunshan Capital is not yet fully implemented, and there are intentions for further increases in shareholding at an opportune time [1]

Key Points - Yonghui Supermarket's stock may face significant decline risks after a short-term surge [1] - Fuzhijing Technology's actual controller reduced holdings by 1.0429 million shares during abnormal stock fluctuations [1] Investment Projects - Ninghu Expressway plans to invest 9 billion yuan in the construction of the Nanyang Yangtze River Bridge southern connection project [1] - China Shipbuilding Special Gas plans to invest approximately 870 million yuan to build an annual production facility for 3,383 tons of high-purity hydrogen sulfide and other electronic gases [1] Contract Wins - Jicheng Electronics won contracts totaling approximately 215 million yuan for multiple State Grid projects [1] - Beixin Road and Bridge secured a 180 million yuan engineering project [1] - Beijing Kerui won a 498 million yuan State Grid project [1] Equity Acquisitions - Blues Technology intends to acquire 100% of Peimei Gao International to expand into the AI computing infrastructure sector [1] - Daon Co. plans to acquire 80% of Ningbo Aisikai [1] - Alibaba Travel Investment intends to subscribe for 20% equity in Zhongxin Youyou through a 55% stake in Hangzhou Aixin [1] Share Buybacks - Xingyu Co. plans to repurchase shares with an investment of 200 million to 300 million yuan [1]

Core Viewpoint - The transportation industry has shown weak performance compared to the broader market, with heavy asset sectors like highways and railways lagging behind, while cyclical sectors such as shipping and aviation have performed better due to the implementation of anti-involution policies in the second half of the year [1] Group 1: 2026 Outlook - The focus for 2026 will remain on sectors benefiting from anti-involution and high certainty stocks, as the emphasis on anti-involution is expected to have a long-term impact on industry performance [2] - Key sectors to watch include aviation, express delivery, and regional shipping, while high dividend and low debt ratio stocks will be favored in weak cyclical areas [2] Group 2: Express Delivery Sector - The express delivery industry has seen a recovery in profitability due to rising single-ticket prices and a reduction in low-price competition, with major companies opting to abandon unprofitable business lines [3] - The sector is currently in the early stages of an upward cycle, with lower price competition expected to persist, favoring companies that provide differentiated services [3] - Key companies to focus on include Zhongtong Express, YTO Express, and Shentong Express, which are showing improved profitability [3] Group 3: Aviation Sector - The aviation sector has experienced significant performance improvements since Q2, driven by lower oil prices and effective supply management by airlines [4] - Airlines are expected to maintain a cautious approach to aircraft procurement through 2026, with improvements in passenger load factors and revenue per seat kilometer indicating a strengthening supply-demand relationship [4] - The focus should be on the three major airlines, which are expected to show greater revenue and profit elasticity compared to smaller carriers [4] Group 4: Highway Sector - The highway sector has underperformed the market due to declining bond yields and rising market risk appetite, although the sector's price-to-earnings ratio has become more attractive after recent adjustments [5] - There is a growing preference for high dividend and low debt ratio companies, as investors exhibit risk-averse behavior following the sector's adjustments [5] - Recommended stocks include Wantong Expressway, Guangdong Expressway A, and China Merchants Highway, with a focus on stable dividend payouts from Ninghu Expressway [5]

Key Points - Yonghui Supermarket (601933.SH) may face significant downside risk after a large short-term price increase [2] - Fuzhijun Technology (002222.SZ) saw its actual controller reduce holdings by 1.0429 million shares during the period of abnormal stock fluctuations [2] - Ninghu Expressway (600377.SH) plans to invest 9 billion yuan in the construction of the Nanyang Yangtze River Bridge southern approach project [2] - Jicheng Electronics (002339.SZ) won contracts totaling approximately 215 million yuan for multiple State Grid projects [2] - Lens Technology (300433.SZ) intends to acquire 100% of Peimei Gao International to expand into the AI computing infrastructure sector [2] - Xingyu Co., Ltd. (601799.SH) plans to repurchase shares with an investment of 200 million to 300 million yuan [2] - Zhuangyuan Pasture (002910.SZ) board member Ma Hongfu plans to reduce holdings by no more than 3% [2] - Ruili Kemi (001285.SZ) has received project designation from clients [3] - Guangliwei (301095.SZ) plans to establish a wholly-owned subsidiary in Singapore focused on application research and global sales [3]

Core Viewpoint - Jiangsu Ninghu Expressway Co., Ltd. plans to increase capital for its subsidiary Jiangsu Longtan Bridge Co., Ltd. to invest in the Nanjing Metropolitan Circle Ring Expressway project, with a total estimated investment of up to RMB 9.03272 billion [2][3][21]. Group 1: Investment Overview - The company will increase its capital contribution to Jiangsu Longtan Bridge Co., Ltd. by RMB 3.26964 billion, while another shareholder, Nanjing Public Road Development Group Co., Ltd., will contribute RMB 1.24672 billion [4][13]. - The total investment for the Nanjing Yangtze River Bridge South Connection Project is estimated at RMB 9.03272 billion, with the capital contribution accounting for 50% of the total investment [21][15]. Group 2: Financial Impact - After the capital increase, the company's shareholding in Jiangsu Longtan Bridge Co., Ltd. will rise from approximately 57.33% to about 63.80% [4][16]. - The project is expected to enhance the overall traffic capacity of existing projects and increase traffic flow and toll revenue, thereby improving the operational efficiency of Jiangsu Longtan Bridge Co., Ltd. [21][19]. Group 3: Project Details - The project will connect the existing Nanjing Yangtze River Bridge and its northern connection to the regional expressway network, with a total length of approximately 19.627 kilometers [21][20]. - The project will be constructed to a dual six-lane expressway technical standard, with a design speed of 100 km/h [21][20]. Group 4: Approval and Compliance - The investment decision was approved by the company's board of directors and does not require shareholder approval, as it falls within the board's decision-making authority [5][52]. - The project is not classified as a major asset restructuring or related party transaction under relevant regulations [5][5].

Core Viewpoint - Jiangsu Ninghu Expressway (00177.HK) has signed a capital increase agreement with Longtan Bridge Company and its shareholders to enhance its investment in infrastructure projects, specifically the Nanjing Metropolitan Area Ring Expressway [1] Group 1: Capital Increase Agreement - The capital increase agreement involves an increase in registered capital of Longtan Bridge Company by RMB 4.51636 billion [1] - Longtan Bridge Company will invest up to RMB 9.03272 billion for the construction of the Nanjing Metropolitan Area Ring Expressway from Provincial Road 338 to the Huhong Expressway section [1] - The company will contribute RMB 3.26964 billion from its own funds or other compliant funding sources to the capital increase [1] Group 2: Shareholding Changes - After the capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [1] - Shareholder Nanjing Highway will contribute RMB 1.24672 billion to the capital increase [1] - The remaining construction funds of RMB 4.51636 billion will be sourced through bank loans and other means by Longtan Bridge Company [1]