公司坚持"诚信、和谐、开放、进取"核心价值观和"乐于奉献、勇于担当、敢于突破"的企业精神,严格 遵循上市规则规范治理,致力于构建安全便捷、优质高效、智慧科技、绿色经济的现代高速公路运营服 务体系,荣获国务院国资委"国有重点企业管理标杆创建行动标杆企业"、浙江省模范集体等省部级以上 荣誉,累计获评"中国路姐"、"中国高速公路信息化奖"、中国证券金紫荆奖"十四五"最具投资价值上市公 司等行业荣誉,多次入选《亚洲货币》《福布斯》等国际金融杂志"最佳公司治理""最佳投资者关系"排 名,在国内高速公路行业和国际资本市场具备较高认可度。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 作者：港股君 截至6月17日收盘，浙江沪杭甬（00576.HK）报6.950港元，较上个交易日上涨1.91%，当日盘中最高价 触及7.090港元，创近一年新高。 资金流向方面，当日主力流入4030.096万港元，流出2136.168万港元，净流入1893.93万港元。 浙江沪杭甬高速公路股份有限公司是浙江省交通集团旗下核心成员企业和重要上市平台。公司于1997年 3月由原省高等级公路投资 ...

Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]

固收定期研究 2025 年 6 月 16 日 Table_First|Table_Summary 【华福固收】5y 以上产业债怎么选 ➢ 5y以上产业债怎么选 4月29日以来，信用债利率整体震荡下行，分期限来看，以中票为例，5年期、6年期和 7年期表现不错。目前来看，5年期以上产业债估值所处的历史分位点普遍在3%到7%之 间。品种方面，可关注以下几个方面： 承担较大社会责任、有一定影响力的央企：如中国诚通、中国国新等。6月9日，中国国 新、中国诚通两家国有资本运营公司在银行间市场成功发行395亿元稳增长扩投资专项 债，进一步支持中央企业加强"两重""两新"投资。存续债方面，如25诚通控股MTN001(稳 增长扩投资专项债)剩余期限9.9836年，中债行权估值在2.17%左右。 产投或兼具城投&产业属性的省属国企：这类主体在前期享受了较大政府支持，现阶段 在区域一盘棋的思路下，或仍承担了区域内基建的任务；另一方面，产业属性则暗含着 这类主体可能会被直接注入一定具有现金流业务的资产，在新发债方面或有一定优势。 可关注南通地铁、山东高速、越秀集团等。对收益有较高要求的机构可关注水发集团、 陕旅集团等。如水发集团，2 ...

Group 1: Sichuan Chengyu - Sichuan Chengyu discussed plans for expiring road assets, including specific measures for Chengle Expressway, Chengya Expressway, Chengyu Expressway, and North City Expressway [1] - Chengle Expressway has initiated expansion and renovation, while the Chengya Expressway project is yet to start, with investment amounts still to be determined [1] - The company has no current plans to issue REITs or other financing tools, and its declining debt-to-asset ratio is attributed to stable cash flow from highways and cost reduction efforts [1] - The company aims to enhance service quality at service areas and is developing a comprehensive energy station network along the routes [1] Group 2: World - World introduced future development trends for superhard tools, highlighting their advantages in micro-machining, high-speed and ultra-high-speed machining, and precision machining [2] - The company has made significant progress in the development of tools for screw processing, achieving performance levels comparable to foreign counterparts and is actively expanding its market [2] - World has years of research and technical reserves in CVD diamond preparation and applications, with products covering multiple fields, some of which have begun market promotion [2]

