● 本报记者 刘杨 "'十四五'以来，公司实现的主业投资大多来源于集团对上市公司的支持。"汪小文对记者坦言，公司始 终围绕"强经营、提质效"发展理念，充分把握国企改革、并购重组的政策机遇和低利率市场环境，发挥 资信、财务杠杆、营运管理及成本管控等核心优势，在集团全力支持下，持续聚焦主业扩大有效投资， 构建投融互动的良好发展格局。 在跨省联动合作方面，公司坚定推进"走出去"战略，积极搜寻优质稀缺项目。今年3月，公司斥资约5亿 元参与深高速A股定增并成为前十大股东，成功融入粤港澳大湾区，迈出"走出去"的关键一步。10月下 旬，公司与山东高速集团签订股份转让协议，拟以约30.19亿元受让其持有的山东高速7%股份并获得一 个董事席位，若项目落地，公司将成为山东高速第三大股东，有望缔结更稳固的股权合作关系，拓展深 层次、多领域合作空间。 在股权融资领域，公司今年6月成功向安徽交控集团香港公司定向增发4998万股H股，融资规模约5.22亿 港元，不仅提升了集团持股比例、优化了公司股权结构，更实现了公司上市以来的首次股权融资，最终 达成国有资本控制力增强、集团境外投资拓展、公司股权融资突破的"三赢"局面。 皖通高速在"十四 ...

Core Viewpoint - The company has successfully completed a directed issuance of 4.706 billion yuan to support major infrastructure projects, enhancing its capital structure and market confidence [1][2] Financial Performance - For the first three quarters of 2025, the company achieved an operating revenue of 6.05 billion yuan, representing a year-on-year growth of 3.2% - The net profit attributable to shareholders reached 1.47 billion yuan, with a year-on-year increase of 7% [1] Strategic Developments - The company is undertaking a series of strategic projects to enhance traffic capacity and network value, establishing a sustainable growth trajectory - The second phase of the Yangtze River Expressway is set to open in mid-2024, improving traffic flow between the east and west banks of the Pearl River - The main construction of the Jihe Expressway expansion has commenced, aiming to upgrade to a dual-direction 8+8 lane highway by 2029, which will serve as a major corridor in the Guangdong-Hong Kong-Macao Greater Bay Area - The third phase of the Outer Ring Expressway has begun construction, expected to be completed by the end of 2028, forming a key part of Shenzhen's high-speed road network [1] Capital Structure and Shareholder Returns - The recent capital increase not only secures funding for major projects but also optimizes the company's capital structure, with support from major shareholders and strategic investments from state-owned enterprises in Jiangsu and Anhui - The company has maintained a high and sustainable cash dividend policy, distributing cash dividends to shareholders for 27 consecutive years, with a commitment to a minimum annual cash dividend ratio of 55% of the net profit attributable to ordinary shareholders from 2024 to 2026 [2]

本报讯 （记者刘晓一）在粤港澳大湾区蓬勃的经济图景中，深圳高速公路集团股份有限公司（以下简 称"深高速（600548）"）所辖路网已成为连接城市、机场、口岸的交通大动脉，持续涌动的车流既彰显 区域活力，更支撑公司路费收入稳步增长。近日，记者获悉，2025年深高速已完成约47亿元定向增发并 获重要股东连续增持，为高质量发展注入强劲资本动能与市场信心。 核心路产稳居黄金区位 收入韧性持续凸显 据了解，深高速公路业务扎根粤港澳大湾区及中东部经济发达区域，依托旺盛出行需求、稳健经济增长 与攀升的机动车保有量，核心路产展现强劲运营韧性与创收能力。2025年前三季度，公司实现营业收入 60.5亿元，同比增长3.2%，归属于母公司净利润14.7亿元，同比增长7%，以收费公路业务为主要收入来 源。 公司重点路段表现亮眼。深圳地区沿江高速、机荷东段、机荷西段及外环高速日均路费收入同比分别增 长11.2%、3.9%、3.5%和2.8%；广东省其他区域清连高速日均路费收入同比增长4.8%。这一增长既受益 于区域机动车保有量提升，也得益于2024年通车的深中通道引流效应，进一步强化了路网枢纽地位。 在布局未来的同时，深高速坚守"与股 ...

