Market Overview - On September 10, the railway and highway sector declined by 0.15% compared to the previous trading day, with Shen High Speed leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Guangshen Railway (601333) with a closing price of 3.53, up 1.73% [1] - Hainan Highway (000886) with a closing price of 6.46, up 1.41% [1] - Longjiang Transportation (601188) with a closing price of 3.59, up 1.41% [1] - Major decliners included: - Shen High Speed (600548) with a closing price of 10.31, down 1.90% [2] - Fulin Transportation (002357) with a closing price of 10.83, down 0.91% [2] - Anhui Expressway (600012) with a closing price of 13.78, down 0.86% [2] Capital Flow - The railway and highway sector experienced a net outflow of 93.97 million yuan from institutional investors, while retail investors saw a net inflow of 44.82 million yuan [2] - The capital flow for specific stocks showed: - Wuzhou Transportation (600368) had a net outflow of 26.54 million yuan from institutional investors [3] - Hainan Highway (000886) had a net inflow of 14.01 million yuan from institutional investors [3] - Modern Investment (000900) had a net inflow of 10.83 million yuan from institutional investors [3]

Group 1 - Shenzhen Expressway Company Limited (00548.HK) was increased by China Merchants Highway Network Technology Holdings Company Limited on September 1, 2025, acquiring 1,084,000 shares at an average price of HKD 7.194 per share, totaling approximately HKD 7.7983 million [1][2] - Following the acquisition, China Merchants Highway Network Technology Holdings Company Limited's total shareholding increased to 128,108,000 shares, raising its ownership percentage from 16.99% to 17.14% [1][2]

格隆汇9月3日丨根据联交所最新权益披露资料显示，2025年9月1日，深圳高速公路股份(00548.HK)获招 商局公路网络科技控股股份有限公司在场内以每股均价7.194港元增持108.4万股，涉资约779.83万港 元。 增持后，招商局公路网络科技控股股份有限公司最新持股数目为128,108,000股，持股比例由16.99%上 升至17.14%。 | 吸脂形式 | 大發動畫事(產星行政入員名 作出發罪的 寶入 / 賣出或修及时 商發的平均價 | | | 持有推証的胶母敷目 (G己發行的)商關哪件的目期相關法屬股份 資權處理益 ) | | --- | --- | --- | --- | --- | | | 股份 第三 | | | 100 130 1 有投票搬胶(日 / 月 / 年) | | and and the many of the many o | | | | A M S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S S F F S S F F S F F S F | ...

Group 1 - The core point of the article is that China Merchants Highway Network Technology Holdings Company Limited has increased its stake in Shenzhen Expressway Company Limited by acquiring 1.084 million shares at a price of HKD 7.194 per share, totaling approximately HKD 7.7983 million [1] - After the acquisition, the total number of shares held by China Merchants Highway Network is approximately 128 million, representing a holding percentage of 17.14% [1]

Core Viewpoint - The Hong Kong Stock Exchange reported that China Merchants Highway Network Technology Holdings Company Limited increased its stake in Shenzhen Expressway Company Limited by acquiring 1.084 million shares at a price of HKD 7.194 per share, totaling approximately HKD 7.7983 million, resulting in a new holding of about 128 million shares, representing 17.14% ownership [1] Company Summary - China Merchants Highway Network Technology Holdings Company Limited has increased its shareholding in Shenzhen Expressway Company Limited [1] - The acquisition involved purchasing 1.084 million shares at a price of HKD 7.194 each [1] - The total investment for this acquisition was approximately HKD 7.7983 million [1] - Following the acquisition, the total number of shares held by China Merchants Highway Network is approximately 128 million, equating to a 17.14% ownership stake in Shenzhen Expressway [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 深圳高速公路集團股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00548 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 747,500,000 | RMB | | 1 RMB | | | 747,500,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | | 本月底結存 | | | 747,500,000 | RMB | | 1 RMB | | | 747,500,000 | | 2. 股份分類 ...

Core Viewpoint - The company reported a strong performance in H1 2025, with significant growth in net profit and revenue, driven by various operational efficiencies and strategic projects [1][4]. Revenue Performance - In H1 2025, the company achieved operating revenue of 3.92 billion yuan, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 960 million yuan, up 24.0% [1]. - In Q2 2025, the company recorded operating revenue of 2.15 billion yuan, representing a year-on-year growth of 24.9%, and a net profit of 480 million yuan, which is a 59.1% increase [1]. Toll Revenue and Business Segments - Toll revenue in H1 2025 was 2.45 billion yuan, a slight increase of 0.6% year-on-year; excluding the impact of the Yichang Expressway, the revenue grew by 4.3% [2]. - The gross margin for the toll road business was 49.3%, a decrease of 1.15 percentage points, attributed to increased maintenance costs and depreciation [2]. - Clean energy generation revenue decreased by 4.2% to 290 million yuan, while kitchen waste treatment revenue increased by 26.2% to 390 million yuan [2]. Financial Performance - Financial expenses decreased to 390 million yuan, down 170 million yuan year-on-year, due to lower financing rates and a slight appreciation of the yuan [3]. - Fair value gains increased by 110 million yuan to 80 million yuan, contributing positively to profits [3]. - The company recorded a total impairment provision of 90 million yuan, a decrease of 40 million yuan year-on-year [3]. Future Outlook - The company forecasts revenues of 9.61 billion yuan, 10.07 billion yuan, and 10.49 billion yuan for 2025-2027, with year-on-year growth rates of 3.94%, 4.74%, and 4.22% respectively [4]. - Net profit attributable to shareholders is expected to be 1.76 billion yuan, 1.85 billion yuan, and 1.88 billion yuan for the same period, with growth rates of 53.81%, 4.92%, and 1.70% respectively [4]. - The company maintains a "buy" rating due to its strategic location advantages in the Guangdong-Hong Kong-Macao Greater Bay Area [4].

Core Viewpoint - Shenzhen Expressway (600548) experienced a slight decline in stock price, closing at 10.59 yuan, down 0.94% from the previous week, with a total market capitalization of 26.876 billion yuan [1] Company Announcements - The company's subsidiary, Shenzhen Investment Control Bay Area Development Co., Ltd., received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling no more than 2 billion yuan to professional investors [1] - The approval is valid for 24 months from the date of registration, allowing the subsidiary to issue the bonds in installments within this period [1] - The company is required to report any significant events that occur from the date of approval until the bond issuance is completed, adhering to information disclosure obligations [1]

Core Points - Shenzhen Investment Holdings Bay Area Development Company Limited has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds to professional investors, with a total face value not exceeding 2 billion yuan [3]. Group 1 - The approval allows Bay Area Development to issue corporate bonds within a registration period of 24 months, during which it can issue the bonds in tranches [3]. - The issuance must strictly adhere to the prospectus submitted to the Shenzhen Stock Exchange [3]. - Any significant events occurring between the approval and the completion of the bond issuance must be reported promptly by Bay Area Development [3].

Core Viewpoint - Shenzhen Expressway Company Limited (00548) reported toll revenue for various projects in July 2025, indicating a diversified income stream from multiple expressway segments [1] Revenue Summary - Meiguan Expressway generated toll revenue of RMB 13.475 million [1] - Jihe East Section recorded toll revenue of RMB 62.364 million [1] - Jihe West Section achieved toll revenue of RMB 50.53 million [1] - Yangjiang Project brought in toll revenue of RMB 69.475 million [1] - Outer Ring Project's toll revenue amounted to RMB 113 million [1]