Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]

重要文件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢閣下的股票經紀或其他註冊證券 交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有深圳高速公路集團股份有限公司之股份，應立即將本通函送交買 方或承讓人或經手買賣或轉讓之銀行、股票經紀或其他代理人，以便轉交買主或承讓人。 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通函之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 00548 (1)註冊發行債券類融資工具之一般授權； (2)擔保事項授權； (3) 委任董事；及 (4)2024年度股東年會通告 深圳高速公路集團股份有限公司（「本公司」）謹定於2025年6月30日（星期一）上午10時正在中國 深圳市南山區深南大道9968號漢京金融中心46樓本公司會議室召開2024年度股東年會（「股東 年會」）。股東年會之通告載於本通函第11頁至第15頁。隨附股東年會股東代表委任表格（「股 東代表委任表格」）。 無論閣下會否出席股東年會，敬請按照股東代表委任表格印備指示填 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-062 | | --- | --- | --- | --- | --- | | 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 深圳高速公路集团股份有限公司 本公司董事会及全体董 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-063 | | --- | --- | --- | --- | --- | | 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 | | 深圳高速公路集团股份有限公 ...

深 圳 高 速 公 路 集 团 股 份 有 限 公 司 Shenzhen Expressway Corporation Limited 2024 年度股东年会 会议资料 现场会议时间： 2025 年 6 月 30 日（星期一）10:00 开始 现场会议地点： 深圳市南山区深南大道汉京金融中心 46 楼 深圳高速公路集团股份有限公司会议室 网络投票平台： 上海证券交易所股东大会网络投票系统（A 股股东） 会议资料目录 | | | 页码 | | --- | --- | --- | | 一、 | 会议须知 | 1 | | 二、 | 会议议程 | 3 | | 三、 | 投票表格填写说明 | 4 | | 四、 | 网络投票说明 | 7 | | 五、 | 会议议案 | | | | 普通决议案 | | | | 年度董事会报告 1、 2024 | 8 | | | 年度监事会报告 2、 2024 | 14 | | | 3、 2024 年度经审计财务报告 | 15 | | | 4、 2024 年度利润分配方案（包括宣派末期股息） | 16 | | | 5、 年度财务预算报告 2025 | 17 | | | 关于续聘 年度审计师的 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-062 | | --- | --- | --- | --- | --- | | 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 | | 深圳高速公路集团股份有限公 ...

Summary of the Conference Call for Shen High-Speed (深高速) Industry and Company Overview - The conference call pertains to Shen High-Speed, a company involved in toll road operations, waste resource processing, and clean energy generation, particularly wind power [2][3][4][6]. Key Points and Arguments Toll Road Business Performance - In Q1 2025, Shen High-Speed reported a revenue of 1.77 billion yuan and a net profit of approximately 488 million yuan, showing a slight year-on-year increase. The net profit after deducting non-recurring items grew by 15.89% [3]. - The average daily toll revenue from the Yangjiang Expressway increased by about 18% year-on-year, benefiting from the completion of the Yangjiang Phase II and the Shenzhen-Zhongshan Channel [2][3]. - Overall traffic volume showed significant growth in April 2025, although some highways experienced traffic diversion [2][11]. Waste Resource Processing - Shen High-Speed has an organic waste processing capacity exceeding 9,600 tons per day, operating 17 projects, with a processing volume of approximately 320,000 tons in Q1 2025, generating revenue of about 174 million yuan [2][4][5]. - The company plans to shrink its waste resource processing business, aiming to phase out unprofitable lines over the next two to three years [2][25]. Clean Energy Generation - The total installed capacity for wind power is 668 MW, with Q1 2025 generating 341,100 MWh of electricity, resulting in revenue of approximately 117 million yuan. However, increased wind abandonment rates have led to a decline in revenue from this sector [2][6][10]. - The company is cautious about future expansions in clean energy due to market conditions and funding arrangements [25]. Financing and Debt Management - In March 2025, Shen High-Speed completed an A-share placement, raising approximately 4.7 billion yuan, and issued perpetual bonds totaling about 7.3 billion yuan with interest rates between 1.64% and 2.29%, effectively optimizing its debt structure [2][7][29]. - The company aims to maintain a debt ratio of around 55% to meet regulatory requirements and ensure financial safety [4][32]. Future Development Plans - Shen High-Speed plans to adjust its funding and business expansion strategies based on external environmental changes, focusing on major projects like the Outer Ring Phase III construction and highway upgrades [2][8]. - The company is committed to providing stable returns to shareholders, emphasizing that 2025 will be a year of high capital expenditure for road projects [2][8]. Additional Important Insights - The internal rate of return (IRR) for new and expanded projects over the past five years ranges from 4.1% to 7.1%, indicating a general expectation for sustainable project returns [18][19]. - The industry expresses a desire for extended operating periods for toll roads to improve long-term planning and investment returns, with current operating periods being viewed as too short [16][21]. - The company is facing challenges in its environmental business due to policy restrictions and market conditions, leading to a reevaluation of its waste processing assets [25][27]. This summary encapsulates the essential aspects of Shen High-Speed's conference call, highlighting its operational performance, financial strategies, and future outlook within the context of the toll road and clean energy industries.

深圳高速公路集团股份有限公司 2025 年 4 月未经审计路费收入公告 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。 深圳高速公路集团股份有限公司（"本公司"）董事会（"董事会"）谨此公告 本集团 2025 年 4 月的路费收入（未经审计）如下： | 收费公路 | 集团控股 | 收入合并 | 路费收入（人民币千元） | | | --- | --- | --- | --- | --- | | | 比例 | 比例 | 总计 | 日均 | | 广东省－深圳地区： | | | | | | 梅观高速 | 100% | 100% | 12,895 | 430 | | 机荷东段 | 100% | 100% | 56,043 | 1,868 | | 机荷西段 | 100% | 100% | 45,861 | 1,529 | | 沿江项目 | 100% | 100% | 63,177 | 2,106 | | 外环项目 | 100% | 100% | 97,142 | 3,238 | | 龙大高速 | 89.93% | 100% | 12,74 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2025-061 | | --- | --- | --- | --- | --- | --- | | 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 ...

Group 1 - Jiangsu Yunsong Capital Management Co., Ltd. increased its stake in Shenzhen Expressway (Deep Expressway) to 10% by acquiring 10.81 million H-shares between April 15 and May 27, 2025, at prices ranging from HKD 6.41 to HKD 6.73 per share [1][2] - The funding for this acquisition was sourced from legal self-owned and self-raised funds, indicating a strong financial backing for the investment [1] - Yunsong Capital previously subscribed to 243 million A-shares of Shenzhen Expressway at a price of RMB 13.17 per share, investing nearly RMB 3.2 billion [1][2] Group 2 - Yunsong Capital plans to further increase its holdings in Shenzhen Expressway H-shares within the next 12 months, depending on market conditions [3] - The company was established in 2015 with a registered capital of RMB 13.7 billion and is a wholly-owned subsidiary of Jiangsu Communications Holding Co., Ltd., which operates several expressway companies [3] - Shenzhen Expressway completed a private placement in March 2025, raising RMB 4.7 billion, with a significant portion allocated to the Shenzhen Outer Ring Expressway project, which has a total investment of RMB 29.4 billion [6]