第六条 内幕信息是指涉及公司的经营、财务或者对公司证券的市场价格有 重大影响的尚未公开的信息。尚未公开是指公司尚未在证监会指定的上市公司信 息披露媒体或网站上正式公开。 内幕信息管理制度 广东省高速公路发展股份有限公司 第一章 总 则 第一条 为规范广东省高速公路发展股份有限公司（以下简称"公司"）的内 幕信息管理，加强内幕信息保密工作，根据《中华人民共和国公司法》《中华人 民共和国证券法》《深圳证券交易所股票上市规则》《上市公司信息披露管理办法》 等有关法律、行政性法规、规范性文件的规定及《公司章程》《信息披露事务管 理制度》的有关规定 ，特制定本制度。 第二条 董事会是公司内幕信息的管理机构。 第三条 董事会授权董事会秘书具体负责公司内幕信息的监管及信息披露工 作，办理上市公司内幕信息知情人的登记入档和报送事宜。当董事会秘书不能履 行职责时，由证券事务代表代行董事会秘书的职责。证券事务部是公司唯一的信 息披露办理机构。公司董事会秘书和证券事务部负责证券监管机构、证券交易所、 公司指定的信息披露媒体及股东的接待、咨询（质询）、服务工作。 第四条 未经董事会批准或董事会秘书书面审核，公司任何部门和个人不得 向 ...

内幕信息知情人登记管理制度 广东省高速公路发展股份有限公司 第一条 为完善广东省高速公路发展股份有限公司（以下简称"公司"） 内 幕信息管理制度，做好内幕信息保密工作，有效防范和打击内幕交易等证券违法 违规行为，根据《证券法》《上市公司信息披露管理办法》《上市公司内幕信息知 情人登记管理制度》等法律法规和规章，制定本规定。 第二条 本制度所称内幕信息知情人，是指《证券法》第五十一条规定的有 关人员，包括但不限于： （一）公司董事及高级管理人员； （四）由于所任公司职务或者因与公司业务往来可以获取公司有关内幕信息 的人员； （二）持有公司百分之五以上股份的股东及其董事、监事、高级管理人员， 公司的实际控制人及其董事、高级管理人员； （三）公司控股或者实际控制的公司及其董事、高级管理人员； （五）公司收购人或者重大资产交易方及其控股股东、实际控制人、董事、 监事和高级管理人员； （六）因职务、工作可以获取内幕信息的证券交易场所、证券公司、证券登 记结算机构、证券服务机构的有关人员。 第三条 本制度所称内幕信息，是指第七条是指涉及公司的经营、财务或者 对上市公司证券市场价格有重大影响的尚未公开的信息，包括但不限于： ...

| 修订前 | 修订后 | 修订依据 | | --- | --- | --- | | 第八条 公司董事会、监事会、单独或 | 第八条 公司董事会、单独或者合计持 | | | 者合计持有公司已发行股份百分之一以上 | 有公司已发行股份百分之一以上的股东可 | | | 的股东可以提出独立董事候选人，并经股东 | 以提出独立董事候选人，并经股东会选举决 | | | 大会选举决定。 | 定。 | | | 依法设立的投资者保护机构可以公开 | 依法设立的投资者保护机构可以公开 | | | 请求股东委托其代为行使提名独立董事的 | 请求股东委托其代为行使提名独立董事的 | 《公司章程》 | | 权利。 | 权利。 | | | 第一款规定的提名人不得提名与其存 | 第一款规定的提名人不得提名与其存 | | | 在利害关系的人员或者有其他可能影响独 | 在利害关系的人员或者有其他可能影响独 | | | 立履职情形的关系密切人员作为独立董事 | 立履职情形的关系密切人员作为独立董事 | | | 候选人。 | 候选人。 | | | | 第二十四条 公司董事会审计委员会 | | | 第二十四条 公司董事会审计委员会 | 负责审核公 ...

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].