部门联合工作组深入一线，对229省道开展全方位、地毯式排查。涵盖道路平面交叉路口、路侧绿化、 安全设施、路面状况、监控抓拍设备等。排查中，发现部分路口绿化遮挡视线、交通秩序混乱、安全设 施缺失、路面破损、监控抓拍设施老化等诸多亟待解决的安全隐患。以229省道开庄路口为例，近5年因 交通事故死亡3人，发生小碰小撞事故多起，主要是因为公路两侧绿化遮挡行人视线、缺少信号灯指 示。 此次229省道隐患整治，不仅是对道路安全的一次集中治理，更是践行"以人民为中心"发展思想的生动 实践。通过整治，不仅消除了道路安全隐患，保障了民众的出行安全，也为地区经济发展创造了良好的 交通环境。 国省干线作为经济发展的"大动脉"，对畅通安全至关重要。229省道贯穿姜堰区南北，是区域交通的关 键枢纽，承担了繁重的交通运输任务。近几年，229省道姜堰段事故频发，交通安全形势严峻。区交管 部门数据显示，2022年发生一般交通事故27起，死亡15人;2023年发生24起，死亡13人。这些冰冷的数 据背后，是一个个破碎的家庭，也给社会带来沉重负担。 姜堰区将充分发挥政治监督引领作用，持续关注国省干线的安全状况，加强对道路安全隐患整治工作的 日常 ...

5月13日，记者从省公路局获悉：5月17日起，陕西将在全省范围内实施《公路路产保护管理规 范》。《规范》由省公路局牵头编制，是全国首个公路路产保护领域地方标准。 省公路局路产保护处处长赵进介绍，"十四五"以来，陕西各级公路部门积极探索、大胆实践普通干 线公路路产保护工作新机制、新路径，总结推广"公路+检察"协作、"四项机制"、路产损坏自行修复等 做法经验。《规范》将地方实践成果转化为我国行业领域内的技术标准，为全国公路路产保护提供了陕 西方案。 《规范》覆盖公路路产建档、巡查、勘查、核查、检测及管理六大环节，明确"路产"涵盖公路、公 路用地和附属设施，提出"一路一册"建档要求，并从人员、装备、站区管理三方面提出保障要求。 具体看，针对路产登记，《规范》详细规定了路基、桥梁、涵洞等10类设施的登记标准，同步配套 公路路产登记样表、巡查记录样表等5项规范性附录。针对日常巡查，《规范》明确高速公路每日巡查 不少于1次，普通国省干线公路每周巡查不少于2次，桥下空间及涵洞每月巡查不少于1次，并要求巡查 人员2人以上组队，配备高可视性警示服及取证设备，巡查记录还需采用电子形式留存。针对路产保护 勘查，《规范》明确接报或巡 ...

具体而言，项目将依托国省干线路域边坡、互通、隧道口等区域开发"边坡+光伏"资源，盘活公路发展 中心存量养护站、员工宿舍等闲置资产，融合能源电力设施，建设源网荷储一体化、多能融合供能的新 型交通能源系统；依托新能源发电源端，促进产业链延伸，带动国省干线的路衍经济产业发展，打造覆 盖国省干线全域的充换电网络；在高速公路上，还将依托高速公路交能融合示范项目，以服务区为主 体，打造"风、光、储、充、换"一体化电动走廊配套设施，打造高速公路沿线能源一体化重点货运通 道。 中新网南宁5月15日电(记者杨陈)广西壮族自治区交通运输厅15日介绍，今年以来，该厅提出以国省干 线为主、高速公路为试点，以能源先行为理念，以降本提质增效为目标，建设西部陆海新通道新能源公 路货运走廊。 据了解，建设西部陆海新通道新能源公路货运走廊，旨在以广西公路网为载体，车、路、能一体化协同 推进，将新能源载运工具作为服务对象，通过精准高效的新能源运营管理手段，有效降低物流成本，并 根据本地物流走向针对性开展新能源基础设施建设，打造便捷、高效的广西新能源物流网络。 上述项目致力于加快推动"交通+能源"融合发展，在国省干线上打造国内首个"集成式"绿色低 ...

