专题：2025分析师大会：资本市场"奥斯卡"启幕 【相关阅读】第七届新浪财经金麒麟最佳分析师荣誉榜 第七届新浪财经金麒麟最佳分析师荣誉榜出炉，海外市场研究第一名为兴业证券张忆东团队。 新浪财经整理张忆东最新观点如下： 张忆东最新观点：震荡不改长牛逻辑 "'4000点'只是行情逻辑的短期成果，既不是起点，更不是终点，甚至都不应该是思考中长期行情的重 点。" "往后看20年，到本世纪中叶，中国市场的这轮'长牛'立足于中国综合实力的提升，可以理解为'金融强 国牛'或'社会主义现代化强国牛'。我们不排除未来出现大幅调整的可能，但关键的大逻辑是中国经济增 长方式在转变，综合国力在提升。" "AI浪潮才刚刚开始，与90年代互联网浪潮'形似而神不似'，相似之处都是资本开支驱动，核心差异在 于时代背景不同，现在的科技是中美大国博弈的主阵地和必争之地。" "宏观层面看，新旧动能切换确实还没完全实现在经济数据上，但从资本市场的角度已经显现出新动能 跑赢旧动能的切换趋势。" "中国服务消费为核心的新消费浪潮已经启动，新消费的成长时代已经来临，未来的消费市场将呈现'总 量稳、新消费活'的格局。" "人形机器人目前还处于产业生命周期的 ...

Meeting Information - The first temporary shareholders' meeting of 2025 will be held on December 18, 2025, at 15:00 [2] - The meeting will take place at the company's conference room located at No. 6, Xianlin Avenue, Nanjing [2] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [2][3] Voting Procedures - Online voting will be available on December 18, 2025, during trading hours: 9:15-9:25, 9:30-11:30, and 13:00-15:00 [3] - Shareholders can vote via the trading system or the internet voting platform, with identity verification required for first-time users [6][7] - Duplicate votes through different methods will be counted based on the first vote cast [7] Attendance and Registration - Shareholders registered by the close of trading on December 10, 2025, are eligible to attend the meeting [9] - Shareholders may appoint a proxy to attend and vote on their behalf, with each share granting one vote [12] - Registration must be completed by submitting a receipt by December 13, 2025 [12] Meeting Agenda - The meeting will review specific proposals, with details disclosed in prior announcements [6] - Special resolutions will include the first three proposals, while there will be no separate voting for minority investors or related party abstentions [6] Additional Information - The meeting will last half a day, and attendees are responsible for their own travel and accommodation expenses [13] - Contact information for the company is provided for any inquiries related to the meeting [14]

Investment Rating - The report suggests a focus on high dividend assets in the coal and highway sectors, indicating a favorable investment environment for these industries due to their stable cash flows and defensive characteristics [2][12]. Core Insights - The coal industry is highlighted as a high dividend sector with significant cash flow improvements due to supply constraints and long-term contract policies, making leading companies particularly attractive for investment [4][45]. - The highway sector is characterized by stable cash flows and nearing completion of expansion projects, which will enhance future cash flow releases, thus making these companies appealing for dividends [4][50]. Summary by Sections Investment Highlights - The report emphasizes the importance of the stock-bond yield spread, noting that high dividend assets are increasingly valued in a low-interest-rate environment, with bank wealth management products yielding between 1.8%-3.2% and 10-year government bonds yielding 1.6%-1.9% [2][12]. Excess Returns and Stock Price Influences - Coal sector excess returns are closely tied to coal prices, suggesting that investments in coal dividend assets are advisable during periods of rising coal prices and positive stock-bond yield spreads [3][39]. - The highway sector's excess returns are more sensitive to market downturns and bond yield changes, indicating that investments in highway dividend assets are preferable during market declines [3][42]. High Dividend Drivers - In the coal sector, high dividends are driven by supply constraints and improved cash flows from long-term contracts, with leading companies benefiting from higher industry concentration and robust financial health [4][45]. - For the highway sector, high dividends stem from stable cash flows and the completion of expansion projects, which will allow for increased shareholder returns [4][50]. Company-Specific Recommendations - In the coal industry, companies such as China Shenhua and Shaanxi Coal are recommended for their high dividend levels and strong market positions, while Yanzhou Coal is noted for its growth potential alongside high dividends [5][56]. - In the highway sector, companies like Shandong Highway and Anhui Expressway are highlighted for their nearing completion of expansion projects and high dividend levels, with China Merchants Highway recognized for its strong cash flow and profitability [5][60].

