登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601333 证券简称：广深铁路 公告编号：2026-003 广深铁路股份有限公司 关于《公司估值提升计划》的 公 告 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个别及连带责任。 重要内容提示: ● 估值提升计划的触发情形及审议程序：自2025年1月1日至2025年12月31日，广深铁路股份有限公司 （简称"公司"）股票连续12个月每个交易日收盘价均低于其最近一个会计年度经审计的每股归属于公司 普通股股东的净资产，根据中国证监会《上市公司监管指引第10号---市值管理》，属于应当制定估值提 升计划的情形。公司第十届董事会第十九次会议审议通过了本估值提升计划。 ● 估值提升计划概述：公司计划通过提升主业经营发展质量、提升信息披露质量、加强投资者关系管 理、持续利润分配政策、研究适时回购股票等举措，提升公司投资价值和股东回报能力，推动公司投资 价值合理反映公司质量，增强投资者信心，维护全体股东利益，促进公司高质量发展。 为进一步提升公司投资价值，推动公司投资价值合理反映公司质量， ...

记者丨高江虹 出品丨21财经客户端 21世纪经济报道 编辑丨张嘉钰 21君荐读 编辑丨高梦阳 1月16日，大韩航空发布2025年第四季度及全年财报。2025年，大韩航空实现营业收入165019亿韩元 （约合人民币780.54亿元），同比增长2%，而受物价上涨等因素推高运营成本的影响，净利润下跌21% 至9650亿韩元（约合人民币45.64亿元）。若只看去年第四季度的业绩，大韩航空的表现则要好得多， 第四季度营收45516亿韩元（约合215.29亿元人民币），净利润为2840亿韩元（约合人民币13.43亿 元），均较去年同期大涨13%。拉动其第四季度业绩的中国因素不容小觑。 财报披露，第四季度大韩航空客运业务营收达到25917亿韩元，同比增加2171亿韩元。由于北美航线因 入境限制加强及西部航线竞争加剧，相关需求略有放缓，但得益于10月初中秋黄金周期间以中国和日本 为主的短途出行需求强劲增长，该公司客运业务的整体营收与盈利能力较去年同期均有所提升。 21世纪经济报道也从多家OTA了解到，今年以来中韩旅游持续升温，尤其是11月中日关系降温之后，众 多游客将日本旅游计划替换成韩国，带动韩国航线热卖，大韩航空的客流量 ...

Core Viewpoint - Korean Air reported a mixed financial performance for 2025, with a revenue increase but a significant drop in net profit due to rising operational costs [1] Group 1: Financial Performance - In 2025, Korean Air achieved an operating revenue of 165,019 billion KRW (approximately 78.05 billion RMB), representing a 2% year-on-year growth. However, net profit fell by 21% to 9,650 billion KRW (approximately 4.56 billion RMB) due to increased operational costs driven by inflation [1] - For Q4 2025, Korean Air's revenue reached 45,516 billion KRW (approximately 21.53 billion RMB), with a net profit of 2,840 billion KRW (approximately 1.34 billion RMB), both showing a significant increase of 13% compared to the same period last year [1] Group 2: Passenger Business - The passenger business revenue in Q4 2025 was 25,917 billion KRW, an increase of 2,171 billion KRW year-on-year. The growth was supported by strong demand for short-haul travel, particularly to China and Japan, during the Chuseok holiday period [1] - The overall performance of the passenger business improved due to a notable increase in traffic, especially as travelers shifted from Japan to Korea following a downturn in Sino-Japanese relations [1] Group 3: Cargo Business - In Q4 2025, the cargo business revenue was 12,331 billion KRW, reflecting a year-on-year increase of 351 billion KRW, aided by easing uncertainties around US-China tariffs and stable demand from cross-border e-commerce [2] - Korean Air plans to enhance its passenger business in Q1 2026 by expanding sales in overseas markets to mitigate the impact of a weakening Korean won and slowing domestic outbound demand [2] - The company aims to maximize profitability in its cargo operations by diversifying its business portfolio and flexibly adjusting cargo capacity based on market conditions [2]

