Core Viewpoint - The railway and highway sector experienced a slight increase of 0.41% on January 26, with Ninghu Expressway leading the gains, while the Shanghai Composite Index fell by 0.09% and the Shenzhen Component Index decreased by 0.85% [1]. Group 1: Market Performance - The closing price of Ninghu Expressway was 11.94, with a rise of 1.70% and a trading volume of 166,300 shares, resulting in a transaction value of approximately 198.67 million yuan [1]. - Shandong Expressway closed at 9.95, up by 1.12%, with a trading volume of 72,900 shares and a transaction value of about 72.32 million yuan [1]. - The railway and highway sector saw a net inflow of 57.44 million yuan from main funds, while retail investors experienced a net outflow of 10.94 million yuan [2][3]. Group 2: Individual Stock Performance - The stock of Beijing-Shanghai High-Speed Railway closed at 4.94, increasing by 1.02%, with a trading volume of 3.2831 million shares and a transaction value of approximately 1.619 billion yuan [1]. - Dazhou Railway's stock closed at 5.04, up by 0.80%, with a trading volume of 2.2155 million shares and a transaction value of about 1.112 billion yuan [1]. - The stock of Fujian Expressway closed at 3.78, down by 1.31%, with a trading volume of 450,100 shares and a transaction value of approximately 171 million yuan [2]. Group 3: Fund Flow Analysis - Beijing-Shanghai High-Speed Railway had a main fund net inflow of 29.4 million yuan, while retail investors saw a net outflow of 14.8 million yuan [3]. - Daqin Railway recorded a net inflow of 92.79 million yuan from main funds, with a net outflow of 79.14 million yuan from retail investors [3]. - The stock of Ninghu Expressway had a main fund net inflow of 5.48 million yuan, while retail investors experienced a net outflow of 5.96 million yuan [3].

Investment Rating - The report maintains a "Buy" rating for major airlines including China Southern Airlines, China Eastern Airlines, Spring Airlines, and others, while recommending "Hold" for YTO Express and Shentong Express [2]. Core Insights - The report highlights a positive outlook for the aviation sector driven by multiple factors, including the upcoming Spring Festival travel peak, the appreciation of the RMB easing cost pressures, and the increase in visa-free countries for Chinese citizens, which is expected to boost international travel demand [4][7]. - The anticipated passenger transport volume during the 2026 Spring Festival is projected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, reflecting a year-on-year growth of approximately 5.3% [4]. - The report emphasizes the cyclical recovery of the civil aviation market, with expectations of rising passenger load factors and ticket prices, driven by a gradual recovery in demand and limited capacity growth [4][7]. Summary by Sections Aviation and Airports - Daily flight operations from January 19 to January 23 showed slight fluctuations, with Eastern Airlines and Southern Airlines operating 2,245.80 and 2,221.80 flights respectively, while year-on-year comparisons indicate a decrease in operations [4]. - The average aircraft utilization rates during the same period were reported, with Spring Airlines achieving the highest at 9.20 hours per day, although all airlines showed a decline compared to the previous year [4]. - The report suggests that the upcoming Spring Festival will significantly enhance market demand, particularly from student travelers, as the holiday season approaches [4][7]. Logistics and Express Delivery - The report notes a divergence in the growth rates of express delivery companies, with a total of approximately 4.073 billion packages collected from January 12 to January 18, reflecting a year-on-year decline of 11.82% [7]. - It highlights the ongoing high-quality development of the express delivery industry, with policies aimed at reducing competition ("anti-involution") expected to improve profitability [7]. - The report recommends focusing on express companies with significant profit elasticity, such as Shentong Express and YTO Express, as well as those with strong growth potential in overseas markets like Jitu Express [7]. Infrastructure - The report tracks various transportation metrics, including highway and railway freight volumes, indicating a mixed performance across sectors [7]. - It suggests that the low-interest-rate environment will continue to support investment in infrastructure, with a focus on high-quality assets [7]. - Specific recommendations include investing in highway companies like Shandong Highway and Anhui Expressway, as well as railway companies like Daqin Railway and Beijing-Shanghai High-Speed Railway [7]. Shipping and Trade - The report indicates a mixed performance in shipping rates, with the SCFI index showing a decline of 7.39% week-on-week and a year-on-year drop of 28.73% [7]. - It emphasizes the potential for investment opportunities in oil and bulk shipping due to geopolitical factors and structural demand growth [7]. - Recommendations include focusing on companies like COSCO Shipping Energy and COSCO Shipping Holdings for oil shipping investments, as well as Hai Tong Development for bulk shipping [7].

