一、停复牌 1、中金公司：筹划重大资产重组继续停牌。 2、品茗科技：如公司股票交易持续异常波动，公司可能按照相关规则要求申请停牌核查。 四、投资合作、经营状况 1、万邦德：子公司独家代理进口产品枸橼酸西地那非口服混悬液取得药品注册证书。 2、奥来德：拟定增募资不超3亿元，将用于OLED显示核心材料PSPI材料生产基地项目等。 3、世纪华通：23年上线的游戏目前还在创新高，尚未观测到生命周期顶峰。奔奔王国在国内推进节奏 不快，无尽冬日发行时处于小程序游戏红利期，而Kingshot(KS)还在破WhiteoutSurvival(WOS)海外的纪 录，海外市场更大。 二、并购重组 1、海南高速：全资子公司拟受让海南华特51%股权。海南华特主营沥青仓储加工业务，建设集团收购 后，海南华特可提供稳定的交通材料供应链支持。 2、奕东电子：拟6120万元投资并取得深圳冠鼎51%股权。此次投资与增资旨在进一步布局AI服务器液 冷散热等领域产品和业务。 3、华峰铝业：拟1亿元收购华峰普恩100%股权。本次交易为冲压件、新合金材料等新业务落地和规模 扩大提供坚实载体和资源保障。 三、增持回购 1、中国铁物：控股股东之一致行动人拟 ...

格隆汇11月26日丨福建高速(600033.SH)公布，公司拟以1.8亿元参与海峡保险2025年度增资扩股项目， 增资后持有其18%股权。目前海峡保险仍处于业务发展期，面临的市场竞争压力较大，尚未实现稳定盈 利。 ...

截至发稿，福建高速市值为106亿元。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 （记者 曾健辉） 每经AI快讯，福建高速（SH 600033，收盘价：3.85元）11月26日晚间发布公告称，公司第十届第十二 次董事会临时会议于2025年11月26日以通讯表决的方式召开。会议审议了《关于提请召开2025年第二次 临时股东会的议案》等文件。 2024年1至12月份，福建高速的营业收入构成为：高速公路经营占比98.84%，其他业务占比1.16%。 ...

福建高速（600033）(600033.SH)公告，公司拟以1.8亿元参与海峡保险2025年度增资扩股项目，增资后 持有其18%股权。目前海峡保险仍处于业务发展期，面临的市场竞争压力较大，尚未实现稳定盈利。 ...

人民财讯11月26日电，福建高速（600033）11月26日公告，拟以1.8亿元参与海峡保险2025年度增资扩 股项目，增资后持有其18%股权。 ...

Core Viewpoint - Hainan Expressway (000886.SZ) is optimizing its industrial layout and structure by acquiring a 51% stake in Hainan Huate from Jiaokong Real Estate for approximately RMB 21.07 million, which will be consolidated into the company's financial statements after the transaction is completed [1] Group 1: Transaction Details - The acquisition agreement was signed on November 26, 2025, with a total purchase price of RMB 21,072,502.53 [1] - Hainan Huate's factory covers an area of 64,263 square meters, with a total construction area of 8,151.13 square meters [1] - The project has a total investment of approximately RMB 220 million, divided into two phases: Phase 1 involves an investment of RMB 176 million for the construction of a 30,000 cubic meter asphalt storage tank and production lines for various types of asphalt [1] Group 2: Project Phases and Capacity - Phase 1 has completed construction and received approval from the relevant authorities on August 6, 2025, with trial production starting in September [1] - Phase 2 is expected to require an investment of RMB 40 million, planning to build additional storage tanks and a packaging line, with construction timing dependent on market conditions [1] - Once fully operational, the project is expected to achieve an annual storage and transfer capacity of 800,000 tons of asphalt [1]

海南华特工厂占地面积为64,263㎡，总建筑面积8,151.13㎡。项目总投资约2.2亿元，分两期建设，一期 投资1.76亿元，建设3万立方米沥青储罐，包含改性沥青、乳化沥青、彩色沥青、特种沥青生产线各1条 的沥青生产加工车间，配套建设综合楼1栋，公用工程站、沥青输送管线等附属设施；二期预计投资 4,000万元，规划建设3万立方米储罐、1条桶装沥青罐装线、1个制桶车间和配套桶装沥青堆场等，建设 时间依市场业务情况而定。项目一期已于2025年8月6日获得了东方市行政审批服务局出具的《海南省房 屋建筑和市政基础设施工程项目竣工联合验收结果告知书》，完成竣工联合验收，9月开展试生产。该 项目全面建成投产后，预计沥青仓储及中转规模将达到每年80万吨。 格隆汇11月26日丨海南高速(000886.SZ)公布，为进一步推进产业布局优化和结构调整，公司全资子公 司建设集团于2025年11月26日与交控置业、海南华特、厦门华特集团有限责任公司（简称"厦门华特"） 签署《股权转让协议书》，拟以人民币21,072,502.53元的价格受让交控置业持有的海南华特51%股权。 交易完成后，标的公司纳入公司合并报表范围。 ...

