智通财经APP讯，江苏宁沪高速公路(00177)公布，2025年12月10日，公司与龙潭大桥公司及其股东签署 《增资协议》。根据《增资协议》，龙潭大桥公司增加注册资本金人民币45.1636亿元，并以龙潭大桥 公司为投资主体投资不超过人民币90.3272亿元建设南京都市圈环线高速公路338省道至沪蓉高速段项 目。公司将以自有资金或其他符合出资要求的资金人民币32.6964亿元向龙潭大桥公司增资，龙潭大桥 公司股东南京公路将以人民币12.4672亿元对龙潭大桥公司增资，其余建设资金人民币45.1636亿元，将 由龙潭大桥公司向银行贷款等方式筹集。本次增资后，公司对龙潭大桥公司的持股比例将由约57.33% 增加至约63.80%。 ...

江苏宁沪高速（600377）公路(00177)公布，2025年12月10日，公司与龙潭大桥公司及其股东签署《增 资协议》。根据《增资协议》，龙潭大桥公司增加注册资本金人民币45.1636亿元，并以龙潭大桥公司 为投资主体投资不超过人民币90.3272亿元建设南京都市圈环线高速公路338省道至沪蓉高速段项目。公 司将以自有资金或其他符合出资要求的资金人民币32.6964亿元向龙潭大桥公司增资，龙潭大桥公司股 东南京公路将以人民币12.4672亿元对龙潭大桥公司增资，其余建设资金人民币45.1636亿元，将由龙潭 大桥公司向银行贷款等方式筹集。本次增资后，公司对龙潭大桥公司的持股比例将由约57.33%增加至 约63.80%。 ...

固定收益专题报告 逻辑一：P/NAV 回归到均值附近，配置价值逐渐显现。 自去年年初以来，伴随二级市场的强劲上涨，全市场 P/NAV 估值水平已从 均值-2 倍标准差的低位，启动了一轮持续的修复行情。25 年 7 月以来随着 市场整体调整，P/NAV 震荡下行，目前已回落至历史均值+1 倍标准差以内 的合理区间，长期资金配置窗口已打开。 逻辑二：基本面仍是核心，估值修复阶段业绩好的板块反弹动能更强。 复盘 10 月 21 日以来的市场表现，涨幅领先的为数据中心（5.34%）、保租 房（3.81%）、消费（3.28%）和市政环保（3.02%）板块。这些板块在三季 度运营情况较为稳健，成为市场资金在估值修复过程中优先配置的重点。 REITs 配置窗口渐进，聚焦三季报韧性主线 核心结论 【核心结论】 当前 REITs 市场经历回调后估值趋于合理，对于长期配置型资金而言具备 较高的投资性价比，可把握优质项目的逢调整配置机会。建议以三季度业绩 为依据，沿两条主线布局：一是基本面韧性较强的板块，如数据中心、保租 房等；二是四季度业绩有望实现环比改善的 REITs，如受益于国庆假期及"双 十一"促销活动的奥莱项目。 此外， ...

Investment Summary - The transportation industry has shown a significant underperformance compared to the broader market, ranking among the lowest in terms of growth within the Shenwan primary industry indices as of December 8, 2025 [15][16] - The implementation of anti-involution policies has positively impacted the fundamentals of certain segments within the transportation sector, particularly benefiting the aviation and express delivery sectors [26][30] 2026 Outlook - The focus for 2026 remains on sectors benefiting from anti-involution policies and high-certainty stocks, with a long-term impact expected from these policies on stock price movements [5][34] - Key sectors to watch include aviation, express delivery, and regional shipping, while high-dividend and low-debt companies are expected to attract more investor interest in weaker cyclical areas [5][34] Express Delivery Sector - The express delivery industry has seen a recovery in profitability driven by rising single-package prices, with major companies like YTO Express and Shentong Express showing significant improvements [6][35] - The trend of price competition has been curtailed, leading to a decrease in package volume growth as companies focus on maintaining service quality and profitability [6][38] - The competitive strategies among companies have diverged, with YTO and Shentong performing strongly, while Yunda has struggled with profitability and market share [42][53] Aviation Sector - The aviation sector has experienced a notable improvement in performance since Q2 2025, with major airlines reporting increased profitability compared to the previous year [63][64] - The focus for 2026 will be on the transition from high passenger load factors to higher ticket prices, supported by controlled supply and strong demand [69][87] - Major airlines are expected to maintain cautious procurement strategies, with a projected fleet growth of around 5% in 2026 [69][80] Highway Sector - The highway sector has faced significant adjustments in stock prices, leading to a more rational market approach towards high-dividend investments [8][4.1] - Following substantial adjustments, the attractiveness of highway stocks has improved, with a focus on companies with high dividend ratios and low debt levels [8][4.3]

