8 3 CHE 编者按 我国营业性货运量、港口货物吞吐量等主要指标稳中有增；快递业务量同比增长17.8%；交通固定资产 投资达2.26万亿元……近日，国新办发布会介绍今年1至8月交通运输运行情况，这些数据与项目的背 后，持续印证了交通运输"大动脉"的强劲活力。一组数据带你看我国交通运输主要指标稳健发展。 完成快递业务量 1己日已亿件 同比增长 17.日% 偿物吞 PHE P 11:4 33 FM 出版 增长较快 1至8月 完成港口货物吞吐量 1己 . 3亿吨 同比增长 4.4% 其中内、外贸吞吐量分别增长 5.2% 和 2.7% 跨区域人员流动量 持续增加 1至8月 全社会跨区域人员流动量达 455.5亿人次 同比增长引. 6% 其中,公路人员的流动量 同比增长 =. 4% 交通固定资产投资 高位运行 1至8月 我国完成固定投资 其中,铁路完成投 "M-FF 公路完成投资 日 IZE - 水路完成投资 民航完成投资 载读 /中国 重大工程项目 总体进展顺利 成都至峨嵋山高速公路、淮河入海水道、 年州港南沙港区、防城港30万吨级航道等 项目加快建设 国家综合立体交通网建设 扎实推进 "目前了同时间道"国家综合立 ...

风险提示：四川基建投资进度不及预期、大股东支持力度减弱、市场竞争加剧等。 Q2 新签订单继续提速。2025 年H1，公司新签订单金额达722.40 亿元，同比增长22.20%，其中Q1、Q2 新签订单同比增速分别为18.87%、25.44%。 分领域看，基建板块表现亮眼，上半年新签金额为617.40 亿元，同比增长25.88%，其中Q1、Q2 同比增 速分别为27.95%、23.93%。 盈利预测与投资评级：预计25-27 年公司实现营业收入分别为1092.95、1178.40、1237.32 亿元，分别同 比+2%、+8%、+5%，实现归母净利润分别为79.58、84.10、89.14 亿元，分别同比+10%、+6%、+6%， 当前股价对应25-27 年PE 分别为9/9/8X，四川基建景气度高，公司作为交通基建主力军，有望受益，同 时股息率较高，首次覆盖，给予"强烈推荐"评级。 公司公布25 年中报，报告期内实现收入、归母净利润、扣非归母净利润分别为435.36、27.80、27.20 亿 元，分别同比-4.91%、-13.00%、-13.72%。 四川战略定位升级，基建景气高于全国。2024 年，国务院 ...

Core Viewpoint - The construction of the Lion Rock Channel is a significant infrastructure project in the Guangdong-Hong Kong-Macao Greater Bay Area, aimed at enhancing connectivity and supporting high-quality economic development in the region [1][7]. Group 1: Project Overview - The Lion Rock Channel is a key transportation project connecting Nansha in Guangzhou to Humen in Dongguan, spanning approximately 35 kilometers with a dual-layer design featuring 16 lanes, significantly increasing traffic capacity [2][7]. - The project includes the Lion Rock Bridge, which utilizes a double-layer steel truss suspension bridge design with a main span of 2,180 meters, eliminating the need for bridge piers in the river [2][3]. Group 2: Construction Progress - As of October 2023, construction is in full swing, with critical processes being maintained during the National Day holiday, showcasing a commitment to timely project completion [2][6]. - The main tower of the Lion Rock Bridge has reached a height of 342 meters, equivalent to a 110-story building, and is constructed using a combination of steel and concrete to enhance stability and reduce weight [4][6]. Group 3: Technical Challenges and Innovations - The project faces significant technical challenges due to its unprecedented scale, requiring innovations in design, construction techniques, and equipment development [3][4]. - Advanced technologies, such as high-precision positioning systems and intelligent control systems, are employed to ensure the accuracy and safety of the construction process [6][7]. Group 4: Future Outlook - The year 2025 is projected to be a peak construction period for the Lion Rock Channel, with major engineering milestones expected to be achieved [7]. - Upon completion, the channel is anticipated to alleviate traffic pressure across the Pearl River and play a crucial role in the integrated high-quality development of the Greater Bay Area [7].