经济导报记者 杨佳琪 公开资料显示，通汇集团注册资本13亿元，主要从事以自有资金从事投资活动、企业管理咨询、科技中 介服务、计算机系统服务等。通汇集团是山东高速控股股东山东高速集团有限公司的控股子公司，且山 东高速董事梁占海同时担任通汇集团董事，为公司关联方。 据悉，此次转让的股份是2020年通过协议转让方式获得。2020年7月3日，亚东复星亚联与山东高速签署 《股份转让协议》，约定以协议转让方式，将其持有的粤高速A无限售流通股2.02亿股股票（约占其总 股本的9.68%）转让给投资公司。 从交易后股权结构来看，广东省交通集团有限公司为粤高速A大股东，持股24.56%；其次是广东省公路 建设有限公司，持股22.30%；通汇集团将成为粤高速A第三大股东，持股9.68%；其余股东均在5%以 下。 山东高速表示，本次交易所得资金将用于支持公司核心主业发展，助力公司动态管理投资组合，优化资 产结构，符合公司聚焦主责主业的长期战略方向。 公告显示，过去12个月内，山东高速与山东高速集团及其子公司发生关联交易2次（不含本次），涉及 金额70967.15万元。 2024年12月，山东高速控股子公司山东高速信息集团有限公司拟 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - This report is a weekly report on public - offering infrastructure REITs from November 24, 2025, to November 28, 2025, presenting secondary - market price - volume performance, valuation, market correlation statistics, and primary - market tracking of REITs [1][2] 3. Summary According to Relevant Catalogs 3.1 Secondary - Market Price - Volume Performance - The report details the performance of various REITs, including listing date, issue price, trading volume, turnover rate, return on the listing day, return since listing, return this week, return last week, and return since the beginning of this year. For example, the red - clay innovation Yantian Port REIT had an issue price of 2.3 yuan on June 21, 2021, with a listing - day return of 2.91% and a return since listing of 19.98%. Its trading volume this week was 0.09 (in 100 million shares), and the turnover rate was 1.24% [9] 3.2 Secondary - Market Valuation Situation - The report compares indicators such as P/FFO, P/NAV, current quantile, IRR, PV multiplier, and cash distribution rate of different REITs. For instance, the red - clay innovation Yantian Port REIT has a P/FFO of 19.15, a P/NAV of 1.06, and a current quantile of 48.00% [20] 3.3 Market Correlation Statistics - The report shows the correlation coefficients between REITs and various asset types, including stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.20, and that between energy - type REITs and the Shanghai Composite Index is 0.04 [27] 3.4 Primary - Market Tracking - The report lists the status of multiple REIT projects in the primary market, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the Huaxia Anbo Warehouse Logistics REIT is a property - type project in the warehousing and logistics industry. It has passed the review, and its acceptance date was June 30, 2025. The project is valued at 22.49 billion yuan [29]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly highlighting the strong performance of dry bulk freight rates and VLCC (Very Large Crude Carrier) rates, while also noting the recent increase in new ship prices for oil and bulk carriers [5][6]. Core Insights - Dry bulk freight rates have exceeded expectations, with the Baltic Dry Index (BDI) reaching 2560 points, a 12.5% increase week-on-week. Capesize rates have surged by 22.7%, marking the highest levels in nearly two years [5][6]. - The VLCC market remains robust, with current charter rates at $57,000 per day, significantly higher than the spot market rate of $140,000 per day. The report suggests that if spot rates decline, charter rates may rise, indicating a potential seasonal trading phase [5]. - Newbuilding prices for oil and bulk carriers have seen consecutive increases over the past three weeks, with second-hand ship prices also reaching new highs, suggesting a turning point in the newbuilding market [5]. - The report emphasizes the importance of monitoring the seasonal decline in freight rates from Christmas to the Spring Festival, which could impact market dynamics [5]. Summary by Sections Shipping Market Performance - The shipping index has shown a decline of 0.47%, underperforming the CSI 300 index, which rose by 1.64%. Among the sub-sectors, the intermediate products and consumer goods supply chain services saw the largest increase of 4.20%, while the airline transportation sector experienced the most significant drop of 2.05% [6][13]. Freight Rates and Trends - The report highlights that the dry bulk freight rates have reached a two-year high, driven by increased shipments from major exporters like Australia and Brazil. The Capesize rates have particularly benefited from tight capacity and favorable weather conditions affecting vessel turnover [5][6]. - The report also notes fluctuations in oil tanker rates, with VLCC rates experiencing a slight decline of 3% week-on-week, while Suezmax rates decreased by 2% [5]. Airline and Logistics Sector - The airline industry is poised for significant improvement due to a combination of rising passenger demand and constrained supply, with recommendations to focus on major airlines such as China Eastern Airlines and China Southern Airlines [5]. - The express delivery sector is entering a new phase of competition, with potential for price recovery and improved profitability, particularly for companies like Shentong Express and YTO Express [5]. Investment Recommendations - The report recommends continued investment in companies such as China Merchants Energy Shipping, COSCO Shipping Energy Transportation, and China Shipbuilding Industry Corporation, while also suggesting a watch on companies like SITC International Holdings and Pacific Basin Shipping [5].

