Core Viewpoint - The company aims to enhance the efficiency of fund utilization by using temporarily idle raised funds for structured deposits, ensuring the safety of the raised funds and increasing company revenue while protecting shareholder interests [2][4]. Group 1: Fund Management Overview - The company has decided to utilize a total of RMB 800 million (80,000 million) of temporarily idle raised funds for structured deposits with two banks: China Bank and Industrial and Commercial Bank of China [3][4]. - The structured deposit amounts are divided between the two banks, with specific expected annualized returns of 1.05% and 1.72% [3][4]. Group 2: Decision-Making Process - The decision to manage cash through structured deposits was approved in the 53rd meeting of the 9th Board of Directors and reviewed by the 31st Supervisory Board meeting [4][5]. - The cash management products will not exceed RMB 3 billion and can be rolled over within 12 months, with each product having a maximum term of 12 months [5][6]. Group 3: Risk Management - The structured deposit business is considered low-risk, but the company acknowledges potential market fluctuations that could affect returns [5]. - The company has implemented measures to monitor the safety, duration, and yield of the cash management products to control risks effectively [5][6]. Group 4: Impact on Daily Operations - The structured deposits are managed by large state-owned commercial banks and are considered capital-protected products, ensuring that daily operations and investment projects are not affected [5][6]. - This cash management strategy is expected to improve the efficiency of raised fund utilization and increase company revenue, aligning with the interests of the company and its shareholders [5][6].

Summary of the Conference Call for Shen High-Speed (深高速) Company Overview - Shen High-Speed reported a revenue of 1.772 billion yuan for Q1 2025, with a net profit attributable to shareholders of approximately 478 million yuan, showing a slight year-on-year increase. The net profit after deducting non-recurring gains and losses grew nearly 16% year-on-year, with earnings per share at 0.203 yuan [2][4] Key Financial Performance - For the full year 2024, Shen High-Speed achieved a revenue of 9.25 billion yuan and a net profit of 1.15 billion yuan, with earnings per share at 0.411 yuan. The decline in profit was mainly due to reduced revenue from the joint venture in real estate and asset impairment provisions made at the end of 2024 [4] Toll Road Business - The toll road business remained stable, with daily toll revenue in the Shenzhen area increasing, particularly benefiting from the opening of new roads. The average daily toll revenue for the Yangtze River Highway increased by 18% [2][7] Environmental Business - Shen High-Speed is actively expanding its environmental business, with an organic waste processing capacity exceeding 6,900 tons per day. In Q1 2025, 17 projects were in commercial operation, processing 320,000 tons of waste and generating revenue of 174 million yuan. However, the overall environmental business is currently operating at a loss, and the company plans to be cautious in future investments in clean energy [2][8][21][22] Financing and Debt Management - The company completed a private placement in March 2025, raising approximately 4.7 billion yuan. Additionally, it raised 7.3 billion yuan through various debt instruments, optimizing its debt structure and reducing financing costs. The comprehensive borrowing cost was approximately 3.19% [2][9][26] Future Development Strategy - Shen High-Speed is focused on advancing key highway projects, including the Outer Ring Phase III and the expansion of the Guangshen Expressway. A new five-year development strategy has been initiated, with the Outer Ring Phase III expected to be completed by the end of 2029 [2][11][15][16] Internal Rate of Return (IRR) and Investment Strategy - The internal rate of return (IRR) requirement for toll road and environmental projects has been adjusted to 6%-7%, still above the industry average. The company remains open to acquiring quality toll road projects but emphasizes profitability and regional barriers [5][17][18] Shareholder Returns and Capital Expenditure - Shen High-Speed is committed to returning at least 55% of net profits to shareholders in cash dividends from 2024 to 2026, with expectations of exceeding 60% in 2024. The planned capital expenditure for 2025-2027 is approximately 20.6 billion yuan, primarily for the Outer Ring Phase III and other projects [5][25][24] Impact of Road Network Changes - The opening of new roads and other structural changes in the road network have had a mixed impact on traffic flow, with overall positive factors outweighing negatives. The company is monitoring these changes closely [14] Conclusion - Shen High-Speed is navigating a complex landscape with stable performance in its toll road business, ongoing challenges in its environmental sector, and a clear focus on strategic growth and shareholder returns. The company is poised for future developments while maintaining a cautious approach to investments and financing.

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

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"）于 2025 年 4 月 29 日召开第 九届董事会第五十四次会议，审议通过了《关于使用部分募集资金置换预先投入 募投项目及已支付发行费用的自筹资金的议案》。董事会同意以募集资金置换本 集 团 预 先 投 入 募 投 项 目 及 已 支 付 发 行 费 用 的 自 筹 资 金 ， 合 计 人 民 币 1,263,576,794.87 元。现将有关情况公告如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳高速公路集团股份有限公司 向特定对象发行股票注册的批复》（证监许可〔2024〕1748 号），本公司获准向 特定对象发行股票。本公司最终向特定对象发行 357,085,801 股人民币普通股股 票（A 股），发行价格为每股 13.17 元，募集资金总额为人民币 4,702,819,999.17 元，扣除不含税发行费用人民币 23,583,484.46 元，募集资金净额为人民币 4,679,236,514.71 元。上述募 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2025-049 | | --- | --- | --- | --- | --- | --- | | 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 | | | 深圳高速公路集团股份有限公司 第九届监事会第三十二次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导 ...