1月16日，大韩航空发布2025年第四季度及全年财报。2025年，大韩航空实现营业收入165019亿韩元 （约合人民币780.54亿元），同比增长2%，而受物价上涨等因素推高运营成本的影响，净利润下跌21% 至9650亿韩元（约合人民币45.64亿元）。若只看去年第四季度的业绩，大韩航空的表现则要好得多， 第四季度营收45516亿韩元（约合215.29亿元人民币），净利润为2840亿韩元（约合人民币13.43亿 元），均较去年同期大涨13%。拉动其第四季度业绩的中国因素不容小觑。 21世纪经济报道记者高江虹 除了客运的表现，货运方面围绕中美关税问题的不确定性暂时缓解，叠加跨境电商需求稳定流入、年末 消费旺季及合约固定货量的扩大，大韩航空去年第四季度货运业务营收为12331万亿韩元，较去年同期 增长351亿韩元。 大韩航空的高管表示，2026年第一季度大韩航空客运业务计划通过扩大海外出发市场销售，以对冲近期 韩元走弱及韩国国内出境需求放缓的影响。同时，该公司将围绕2月春节假期等需求高峰期灵活调配运 力，以提高盈利能力。在货运业务方面，由于全球经济增长放缓等外部环境的不确定性，公司计划通过 多元化业务组合，并根据 ...

Core Insights - Changzhou International Airport Logistics Company achieved a cargo throughput of 22,100 tons by December 12, 2025, surpassing its annual target 19 days early. The belly cargo volume reached 21,700 tons, marking a year-on-year increase of 15.54%, setting a historical record [1]. Group 1 - The company has adopted a development strategy focused on "stabilizing existing volume, expanding new volume, and improving quality" to drive steady growth in its cargo business [5]. - The company has strengthened its existing business foundation by enhancing market analysis and business volume planning, resulting in a core customer retention rate exceeding 98% [5]. - The company has actively explored high-value-added business areas, with a total transportation volume of perishable goods reaching 4,300 tons, reflecting a year-on-year growth of 15.6% and further optimizing its business structure [5]. Group 2 - The company has expanded its air transit network by adding new routes to Singapore, Kuala Lumpur, and Jakarta, and recently resumed the international freighter route from Changzhou to Dhaka, Bangladesh, which is crucial for achieving its annual goals [5]. - The company plans to continue optimizing service processes to enhance operational efficiency and customer satisfaction, aiming to maintain a steady development trend in a competitive market [5].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected outperformance of 10%-20% relative to the benchmark index over the next six months [22]. Core Views - The company reported a 21.55% year-on-year increase in net profit attributable to shareholders for the first half of 2025, with total revenue reaching 13.969 billion yuan, a growth of 8.08% [2]. - The report highlights the impact of new high-speed rail lines on passenger traffic and revenue, with a mixed performance across different segments of the passenger business [3]. - The company is viewed as a potential asset with a price-to-book (PB) ratio below 1, suggesting room for growth, particularly with ongoing upgrades and new service offerings [8]. Financial Performance Summary - For the first half of 2025, the company achieved a gross profit margin of 10.41%, a slight decrease of 0.24 percentage points year-on-year, while the expense ratio increased by 0.17 percentage points to 0.95% [2]. - The passenger revenue for the first half of 2025 was 5.616 billion yuan, up 2.77% year-on-year, with significant growth in through train and long-distance train revenues [3]. - The freight revenue increased by 6.6% year-on-year to 842 million yuan, driven by a rise in total cargo volume [8]. Earnings Forecast - The earnings forecast for 2025-2027 has been adjusted, with expected net profits of 1.3 billion yuan in 2025, 1.386 billion yuan in 2026, and 1.48 billion yuan in 2027, corresponding to earnings per share (EPS) of 0.18, 0.20, and 0.21 yuan respectively [4][8]. - The report anticipates a price target of 4.33 yuan, representing a 30% upside from the current price of 3.33 yuan [4].

Core Viewpoint - Morgan Stanley has set a target price of HKD 10.8 for Cathay Pacific Airways (00293) and maintains a "market perform" rating, highlighting uncertainties in both passenger and cargo operations while emphasizing management's commitment to restoring capacity and optimizing network and cost efficiency to maximize profitability [1] Group 1: Passenger Business - Management indicated that the demand for new passenger routes will take 12 to 24 months to mature [1] - The company is focused on restoring capacity and optimizing its network to enhance profitability [1] Group 2: Cargo Business - The cargo business is expected to remain strong in the first half of 2025 due to initial demand and the company's flexibility in adjusting routes based on demand dynamics [1] - Despite the current strength, the cargo segment still faces uncertainties [1] Group 3: Dividend Policy - The company maintains a dividend payout ratio of 50% [1]