基于对公司长期投资价值的认可及未来发展前景的信心，浙江交通集团已于2025年4月9日公布增持计 划，拟在6个月内通过集中竞价、大宗交易等方式增持公司股份，数量不低于总股本的1%，不高于总股 本的2%，增持价格上限为8.77元/股。截至2025年6月17日，浙江交通集团已通过集中竞价方式累计增持 公司股份20,922,260股，占公司总股本的0.783‰。结合本次最新增持，浙江交通集团在不足半年内已累 计增持比例超过1%，充分体现了其对浙江交科当前估值水平和未来成长潜力的坚定信心。 控股股东的持续增持，不仅稳定了市场预期，也向投资者传递了强有力的信心信号。在A股市场波动加 剧的背景下，产业资本尤其是控股股东的真金白银投入，往往被视为公司价值低估和基本面稳健的重要 印证。 9月25日，浙江交通科技股份有限公司（002061.SZ）发布公告称，公司控股股东浙江省交通投资集团有 限公司（以下简称"浙江交通集团"）自2025年6月19日至9月25日期间，通过深圳证券交易所集中竞价方 式累计增持公司股份26,705,483股，占公司总股本的1.00%。此次增持后，浙江交通集团持有浙江交科 股份总数增至1,148,337, ...

Core Insights - The overall operation of China's transportation economy has remained stable in 2023, with growth in key indicators such as freight volume, port cargo throughput, and inter-regional personnel flow, alongside high levels of transportation investment [1] Group 1: Freight Volume - From January to August, the total operating freight volume reached 38.06 billion tons, marking a year-on-year increase of 3.8%. By mode, railway, road, waterway, and civil aviation freight volumes grew by 2.6%, 3.9%, 3.8%, and 14.5% respectively [2] Group 2: Port Cargo Throughput - During the same period, port cargo throughput totaled 12.03 billion tons, reflecting a year-on-year growth of 4.4%. Specifically, domestic and foreign trade throughput increased by 5.2% and 2.7% respectively. Container throughput reached 23 million TEUs, up 6.3%, with domestic and foreign trade container throughput rising by 3.2% and 8.4% respectively [3] Group 3: Inter-Regional Personnel Flow - The inter-regional personnel flow amounted to 45.55 billion person-times, showing a year-on-year increase of 3.6%. By mode, railway and civil aviation passenger volumes grew by 6.7% and 5.3%, while road personnel flow increased by 3.4% [4] Group 4: Transportation Fixed Asset Investment - Fixed asset investment in transportation reached 2.26 trillion yuan from January to August. Investment by mode included 504.1 billion yuan for railways, 1.5412 trillion yuan for roads (with 807 billion yuan for expressways, 373 billion yuan for national and provincial roads, and 238.2 billion yuan for rural roads), 143.3 billion yuan for waterways, and 70.7 billion yuan for civil aviation. Major projects under the "14th Five-Year Plan" are progressing smoothly, with significant advancements in key infrastructure projects [5]

Core Viewpoint - Vietnam is launching an ambitious infrastructure investment plan with a total investment of 1,280 trillion VND (approximately 50 billion USD) for 250 large-scale projects, marking the beginning of a 10 to 20-year economic development and modernization phase [1][6]. Infrastructure Challenges - Vietnam's road quality ranks 109th globally, with only 60% of national roads being asphalted and many roads remaining in poor condition [2]. - The railway system largely consists of narrow-gauge tracks from the colonial era, limiting capacity and speed, with average speeds around 50 km/h [2]. - Power supply issues have led to nationwide blackouts, causing significant losses for major companies, with a reported loss of 1.4 billion USD for firms like Foxconn and Samsung [3]. Government Initiatives - The Vietnamese government is focusing on infrastructure to address economic challenges, with public investment spending increasing by 40% year-on-year in the first half of the year [6]. - As of June 30, public investment reached 268.1 trillion VND (approximately 10.3 billion USD), accounting for 32.5% of the approved budget for 2025 [6]. Investment Landscape - The government is funding 129 of the 250 projects, with a total investment of approximately 478 trillion VND (about 18 billion USD), while 121 projects are supported by private and foreign capital, totaling around 30.5 billion USD [7]. - Private and foreign investments account for 63% of the total investment in these projects [7]. Market Opportunities for Chinese Enterprises - Chinese companies are increasingly involved in Vietnam's infrastructure projects, with significant contracts awarded for metro and highway construction [10][11]. - The shift towards smaller, more manageable projects is noted as a strategy to mitigate risks associated with large-scale investments [11]. Strategic Considerations - Experts suggest that Chinese enterprises should form strategic alliances to avoid internal competition and price wars in the crowded Vietnamese market [11]. - Identifying new opportunities in sectors like renewable energy, electricity, and telecommunications is recommended, as traditional infrastructure sectors may face protectionist barriers [11].

