格隆汇12月30日丨江苏宁沪高速公路(00177.HK)公告，江苏宁沪高速公路股份有限公司(以下简称"公 司"或"宁沪公司")拟向控股子公司江苏丹金高速公路有限公司(以下简称"丹金公司")进行增资。增资金 额：人民币12,817.5041万元。 丹金项目是苏南高速路网的重要组成部分，该项目的成功实施将进一步加强公司在苏南高速路网中的领 先地位。通过引入社会资本增资，将有助于为丹金项目提供必要的资金，同时降低公司自身的资本投入 要求。本次交易遵循自愿、公平合理、协商一致的原则。增资完成后，公司对丹金公司的持股比例由 74.5998%降至69.2845%，不会导致上市公司合并报表范围变更，不会对公司未来的财务状况和经营业 绩产生不利影响，不存在损害上市公司及股东特别是中小股东利益的情形。 ...

格隆汇12月29日丨海南高速(000886.SZ)在互动平台表示，公司未参与海南国际算力中心项目建设。 ...

中金发布研报称，因越秀交通基建(01052)收购尚未落地，维持2025/26年净利润分别为7.39/7.70亿元。 当前股价对应2025/2026年9.5/9.0倍P/E。维持跑赢行业评级，考虑到近期市场风险偏好上行，市场应给 予一定的估值溢价(也就是可以交易到比行业更低的股息率)，以5.5%这一股息率水平对应其2025年目标 价为5.13港元，对应2026年5.8%的股息率。该行上调目标价18.2%，对应2025/26年P/E分别为10.6和10.1 倍，较当前股价有12.2%的上行空间。 该行以收购对价测算，标的公司静态P/E为5.0x;标的公司2025/26年预测P/E分别为12.6x和11.4x。公司公 告其内部回报率为10.43%(v.s.平临高速9.2%)，项目回报率较高。合并后，公司控股高速里程加权平均 剩余年限将延长0.8年。该行认为标的路段估值不贵，本次收购盈利能力较强的资产有利于公司可持续 发展。 收购补充资产组合，减轻现有路产压力 标的路段2024年实现收入7.5亿元，占公司2024年总收入的19.5%。标的路段2025年1-8月实现收入5.5亿 元，净利润2.7亿元，分别占到2024年 ...

（记者 曾健辉） 截至发稿，赣粤高速市值为123亿元。 每经头条（nbdtoutiao）——海南封关政策红利全解析：零关税、低个税、投资准入放宽、跨境资金自 由、创业扶持…… 每经AI快讯，赣粤高速（SH 600269，收盘价：5.27元）12月18日晚间发布公告称，公司第九届第十四 次董事会会议于2025年12月18日以通讯表决的方式召开。会议审议了《关于修订的议案》等文件。 2024年1至12月份，赣粤高速的营业收入构成为：高速公路运营占比59.81%，成品油销售占比24.48%， 智慧交通收入占比12.43%，其他占比2.7%，房地产占比0.57%。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

消息面上，越秀交通基建此前宣布，收购山东秦滨高速公路建设85%股权，交易总价款为11.535亿元人 民币。秦滨高速是环渤海地区最快捷的沿海高速通道，目标公路是其在山东省的部分，是国家高速公路 网京哈高速公路(G1)联络线的重要组成部分。 惠誉认为，此次收购将推动越秀交通收入和EBITDA增长。预计该交易将于2025年底或2026年初完成， 届时山东秦滨高速的收入将全部并入越秀交通。惠誉认为，此次收购将支持越秀交通EBITDA增长，并 将其资产的平均特许经营年限延长约1年达12年，并且抵消津雄高速公路出售和广州北环高速特许经营 期于2024年到期所带来的影响。 越秀交通基建(01052)早盘涨近6%，截至发稿，涨3.67%，报4.52港元，成交额1050.53万港元。 ...

四川成渝 20251215 摘要 四川成渝 2025 年三季度营收 160.86 亿元，同比下降 17.29%，主要 因建造服务收入减少，但对利润影响不大。归母净利润 13 亿元，同比 增长 15.78%，得益于财务费用压降。负债率从 72%降至 66.28%，并 维持高比例分红政策，分红比例不低于 60%。 各条道路整体车流量保持正向增长，但货车通行费下降导致收入端承压。 精细化管控养护成本，与去年相比变化不大。城北段停止收费对全年利 润影响较小，成人和二绕受到一定影响，但整体运营情况良好。 货车流量占整体车流量的四成，公司通过节约成本、合并运营等方式应 对车流量下降。二绕高速恢复弹性最大，整体车流量已呈现正增长，财 务费用压降效果持续显现。 陈雅高速改扩建项目总投入约 284 亿元，单公里成本约 1.78 亿元，施 工进展顺利。改扩建将延长收费周期并提高收费标准，具体提升幅度待 竣工决算金额及政府认定。 天琼高速预计 2026 年开通，二绕西今年运行可能低于收购承诺业绩， 控股股东将进行差额补偿。公司依托政策执行减免政策，大股东有意向 继续进行资产注入。 Q&A 请介绍一下四川成渝公司及其主要业务板块。 ...

