Investment Rating - The report maintains a "Positive" investment rating for the transportation industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The highway sector has experienced a significant adjustment since June, driven by a decrease in risk aversion and a rise in government bond yields. Despite this, the sector is characterized by stable performance, strong cash flow, and high predictability, making it an attractive investment opportunity [4][13]. - The premium of A-shares over H-shares for highway stocks has decreased to its lowest level since 2023, suggesting a favorable valuation for A-shares compared to H-shares [5][19]. - Key highway stocks have seen their dividend yields recover to higher levels not seen since 2024, with several companies showing significant increases in their dividend rates [6][34]. Summary by Sections 1. Highway Sector Adjustment - The highway sector is traditionally known for high dividends and has shown strong performance in the past. However, it has undergone a deep adjustment since June due to market conditions and rising bond yields. The current state presents a strong absolute return potential for investors [4][13]. 2. A-H Share Premium - The A-H share premium for highway stocks has narrowed significantly, indicating a shift in valuation dynamics. This change is attributed to the differing impacts of domestic and U.S. bond yields on the respective markets [5][24]. 3. Dividend Yield Recovery - The dividend yields of key A-share highway stocks have increased significantly due to stock price corrections. Companies like Ninghu, Wantong, and Guangdong Expressway have returned to higher dividend yield levels, enhancing their attractiveness for investors [6][35]. 4. Investment Recommendations - The report suggests focusing on high-dividend stocks from the highway sector, particularly those with stable dividend payouts. Companies such as Wantong, Guangdong Expressway A, and China Merchants Highway are highlighted as having strong dividend potential, with some expected to yield over 5% [7][48].

Market Overview - On September 22, the railway and highway sector declined by 0.64% compared to the previous trading day, with Sanxia Tourism leading the decline [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable gainers in the railway and highway sector included: - San Shou Ma (001317) with a closing price of 52.52, up 3.41% on a trading volume of 78,900 shares and a turnover of 410 million yuan [1] - Fu Lin Yuan V (002357) with a closing price of 10.67, up 1.62% on a trading volume of 109,000 shares and a turnover of 115 million yuan [1] - Guangshen Railway (601333) with a closing price of 3.35, up 1.52% on a trading volume of 774,200 shares and a turnover of 258 million yuan [1] - Conversely, significant decliners included: - Sanxia Tourism (002627) with a closing price of 6.62, down 5.16% on a trading volume of 489,500 shares and a turnover of 328 million yuan [2] - Longjiang Transportation (601188) with a closing price of 3.48, down 2.25% on a trading volume of 222,300 shares and a turnover of 77.56 million yuan [2] Capital Flow - The railway and highway sector experienced a net outflow of 173 million yuan from institutional investors, while retail investors saw a net inflow of 160 million yuan [2] - The sector's capital flow details indicate: - Guangshen Railway had a net inflow of 24.99 million yuan from institutional investors, but a net outflow of 19.86 million yuan from retail investors [3] - Tielong Logistics (600125) saw a net inflow of 19.55 million yuan from institutional investors, with a net outflow of 16.41 million yuan from retail investors [3]

特别提示：本次会议召开期间无增加、否决或变更提案情况发生。 一、会议召开和出席情况 1、会议召开时间 （1）现场召开时间：2025年9月15日（星期一）下午3:30。 证券代码：000429，200429 证券简称：粤高速 A、粤高速 B 公告编号：2025-030 广东省高速公路发展股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，公告不存在虚假记载、误导 性陈述或者重大遗漏。 （2）网络投票时间为：2025年9月15日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为2025年9月 15日上午9:15至9:25，9:30至11:30，下午1:00至3:00；通过深圳证券交易所互联 网投票的具体时间为2025年9月15日上午9:15至下午3:00。 2、会议召开地点：本公司会议室（广州市珠江新城珠江东路32号利通广场 45层）。 3、会议召开方式：现场投票及网络投票相结合的方式。 4、召集人：公司董事会。 5、主持人：董事长苗德山先生。 6、会议通知刊登在2025年8月29日的《证券时报》、《上海证券报》、《中 1 国证券报》、《香港商报》及巨 ...