Group 1 - Vietnam government has announced the launch and completion of 250 large-scale infrastructure projects with a total investment of 1,280 trillion VND (approximately 50 billion USD) [1] - The infrastructure investment is seen as a key driver for Vietnam's economic growth and modernization over the next 10 to 20 years [1][4] - The public investment expenditure in Vietnam surged by 40% year-on-year in the first half of the year, reaching 268.1 trillion VND (approximately 10.3 billion USD) [6] Group 2 - Vietnam's road quality ranks 109th globally, indicating significant infrastructure challenges, particularly in major cities like Ho Chi Minh and Hanoi [2] - The railway system is largely outdated, with most tracks dating back to the French colonial era, limiting capacity and speed [2] - Power supply issues have led to nationwide blackouts, affecting major companies and prompting the government to seek electricity imports [3] Group 3 - Vietnam is focusing on improving infrastructure to address challenges such as increased tariffs from the US and to meet its GDP growth target of 8.3%-8.5% for the year [6] - The government is funding 129 of the 250 projects, while 121 projects are supported by private and foreign capital, highlighting a reliance on external investment [7] - The participation of Chinese companies in Vietnam's infrastructure projects is increasing, with examples including the construction of metro lines and highways [10][11] Group 4 - The Vietnamese government aims to alleviate financial pressure through Public-Private Partnerships (PPP), but attracting private investment remains a challenge [7][8] - Experts suggest that Chinese companies should form strategic alliances to avoid internal competition in the crowded Vietnamese market [11] - There is a shift in Chinese companies' approach to overseas infrastructure projects, focusing on smaller, manageable projects to mitigate risks [11][12]

Group 1: Guangdong Hongda (002683.SZ) - The company is a leader in the civil explosives industry, with growth rates exceeding the industry average, and military business is poised for expansion [7][8] - Expected net profits for 2025-2027 are projected at 1.196 billion, 1.415 billion, and 1.772 billion yuan, respectively, with a target price of 47.2 yuan based on a 30x PE for 2025, rated as "Accumulate" [7][8] - Revenue from the domestic regions of Northwest, Southwest, and North China for 2024 is expected to be 2.69 billion, 1.14 billion, and 2.34 billion yuan, respectively, with significant year-on-year growth [8] Group 2: Yangnong Chemical (600486.SH) - The company is positioned as a leader in the pesticide industry, benefiting from an upward trend in industry conditions and a recovery in the market [11][12] - Projected revenues for 2025-2027 are 11.484 billion, 12.325 billion, and 13.536 billion yuan, with net profits of 1.443 billion, 1.654 billion, and 1.884 billion yuan, respectively, rated as "Accumulate" [11][12] - The company is expected to transition from a generic pesticide manufacturer to a CDMO for innovative drugs, enhancing its growth potential [12] Group 3: China Communications Construction Company (601800.SH) - The company holds a leading position in transportation infrastructure and is expected to benefit from increased domestic infrastructure projects and international expansion [14][15] - The company is the largest international engineering contractor in China, with a strong historical presence in overseas markets, contributing to growth [14][15] - A dividend plan has been announced, ensuring stable returns for investors, with a target price of 11.78 yuan based on an 8x PE for 2025, rated as "Buy" [14][15] Group 4: Xinzhou Bang (300037.SZ) - The company is focused on a comprehensive layout in the lithium battery and fluorochemical sectors, with clear growth in demand for fluorochemicals [18][19] - Expected net profits for 2025-2027 are projected at 1.130 billion, 1.501 billion, and 1.859 billion yuan, with significant year-on-year growth rates [18][19] - The company is enhancing its vertical integration and global layout, with ongoing projects in Malaysia and the US expected to boost profitability [18][19] Group 5: Haian Home (600398.SH) - The main brand has shown improvement, with revenue for the first half of 2025 reaching 11.566 billion yuan, a year-on-year increase of 1.73% [21][22] - The company is expanding its direct sales while reducing franchise operations, with a focus on new retail formats [21][22] - Projected net profits for 2025-2027 are 2.421 billion, 2.700 billion, and 2.947 billion yuan, with a growth rate of 12.2%, 11.5%, and 9.1% respectively, rated as "Buy" [24] Group 6: Xtep International (01368.HK) - The main brand has shown steady growth, with revenue for the first half of 2025 reaching 6.838 billion yuan, a year-on-year increase of 7.1% [26][27] - The company is focusing on the running segment, with strong performance in its professional sports line [26][27] - Projected net profits for 2025-2027 are 1.379 billion, 1.516 billion, and 1.664 billion yuan, with growth rates of 11.3%, 9.9%, and 9.8% respectively, rated as "Buy" [28] Group 7: Mindray Medical (300760.SZ) - The company reported total revenue of 16.743 billion yuan for the first half of 2025, a year-on-year decrease of 18.45% [30][31] - International business showed resilience with revenue of 8.332 billion yuan, a year-on-year increase of 5.39%, while domestic revenue declined significantly [30][31] - The company plans to distribute a total of 3.298 billion yuan in cash dividends for 2025, representing 65.06% of its net profit for the first half of the year [31]