格隆汇1月23日丨江苏宁沪高速公路(00177.HK)宣布，定于2026年3月27日(星期五)下午3时于中国江苏 省南京市栖霞区仙林大道6号公司会议室举行董事会会议，以批准公司截至2025年12月31日止年度业绩 报告、股利分配方案及处理其他相关事宜。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 承董事會命 陳晉佳 張寶珍 聯席公司秘書 中 國‧南 京，2026年1月23日 於 本 公 告 日 期，本 公 司 董 事 為： 陳雲江#、王 穎 健#、謝 蒙 萌#、汪 鋒Δ、張 新 宇#^、楊 少 軍#、楊 建 國#、馬 忠 禮#、徐 光 華 * 、葛 揚 * 、顧 朝 陽 * 、譚 世 俊 * 、孫 立 軍 * JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 董事會會議通知 江 蘇 寧 滬 高 速 公 路 股 份 有 限 公 司（「本公司」）董 事 會 謹 此 宣 佈，定 於2026 年3月27日（星 期 五）下 午3時於中國江蘇省南京市棲霞區仙林大道6號 本 公 司 會 議 室 舉 行 董 事 會 會 議，以 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600377 证券简称：宁沪高速 公告编号：2026-004 江苏宁沪高速公路股份有限公司关于持股5%以上股东权益变动触及1%刻度的提示性公告 本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法律责任。 3.一致行动人信息 ■ 二、权益变动触及1%刻度的基本情况 重要内容提示： ■ 江苏宁沪高速公路股份有限公司("本公司")于2026年1月22日收到本公司控股股东江苏交通控股有限公 司（以下简称"江苏交控"）发来的《关于权益变动的告知函》，告知其全资子公司江苏云杉资本管理有 限公司(以下简称"云杉资本")于2026年1月9日至2026年1月21日期间通过上海证券交易所港股通交易系 统参与香港联合交易所有限公司集中竞价交易方式增持本公司H股股份28,400,000股。 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 ■ 2.信息披露义务人信息 ■ 云杉资本于2026年1月9日至2026年1月21日期间，以自有资金通过上海证券交易所港股通交易系统参与 香港联合交易所有限公司 ...

江苏宁沪高速（600377）公路(00177)公布，公司于2026年1月22日收到公司控股股东江苏交通控股有限 公司(以下简称"江苏交控")发来的《关于权益变动的告知函》，告知其全资子公司江苏云杉资本管理有 限公司(以下简称"云杉资本")于2026年1月9日至2026年1月21日期间通过上海证券交易所港股通交易系 统参与香港联合交易所有限公司集中竞价交易方式增持公司H股股份2840万股。增持后，江苏交控及其 一致行动人合计持有公司约28.72亿股，持股比例由56.45%增加至57.01%，权益变动触及1%整数倍。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告內容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 關於持股5%以上股東權益變動觸及1%刻 度 的提示性公告 本 公 司 董 事 會 及 全 體 董 事 保 證 本 公 告 內 容 不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 法 律 責 任。 重 要 內 容 提 示： 權益變動方向 比例增加 比例減少 權益變動前合計比例 56.45% 權益變動後合計比例 57.01% 本次變動是否違反已作出的承諾、意向、 計 劃 是 否 是否觸發強制要約收購義務 是 否 – 1 – 信息披露義務人名稱 投資者身份 統一社會信用代碼 江 ...

Core Viewpoint - The company Ninghu Expressway (600377.SH) announced that its controlling shareholder, Jiangsu Transportation Holding Co., Ltd. (referred to as "Jiangsu JiaoKong"), informed the company about an equity change involving its wholly-owned subsidiary, Jiangsu Yunsong Capital Management Co., Ltd. (referred to as "Yunsong Capital") [1] Group 1 - Jiangsu Yunsong Capital increased its holdings in the company's H shares by acquiring 28.4 million shares through the Hong Kong Stock Exchange's Stock Connect trading system from January 9 to January 21, 2026 [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。 ...

证券代码：600377 证券简称：宁沪高速 公告编号：2026-004 江苏宁沪高速公路股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度 | 一致行动人名称 | 投资者身份 | | 统一社会信用代码 | | --- | --- | --- | --- | | | ☑ 控股股东/实控人 | | | | 江苏交通控股有 | □ 控股股东/实控人的 | ☑ | 91320000134767063W | | 限公司 | | | | | | 一致行动人 | □ 不适用 | | | | □ 其他直接持股股东 | | | | | □ 控股股东/实控人 | | | | 江苏扬子大桥股 | 控股股东/实控人的 ☑ | ☑ | 91320000134765092E | | 份有限公司 | | | | | | 一致行动人 | □ 不适用 | | | | □ 其他直接持股股东 | | | | | □ 控股股东/实控人 | | | | 江苏交控资产管 | 控股股东/实控人的 ☑ | ☑ | 91320000134766810L | | 理有限公司 | 一致行动人 | □ 不适用 | | | | □ 其他直接持股股东 | | ...