(一) 深圳高速公路集团股份有限公司（"本公司"、"公司"）第九届董事会第 五十四次会议（"本次会议"、"会议"）的召开符合公司股票上市地相关法律、行 政法规、部门规章、规范性文件和《公司章程》的规定。 (二) 会议通知发送方式：电子邮件、专人送达，日期：2025 年 4 月 15 日及 4 月 22 日；会议材料发送方式：电子邮件、专人送达，日期：2025 年 4 月 22 日。 (三) 本公司第九届董事会第五十四次会议于 2025 年 4 月 29 日（星期二） 以现场结合通讯表决方式在深圳市举行。 (四) 会议应到董事 10 人，实际出席董事 10 人，其中，以通讯表决方式出 席董事 5 人。 | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2025-048 | | --- | --- | --- | --- | --- | --- | | 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 | | | ...

中信证券股份有限公司 关于深圳高速公路集团股份有限公司 使用部分募集资金置换预先投入募投项目 及已支付发行费用的自筹资金的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳高速公 路集团股份有限公司（以下简称"深高速"或"公司"）2023 年度向特定对象发行 A 股股票（以下简称"本次发行"）的保荐人，根据《证券发行上市保荐业务管理 办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求 （2022 年修订）》《上海证券交易所股票上市规则（2024 年 4 月修订）》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》 等规定，对深高速拟使用部分募集资金置换预先投入募投项目及已支付发行费用 的自筹资金事项进行了核查，并出具核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳高速公路集团股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2024〕1748 号），公司向特定对 象发行人民币普通股（A 股）357,085,801 股，每股面值人民币 1.00 元，发行价 格为每股 13.17 元，募集 ...

中信证券股份有限公司 等额置换的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳高速公 路集团股份有限公司（以下简称"深高速"或"公司"）2023 年度向特定对象发行 A 股股票（以下简称"本次发行"）的保荐人，根据《证券发行上市保荐业务管理 办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求 （2022 年修订）》《上海证券交易所股票上市规则（2024 年 4 月修订）》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》 等规定，对深高速子公司深圳市外环高速公路投资有限公司（以下简称"外环公 司"）使用票据先行支付募投项目所需资金及到期后以募集资金等额置换事项进 行了核查，并出具核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳高速公路集团股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2024〕1748 号），公司向特定对 象发行人民币普通股（A 股）357,085,801 股，每股面值人民币 1.00 元，发行价 格为每股 13.17 元，募集资金总额为 4,702,819,9 ...

中信证券股份有限公司 关于深圳高速公路集团股份有限公司 使用募集资金向子公司实缴出资 及提供股东借款以实施募投项目的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳高速公 路集团股份有限公司（以下简称"深高速"或"公司"）2023 年度向特定对象发行 A 股股票（以下简称"本次发行"）的保荐人，根据《证券发行上市保荐业务管理 办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求 （2022 年修订）》《上海证券交易所股票上市规则（2024 年 4 月修订）》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》 等规定，对深高速拟使用募集资金向子公司实缴出资及提供股东借款以实施募投 项目事项进行了核查，并出具核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意深圳高速公路集团股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2024〕1748 号），公司获准向特 定对象发行股票。公司最终向特定对象发行 357,085,801 股人民币普通股股票（A 股），发行价格为每股 13.17 元，募集资金总 ...

深圳高速公路集团股份有限公司 以自筹资金预先投入募集资金投资项目及 支付发行费用情况的审核报告 2023年7月14日起至2025年3月31日止期间 Deloitte. 合计师事务所(结残普通合公) 审核报告 德师报(核)字(25)第 E00998 号 深圳高速公路集团股份有限公司董事会: 我们审核了后附的深圳高速公路集团股份有限公司(以下简称"深高速")自 2023年7月14日 起至 2025年3月31日止期间以自筹资金预先投入募集资金投资项目及支付发行费用情况的专 项说明(以下简称"专项说明")。 一、深高速董事会对专项说明的责任 按照中国证券监督管理委员会《上市公司监管指引第2号 -- 上市公司募集资金管理和使 用的监管要求》及《上海证券交易所上市公司自律监管指引第1号 --- 规范运作》的规定编制 专项说明,并保证专项说明的内容真实、准确、完整,且不存在虚假记载、误导性陈述或重大 遗漏是深高速董事会的责任。 二、注册会计师的责任 我们的责任是在实施审核工作的基础上对专项说明发表意见。我们按照《中国注册会计师 其他鉴证业务准则第 3101 号 -- 历史财务信息审计或审阅以外的鉴证业务》的规定执行了审 核 ...