皖通高速成立于1996年8月15日，于2003年1月7日在上海证券交易所上市，注册地址为安徽省合肥市，办 公地址为安徽省合肥市、中国香港。它是安徽省首家公路类上市公司，核心业务为投资、建设、运营及管 理收费公路，拥有显著的区域资源优势。 皖通高速主营业务为投资、建设、运营及管理安徽省境内的部分收费公路，所属申万行业为交通运输-铁路 公路-高速公路，所属概念板块有H股、安徽国资、PPP概念、核聚变、超导概念、核电。 经营业绩：营收行业第六，净利润第七 2025年三季度，皖通高速实现营业收入53.86亿元，行业排名6/20，高于行业平均数42.78亿元和中位数 35.29亿元，但与第一名山东高速的168.41亿元、第二名宁沪高速的129.81亿元仍有差距。当期净利润为 15.02亿元，行业排名7/20，高于行业平均数12.82亿元和中位数8.93亿元，第一名招商公路净利润为44.23亿 元，第二名宁沪高速为40.37亿元。 资产负债率高于同业平均，毛利率高于去年同期 偿债能力方面，2025年三季度皖通高速资产负债率为52.22%，高于行业平均的41.31%，且较去年同期的 36.87%有所上升。从盈利能力看，当期 ...

楚天高速成立于2000年11月22日，于2004年3月10日在上海证券交易所上市，注册与办公地址均为湖北省 武汉市。公司是国内高速公路领域的重要企业，核心业务涵盖收费公路和智能终端，在高速公路运营管理 方面具备丰富经验和一定的区域优势。 公司控股股东为湖北交通投资集团有限公司，实际控制人为湖北省人民政府国有资产监督管理委员会。董 事长王南军，1967年10月出生，在职研究生学历，高级经济师。其履历丰富，从1991年起历经多个岗位， 2018年5月起任公司董事长，2024年薪酬68.3万，较2023年的74.16万减少5.86万元。总经理阮一恒，1979年 11月出生，毕业于中国地质大学和英国伯明翰大学，2018年8月起任公司总经理，2024年薪酬68.3万，较 2023年的74.16万减少5.86万元。 A股股东户数较上期增加2.70% 截至2025年9月30日，楚天高速A股股东户数为4.49万，较上期增加2.70%；户均持有流通A股数量为3.58 万，较上期减少2.63%。十大流通股东中，香港中央结算有限公司位居第四大流通股东，持股1469.52万 股，相比上期减少1378.07万股；东方红中证东方红红利低 ...

Core Viewpoint - Shanghai Industrial Holdings (00363) is recognized as a stable growth stock in infrastructure and consumer sectors, attracting investor attention due to its high dividends and low valuation [1] Financial Performance - The company reported a revenue of HKD 9.476 billion and a net profit of HKD 1.042 billion for the first half of the year, with infrastructure and consumer goods contributing significantly to the earnings [1] - The infrastructure and environmental protection sectors contributed a net profit of HKD 933 million and HKD 403 million, respectively [1] - The company announced an interim dividend of HKD 0.42 per share, with a payout ratio of 43.8% and a dividend yield of 6.4% [1] Business Segments - The infrastructure segment, which includes toll roads, water services, and clean energy, contributed 92% of the net profit, with toll roads being a major cash cow [2] - The toll road segment generated a net profit of HKD 548 million in the first half, while water services contributed HKD 344 million and HKD 120 million from two wastewater treatment businesses [2] - The consumer goods segment, including Nanyang Tobacco and Yongfa Printing, showed a revenue of HKD 1.9 billion, accounting for 20.05% of total revenue, with a profit contribution of HKD 403 million, reflecting a 26% year-on-year increase [3][4] Strategic Developments - The company exited its investment in Yuefeng Environmental, recovering HKD 4 billion in cash, which was deemed the optimal choice for maximizing shareholder value [3] - The company is focusing on expanding its presence in overseas markets for Nanyang Tobacco, with over 60% of revenue coming from international sales [4] - The company is exploring new growth opportunities in the health sector, with a significant cash reserve of HKD 28.5 billion available for investments [4][5] Financial Health - The company has improved its net debt ratio from 65.12% at the end of 2024 to 60.99%, with interest-bearing debt decreasing to HKD 58.51 billion [6] - The company reported operating cash flows of HKD 4.355 billion and HKD 4.813 billion for 2023 and 2024, respectively, resulting in a net inflow of HKD 9.168 billion [6] Valuation Insights - The company is considered undervalued, with a price-to-book (PB) ratio of 0.3, compared to 0.9 for the railway and road sectors [7] - The price-to-earnings (PE) ratio stands at 5.5, significantly lower than the industry averages, indicating potential for valuation recovery [7][8] - The company has consistently paid dividends, with a total of HKD 21.838 billion distributed since 2000, maintaining a high payout ratio even during challenging periods [7]

