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]

Investment Rating - The report maintains a "Strong Buy" rating for Sichuan Chengyu [2][8] 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. The toll revenue has a compound annual growth rate (CAGR) of 11% over the past three years, second only to China Merchants Highway [6][9] - The overall profitability of the company's road assets is also among the highest in the industry, with a toll gross margin of 59.6% in 2024, just behind Guangdong Highway and Anhui Expressway [9][21] 2. Dividend Capability - The company has shown a strong commitment to returning value to shareholders, with a dividend payout ratio increased to over 60% in 2023 and maintained in 2024, resulting in a dividend yield of 5.05%, making it the only highway stock in A-shares with a yield above 5% [6][30] - Capital expenditures are expected to decline, with a projected free cash flow of 650 million 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. The company is expected to benefit from a long-term interest rate decline [9][10] - The company has a seven-year performance commitment for the second ring road, providing significant growth support and profit elasticity in the medium to long term [9][10] 4. Growth Potential - The company is seen as undervalued in terms of growth potential, with a low asset securitization rate compared to other provinces. The integration of high-quality road resources with the support of the Shudao Group is ongoing [9][10] - The report draws parallels with Anhui Expressway, which has successfully achieved a virtuous cycle of "market value-dividend-assets" since 2021, suggesting a similar path for Sichuan Chengyu [9][10] 5. Investment Recommendations - The report maintains profit forecasts for 2025-2027 at 1.58 billion, 1.71 billion, and 1.84 billion, with corresponding earnings per share (EPS) of 0.52, 0.56, and 0.60, and price-to-earnings (PE) ratios of 11, 10, and 10 times [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% from the current prices, respectively [10][11]

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 | | ...

Core Points - The China-Latin America Forum serves as a significant platform for mutually beneficial cooperation between China and Latin American and Caribbean countries, marking its 10th anniversary with a ministerial meeting in Beijing [1] - The meeting resulted in a three-year action plan focusing on infrastructure, technology, and agriculture, enhancing bilateral and multilateral cooperation [1] - The trade volume between China and Latin America is projected to exceed $500 billion in 2024, a 40-fold increase since the early 2000s, indicating strong economic integration [2] Group 1 - The meeting highlighted the importance of cooperation for the "Global South," with leaders from Brazil, Colombia, and Chile emphasizing the need for multilateralism and regional collaboration [1][2] - Significant infrastructure projects, such as Brazil's high-voltage transmission line and Peru's port development, are progressing, showcasing the tangible benefits of cooperation [2] - Over 90% of Chilean cherries are exported to China, and a substantial portion of Ecuador's car sales are from Chinese manufacturers, reflecting deepening trade ties [2] Group 2 - The forum promotes a cooperative approach that rejects confrontational alliances and unilateral hegemony, advocating for open and win-win relationships [4] - Latin American countries are increasingly asserting their independence from U.S. influence, with a growing demand for self-determination in foreign relations [5][6] - The rise of the "Global South" is characterized by a shift towards more autonomous foreign policies among Latin American nations, aligning with China's principles of shared development [6]

海南海汽运输集团股份有限公司（股票代码：603069）2024 年年度股东大会会议资料 海南海汽运输集团股份有限公司 海南海汽运输集团股份有限公司（股票代码：603069）2024 年年度股东大会会议资料 目 录 一、海南海汽运输集团股份有限公司 2024 年年度股东大会会 议须知 ······················ 3 二、海南海汽运输集团股份有限公司 2024 年年度股东大会会 议议程 ······················ 5 三、海南海汽运输集团股份有限公司 2024 年年度股东大会审 议议案 ······················ 8 （一）关于公司 2024 年度董事会工作报告的议案 ··· 8 （二）关于公司 2024 年度监事会工作报告的议案 ··· 19 （三）关于公司 2024 年度独立董事述职报告的议案 ·· 26 （四）关于公司 2024 年度财务决算报告的议案 ···· 27 （五）关于公司 2024 年年度报告及摘要的议案 ···· 32 三、在股东大会召开过程中，股东要求发言的应举手示 意，经大会主持人同意，方可发言；股东发言时，应当首先 作自我介绍并说明其 ...