Core Viewpoint - The company aims to enhance the efficiency of fund utilization by using temporarily idle raised funds for structured deposits, ensuring the safety of the raised funds and increasing company revenue while protecting shareholder interests [2][4]. Group 1: Fund Management Overview - The company has decided to utilize a total of RMB 800 million (80,000 million) of temporarily idle raised funds for structured deposits with two banks: China Bank and Industrial and Commercial Bank of China [3][4]. - The structured deposit amounts are divided between the two banks, with specific expected annualized returns of 1.05% and 1.72% [3][4]. Group 2: Decision-Making Process - The decision to manage cash through structured deposits was approved in the 53rd meeting of the 9th Board of Directors and reviewed by the 31st Supervisory Board meeting [4][5]. - The cash management products will not exceed RMB 3 billion and can be rolled over within 12 months, with each product having a maximum term of 12 months [5][6]. Group 3: Risk Management - The structured deposit business is considered low-risk, but the company acknowledges potential market fluctuations that could affect returns [5]. - The company has implemented measures to monitor the safety, duration, and yield of the cash management products to control risks effectively [5][6]. Group 4: Impact on Daily Operations - The structured deposits are managed by large state-owned commercial banks and are considered capital-protected products, ensuring that daily operations and investment projects are not affected [5][6]. - This cash management strategy is expected to improve the efficiency of raised fund utilization and increase company revenue, aligning with the interests of the company and its shareholders [5][6].

Core Points - The approval of the preliminary design for two national highway projects marks a significant step towards full construction [1] - The G4231 Nanjing to Jiujiang Highway and G9904 Nanjing Urban Circle Ring Highway projects are crucial for regional connectivity and development [4][6] Group 1: G4231 Nanjing to Jiujiang Highway - The G4231 highway segment from He County to Wuwei is 68.8 kilometers long, connecting various towns and enhancing transportation along the Yangtze River [2] - This project will create a second highway link between Wuhu and Nanjing, improving interconnectivity and supporting regional development [4] - It is the first highway in Wuhu to be constructed through a public-private partnership and is part of the broader highway planning in Anhui Province [4] Group 2: G9904 Nanjing Urban Circle Ring Highway - The G9904 highway is part of the national highway network and spans approximately 288 kilometers, connecting multiple cities in Jiangsu and Anhui provinces [5] - The specific segment from Tianchang to Yizheng is 17.2 kilometers long with a total investment of 3.146 billion yuan [5] - The advancement of these projects is essential for implementing the Yangtze River Delta integration strategy and enhancing the highway network [6]

5月12日，G8513线九寨沟至绵阳高速公路（下称九绵高速）最后一座隧道——蒲南隧道双幅顺利 贯通，标志着九绵高速主线实现贯通，为九绵高速今年全线建成通车奠定坚实基础。 ●蒲南隧道双幅顺利贯通标志着九绵高速主线实现贯通，为今年全线建成通车奠定基础 九绵高速由蜀道集团投资建设，全长约244公里，是G85线银川至昆明高速公路平凉至绵阳联络线 的重要路段，是四川省内唯一一条交通运输部绿色公路典型示范工程，也是四川省在建难度最大的高速 公路之一。全线建成通车后，成都至九寨沟的车程将从原来的8小时缩短至4小时，并成为向西连接甘 肃、青海、新疆的高速公路出川大通道。（记者 寇敏芳） ●九绵高速是四川在建难度最大的高速之一，建成通车后成都至九寨沟的车程将缩短至4小时 蒲南隧道是九绵高速最后一处控制性工程。该隧道位于阿坝州九寨沟县勿角镇蒲南村，地处大熊猫 国家公园，为分离式长隧道，左洞长2747米、右洞长2719米。隧道穿越断层破碎带、浅埋段、富水段等 复杂地质区域，施工中面临暴雨泥石流断道、突水涌泥等多重挑战。 为推进项目顺利进行，项目团队前期利用已贯通的隧道右洞，通过两个车行通道和1个扩挖人行通 道增加施工作业面，施工高 ...