Core Viewpoint - Morgan Stanley has set a target price of HKD 10.8 for Cathay Pacific Airways (00293) and assigned a "Market Perform" rating, highlighting uncertainties in both passenger and cargo operations while emphasizing management's commitment to restoring capacity and improving cost efficiency to maximize profitability [1] Group 1: Passenger Business - Management indicated that the demand for new passenger routes will take 12-24 months to mature [1] - The company is focused on optimizing its network and improving cost efficiency to enhance profitability [1] Group 2: Cargo Business - The cargo business has shown strength in the first half of 2025 due to initial demand and the company's flexibility in adjusting routes based on dynamic demand [1] - Despite the current strength, the cargo segment still faces uncertainties [1] Group 3: Dividend Policy - The company has maintained a dividend payout ratio of 50% [1]

Core Viewpoint - FedEx reported better-than-expected Q4 results for FY2025, achieving its structural cost reduction target of $40 billion ahead of schedule and plans to cut an additional $1 billion in FY2026 to enhance profitability [1][5]. Financial Performance - For Q4 FY2025, FedEx's adjusted earnings per share (EPS) reached $6.07, surpassing analyst expectations of $5.84; revenue was $22.22 billion, exceeding the forecast of $21.79 billion, and showing slight growth from $22.1 billion in the same quarter last year [4]. - The net profit for the quarter was $1.65 billion, translating to an EPS of $6.88, significantly up from $1.47 billion ($5.94 EPS) in Q4 FY2024 [4]. - For the entire FY2025, FedEx achieved total revenue of $87.9 billion, slightly above the $87.7 billion recorded in FY2024 [5]. Cost Management and Strategic Initiatives - FedEx initiated a cost control transformation plan named "DRIVE" in FY2023, aimed at enhancing profitability and streamlining operations, successfully saving $40 billion by the end of FY2025 [5]. - The company plans to continue its cost reduction strategy in FY2026, targeting an additional $1 billion in savings [5]. - Capital expenditures for FY2025 were $4.1 billion, a 22% decrease from $5.2 billion in FY2024, marking the lowest capital expenditure as a percentage of revenue in history [5]. Market Outlook and Challenges - Despite strong financial results, FedEx's Q1 FY2026 earnings guidance was slightly below market expectations, with projected revenue growth of 0% to 2% and adjusted EPS between $3.40 and $4.00, lower than the anticipated $4.06 [6]. - The international export business is expected to face challenges due to unfavorable trade policies, particularly affecting revenue by approximately $170 million, primarily from changes in the "de minimis" policy impacting low-value goods exports from China [6]. - Following the earnings guidance, FedEx's stock price fell about 5% in after-hours trading, with a year-to-date decline of over 18% [6]. Business Restructuring - FedEx announced plans to spin off its Freight business into two independent publicly traded companies, aiming to streamline its business structure and focus on core express and ground logistics networks, with completion expected within the next 18 months [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company continues to narrow its losses and is awaiting a recovery in passenger transport [4] - In 2024, the company reported an operating revenue of 166.7 billion yuan, a year-on-year increase of 18.1%, with a net profit attributable to shareholders of -240 million yuan, significantly reducing losses [4] - The passenger transport business shows signs of recovery, with a 21.7% increase in capacity and a 32.8% increase in passenger turnover, totaling 155 million passengers, a year-on-year growth of 23.8% [5] - Cargo performance remains strong, with cargo revenue reaching 7.41 billion yuan, a year-on-year increase of 78.0% [5] - The company expects continued growth in passenger transport in 2025, with projected revenues of 173.5 billion yuan, 185.2 billion yuan, and 196.9 billion yuan for 2025-2027, representing year-on-year growth rates of 4.1%, 6.7%, and 6.3% respectively [7] Summary by Sections Company Overview - Latest closing price: 7.59 yuan - Total shares: 1.7448 billion, circulating shares: 1.1638 billion - Total market value: 132.4 billion yuan, circulating market value: 88.3 billion yuan - Asset-liability ratio: 88.2% [3] Financial Performance - In 2024, the company’s operating revenue was 166.7 billion yuan, with a net profit of -240 million yuan, indicating a significant reduction in losses [4] - The fourth quarter revenue was 38.55 billion yuan, a year-on-year increase of 8.2%, with a net profit of -1.6 billion yuan [4] - The company’s oil costs were 53.72 billion yuan, a year-on-year increase of 15%, while non-oil costs reached 104.47 billion yuan, a 19.7% increase [6] Future Projections - The company forecasts net profits of 3.61 billion yuan, 7.89 billion yuan, and 10.65 billion yuan for 2025-2027, with significant growth rates of 118.4% and 34.9% in subsequent years [7] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.22 yuan, 0.47 yuan, and 0.64 yuan respectively [9]