每周一景： 湖南永州九嶷山风景名胜区 点击右上角菜单，收听朗读版 【策略】股市看似"风波又起"，实则升势"未完待续" 报告摘要： 大势研判：继续看好，行情看似"风波又起"，实则升势"未完待续"。 国泰海通策略是在 4 月 7 日后前瞻且持续研判中国股市上升的研究团队，近期在"疑云重重"的伊朗局势下关于股市"风波又起"的 担忧有所增加。不同于当下投资人的疑虑，我们认为，外部疑云并不足以趋势性阻断中国股市，相反中国 的确定性是当下中国股市稳定和阶梯式上升的重要基础，我们对行情的看法仍比共识更乐观： 1 ）投资人 关于经济形势与国际形势的复杂性认识是充分的，而新技术、新消费等商业机会开始涌现，这并不是短期 现象，而是结构趋势的积极转变。 2 ）利率降至低位后，长期国债收益破 2 与存款利率破 1 ，中国股市的 无风险利率实质性降低，投资股票的机会成本下降，长期入市和居民入市进入历史转折点。 3 ）及时、得 当与合理的宏观政策，更重视投资者回报的资本市场基础制度改革，对于推动经济社会风险评价的降低与 改变投资人面对风险的保守态度具有关键意义。股市预期和微观流动性均进入上升的趋势，继续看多。 与众不同的认识：经济预期正 ...

Core Viewpoint - The C-REITs market continues to perform strongly amid low bond yields, attracting long-term capital, particularly in the highway REITs sector, which is expected to benefit from increasing regional liquidity and favorable policies [1][2]. Market Performance - As of the 23rd week of 2025, the CSI REITs Index closed at 881.85, up 10.7% year-on-year and 1.55% month-on-month; the CSI REITs Total Return Index reached 1107.26, up 18.05% year-on-year and 1.58% month-on-month [2]. - The weekly trading volume of the REITs market was 465 million units, a year-on-year increase of 18.93%, with a transaction value of 2.093 billion yuan, up 29.28% year-on-year [2]. - Highway REITs are favored for their strong cash flow and stable returns, supported by the growth in vehicle ownership and economic recovery [2]. Industry Outlook - The Central Committee and State Council have issued opinions to support the issuance of REITs for qualifying transportation projects, indicating significant potential for the expansion of highway REITs [3]. - As of the end of 2024, the total length of highways in China reached 190,700 kilometers, with a notable increase in the national highway network [4]. - The construction of highways is ongoing, with a potential asset scale for highway REITs estimated to be over 10 trillion yuan, given the profitability of underlying road assets [4]. Policy Support - New regulations extending the concession period for infrastructure projects to 40 years are expected to enhance the stability and attractiveness of highway REITs [4]. - The government is actively promoting the optimization of toll road policies and extending toll collection periods, which will benefit the highway sector [5]. Investment Opportunities - The issuance of highway REITs can help accelerate capital turnover for highway construction companies and reduce their debt ratios, providing investors with a new channel to participate in infrastructure returns [5]. - The competitive landscape for quality highway projects is intensifying, necessitating improved operational management capabilities [6]. Future Development - Companies are exploring synergies between highways and other sectors, such as logistics, tourism, and renewable energy, to enhance asset management [6]. - The integration of renewable energy projects, such as solar power generation along highways, is being pursued to align with national carbon neutrality goals [7]. - Highway REITs are expected to maintain growth potential due to stable cash flows and favorable policies, appealing to long-term investors like insurance and pension funds [7].

铺开中国地图，19万余公里的高速公路纵横交错。在这张全球规模最大的高速公路网上，越来越多 的"黑科技"正在为安全出行保驾护航。 浙江金华，甬金高速改扩建金华段工程建设正酣。几公里外，操作员轻点屏幕，一架无人机随即升空， 以每秒15米的速度飞行。无人机时而自动巡飞，时而悬停航拍，并将动态实时回传后台。 "相比于人工巡检，无人机不仅有效降低了涉路安全风险，还能在两小时内完成全线近70公里的线路巡 检，效率提高约10倍。"浙江交通集团甬金高速改扩建金华段工程指挥部副指挥陈魁介绍。 无人机借助高清相机，实时回传巡检线路的图像。后台AI算法平台通过逐帧分析图像，能及时发现隐 患，并下发至工点网格员来处理。"未来，全线将布设11个起降平台，投用9台无人机，实现全线高效巡 检。"陈魁说。 这边，无人机"亮相"；那头，机器人"上岗"。 江苏省常泰高速公路上，世界最大跨度公铁两用斜拉桥——常泰长江大桥即将通车。 阳光洒落，主桥斜拉索如琴弦般闪耀。定睛细看，在钢铁巨构上，两台形如银环的智能爬索机器人正紧 紧环抱拉索，以每分钟10米的速度爬升。 "单根重达百吨的斜拉索，是主桥的关键受力构件，直接关系桥梁整体的运营状态。"江苏交控长 ...

