本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 广东省高速公路发展股份有限公司（以下简称"公司"）第十届董事会第三 十二次（临时）会议（以下简称"本次会议"）于 2025 年 10 月 28 日（星期二） 上午以通讯表决方式召开。本次会议的会议通知及相关会议文件已于 2025 年 10 月 20 日以传真、电子邮件或当面递交方式通知送达各位董事。会议应到董事 13 名，实到董事 13 名，参加本次会议的董事超过全体董事的半数，符合《中华人 民共和国公司法》及《公司章程》的有关规定。 证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-031 广东省高速公路发展股份有限公司 第十届董事会第三十二次（临时）会议决议公告 二、董事会会议审议情况 会议审议通过以下议案： 同意公司《2025 年第三季度报告》。 表决结果：赞成 13 票，反对 0 票，弃权 0 票。 《2025 年第三季度报告》中的财务信息会前已经第十届董事会审计委员会 第十九次会议审议通过。 （二）审议通过《关于修订公司〈独立董事 ...

广东省高速公路发展股份有限公司 2025 年第三季度报告 证券代码：000429 200429 证券简称：粤高速Ａ 粤高速 B 公告编号：2025-032 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 ☑否 1 广东省高速公路发展股份有限公司 2025 年第三季度报告 一、主要财务数据 广东省高速公路发展股份有限公司 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 ☑否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业收入（元） | 1,244, ...

粤高速Ａ公告，第三季度营收为12.45亿元，下降2.12%；净利润为4.88亿元，下降2.58%。前三季度营 收为33.63亿元，下降3.99%；净利润为15.45亿元，增长13.92%。 ...

Core Viewpoint - The railway and highway sector experienced a decline of 0.39% on October 24, with Guangshen Railway leading the drop, while the overall stock market showed positive performance with the Shanghai Composite Index rising by 0.71% and the Shenzhen Component Index increasing by 2.02% [1][3]. Group 1: Market Performance - The Shanghai Composite Index closed at 3950.31, up 0.71% [1]. - The Shenzhen Component Index closed at 13289.18, up 2.02% [1]. - The railway and highway sector saw a decline of 0.39% compared to the previous trading day [1]. Group 2: Individual Stock Performance - The top-performing stock in the railway and highway sector was Sanfengsi, closing at 48.70 with a gain of 3.46% [1]. - Chongqing Road and Bridge closed at 6.44, up 1.58% [1]. - Anhui Expressway closed at 14.89, up 1.50% [1]. - Longjiang Transportation closed at 3.64, up 1.11% [1]. - Guangdong Expressway A closed at 11.75, up 1.03% [1]. - Other notable performances include Dazhong Transportation at 6.03 (up 1.01%) and Shandong Expressway at 9.32 (up 0.87%) [1]. Group 3: Capital Flow - The railway and highway sector experienced a net outflow of 98.87 million yuan from main funds, while retail funds saw a net inflow of 123 million yuan [3]. - Speculative funds had a net outflow of 24.10 million yuan [3].

