2月28日，山西高速集团股份有限公司（以下简称"山西高速"）发布关于实际控制人增持股份计划实施完成的公告。 据公告，山西交控金资管理有限公司（以下简称"交控金资"）已累计增持山西高速股份6,097,400股，占公司总股本比例为0.42%，增持金额合 计3,001.04万元（不含交易费用等）。 增资完成后，交控金资将入列山西高速股东行列，同时因交控金资为山西高速司机控制人山西交控集团全资子公司，这也意味着交控金资的实 际控制人持股比例上升。 1、2024年更名后首次增持动作 本次增资动作从2025年9月开始。 2025年9月2日，山西高速发布关于关于实际控制人增持股份计划及实施情况的公告称，交控金资于2025年9月1日起6个月内，以集中竞价或大 宗交易方式增持公司股份，增持金额不低于3000万元，不高于6000万元。 至今，交控金资已累计增持6,097,400股，占山西高速总股本比例的0.42%，增持金额3,001.04万元（不含交易费用等），增持计划实施完毕。 山西高速此前名为"山西路桥"，其前身是山西三维，为阳煤集团（现更名华阳集团）旗下的有机精细化工实力化工企业。2016年初，因山西三 维业绩欠佳而被山西 ...

二、本次交易的历史披露情况 公司于2025年7月3日披露了《海南高速公路股份有限公司关于筹划重大资产重组的提示性公告》（公告 编号：2025-029）。 公司于2025年7月31日披露了《海南高速公路股份有限公司关于重大资产重组进展的公告》（公告编 号：2025-031）。 公司于2025年8月30日披露了《海南高速公路股份有限公司关于重大资产重组进展的公告》（公告编 号：2025-037）。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、交易概述 海南高速公路股份有限公司（以下简称"公司"）拟以现金支付方式购买海南省交投商业集团有限公司 （以下简称"交易对方"）持有的海南省交控石化有限公司（以下简称"交控石化"）51.0019%股权。本次 交易完成后，交控石化将成为公司的控股子公司，纳入公司合并报表范围。本次收购预计构成《上市公 司重大资产重组管理办法》规定的重大资产重组，因交易对方为公司控股股东海南省交通投资集团有限 公司的控股子公司，本次交易构成关联交易，本次交易不涉及上市公司发行股份，不构成重组上 ...

首次覆盖，给予"增持"评级。我们预计皖通高速H 25-27E 归母净利润分别为19.55、20.02、21.19 亿 元，分别同比增长17%、2%、6%，对应PE 分别为10x、10x、10x。从行业角度，选取深高速H、广深 铁路H、港铁公司作为可比公司，2026 年可比公司平均PE估值倍数为11x，前文提到皖通高速资产优 质，区位优势明显，主要经营区域位于中国最具经济活力的长三角地区，结合公司盈利能力位居行业前 列，具备较强的稳定性，我们认为皖通高速H 2026 年合理估值应为11x，较H 股2026 年2 月24 日204 亿 元人民币市值相比仍有5.13%的上涨空间，因此给予"增持"评级。 分红比例较高，盈利能力及资本结构行业领先。皖通高速H 分红比例长期保持较高水平，持续为股东创 造稳定丰厚的回报，2021 年起公司分红比例提升至60%左右，2022-2024 年仍保持相同水平。公司2025- 2027 年股东回报规划表示在符合现金分红条件的情况下，未来三年（2025-2027 年）公司每年以现金形 式分配的利润不少于当年实现的合并报表归属母公司所有者净利润的百分之六十。公司以实打实的分红 力度彰显对 ...

近期事件 2026年2月14日，G0611川主寺至汶川段高速公路（川汶高速）项目用地获国务院批准，正式由自然资 源部批复，预计2030年建成通车，将连接九寨沟、黄龙等景区，成都至川主寺行车时间从6-7小时缩短 至4-5小时。该项目作为区域交通动脉，可能对成都高速等公路运营企业带来长期行业利好，但需关注 具体合作或业务关联性。 经济观察网 近一周（2026年2月14日至21日），成都高速（01785.HK）股价表现平稳但成交极度清淡。 截至2月20日收盘价报2.10港元，单日上涨0.48%，成交额仅2.30万港元，换手率为0.00%；2月16日收盘 价为2.09港元，无成交。区间（2月16日至20日）累计涨幅0.48%，振幅3.83%，最低触及2.02港元（2月 20日）。技术面显示短期指标偏中性，如MACD柱状图从2月16日的0.013微升至2月20日的0.013，股价 接近布林带上轨（2.20日上轨2.12港元），但5日均线（2.102港元）略高于长期均线，反映交投低迷。 资金流向方面，2月20日总净流入1.48万港元，主力资金无流动。同期恒生指数下跌1.10%，铁路及公路 板块下跌2.63%，公司股价表现 ...

