（文章来源：证券日报） 证券日报网讯 8月25日晚间，海南高速发布公告称，公司第八届监事会第九次会议审议通过了《2025年 半年度报告及其摘要》。 ...

报告期内，集团所辖9条高速公路的通行费收益为51.32亿元，同比增长0.4%，整体车流量同比 增长1.5%。 2025年上半年，公司有序推进甬金高速、乍嘉苏高速改扩建项目；中标甬舟高速复线（二期）项 目；完成沪杭甬高速改扩建工程可行性研究招标并全面启动工可研究；通过合营平台收购桂三高速51% 股权，桂三高速是川渝、云贵地区前往珠三角的主要通道之一，亦是著名的旅游线路，该收购进一步拓 展了区域布局。 中证报中证网讯（王珞）日前，浙江沪杭甬高速公路股份有限公司（以下简称"浙江沪杭甬"或"公 司"）（港交所编号：0576.HK）公布截至2025年6月30日止6个月未经审计合并经营业绩。 报告期内，集团经营业继续保持良好增长态势，收益与2024年同期相比增长3.8%，为86.85亿元 （人民币，下同）；归属于公司拥有人利润为27.87亿元，同比增长4.0%；基本每股盈利为0.4651元， 同比增长4.0%，摊薄每股盈利为0.4651元，同比增长5.6%。 主业聚焦多元提质增效 通行费收益持续增长 绿色低碳加快布局。融合AI大模型升级智慧高速以提升智慧保畅成效，新能源重卡换电站、分布 式光伏发电项目正式运营，新能源建设 ...

智通财经APP讯，海南高速(000886.SZ)发布2025年半年度报告，该公司营业收入为1.71亿元，同比增长 314.30%。归属于上市公司股东的净亏损为3531.43万元。归属于上市公司股东的扣除非经常性损益的净 亏损为3454.59万元。基本每股亏损为0.036元。 ...

天眼查商业履历信息显示，安徽皖通高速公路股份有限公司，成立于1996年，位于合肥市，是一家以从 事商务服务业为主的企业。企业注册资本165861万人民币，实缴资本165861万人民币。公司法定代表人 为汪小文。 通过天眼查大数据分析，安徽皖通高速公路股份有限公司共对外投资了23家企业，参与招投标项目4318 次，知识产权方面有商标信息22条，专利信息27条，此外企业还拥有行政许可46个。 来源：金融界 资金流向方面，今日主力资金净流出1064.37万元，占比成交额10.72%。其中，超大单净流出544.57万 元、占成交额5.48%，大单净流出519.79万元、占成交额5.23%，中单净流出流出188.72万元、占成交额 1.9%，小单净流入1253.09万元、占成交额12.62%。 皖通高速最新一期业绩显示，截至2025一季报，公司营业总收入28.21亿元、同比增长95.33%，归属净 利润5.51亿元，同比增长5.19%，扣非净利润4.69亿元，同比增长4.17%，流动比率2.230、速动比率 2.228、资产负债率53.00%。 金融界消息 截至2025年8月25日收盘，皖通高速（600012）报收于1 ...

格隆汇8月25日丨吉林高速（维权）(601518.SH)公布，公司的控股子公司吉林省科维交通工程有限公司 通过公开投标的形式中标"吉林省高速公路视频监测优化提升工程和传输系统接入层升级改造续建工程 项目JD01标段"，属于招标人通过公开招标后的中标项目，属于科维公司日常经营业务范围。中标价格 1.12亿元。 ...

人民财讯8月25日电，吉林高速（601518）8月25日晚间公告，控股子公司吉林省科维交通工程有限公司 (简称"科维公司")通过公开投标的形式中标"吉林省高速公路视频监测优化提升工程和传输系统接入层升 级改造续建工程项目JD01标段"。中标价为1.12亿元。本项目顺利实施后，能够积累公司施工业绩，对 公司未来的经营发展将产生影响。 ...

Core Insights - Shenzhen Expressway Group Co., Ltd. reported a revenue of approximately 3.919 billion yuan for the first half of 2025, representing a year-on-year increase of 4.30% [1] - The net profit attributable to shareholders reached about 960 million yuan, marking a year-on-year growth of 24.04%, with earnings per share at 0.382 yuan [1] - The growth in performance was primarily driven by reduced interest expenses, decreased losses in environmental business, and changes in the fair value of related assets [1] Revenue Breakdown - During the reporting period, toll revenue amounted to 2.449 billion yuan, reflecting a year-on-year increase of 0.64% [1] - Excluding the impact of Yichang Expressway, which was no longer included in the consolidated scope from March 21, 2024, the toll revenue increased by 4.31% on a comparable basis [1] Operational Factors - The integration of the road network positively impacted the company's operations in the Shenzhen area [1] - The reduction in rainfall during the flood season compared to the previous year minimized adverse weather effects on traffic [1] - Initiatives such as automobile subsidies and trade-in programs have stimulated vehicle consumption, contributing to increased traffic volume on highways [1] Infrastructure Development - The simultaneous opening of the Shenzhen-Zhongshan Channel and the second phase of the Yangtze River Expressway has enhanced the integration of Shenzhen with the eastern and western regions of the Pearl River Delta [1] - The core traffic hub effect continues to be released, effectively boosting traffic flow on the Yangtze River Expressway and the Jihe Expressway, with daily toll revenue on the Yangtze River Expressway increasing by over 20% year-on-year [1] Financial Strategy - The company issued short-term financing bonds, medium-term notes, and perpetual corporate bonds totaling 9.3 billion yuan to replace existing debt and supplement working capital [2] - The successful completion of a 4.7 billion yuan A-share private placement during the reporting period has strengthened the group's capital position, ensuring sustainable development for the future [2]

