（於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 董事會會議通告 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會將於 2026年3月25日（星期三）舉行會議，以審議及批准本公司截至2025年12月31日止年度經 審計之年度業績 、 派發期末股息（如有）及其他事項（如有）。 承董事會命 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。 趙桂萍 公司秘書 中國，深圳，2026 年 3 月 12 日 於本公告之日，本公司董事會的成員包括執行董事徐恩利先生、廖湘文先生、姚海先生和 金貞媛女士；非執行董事侯聖海先生、陳雲江先生、伍燕凌女士和張堅女士；以及獨立非 執行董事李飛龍先生、繆軍先生、徐華翔先生和顏延先生。 - 1 - ...

Investment Rating - The report rates the industry as "Positive" for investment (first-time rating) [1] Core Viewpoints - The highway industry in China has entered a mature phase, with a slowdown in investment construction. Despite a decline in fixed asset investment from 2023 to 2024, highways still account for over 50% of road fixed asset investment, remaining a key area for construction [5][14] - The core revenue model for highway companies relies on toll collection, which is influenced by toll standards, traffic volume, and travel mileage, with traffic volume being the primary driver. The cost structure is stable, primarily consisting of depreciation and amortization [5][28] - The upcoming revision of the "Highway Toll Management Regulations" is expected to enhance cash flow sustainability for companies by potentially extending toll collection periods [5][36] - The high dividend yield and stable cash flow characteristics of the highway sector make it attractive for defensive investment, especially in a low-risk yield environment [5] Summary by Sections 1. Basic Situation: Industry Maturity and Investment Slowdown - The highway industry has matured after over 30 years of development, with a noticeable decline in investment construction expected in 2023-2024. Highways still represent a significant portion of road investment, with 2024 projected to see 25,774 billion yuan in total road investment, of which 14,015 billion yuan is allocated to highways, accounting for 54.4% [5][14] - The eastern road network is relatively complete, with future growth primarily concentrated in the western regions. In 2024, new highway mileage is expected to be 1,144 km in the east, 2,420 km in the central region, 3,162 km in the west, and 454 km in the northeast [21][24] 2. Profit Model: Stable Revenue and Margin, Profit Flexibility from Lower Borrowing Costs - The revenue model for highway companies is based on toll collection under a franchise system, with income driven by toll standards, traffic volume, and travel mileage. The pricing is relatively rigid, set by the government, and traffic volume is the main revenue driver [28][30] - The cost structure is primarily composed of depreciation and amortization, with stable gross margins. Financial expenses are significant, and companies are expected to benefit from lower borrowing costs due to a declining Loan Prime Rate (LPR) [5][28][32] 3. Anticipation of New Management Regulations and Deepening Market Value Management - The anticipated revision of the "Highway Toll Management Regulations" may extend toll collection periods and improve the toll system, enhancing cash flow sustainability for companies [5][36] - Market value management has become a key focus for state-owned enterprises, with high cash dividend plans significantly driving stock prices. Companies that have been undervalued are expected to see valuation recovery [5][36]

Investment Rating - The report maintains a "Positive" outlook on the shipping industry, particularly highlighting companies such as China Merchants Energy, COSCO Shipping Energy, and ST Songfa as key recommendations [3][5]. Core Insights - The report emphasizes that the theoretical upper limit for tanker freight rates is influenced by geopolitical risks and supply chain disruptions, with current freight rates reflecting a premium due to risk assessments rather than actual transaction prices [5]. - The report notes a significant increase in VLCC average freight rates, which rose by 89% week-on-week, reaching $390,970 per day, driven by geopolitical tensions in the Middle East [5]. - The report highlights the resilience of the railway and highway freight volumes, with a notable increase in national railway freight volume by 9.77% and highway truck traffic by 229.69% [5]. Summary by Sections Shipping - The report indicates that the theoretical freight rate for oil tankers is approximately $93 per barrel, translating to a TCE of about $3.66 million per day, while the lower limit for shipowners is estimated between $40 to $87.5 per barrel [5]. - The report observes that the average freight rate for VLCCs has surged, particularly on the Middle East to China route, which jumped 108% to $480,557 per day [5]. Dry Bulk - The report states that the geopolitical situation in the Middle East has limited direct impacts on the dry bulk market, although high fuel prices are exerting pressure on TCE [5]. - The BDI recorded a decrease of 6.1% week-on-week, with Capesize rates dropping by 13.9% to $23,858 per day [5]. Air Transport - The report highlights that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet and supply constraints expected to continue [5]. - It suggests that airlines are poised for significant profit improvements as demand for international travel increases [5]. Express Delivery - The report anticipates that policies ensuring end-user rights will stabilize delivery fees, allowing for gradual recovery in pricing and profitability for leading companies in the sector [5]. - Companies such as ZTO Express and YTO Express are noted for their expanding market positions and profitability potential [5]. Rail and Road - The report indicates that freight volumes in both rail and highway sectors are showing resilience, with significant increases reported in recent weeks [5]. - It suggests that traditional high-dividend investment themes and potential market management catalysts are worth monitoring in the highway sector [5].

| 证券代码：600548 | 证券简称：深高速 | | | 公告编号：2026-012 | | --- | --- | --- | --- | --- | | 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 | | | 债券代码：244479 | ...

本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲載列深圳高速公路集團股份有限公司（「本公司」）在上海證券交易所網站發布的《關 於使用閒置募集資金進行現金管理進展的公告》，僅供參閱。 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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 海外監管公告 已履行的审议程序：有关事项已经深圳高速公路集团股份有限公司 （"公司"、"本公司"）第九届董事会第五十九次会议审议通过。 承董事會命 趙桂萍 公司秘書 中國，深圳，2026 年 3 月 4 日 於本公告之日，本公司董事會的成員包括執行董事徐恩利先生、廖湘文先生、姚海先 生和金貞媛女士；非執行董事侯聖海先生、陳雲江先生、伍燕凌女士和張堅女士；以 及獨立非執行董事李飛龍先生、繆軍先生、徐華翔先生和顏延先生。 | 证券代码：600548 | 证券简称：深高速 | | | 公告编号：2026-012 | | --- | ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：2026-011 | | --- | --- | --- | --- | --- | | 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 | | | 债券代码：244479 | ...

Group 1 - The company Shen高速 (600548.SH) announced that the toll revenue for the Outer Ring Project in January 2026 is expected to be 113 million yuan [1]

智通财经APP讯，深高速(600548.SH)发布公告，2026年1月外环项目路费收入为1.13亿元。 ...

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。 上表中路費收入為不含稅收入。 謹慎性陳述 承董事會命 2026年1月未經審計路費收入 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈 本集團2026年1月的路費收入（未經審計）如下： | 收費公路 | 集團控股 | 收入合併 | 路費收入（人民幣千元） | | | --- | --- | --- | --- | --- | | | 比例 | 比例 | 總計 | 日均 | | 廣東省－深圳地區： | | | | | | 梅觀高速 | 100% | 100% | 13,019 | 420 | | 機荷東段 | 100% | 100% | 64,659 | 2,086 | | 機荷西段 | 100% | 100% | 51,962 | 1,676 | | 沿江項目 | 100% | 100% | 75,169 | 2,425 | | 外環項目 | 100% | 100% | 113,0 ...

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: 2026年2月28日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.2.0 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: 2026年3月2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 ...