Core Viewpoint - The company is committed to ensuring safety, smooth traffic, and strong service during the Spring Festival travel season, addressing the challenges posed by increased traffic and adverse weather conditions [1][6]. Group 1: Traffic Management and Safety - During the Spring Festival, the company anticipates a surge in traffic on highways, compounded by low temperatures and icy conditions, leading to increased pressure on road safety and management [1]. - The company has proactively planned and deployed resources to focus on key road sections and critical points, enhancing emergency response and road maintenance efforts [1]. - At frontline stations like Zhuoni Toll Station, staff are actively engaged in snow and ice removal to ensure safe and smooth traffic flow [1]. Group 2: Emergency Response - The company's emergency rescue team maintains a 24-hour readiness to address various unexpected situations, ensuring that emergency personnel, materials, and equipment are all in place [3]. - Rescue personnel respond quickly to both routine vehicle breakdowns and sudden traffic accidents, effectively minimizing road congestion risks and ensuring passenger safety [3]. Group 3: Customer Service - The company adheres to a "people-oriented" service philosophy, integrating warm service into the entire Spring Festival support process [4]. - Staff actively assist stranded passengers at rescue sites, addressing urgent issues and providing timely help, which contributes to a positive travel experience during the Spring Festival [4]. Group 4: Future Plans - Moving forward, the company will maintain a strong focus on safety and traffic management, employing practical measures to ensure continued operational support for the latter half of the Spring Festival travel period [6]. - The company aims to safeguard the safety, order, and smoothness of highway operations for all travelers returning home [6].

Corporate Governance Structure - The company held its ninth fifth-ninth board meeting on February 10, 2026, to review the proposal for revising the powers of the board's specialized committees [2] - Following the second extraordinary general meeting of shareholders in 2025, which approved the cancellation of the supervisory board, the company plans to have the audit committee exercise the powers of the supervisory board [2] Project Advancement - Several strategic projects are entering critical phases, including the comprehensive commencement of the Jihe Expressway expansion, which will upgrade to a dual "8+8" lane structure, expected to be completed by 2029 [3] - The Outer Ring Expressway Phase III has commenced full construction, with a planned completion around the end of 2028 [3] - The expansion project of the GDS section of the Jinggang'ao Expressway is also progressing steadily as scheduled [3] Shareholder Activity - China Merchants Highway Network Technology Holdings Limited increased its stake in the company's H shares by 566,000 shares on February 5, 2026, raising its ownership to 21.01% [4] - The continuous increase in holdings by significant shareholders reflects their confidence in the company, and future changes in their holdings are worth monitoring [4] Financial Performance - For the first three quarters of 2025, the company reported revenue of 6.05 billion yuan and a net profit attributable to shareholders of 1.47 billion yuan, representing a year-on-year growth of 7.01% [5] - According to the company's shareholder return plan for 2024-2026, it commits to a cash dividend ratio of no less than 55% of the net profit attributable to shareholders each year [5] - Investors should pay attention to the specific dividend plan following the release of the 2025 annual report [5]

Core Viewpoint - Gansu Expressway (600269) clarified its main business costs related to highway operations, which are divided into maintenance engineering costs and toll business costs [1] Group 1: Cost Structure - Maintenance engineering costs primarily include expenditures for minor repairs and maintenance of road surfaces, subgrades, electromechanical equipment, and bridges, as well as salaries for maintenance staff [1] - Toll business costs mainly consist of labor expenses for toll collection personnel and depreciation of highway assets [1]

宁沪高速公告称，2026年1月9日至1月21日，控股股东江苏交控全资子公司云杉资本通过港股通增持公 司H股2840万股，占公司总股份的0.56%，增持资金为自有资金。增持后，江苏交控及其一致行动人合 计持股比例由56.45%增至57.01%，触及1%整数倍。本次交易未触及要约收购，不改变控股股东和实控 人，也无需披露权益变动报告书。未来，江苏交控及其一致行动人将择机继续增持H股。 ...

Core Viewpoint - The Shandong Regional Center of China Energy Construction (中国能建) is proactively preparing for significant snowfall and temperature drops from January 17 to 20, ensuring the safety and smooth operation of highways in the region [1] Group 1: Risk Management and Safety Measures - The Shandong Regional Center has initiated a comprehensive risk assessment and safety training program focusing on winter road conditions, particularly addressing issues like icy roads and visibility problems due to snow [3] - A targeted inspection campaign has been launched to identify and address potential hazards on highways, including road surface conditions and traffic signage, with a focus on historically problematic areas during snowfall [5] - The center has established a detailed inspection ledger for risk-prone sections of the highways, implementing immediate corrective actions for identified issues to mitigate risks associated with snowfall [5] Group 2: Emergency Preparedness - The maintenance project team has entered a "wartime state" to enhance emergency snow removal capabilities, with all personnel on standby and equipment being tested for readiness [7] - Over 3,000 tons of de-icing agents have been prepared, with a strategic distribution plan based on the risk levels of different highway sections, ensuring 24-hour monitoring of supplies [7] - The center is committed to a dynamic response strategy, adjusting resources based on real-time weather updates to ensure safe and efficient highway operations during and after snowfall [10]

福建高速公告称，公司2025年第二次临时股东会于12月17日审议通过中期利润分配方案。本次分配以总 股本27.44亿股为基数，每股派发现金红利0.05元（含税），共计派发现金红利1.37亿元。股权登记日为 12月30日，除权（息）日和现金红利发放日为12月31日。不同类型股东扣税政策不同，如自然人股东持 股超1年暂免征收个税，QFII股东按10%税率代扣。 ...