Core Viewpoint - Zhejiang Huhangyu achieved a total revenue of 8.685 billion yuan in the first half of 2025, representing a year-on-year growth of 3.80%, with a profit attributable to equity holders of 2.787 billion yuan, up 4.01% year-on-year [1] Group 1: Highway Business Performance - The highway business generated revenue of 10.662 billion yuan in 2024, an increase of 2.28% from 10.424 billion yuan in 2023, accounting for 59.0% of total revenue [3] - The growth in highway toll revenue is attributed to the steady recovery of the Chinese economy and the increasing economic vitality in Zhejiang Province [3] - The company plans to leverage the "Zhijiang Traffic Control" investment platform to promote quality highway project investments and mergers, while also exploring the construction of a new energy vehicle battery swap station network [3] Group 2: Securities Business Performance - The securities business reported revenue of 6.183 billion yuan in 2024, a decline of 2.97% from 6.372 billion yuan in 2023, making up 34.2% of total revenue [4] - The performance of the securities business was impacted by market volatility in the first three quarters, but showed signs of recovery in the fourth quarter [4] - The company anticipates that domestic capital markets will continue to deepen reforms under policy guidance, creating opportunities in emerging industries such as new energy and green finance [4] Group 3: Financial Indicators - Basic earnings per share for the first half of 2025 were 0.47 yuan, with a net asset per share of 7.70 yuan and an annualized return on equity of 12.06% [6] - The company's debt-to-asset ratio decreased from 70.92% in 2023 to 66.07% in 2024, but rose to 67.87% in the first half of 2025 [6] - Cash and cash equivalents increased from 70.079 billion yuan in 2024 to 85.044 billion yuan in the first half of 2025, indicating strong liquidity [6]

上 市 公 司 交通运输 买入（维持） | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 16965 | 18065 | 19101 | 20236 | 21372 | | 同比增长率（%） | 13.87% | 6.48% | 5.74% | 5.94% | 5.62% | | 归母净利润（百万元） | 5224 | 5502 | 5671 | 5887 | 6149 | | 同比增长率（%） | -2.89% | 5.32% | 3.08% | 3.81% | 4.45% | | 每股收益（元/股） | 1.13 | 0.92 | 0.94 | 0.98 | 1.02 | | 净资产收益率（%） | 13.13% | 11.95% | 10.67% | 9.73% | 9.02% | | 市盈率 | 6 | 7 | 7 | 7 | 7 | | 市净率 | 1.01 | 0.87 | 0.76 | 0.66 | 0. ...

Core Points - The completion of the G9911 Jinan Urban Circle Ring Road South Ring section, with a total investment of approximately 20.72 billion, marks Jinan's entry into the "four-ring era" [1] - The new ring road will optimize the transportation layout of the Jinan urban circle and promote the integrated development of surrounding cities such as Zibo, Tai'an, and Liaocheng [1][2] - The construction of the "big four-ring" will alleviate the pressure on the existing "three-ring" expressway, which is increasingly congested [1][2] Infrastructure Development - The G9911 Jinan Urban Circle Ring Road includes five expressways, connecting Jinan with surrounding areas and enhancing regional integration [1] - The existing "three-ring" expressway, which consists of several highways, will become the inner ring road as the new "four-ring" is established [1][2] Urban Transportation Challenges - A common issue in major cities is that some sections of the ring roads have entered the urban planning area, leading to traffic bottlenecks due to the preference for free city roads over toll roads [2] - There is public interest in whether the Jinan "three-ring" expressway can transition to a free urban expressway [2] Regional Integration Strategies - The article discusses the need for center cities to optimize tolls on ring roads to facilitate regional integration and reduce institutional costs [2][3] - Examples from other urban circles, such as Wuhan and Zhengzhou, illustrate various approaches to toll management, including free passage for local vehicles and government service purchases [3][4][5] Policy Implementation - The implementation of free toll policies and differentiated charging strategies in various urban circles aims to alleviate traffic pressure and promote economic integration [5][6] - The Jinan "four-ring" construction is seen as a test of governance capabilities and collaborative efforts in urban circle management [7]