来源：环球网 在掌握了技术要领后，大家纷纷撸起袖子、卷起裤腿，走下田梗，踏入泛着泥香的泥泞水田，与村民们 一同运苗、分秧、插秧，在他们的巧手下，一株株秧苗有序地扎根水田，波光粼粼，映照出志愿者们忙 碌而坚定的身影，"中交蓝"在水田间来回穿梭，与嫩绿的秧苗相互辉映，构成了一幅生机勃勃的春日劳 作图，大家热情高涨，干劲十足，呈现出一派热火朝天的忙碌景象。 经过一天紧张而有序的劳作，原本空旷的水田像是被施了魔法，披上了一层嫩绿的新装，一排排整齐的 秧苗在微风中轻轻摇曳，仿佛在向志愿者们点头致谢。 "太感谢你们了，要不是你们来帮忙，这三亩多水田我真不知道该咋办，现在秧苗插上了，我心里踏实 了。""都是小事，冯大爷，以后有啥困难您尽管开口！"志愿者汪禹良握着冯大爷的手亲切与他道别。 此次助农春耕活动是中国交建汉源九安公路项目"我为群众办实事"长效机制的生动实践。自项目建设以 来，中国交建九安公路项目始终心系驻地百姓，主动融入当地，已累计解决修葺庭院、抢修村路、抗洪 抢险、 助农抢收、防火灭灾等多项难题，开展志愿服务数10次，用党建引领助力属地乡村振兴"加速 度"，用实际行动诠释央企担当与使命。（刘天兰 刘波 王建明） ...

哈空调：控股股东获不超过3200万元银行贷款承诺用于增持股份 龙江交通：股东拟减持不超过3%公司股份 5月13日，龙江交通（601188）发布公告称，持股5%以上股东穗甬控股有限公司（简称"穗甬控股"）计 划自2025年6月4日至2025年9月3日期间，通过集中竞价和大宗交易方式减持公司股份，合计减持数量不 超过3947.64万股，占公司总股本的3%。 资料显示，龙江交通成立于2010年3月，主营业务是高速公路收费运营管理。 所属行业：交通运输–铁路公路–高速公路 双一科技：拟收购澳大利亚公司股权及资产 5月13日，双一科技（300690）发布公告称，公司拟通过新设全资子公司双一（澳大利亚）有限公司， 以自筹资金1800万澳元加股权收购调整的价格，收购Marky Industries Pty Ltd的100%股权及Martin Nikolas和Krystyna Maria Nikolas持有的特定资产（土地和厂房）。 资料显示，双一科技成立于2000年3月，主营业务是复合材料的研发、生产、销售和服务。 所属行业：电力设备–风电设备–风电零部件 所属行业：电力设备–电机Ⅱ–电机Ⅲ 5月13日，哈空调（60020 ...

证券研究报告 | 2025年05月12日 京沪高铁（601816.SH） 优于大市 本线客流增长承压，京福安徽一季度扭亏为盈 京沪高铁披露 2024 年年报和 2025 年一季报。2024 年全年实现营业收入 421.6 亿元（+3.6%），归母净利润 127.7 亿元（+10.6%）；2024 年四 季度单季营收 98.0 亿元（+0.01%），归母净利润 27.5 亿元（+4.6%）； 2025 年一季度实现营业收入 102.2 亿元（+1.2%），归母净利润 29.6 亿 元（+0.03%）。 本线客运量增长承压，跨线列车业务量同比增长稳健。2024 年全年，国内铁 路客运复苏趋势明显，全国铁路客运量达到 43.1 亿人次，同比增长 11.9%。 受国内外宏观经济环境影响，京沪线本线商务出行人群占比有所下降，全年 本线列车运送旅客量同比下降 2.3%至 5201.6 万人次。而跨线列车业务量仍 然呈稳健增长态势，京沪跨线列车全年运营里程完成 10250.7 万列公里、同 比增长 11.4%；京福安徽公司管辖线路列车运营里程完成 3763 万列公里，同 比增长 5.7%。在宏观经济相对承压且出行需求较为疲 ...