Core Viewpoint - The construction of the 108 New Line Expressway is progressing rapidly, aiming to enhance transportation in the western mountainous region of Beijing and improve disaster resilience and economic development in the area [2][8]. Group 1: Project Overview - The 108 New Line Expressway spans approximately 60 kilometers, connecting G5 Jingkun Expressway and traversing various national parks and scenic areas, ultimately reaching Hebei [2]. - The project features a challenging terrain with 41 bridges, 20 tunnels, and 9 interchanges, resulting in a bridge-tunnel ratio of 88% [2][8]. - The construction is being managed by Shoufa Group's Shoufa Construction Company, with full-scale operations currently underway [2]. Group 2: Construction Challenges - The construction site is characterized by steep terrain and complex geological conditions, necessitating the use of anti-slip chains on construction vehicles [5]. - The West Dadi Bridge is highlighted as a key engineering challenge, with significant depth and height requirements for its foundation [8]. - The project includes multiple crossings over rivers and railways, emphasizing the engineering difficulties faced during construction [7][8]. Group 3: Economic and Social Impact - The expressway is designed to improve connectivity for local towns, facilitating travel for residents and promoting local economic growth [7][8]. - Upon completion, the expressway is expected to alleviate congestion in the Beijing western corridor and enhance the rapid accessibility of tourism destinations in the region [8]. - The project is part of the national comprehensive transportation network plan, contributing to the broader connectivity between the Beijing-Tianjin-Hebei region and the Chengdu-Chongqing area [8].

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu [2][6] Core Views - The report emphasizes that there is still a significant expectation gap in the market regarding Sichuan Chengyu, despite its strong performance in revenue growth and cash dividends [6][8] - The analysis is based on four dimensions: asset quality, dividend capability, earnings growth certainty, and future growth potential [6][8] Summary by Relevant Sections 1. Asset Quality - The company's road assets are strategically located, with toll revenue growth and profitability ranking among the industry leaders [9][13] - The overall profitability of the company's road assets is high, with a projected toll gross margin of 59.6% for 2024, second only to Guangdong Expressway and Anhui Expressway [21][24] - The company has achieved a compound annual growth rate (CAGR) of 11% in toll revenue over the past three years, indicating strong revenue resilience [15][16] 2. Dividend Capability - The company has increased its dividend payout ratio to over 60% in 2023, maintaining a dividend yield of 5.05%, making it the only highway stock in A-shares with a yield above 5% [30][39] - The peak of capital expenditure may have passed, with a projected free cash flow of 650 million yuan in 2024, indicating a stronger and sustainable internal cash dividend capability [9][30] 3. Earnings Growth Certainty - Future earnings growth is expected to be driven by natural growth in traffic and toll revenue, with financial expenses likely to decrease significantly [9][10] - The company has a seven-year performance commitment for the second ring road, providing substantial growth support and profit elasticity in the medium to long term [10][11] 4. Growth Potential - The company is seen as undervalued in terms of growth potential, supported by the classic logic of "large group, small company" [10][11] - The integration of high-quality road resources with the support of the Shudao Group is ongoing, which is expected to enhance the company's market value [10][11] 5. Investment Recommendations - The report maintains profit forecasts for 2025-2027 at 1.58 billion, 1.71 billion, and 1.84 billion yuan, with corresponding earnings per share (EPS) of 0.52, 0.56, and 0.60 yuan [10][11] - The target price is set at 7.75 yuan for A-shares and 6.01 HKD for H-shares, indicating a potential upside of 35% and 39% respectively from current prices [10][11]

证 券 研 究 报 告 四维度解析四川成渝，市场仍存在较大预期差 公司研究 公路 2025 年 05 月 14 日 目标价：7.75 元/6.01 港元 当前价：5.74 元/4.35 港元 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 四川成渝（601107）深度研究报告 强推（维持） 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 联系人：李清影 邮箱：liqingying@hcyjs.com 公司基本数据 | 总股本(万股) | 305,806.00 | | --- | --- | | 已上市流通股(万股) | 216,274.0 ...

证券代码： 000886 证券简称：海南高速 海南高速公路股份有限公司 投资者关系活动记录表 编号：2025-05 | 投资者关系活动类别 | □特定对象调研 □ 分析师会议 | | --- | --- | | | □ 媒体采访 √ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | □ 其他 （请文字说明其他活动内容） | | 参与单位名称及人员 | 通过全景路演平台：https://rs.p5w.net 参与"2024 年度海南辖区上市 | | 姓名 | 公司业绩说明会暨投资者集体接待日"的所有投资者 | | 时间 | 2025 年 5 月 13 日 (周二) 下午 14:00~17:00 | | 地点 | 全景网平台 https://rs.p5w.net | | 上市公司接待人员姓 | 1、董事长陈泰锋 | | 名 | 2、副总经理（主管会计工作负责人）胡东 | | | 3、副总经理、董事会秘书宋岚 | | | 4、董事会办公室总经理、证券事务代表谭佳莹 | | | 5、财务会计部总经理郭冬玉 公司就 2024 年年度报告、财务数据、公司治理、经营情况、发 | | ...