Summary of Key Points from the Earnings Call Transcript Industry and Company Overview - The focus is on the dividend-paying stocks within the transportation sector, particularly in the highway and logistics segments, as well as broader dividend stocks in the market. Core Insights and Arguments - **Dividend Yield Increase**: Leading dividend stocks have seen their yields rise to approximately 4.5%-5%, with expectations of continued inflow of incremental funds due to factors such as the introduction of swap convenience, brokerage proprietary fund allocation, and insurance OCI execution. This makes Q4 of this year and early next year an opportune time for dividend stock allocation [1][3]. - **Global Interest Rate Trends**: The ongoing global trend of interest rate cuts is expected to enhance the cost-effectiveness of dividend investments, making them more attractive [3]. - **Specific Recommendations**: - **Highway Sector**: - **Wuhan Expressway**: Benefiting from the acquisition of Fuzhou and urban expressways, fee discount adjustments, and recovery in vehicle traffic, currently has a dividend yield of about 4.8% [4][5]. - **Guan Yu Expressway**: Holding 78 million shares of Guosheng Jin控, with Q3 performance expected to grow over 50% year-on-year, corresponding to a dividend yield of approximately 4.3% [4][5]. - **Yue Expressway**: Anticipated significant profit growth due to recovery of impairment losses and reduced maintenance costs, currently has a dividend yield of about 5.2% [5]. - **Sichuan Chengyu**: Noted for the highest dividend yield in A-shares at around 5.3%, driven by reduced financial expenses leading to profit growth [5]. - **Railway and Port Recommendations**: - **Daqin Railway**: Benefiting from improved coal market conditions and increased transport volume, currently has a PB valuation close to historical lows and a dividend yield of about 4.3% [5]. - **Tangshan Port**: Fixed dividend of 0.20 per share, with a current yield exceeding 5%, showing operational improvement in Q3 despite a decline in H1 performance [5]. Additional Important Insights - **Broad Dividend Stocks**: - **China Logistics**: Entering peak season for domestic shipping, with an expected annual profit of 2 billion yuan, leading to a potential dividend yield of 7.7% based on a 90% payout ratio [6]. - **Jianfa Co.**: Offers a fixed dividend of 0.70 per share, providing a high certainty with a current yield of 6.8% [2][6]. - **China Foreign Trade**: Another cyclical dividend stock with a fixed distribution of 0.29 per share, currently yielding 4.6%, favored by insurance funds [6]. - **Investment Timing**: The current market environment is viewed as a critical opportunity for investors to allocate resources into these high-yield stocks, emphasizing the importance of strategic positioning in the dividend space [6].

Core Viewpoint - The stock of Guangdong Expressway Development Co., Ltd. (粤高速A) has experienced a decline of 19.52% year-to-date, with recent trading showing a slight recovery in the last five days, but overall performance remains weak [1][2]. Financial Performance - For the first half of 2025, the company reported a revenue of 2.118 billion yuan, a year-on-year decrease of 5.06%, while the net profit attributable to shareholders increased by 23.58% to 1.057 billion yuan [2]. - Cumulative cash dividends since the company's listing amount to 11.272 billion yuan, with 3.132 billion yuan distributed over the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 7.44% to 56,500, with an average of 0 shares per shareholder [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 2.6472 million shares to 16.3944 million shares [3].

Core Viewpoint - The financing activities of Guangdong Expressway A (000429) indicate a positive sentiment among investors, with a net financing inflow of 239.69 million yuan on October 16, 2025, and a cumulative net buy of 1,082.22 million yuan over the past three trading days [1]. Financing Summary - On October 16, 2025, the financing buy amounted to 926.3 million yuan, while financing repayment was 686.6 million yuan, resulting in a financing balance of 6,562.38 million yuan [1]. - The net financing inflow for the previous trading days was as follows: - October 15: 117.69 million yuan, financing balance 6,322.68 million yuan [2] - October 14: 724.84 million yuan, financing balance 6,205.00 million yuan [2] - October 13: -131.85 million yuan, financing balance 5,480.16 million yuan [2] - October 10: -288.04 million yuan, financing balance 5,612.01 million yuan [2] - The financing balance on October 16 represented 0.44% of the circulating market value [2]. Margin Trading Summary - On October 16, 2025, the margin trading saw a sell-off of 1,900 shares, with a repayment of 21,800 shares, resulting in a net buy of 19,900 shares and a remaining margin of 161,800 shares [2]. - Over the past 20 trading days, there were 11 days of net margin selling [2]. Overall Margin Balance - The total margin balance reached 6,748.61 million yuan on October 16, 2025, reflecting an increase of 3.33% from the previous day [4]. - The margin balance changes for the previous days were: - October 15: 6,530.91 million yuan, increase of 129.50 million yuan [4] - October 14: 6,401.41 million yuan, increase of 747.64 million yuan [4] - October 13: 5,653.77 million yuan, decrease of 142.92 million yuan [4] - October 10: 5,796.69 million yuan, decrease of 273.39 million yuan [4].