| 4、问：公司三季度毛利率提升多少？ | | --- | | 答：公司今年前三季度毛利率为 69.72%，去年同期毛利 | | 率为 68.16%，今年略有上升。 | | 5、问：公司收购东莞证券股权导致长期股权投资比例 | | 增长至 27.1%，请问这笔投资对公司业绩什么时候可以 | | 产生贡献？ | | 答：公司于 年 月完成对东莞证券 2025 6 7.1%股权的收 | | 购，目前持有东莞证券 27.1%的股权。公司自 2025 年 7 | | 月按 27.1%的股权比例确认投资收益。 | | 6、问：公司三季度货币资金同比下降 28.17%，因压降 | | 借款规模，请问公司当前的资金储备是否能满足改扩建 | | 工程及新能源业务的资金需求？ | | 答：公司当前资金储备充足，莞深高速改扩建项目资本 | | 金与银行贷款比例为 25%:75%，资金支付将根据工程进 | | 度有序安排。 | 东莞发展控股股份有限公司投资者关系活动记录表 股票代码：000828 股票简称：东莞控股 | 投资者关系活动类 | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 别 | ...

智通财经APP获悉，万联证券发布研报称，当前高速公路行业已经进入成熟期，运营里程增长放缓，其 经营模式具有重资产、周期长、回报稳的特点，历史经营业绩表现稳健，2025年前三季度盈利回升。 2025年以来受市场风格影响，高速公路板块相对大盘调整明显，调整后板块高分红特征进一步增强，投 资价值进一步凸显。展望2026年，预计行业将持续受益于宏观经济修复及市场利率下行，但需关注市场 风格变化，建议持续关注经营稳健、分红预期稳定的板块核心标的。 万联证券主要观点如下： 高速公路上市公司历史业绩整体表现较为平稳，2025年前三季度盈利有所回升 该行统计的13家高速公路上市公司2015-2024年营业收入年均复合增速为8.8%，2025年前三季度营收同 比下降4.1%;2015-2024年归母净利润年均复合增速为5.9%，2025年前三季度归母净利润增速为3.7%， 2025年前三季度毛利率及净利率均有所回升。 客运及货运周转量有望保持稳定增长 2025年1-10月公路旅客周转量4278亿人公里，同比微增0.19%，随着自驾游等跨区域流动需求的不断抬 升，客运流量有望保持平稳增长;货运流量方面，货运流量与宏观经济息息相关 ...

Core Insights - The highway industry is entering a mature phase with stable operational performance and potential policy benefits expected in the future. The growth of operational mileage is slowing down, and the industry is characterized by heavy assets, long cycles, and stable returns. The profitability of highway companies is expected to recover in 2025, with traffic volume anticipated to grow steadily in 2026 due to resilient macroeconomic growth [2][3]. Investment Highlights - Historical performance of listed highway companies has been stable, with a compound annual growth rate (CAGR) of 8.8% in revenue from 2015 to 2024. In the first three quarters of 2025, revenue decreased by 4.1%, while net profit attributable to shareholders showed a CAGR of 5.9% during the same period, with a growth rate of 3.7% in 2025 [3][11]. - Passenger and freight turnover is expected to maintain stable growth. From January to October 2025, passenger turnover reached 4,278 billion person-kilometers, a slight increase of 0.19% year-on-year. Freight turnover, closely linked to macroeconomic conditions, reached 65,484.48 billion ton-kilometers, growing by 3.71% year-on-year [3][30]. - The construction costs of highways are rising, and the revenue-expenditure gap is widening, leading to increased demands for higher toll rates and extended operating periods. As of 2021, the revenue-expenditure gap for repayable and operational highways was approximately 250 billion and 350 billion respectively [4][41]. - The highway sector has shown a cumulative increase of about 35% from 2014 to 2024, outperforming the broader market (CSI 300 index), which rose by 11% during the same period. The sector's dividend yield remains attractive, especially in a declining interest rate environment [7][50][52]. Traffic Volume and Policy Optimization - The growth rate of highway mileage has slowed, with a CAGR of 4.8% from 2016 to 2024. By the end of 2024, the total highway mileage in China reached 190,700 kilometers, with a year-on-year growth of 4% [22][23]. - The optimization of toll standards and operating periods is anticipated. Recent adjustments in toll rates have been observed in various regions, with expectations for these changes to spread to other areas over time [41][43]. - Mergers and acquisitions present potential new opportunities in the highway sector, as state-owned enterprises are encouraged to consolidate assets, which could enhance operational efficiency and performance [2][49]. Long-term Investment Value - The highway sector is expected to provide stable long-term investment returns, with a high dividend payout ratio compared to other high-dividend sectors. The sector's dividend yield has consistently exceeded that of 10-year and 30-year government bonds since 2020 [52][53]. - The overall financial costs for highway companies have been decreasing, benefiting from lower market interest rates, which enhances profitability [52][57].