Group 1: Event Overview - The 22nd China-ASEAN Expo and China-ASEAN Business and Investment Summit concluded in Nanning, Guangxi, attracting 3,260 enterprises from 60 countries and regions, with a total attendance of 226,000, setting a new historical record [1] - Over 700 outcomes were achieved during the expo, including more than 500 signed economic and trade projects and over 270 results across multiple fields and formats [1] Group 2: Technological Innovations - The expo featured a dedicated AI pavilion covering 10,000 square meters, showcasing around 1,200 exhibits, with a trade turnover exceeding 140 million RMB [2] - Companies presented advanced AI applications, including real-time translation smart glasses and heavy-lift drones, indicating a strong interest in AI technology among attendees [2] Group 3: Cross-Border Cooperation - CuberAI showcased AI-driven cross-border logistics solutions, emphasizing the potential for AI applications in enhancing trade efficiency between ASEAN countries and China [3] - A total of 44 "AI+" projects were signed at the expo, spanning manufacturing, services, and agriculture sectors, highlighting the growing integration of AI in various industries [3] Group 4: Trade Agreements and Economic Integration - The China-ASEAN Free Trade Area 3.0 negotiations have been completed, aiming to elevate economic cooperation to new heights and solidify the foundation for regional economic integration [6] - The expo served as a platform for mutual economic needs, with significant participation from Chinese enterprises in infrastructure projects across ASEAN countries, totaling over 69 billion USD in contracts signed in the last five years [6] Group 5: Cultural Exchange and Future Cooperation - The expo featured cultural activities that fostered people-to-people connections, which are essential for strengthening economic and investment cooperation [7] - The focus on youth cooperation was highlighted, with initiatives aimed at investing in long-term relationships between ASEAN and China [8]

Core Viewpoint - Shandong High-speed Group's recent success in securing two major contracts in Malaysia highlights the company's strategy to expand into overseas markets and seek new growth opportunities, particularly in emerging industries such as smart logistics and intelligent manufacturing [2][3][4] Group 1: Project Details - The Malaysia Smart Warehouse project involves the construction of smart warehouses across several states, with a total contract value of 60 million Malaysian Ringgit (approximately 10.2 billion RMB) [2] - The Nilai Smart City project plans to invest 7 billion USD (approximately 50.1 billion RMB) over the next decade, with an initial contract value of about 1.6 billion USD (approximately 11.45 billion RMB) [2] - Both projects leverage advanced technologies such as IoT, big data, and AI, showcasing Shandong High-speed Group's capabilities in providing integrated solutions [3][4] Group 2: Business Strategy and Performance - Shandong High-speed Group's overseas project contracts signed this year amount to approximately 27 billion RMB, representing a year-on-year growth of 360% [4] - The company has been recognized as one of the top 250 international contractors globally, ranking 51st, which enhances its credibility in securing large contracts [4] - The dual projects signify a strategic shift from traditional construction to modern logistics and supply chain services, marking a significant breakthrough in project scale and local impact [4] Group 3: Collaborative Ecosystem - The successful execution of these projects is expected to significantly increase the revenue scale and proportion of Shandong High-speed Group's overseas business, enhancing its resilience in the new economic landscape [5] - The projects also align with Malaysia's industrial upgrade and digital transformation needs, as the country seeks to enhance efficiency and competitiveness through smart solutions [6] - The establishment of a cooperation alliance in Shandong aims to create a collaborative ecosystem that promotes "Shandong manufacturing" and "Shandong services" on a global scale [6] Group 4: Industry Trends - Shandong High-speed Group is actively pursuing an international strategy that integrates foreign trade, services, and investment, thereby enhancing its competitiveness in the global market [7] - The company is also involved in various projects across different regions, including smart transportation systems in Ethiopia and renewable energy initiatives in Singapore [7] - Other Shandong enterprises are similarly exploring overseas markets to find new growth avenues, with a focus on high-tech and high-value products [8] Group 5: Economic Impact - In the first eight months of this year, Shandong's total import and export volume reached 2.32 trillion RMB, reflecting a year-on-year growth of 5.8%, the highest among the top five foreign trade provinces [10] - The provincial government is implementing measures to support enterprises in exploring new markets and fostering new growth drivers, further solidifying Shandong's position in the global market [10]