Market Overview - On October 9, the railway and highway sector rose by 0.18% compared to the previous trading day, with Chongqing Road and Bridge leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Individual Stock Performance - Chongqing Road and Bridge (600106) closed at 6.47, with a gain of 2.54% and a trading volume of 512,000 shares, amounting to a transaction value of 328 million yuan [1] - Dongguan Holdings (000828) closed at 11.40, up 2.06%, with a trading volume of 114,900 shares and a transaction value of 131 million yuan [1] - Guangdong Expressway A (000429) closed at 11.07, increasing by 1.65%, with a trading volume of 130,300 shares and a transaction value of 143 million yuan [1] - Jiangxi Changyuan (600561) experienced a decline of 4.72%, closing at 6.66, with a trading volume of 195,900 shares and a transaction value of 129 million yuan [2] Capital Flow Analysis - The railway and highway sector saw a net outflow of 53.79 million yuan from institutional investors, while retail investors experienced a net outflow of 49.71 million yuan [2] - Conversely, speculative funds recorded a net inflow of 103 million yuan into the sector [2] Key Stock Capital Flows - 京沪高铁 (601816) had a net outflow of 49.17 million yuan from institutional investors, with a 5.50% net share [3] - 重庆路桥 (600106) saw a net inflow of 42.59 million yuan from institutional investors, representing 12.99% of its shares [3] - 大众交通 (600611) experienced a net inflow of 24.66 million yuan from institutional investors, accounting for 10.45% of its shares [3]

Core Insights - The Ministry of Transport and six other departments issued the "Implementation Opinions on 'Artificial Intelligence + Transportation'" to accelerate the innovative application of AI in the transportation sector by 2027 [1] - By 2030, AI is expected to be deeply integrated into the transportation industry, with a comprehensive smart transportation network and key technologies achieving self-control and leading globally [1][2] Industry Growth - The AI sector is rapidly transforming the transportation industry, with applications ranging from intelligent scheduling in urban traffic to autonomous driving in road transport [2] - The smart transportation market in China is projected to reach approximately 250 billion yuan by 2025 and exceed 300 billion yuan by 2030 [2] Company Performance - As of September 26, the total market capitalization of transportation companies in the A-share market is 3.21 trillion yuan, with an average annual increase of 11.27% [3] - Companies such as SanYangMa and YueGaoA have seen significant institutional interest, with over 70 and 140 institutional surveys respectively [3][5] Technological Advancements - XingTong Co. has developed the "AI-XingZai" intelligent platform for chemical shipping, which has been operational since June 2025 [3][4] - The first domestic methanol dual-fuel chemical ship, "XingTong HaiLao," was delivered on September 26, 2025, featuring advanced AI capabilities for real-time monitoring and efficiency [4]

Core Insights - The report highlights a significant decline in pig prices, with the average price of live pigs dropping to 12.82 yuan/kg by September 19, marking a three-year low [5][6] - The report indicates that the supply side is experiencing pressure due to increased market supply, while demand remains weak, particularly affected by high temperatures in August [5][6] - The government is implementing stricter policies to control pig production capacity, aiming to stabilize prices and promote high-quality development in the industry [6] Industry Overview - In August 2025, the average prices for piglets, live pigs, and pork were 33.63 yuan/kg, 14.35 yuan/kg, and 24.98 yuan/kg, respectively, showing month-on-month declines of 5.87%, 3.77%, and 1.52% [5] - The report notes that the number of breeding sows in July was 40.42 million, with a slight decrease, indicating a trend of capacity reduction in the industry [5] - The report anticipates that the short-term pressure on pig prices will lead to a long-term upward trend as the government’s capacity reduction policies take effect [6] Company Insights - Major companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, reported significant declines in sales prices in August, with average sales prices of 13.51 yuan/kg and 13.90 yuan/kg, respectively [7] - The report suggests that companies with strong cost advantages are likely to maintain profitability despite the current market pressures [6] - The report recommends focusing on leading companies in the industry, such as Muyuan Foods and Wens Foodstuff Group, which are expected to perform well in the long term [6]