法律意见书 广东连越律师事务所 关于广东省高速公路发展股份有限公司 2025 年第二次临时股东大会之 法律意见书 广东连越律师事务所 地址：广州市天河区冼村路 5 号凯华国际中心 31 楼 电话：（020）85656282 传真：（020）85656281 邮编：510623 2025 年 9 月 法律意见书 致：广东省高速公路发展股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共和 国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股 东会规则（2025 年修订）》（以下简称"《股东会规则》"）等法律、法规和其 他有关规范性文件的要求，广东连越律师事务所（以下简称"本所"）接受广东省高速 公路发展股份有限公司（以下简称"公司"）的委托，指派律师参加公司 2025 年 第二次临时股东大会（以下简称"本次股东大会"）。 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员 资格、召集人资格、表决程序及表决结果发表法律意见，并不对本次股东大会所审 议的议案、议案所涉及的数字及内容发表意见。本所律师同意将本法律意见书随本 次股东大会其他信息披露资料一 ...

Group 1 - The company conducted a specific object research meeting with three institutions on September 8, 2025, focusing on traffic flow and financial performance [1] - Traffic flow data for the first half of 2025 showed varied impacts across different highways, with Guangzhu East experiencing a stable decline in toll revenue due to the diversion caused by the Shenzhen-Zhongshan Channel [2] - The company anticipates ongoing impacts from the Shenzhen-Zhongshan Channel on Guangzhu East and Fokai highways throughout the year, requiring further evaluation [2] Group 2 - The company has outlined its capital expenditure plans primarily focused on the investment in highway expansion projects, ensuring funding aligns with project progress [3] - A shareholder return plan for 2024-2026 was approved, indicating that dividends will be distributed in cash annually if certain financial conditions are met [3] - The company aims to serve as a capital operation platform for the transformation and upgrading of Guangdong's highway transportation industry, focusing on integrating new industries and expanding its main business scale [4]

Group 1: Traffic Volume and Revenue Changes - In the first half of 2025, the traffic volume of major routes such as Guangzhu East and Guanghui Expressway showed expected year-on-year changes, with Guangzhu East experiencing a stable decline in toll revenue due to the diversion effect of the Shenzhen-Zhongshan Channel [1] - Guanghui Expressway saw an increase in both traffic volume and toll revenue compared to the same period last year, as the impact of network diversion factors was already reflected [1] - The traffic volume of Fokai Expressway decreased more than expected due to the opening of the Shenzhen-Zhongshan Channel and the Zhongkai Expressway, with the diversion effect expected to continue [1] Group 2: Capital Expenditure and Dividend Policy - The company's recent capital expenditures focus on investments in the expansion and reconstruction of expressways, including ongoing projects like the Jingzhu Expressway Guangzhu East section and Guanghui Expressway [1] - The company has a dividend policy that states it will distribute cash dividends annually, provided that the distributable profits are positive and cash flow supports ongoing operations, with a minimum of 70% of the net profit attributable to the parent company being distributed as cash dividends from 2024 to 2026 [1][2] Group 3: Future Development and Strategic Positioning - The company's "14th Five-Year" development plan positions it as a key capital operation platform for the transformation and upgrading of the Guangdong expressway transportation industry, focusing on cultivating and integrating emerging industries in the transportation sector [2] - The strategy includes expanding the scale of the expressway main business, enhancing industrial capabilities and profitability, and seeking opportunities for mergers or investments in emerging transportation industries [2]

Core Viewpoint - The company reported a significant increase in net profit for the first half of 2025, primarily due to the reversal of previously accrued maintenance expenses and a reduction in bad debt losses from the previous year [1] Financial Performance - Revenue for 1H25 was 2.118 billion yuan, a decrease of 5.06% year-on-year [1] - Net profit attributable to shareholders was 1.057 billion yuan, an increase of 23.58% year-on-year [1] - Operating cash flow reached 1.898 billion yuan, up 18.36% year-on-year [1] - Excluding the impact of reversals and bad debt, the adjusted net profit was 799 million yuan, down 9.59% year-on-year, mainly due to traffic diversion [1][2] Traffic and Toll Revenue - Toll revenue from controlled sections decreased by 5.3% year-on-year in 1H25 [2] - Specific toll revenue changes included: - Guangzhu East Expressway: down 18.8% due to traffic diversion and construction [2] - Fokai Expressway: down 7.9% due to traffic diversion and construction [2] - Guanghui Expressway: up 5.5% due to natural growth from a low base [2] - The company anticipates a positive year-on-year change in toll revenue for the second half of 2025 [2] Cost and Depreciation Adjustments - The company adjusted depreciation schedules, leading to a reduction in depreciation expenses by approximately 55 million yuan for 2025 [3] - Investment income decreased by 10 million yuan year-on-year, primarily due to declining profitability in certain expressways [3] - Financial expenses decreased by 10 million yuan year-on-year due to lower market interest rates [3] Capital Expenditure and Financial Health - The company is entering a peak capital expenditure period with significant ongoing projects [4] - Total estimated investment for Guanghui Expressway expansion is approximately 30.5 billion yuan, with a projected timeline from 2025 to 2029 [4] - The company maintains a commitment to distribute dividends of no less than 70% of net profit attributable to shareholders from 2024 to 2026 [4] - Projected dividend yields for 2025, 2026, and 2027 are 5.1%, 4.5%, and 4.1% respectively [4] Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 down by 3.9%, 4.4%, and 2.8% respectively [5] - The target price has been revised to 14.39 yuan, based on a combination of DCF and PE valuation methods [5] - The DCF calculation is based on a WACC of 5.0% and an equity IRR of 7.7% [5]