Group 1 - The core viewpoint of the article is that Ganyue Expressway (SH 600269) held its 13th meeting of the 9th board of directors on November 11, 2025, via telecommunication voting, where it reviewed the proposal to amend the "Board Meeting Rules" [1] - For the year 2024, Ganyue Expressway's revenue composition is as follows: highway operations account for 59.81%, refined oil sales for 24.48%, smart transportation for 12.43%, other revenues for 2.7%, and real estate for 0.57% [1] - As of the report date, Ganyue Expressway has a market capitalization of 13 billion yuan [1]

Core Insights - Sichuan Chengyu's stock price increased by 2.08% on November 6, reaching 6.37 CNY per share, with a total market capitalization of 19.48 billion CNY [1] - The company has seen a year-to-date stock price increase of 28.95%, with significant gains over the past 5 days (11.56%), 20 days (14.36%), and 60 days (12.94%) [1] - For the first nine months of 2025, Sichuan Chengyu reported a revenue of 6.086 billion CNY, a year-on-year decrease of 17.29%, while net profit attributable to shareholders increased by 15.78% to 1.3 billion CNY [2] Company Overview - Sichuan Chengyu Highway Co., Ltd. was established on August 19, 1997, and listed on July 27, 2009. The company is primarily engaged in the investment, construction, operation, and management of highway infrastructure projects [1] - The revenue composition of the company includes 71.29% from highways, 24.83% from transportation services, 2.09% from engineering construction, 1.20% from new energy technology, and 0.67% from transportation logistics [1] Shareholder and Dividend Information - As of September 30, 2025, the number of shareholders increased by 8.07% to 38,400, with an average of 56,608 circulating shares per shareholder [2] - The company has distributed a total of 5.905 billion CNY in dividends since its A-share listing, with 1.927 billion CNY distributed over the past three years [3] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 31.589 million shares, an increase of 3.6703 million shares from the previous period [3]

Core Viewpoint - Ganyue Expressway, a major highway investment and operation enterprise in Jiangxi Province, has shown mixed financial performance in 2025, with revenue slightly declining but net profit increasing significantly, indicating potential growth opportunities despite challenges in profitability metrics [2][6]. Financial Performance - In Q3 2025, Ganyue Expressway reported revenue of 4.399 billion yuan, ranking 9th in the industry, surpassing the industry average of 4.278 billion yuan but significantly lower than the top competitors [2] - The net profit for the same period was 1.712 billion yuan, placing the company 5th in the industry, above the average of 1.282 billion yuan [2] - Year-to-date revenue for the first three quarters was 4.399 billion yuan, reflecting a year-on-year decline of 3.55%, while net profit increased by 41.35% to 1.628 billion yuan [6] Profitability Metrics - The asset-liability ratio for Q3 2025 was 43.06%, slightly down from 43.59% year-on-year but above the industry average of 41.31% [3] - The gross profit margin was 41.41%, a slight decrease from 41.66% year-on-year and below the industry average of 46.20% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.02% to 48,700, while the average number of shares held per shareholder increased by 1.03% [5] Management Compensation - The chairman, Han Feng, received a salary of 500,200 yuan in 2024, an increase of 336,300 yuan from 2023 [4] Business Highlights - Toll revenue showed steady growth, with Q3 2025 toll income reaching 975 million yuan, a year-on-year increase of 2.09% [6] - Non-recurring gains significantly contributed to profit growth, with Q3 2025 non-recurring gains totaling 553 million yuan [6] Investment Outlook - The company’s financial expenses showed a notable improvement, decreasing by 37.02% year-on-year to 165 million yuan [6] - The company is expected to have a target market value of 15.8 billion yuan with a target price of 6.8 yuan per share, indicating a potential upside of 30% from the current price [6]

Core Insights - Modern Investment Co., Ltd. reported a net profit of 433 million yuan for the first three quarters of 2025, representing a year-on-year increase of 6.70% [1] - The basic earnings per share increased by 10.28% to 0.2586 yuan, indicating strong financial performance despite a complex market environment [1] - The company effectively controlled financial costs, with interest expenses decreasing by 17.9% to 596 million yuan compared to the same period last year [1] Financial Performance - The net cash flow from operating activities increased to 2.764 billion yuan, reflecting improved cash management [1] - Long-term borrowings decreased from 20.601 billion yuan at the beginning of the period to 20.001 billion yuan, showcasing effective debt structure optimization [1] Business Operations - The core business of highway operation continues to play a crucial role, with the company promoting an integrated management model [1] - The Huaihua North operation center's management experience has been successfully implemented at the Huaminglou operation center, enhancing operational efficiency [1] Two-Wing Business Strategy - In the financial services sector, the scale of the "insurance + futures" business at Dayou Futures has steadily expanded, with fund and trust products increasing by 38.76% compared to the beginning of the year [2] - The banking subsidiary saw a net increase of 1.134 billion yuan in customer deposits and interbank placements [2] Environmental and Governance Initiatives - Modern Investment's subsidiaries in environmental technology have renewed operating licenses and increased production capacity, making progress in integrated smart wastewater equipment and fly ash resource utilization technology [2] - The company has constructed 98 photovoltaic power stations, integrating traffic and energy resources [2] - Modern Investment received recognition as a "Best Practice Case for Internal Control of Chinese Listed Companies in 2025" and an "ESG Benchmark Enterprise Award," with a Wind ESG rating of AA, ranking among the top three in the industry [2] Future Outlook - The company plans to continue advancing its "one body, two wings" development strategy, solidifying its core highway business while promoting the scaling of diversified operations to enhance overall risk resistance and operational quality [2]