Group 1 - The core announcement is regarding the resignation of Mr. Lu Mingwei as the General Manager of Jilin Expressway Co., Ltd. due to work adjustments [1][2] - The resignation is effective immediately upon delivery to the board, and the company has ensured that the transition will not affect normal operations [2] - The board expressed gratitude for Mr. Lu's diligent work and contributions during his tenure [2] Group 2 - The board of directors held a temporary meeting on November 28, 2025, with all six directors present [5][6] - The board approved the nomination of Mr. Gao Liantian as a candidate for the board of directors, pending shareholder approval [7][8] - Mr. Gao Liantian was also appointed as the new General Manager, effective from the date of the board meeting [9] Group 3 - A notice for the fifth temporary shareholders' meeting scheduled for December 15, 2025, was issued [15][16] - The meeting will combine on-site and online voting methods, with specific timeframes for each [17][18] - Shareholders must register to attend the meeting, with detailed instructions provided for both personal and proxy attendance [24][26]

Core Viewpoint - The company has appointed a new Chief Financial Officer (CFO), Zhou Lijing, following a board meeting held on November 28, 2025, which was conducted via telecommunication and adhered to legal and procedural requirements [1][2]. Group 1 - The board meeting was the 32nd session of the 8th board and was held on November 28, 2025, with all directors notified on November 26, 2025 [1]. - The resolution to appoint Zhou Lijing as the CFO was passed unanimously with 9 votes in favor, and no votes against or abstentions [1]. - Zhou Lijing's term as CFO will commence immediately following the board's approval and will last until the current board's term ends [1]. Group 2 - Zhou Lijing, born in June 1986, holds a graduate degree and is a certified accountant [4]. - Her previous work experience includes positions at Taiping Life Insurance Co., Hubei Coal Investment and Development Co., and Hubei Transportation Investment Group, where she held various roles in finance from 2008 to 2025 [4]. - Zhou Lijing has been appointed as the CFO effective from November 28, 2025 [4].

Group 1 - Shandong High-Speed (600350) announced the transfer of a 9.68% stake in Yuexiao A (000429) to Shandong Tonghui Capital Investment Group for 2.435 billion yuan, constituting a related party transaction but not a major asset restructuring [1][2] - The transaction involves 202 million shares of Yuexiao A with a book cost of 1.633 billion yuan, and the transfer price represents a 49.10% premium over the book value, set at 12.03 yuan per share [1] - The pricing adheres to regulations, ensuring fairness by considering the weighted average price over the last 30 trading days and the audited net asset value per share [1] Group 2 - Following the transaction, Tonghui Group will become the third-largest shareholder of Yuexiao A [2] - In the past 12 months, Shandong High-Speed and its controlling shareholder have engaged in three related party transactions totaling 3.145 billion yuan, with additional unaudited daily related transactions amounting to 3.122 million yuan [2] - The funds from this transaction will support the core business development of Shandong High-Speed and assist in optimizing its asset structure, aligning with the company's long-term strategic focus [2]

Group 1 - The core point of the article is that Shandong Hi-Speed (600350.SH) announced its wholly-owned subsidiary plans to transfer its 9.68% stake in Guangdong Expressway A, amounting to 202 million shares, to Tonghui Group for a transaction value of 2.435 billion yuan [1] - After the completion of this transaction, the investment company will no longer hold any shares in Guangdong Expressway A, and Tonghui Group will own 9.68% of the shares [1]