Financial Performance - The company reported total revenue of 2.118 billion yuan for the first half of 2025, a decrease of 5.06% year-on-year [1] - The net profit attributable to shareholders was 1.057 billion yuan, an increase of 23.58% year-on-year [1] - In Q2 2025, total revenue was 1.068 billion yuan, down 3.47% year-on-year, while net profit was 400 million yuan, down 8.07% year-on-year [1] - The gross margin increased by 0.24% to 68.2%, and the net margin increased by 33.36% to 67.98% [1] - Earnings per share rose to 0.51 yuan, a 24.39% increase year-on-year [1] Financial Ratios - The company's return on invested capital (ROIC) was 10.82%, indicating average capital returns [3] - The net profit margin was reported at 46.02%, reflecting high added value in products or services [3] - The company's cash assets are considered very healthy, with a debt-to-asset ratio of 33.07% [3] Shareholder Information - Major funds holding shares in the company include Zhongyou Core Growth Mixed A, which reduced its holdings, and Huabao Dividend Selected Mixed A, which entered the top ten holdings [4] - The largest fund holding is Zhongyou Core Growth Mixed A, with a scale of 2.609 billion yuan [4] Project Developments - The company has completed the Huizhou-Yanjiang Expressway expansion and is applying for a fee adjustment [5] - The Jiangzhong Expressway expansion has been completed and new fee standards have been executed since June 13, 2025 [5] - The Yuezhao Expressway expansion is scheduled for completion by the end of 2027, with fee adjustments to follow government approval [5]

Core Viewpoint - The company, Guangdong Expressway A, recently engaged in a specific investor survey with 23 institutions, discussing its operational status and project progress. Group 1: Company Operations - The company provided an overview of its financial data changes for the first half of 2025, including the operational status of its subsidiaries and ongoing expansion projects [1]. - The board secretary, Yang Hanming, highlighted the impact of the Shenzhen-Zhongshan Channel on traffic flow and toll revenue, noting a decrease in tolls for the Guangzhu East route but a stabilization in the decline [2]. Group 2: Traffic and Revenue Insights - Traffic volume for Guangzhu East and Guanghui Highways showed expected year-on-year changes, with Guanghui experiencing growth in both traffic and toll revenue [2]. - The company reported a higher-than-expected reduction in traffic volume for the Fokai Highway due to the influence of the Shenzhen-Zhongshan Channel and the opening of the Zhongkai Highway [2]. Group 3: Capital Expenditure and Project Management - The company’s recent capital expenditures primarily focus on the equity investments in the expansion projects of its highways, including Guangzhu East, Guanghui, and Yuezhao Highways [2]. - The company is implementing traffic organization plans to minimize the impact of construction on traffic flow during ongoing expansion projects [2].

Group 1: Financial Performance - The company reported significant changes in financial data for the first half of 2025, with specific focus on traffic volume and toll revenue across major routes [3] - The traffic volume for Guangzhu East and Guanghui Expressways showed expected year-on-year changes, with Guangzhu East experiencing a decline in toll revenue due to the diversion caused by the Shenzhen-Zhongshan Channel [3] - The traffic volume for Fokai Expressway decreased more than expected due to the impact of the Shenzhen-Zhongshan Channel and the opening of Zhongkai Expressway [3] Group 2: Capital Expenditure and Projects - The company's recent capital expenditures are primarily focused on the investment in the expansion projects of its controlled expressways, including Guangzhu East, Guanghui, and Yuezhang Expressways [3] - The company is committed to funding these projects according to their construction progress to meet financial requirements [3] Group 3: Impact of Infrastructure Changes - The company anticipates ongoing traffic diversion effects from the Shenzhen-Zhongshan Channel on Guangzhu East and Fokai Expressways throughout the year, with the extent of the impact to be monitored [3] - The company has implemented traffic management strategies to minimize the impact of construction on traffic flow during expansion projects [3]