（一）对 2023 年年度报告的更正情况 第三节"管理层讨论与分析"之"五、报告期内主要经营情况"之"（三） 资产、负债情况分析"之"1.资产及负债状况"。 证券代码：600033 证券简称：福建高速 编号：临 福建发展高速公路股份有限公司 关于 2023 年、2024 年年度报告更正的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 福建发展高速公路股份有限公司（以下简称公司）分别于 2024 年 4 月 18 日、2025 年 4 月 19 日披露了公司《2023 年年度报告》《2024 年年度报告》。 经核查，公司披露的 2023 年、2024 年年度报告个别数据有误，现对相关信息进 行更正。本次更正不涉及对公司财务报表的调整，不会对公司 2023 年、2024 年 年度的经营业绩造成影响。 一、更正内容 | | | 本期期末 数占总资 | | 上期期末 数占总资 | | 本期期末金 额较上期期 | | --- | --- | --- | --- | --- | --- | --- | | 项目名称 数 | 本期期末 ...

Core Viewpoint - The performance of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF reflects mixed results among constituent stocks, with a notable focus on liquidity and fund inflows, indicating a potential investment opportunity in low volatility dividend stocks [3][4][5]. Group 1: Index Performance - As of June 13, 2025, the Zhongzheng Dividend Low Volatility 100 Index (930955) decreased by 1.14%, with constituent stocks showing varied performance [3]. - The top-performing stocks included Shandong High-speed (600350) up by 1.79% and China Gold (600916) up by 1.67%, while Jizhong Energy (000937) led the decline at 6.43% [3][9]. - The Dividend Low Volatility 100 ETF (159307) fell by 0.57%, with a latest price of 1.05 yuan and a turnover rate of 1.17% [3]. Group 2: Fund Flows and Liquidity - The Dividend Low Volatility 100 ETF has seen a recent net inflow of 529.31 million yuan, with 16 out of the last 22 trading days showing positive net inflows totaling 4,734.67 million yuan [4][5]. - The ETF's latest scale reached 994 million yuan, marking a one-year high, with shares totaling 938 million, also a one-year high [4]. Group 3: Financial Metrics - The Dividend Low Volatility 100 ETF has achieved a 12.24% increase in net value over the past year, ranking first among comparable funds [6]. - The ETF's maximum drawdown this year was 6.18%, the smallest among comparable funds, with a recovery time of 36 days [6]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest in its category [6]. Group 4: Index Composition - As of May 30, 2025, the top ten weighted stocks in the Zhongzheng Dividend Low Volatility 100 Index accounted for 19.64% of the index, with Jizhong Energy (000937) being the highest at 3.09% [7][9].

齐鲁晚报·齐鲁壹点 张頔 齐鲁晚报·齐鲁壹点记者于浙江政务服务网获悉，6月5日，其公示了浙江杭宣高速公路有限公司（下称"杭宣高速公司"）未经批准非法占用土地案的行政处 罚结果信息，行政处罚决定书文号杭桐旧县罚决字﹝2025﹞第000006号。 | | 全国一体化在线政务服务平台 ട്ര 浙江政务服务网 | ●浙江省▼ | | 国家政务服务平台 浙江省人民政府 无障碍 | | --- | --- | --- | --- | --- | | 好差评 | 首页 企业服务 | 个人服务 | 部门服务 | Q 动物检疫证明核发 | | | 行政处罚结果信息公开详情 | | | 返回行政处罚结果信息: | | 浙江杭宣高速公路有限公司未经批准非法占用土地案 | 案件名称 | | | | | 杭桐旧县罚决字〔2025〕第000006号 | 行政处罚决定文书号 | | | | | 浙江杭宣高速公路有限公司 | 被处罚单位(被处罚人) | | | | | 叶某某 | 法定代表人（或单位负责人） | | | | | 桐庐县人民政府旧县街道办事处 | 执法部门 | | | | | 2025-06-05 | 作出行政处罚的日期 | ...