Core Viewpoint - The company aims to enhance the regional highway network and solidify its leading position in the southern Jiangsu road network through the investment in the Nanyang Yangtze River Bridge and its associated projects [1] Group 1: Investment Details - The company plans to invest up to RMB 9.03272 billion in the construction of the southern approach to the Nanyang Yangtze River Bridge [1] - The company will increase its capital contribution to the subsidiary Longtan Bridge Company by RMB 3.26964 billion, while its shareholder Nanjing Highway Development Group will contribute RMB 1.24672 billion [1] - The remaining construction funds of RMB 4.51636 billion will be raised through bank loans and other means by Longtan Bridge Company [1] Group 2: Shareholding Changes - Following the capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [1] - The subsidiary will continue to be included in the company's consolidated financial statements [1] Group 3: Board Approval - The company's board, including all independent non-executive directors, has confirmed that the transaction terms are fair and reasonable, conducted under general commercial terms or better, and align with the overall interests of the company and its shareholders [1]

每经AI快讯，宁沪高速（SH 600377，收盘价：12.19元）12月10日晚间发布公告称，公司第十一届第十 七次董事会会议于2025年12月10日以现场会议及视频会议相结合的方式召开。会议审议了《关于公司向 控股子公司江苏龙潭大桥有限公司增资暨投资建设高速公路项目的议案》等文件。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 （记者 王晓波） 2025年1至6月份，宁沪高速的营业收入构成为：建造期收入/成本占比37.46%，沪宁高速占比28.31%， 配套服务业务占比8.8%，宁常高速及镇溧高速占比6.23%，五峰山大桥占比6.04%。 截至发稿，宁沪高速市值为614亿元。 ...

Core Viewpoint - The company plans to invest up to RMB 9.03272 billion in the construction of the Nanyang Yangtze River Bridge South Connection Project to enhance the regional highway network and strengthen its dominant position in the southern Jiangsu road network [1] Investment Details - The company will increase its investment in Longtan Bridge Company by RMB 3.26964 billion using its own funds or other compliant funding sources [1] - Nanjing Highway Development (Group) Co., Ltd. will contribute RMB 1.24672 billion to Longtan Bridge Company [1] - The remaining construction funds of RMB 4.51636 billion will be raised through bank loans and other means by Longtan Bridge Company [1] Shareholding Changes - Following this capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80%, remaining within the scope of the company's consolidated financial statements [1]

Core Viewpoint - The company plans to invest up to RMB 9.03272 billion in the construction of the southern approach of the Ningyang Yangtze River Bridge to enhance the regional highway network and strengthen its leading position in the southern Jiangsu road network [1] Investment Details - The company will increase its investment in Longtan Bridge Company by RMB 3.26964 billion using its own funds or other compliant funding sources [1] - Nanjing Highway Development (Group) Co., Ltd. will contribute RMB 1.24672 billion to Longtan Bridge Company [1] - The remaining construction funds of RMB 4.51636 billion will be raised through bank loans and other means by Longtan Bridge Company [1] Shareholding Changes - Following this capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [1] - The increased shareholding will still fall within the scope of the company's consolidated financial statements [1]

Core Viewpoint - The company plans to invest up to RMB 90.3272 billion in the construction of the Nanyang Changjiang Bridge South Connection Project through its subsidiary, Longtan Bridge Company [1] Group 1: Investment Details - The company will increase its investment in Longtan Bridge Company by RMB 32.6964 billion using its own funds or other compliant funding sources [1] - Nanjing Highway Development (Group) Co., Ltd. will contribute RMB 12.4672 billion to Longtan Bridge Company [1] - The remaining construction funds of RMB 45.1636 billion will be raised through bank loans and other means by Longtan Bridge Company [1] Group 2: Shareholding Changes - Following this capital increase, the company's shareholding in Longtan Bridge Company will rise from approximately 57.33% to about 63.80% [1] - The increased shareholding will still fall within the scope of the company's consolidated financial statements [1]

每经AI快讯，12月10日，宁沪高速（600377）(600377.SH)公告称，公司拟向控股子公司龙潭大桥公司 增加注册资本金，用于投资建设南京都市圈环线高速公路338省道至沪蓉高速段项目（宁扬长江大桥南 接线项目），投资总金额不超过90.3272亿元。增资完成后，公司对龙潭大桥公司的持股比例将由约 57.33%增加至约63.80%。项目资本金占总投资额50%，为45.1636亿元，其余部分将由龙潭大桥公司通 过银行贷款等方式筹集。 ...