Group 1 - Strategic emerging industries and future industries will be key directions for central enterprises to cultivate a second growth curve during the 14th Five-Year Plan period [2] - Chengfei Integration has identified drone fuselage manufacturing as an important new development direction, included in the company's 14th Five-Year Plan [2] - Some central enterprises have set specific growth targets, with Zhenhua Technology aiming to increase the proportion of civil business to 30% by the end of the 14th Five-Year Plan [2] Group 2 - CNOOC Development is accelerating its layout in chemical new materials, expanding production capacity for DPC catalysts and functional membrane materials [3] - Digital transformation is a crucial path for central enterprises to cultivate new growth points, with China Merchants Highway planning to promote smart and green development in the toll road operation industry chain [3] - The focus on high-end resin and polyether polyol products by Shenyang Chemical aims to serve high-growth markets such as automotive seats and medical gloves [3] Group 3 - China National Materials International acknowledges challenges in integration and business transformation, aiming to enhance performance and structure during the 14th Five-Year Plan [4] - New energy storage has become a key focus for several energy central enterprises, with Zhonglv Electric prioritizing the development of new energy storage projects [4] - Hubei Energy plans to develop new businesses in inspection and testing, new energy storage technology, and hydrogen energy [4] Group 4 - Hong Sifang, a fertilizer production central enterprise under China Salt Group, will prioritize industry transformation and the cultivation of strategic emerging industries during the 14th Five-Year Plan [5] - Jiangnan Chemical is focusing on the transformation of the civil explosives industry and aims to promote cross-regional and cross-ownership restructuring [5] - Zhongke Technology plans to extend its operations into the valve industry and maintenance services to achieve industrial breakthroughs [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has a stable toll road operation, and ongoing projects are expected to release incremental revenue [5] - In the first half of 2025, the company achieved operating revenue of 9.406 billion yuan, a year-on-year decrease of 5.56%, and a net profit attributable to the parent company of 2.424 billion yuan, a year-on-year decrease of 11.81% [5] - The second quarter revenue was 4.624 billion yuan, down 28.71% year-on-year, primarily due to reduced investment in road and bridge projects [5] - The toll road business showed stable performance with revenue of 2.278 billion yuan in Q2, up 1.04% year-on-year [5] - The company is steadily advancing new construction and expansion projects, which will strengthen road asset scale and release incremental revenue [6] Financial Summary - The company’s gross profit margin in Q2 2025 was 31.61%, an increase of 10.81 percentage points year-on-year [6] - The projected net profit for 2025-2027 is estimated to be 4.916 billion yuan, 5.092 billion yuan, and 5.378 billion yuan respectively, with corresponding PE ratios of 13.3x and 12.6x [7] - The company’s total market capitalization is approximately 67.707 billion yuan, with a circulating market capitalization of about 67.525 billion yuan [3]

Financial Performance - First Pacific's gross asset value reached $5.6 billion[8] - Recurring profit increased by 11% to a record high of $375.4 million compared to $339.1 million[19] - Net profit rose 41% to $391.2 million from $277.8 million[19] - The Board approved an interim distribution of 13.0 HK cents (1.67 U S cents) per share[19] Portfolio Highlights - Indofood's net sales rose 4% to a record high of IDR59.8 trillion[31] - MPIC's contribution from investee companies increased by 18% to a record high of ₱17.5 billion[47] - Meralco's core profit increased by 10% to a record high of ₱25.5 billion[58] - MPTC's revenues rose 18% to a record ₱18.1 billion[69] Debt and Ratings - Investment-grade credit ratings are maintained from S&P (BBB- with Stable outlook) and Moody's (Baa3 with Stable outlook)[26] - Fixed-rate borrowings constitute 54% of total borrowings[25] - PLDT's Maya fintech unit delivered its first half-yearly profit with PLDT's share amounting to ₱0.4 billion[93]

一向稳健的香港地产商，也走到了最危险的时候。 港资房企路劲基建于今年2月份宣布延期支付3亿美元永续债的利息，近日再次对一笔2029年7月到期的美元票据与债权人交涉，申请以实 物付息代替现金付息，遭到持有25%的否决权股份的PJT Partners和Latham & Watkins代理的债权人团体反对。至最后期限，路劲未按期支 付该笔利息。 8月14日，路劲发布公告表示："本集团已决定暂停支付本集团所有离岸银行债务、票据及永续证券的所有到期应付本金及利息。"这意味 着，路劲正式加入违约房企行列。 8月14日股市开盘后，路劲股价应声下跌超10%。 图片来源：雪球 根据路劲地产公告，上述美元票据的本轮付息时间应在2025年7月12日，根据该票据的条款和条件规定有30天的利息支付宽限期，也即路 劲应在8月12日前支付该笔利息。 路劲于6月20日开始进行有关票据付息用实物替代现金的同意征求流程。根据路劲的公告，除了上述美元票据之外，还另有4笔美元票据也 同步进行条款修订和豁免的投票流程。 以上五笔美元票据分别为：2029年7月到期，利率5.2%的美元票据；2028年3月到期，利率6.7%的美元票据；2028年9月到期， ...