Core Viewpoint - The company, Shen High-Speed (深高速), is positioned as a key player in the Guangdong-Hong Kong-Macao Greater Bay Area, benefiting from strong traffic flow and steady revenue growth from tolls, supported by significant capital injections and shareholder confidence [1][4]. Group 1: Business Foundation - Shen High-Speed's highway operations are deeply rooted in the economically vibrant Guangdong-Hong Kong-Macao Greater Bay Area and other developed regions, showcasing strong operational resilience and revenue-generating capabilities [2]. - In the first three quarters of 2025, the company achieved operating revenue of 6.05 billion yuan, a year-on-year increase of 3.2%, with net profit attributable to the parent company reaching 1.47 billion yuan, up 7% year-on-year [2]. - Key toll road segments in Shenzhen, such as the Yanjiang Expressway and the Jihe Expressway, reported average daily toll revenue growth of 11.2%, 3.9%, 3.5%, and 2.8% respectively, while the Qinglian Expressway in other regions saw a 4.8% increase [2]. Group 2: Development Engine - The company is enhancing its long-term competitiveness through strategic major projects, including the second phase of the Yanjiang Expressway and the expansion of the Jihe Expressway, which is expected to be completed by 2029 [3]. - The ongoing construction of the third phase of the Outer Ring Expressway is a critical component of Shenzhen's high-speed road network, with completion anticipated by the end of 2028 [3]. - These projects are expected to significantly improve network capacity and traffic efficiency, integrating deeply into the Greater Bay Area's development framework [3]. Group 3: Confidence Signals - Shen High-Speed raised 4.706 billion yuan through a targeted A-share issuance, optimizing its capital structure and providing substantial funding for major projects [4]. - Major shareholders, including Yunshan Capital and China Merchants Highway, have increased their stakes, indicating strong confidence in the company's fundamentals and growth potential [4]. - The company has maintained a high and sustainable cash dividend policy, committing to a dividend payout ratio of no less than 55% of net profit attributable to ordinary shareholders from 2024 to 2026 [4]. Group 4: Future Outlook - As the construction of the Greater Bay Area progresses, Shen High-Speed is expected to continue benefiting from increased traffic flow and enhanced network value, ultimately rewarding long-term shareholders through stable dividends and corporate value appreciation [5][6].

Core Viewpoint - Jiangsu Yunsong Capital Management Co., Ltd. has increased its stake in Shenzhen Expressway Group Co., Ltd. to 13.00% by acquiring 25,378,000 H-shares from September 22, 2025, to December 10, 2025 [2]. Group 1: Shareholder Information - Jiangsu Yunsong Capital holds 329,922,461 shares of Shenzhen Expressway, comprising 242,976,461 A-shares and 86,946,000 H-shares [2]. - The increase in shareholding from 12.00% to 13.00% was achieved through a concentrated bidding process via the Shanghai-Hong Kong Stock Connect [2]. Group 2: Rights Change Details - The rights change does not lead to a change in the controlling shareholder or actual controller of the company [3]. - The increase in shareholding is part of a previously disclosed plan and does not trigger a mandatory tender offer [4]. - Jiangsu Yunsong Capital plans to continue increasing its stake in the company based on market conditions [4].

| 证券代码：600548 | 证券简称：深高速 | | | 公告编号：2025-103 | | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | 债券代码：241019 | 债券简称：24 | 深高 | 02 | | | 债券代码：242050 | 债券简称：24 | 深高 | 03 | | | 债券代码：242539 | 债券简称：25 | 深高 | 01 | | | 债券代码：242780 | 债券简称：25 | 深高 | Y1 | | | 债券代码：242781 | 债券简称：25 | 深高 | Y2 | | | 债券代码：242972 | 债券简称：25 | 深高 | Y3 | | | 债券代码：242973 | 债券简称：25 | 深高 | Y4 | | 关于持股 5%以上股东权益变动 ...

Core Viewpoint - Jiangsu Yunsong Capital Management Co., Ltd. increased its stake in Deep Highway by acquiring 25,378,000 H shares, raising its ownership from 12.00% to 13.00% during the period from September 22, 2025, to December 10, 2025 [2] Company Summary - Jiangsu Yunsong Capital is a significant shareholder, holding more than 5% of the company's shares, and the recent change in ownership percentage triggers the requirement for public announcement due to the 1% threshold [2]

Core Viewpoint - Shenzhen Expressway Company Limited (00548.HK) received a notification from its major shareholder, Jiangsu Yunsong Capital Management Co., Ltd., regarding the increase in shareholding through the Stock Connect program [1] Group 1: Shareholding Increase - Jiangsu Yunsong Capital increased its holdings by acquiring 25.378 million H-shares from September 22, 2025, to December 10, 2025 [1] - As of December 10, 2025, Jiangsu Yunsong Capital holds a total of 329,922,461 shares, representing 13.00% of the company's total share capital [1] - The breakdown of the holdings includes 242,976,461 A-shares and 86,946,000 H-shares [1]

Core Viewpoint - Shenzhen Expressway Company Limited (00548.HK) received a notification from its major shareholder, Jiangsu Yunsong Capital Management Co., Ltd., regarding the increase in shareholding through the Stock Connect program [1] Group 1: Shareholding Increase - Jiangsu Yunsong Capital increased its holdings by acquiring 25.378 million H-shares from September 22, 2025, to December 10, 2025 [1] - As of December 10, 2025, Jiangsu Yunsong Capital holds a total of 329,922,461 shares, representing 13.00% of the company's total share capital [1] - The breakdown of the holdings includes 242,976,461 A-shares and 86,946,000 H-shares [1]

Group 1 - The core point of the article is that Jiangsu Yunshan Capital Management Co., Ltd., a major shareholder of Deep Highway (600548.SH), has increased its stake in the company by acquiring 25.378 million H shares through the Stock Connect program between September 22, 2025, and December 10, 2025 [1] - As of December 10, 2025, Jiangsu Yunshan Capital directly holds 330 million shares of Deep Highway, representing 13% of the company's total share capital [1] - The breakdown of the shareholding includes 243 million A shares and 86.946 million H shares [1]