Group 1: Company Overview and Financial Performance - The company reported its Q1 2025 operational status and key financial data, highlighting year-on-year changes [2] - The company aims to expand its main business scale and enhance profitability through capital operations in the transportation sector [2] Group 2: Infrastructure Development Progress - The Jiangzhu Expressway expansion is completed and operational, with fee adjustment applications underway [2] - The GY Expressway expansion is on schedule, with the main line expected to be completed by 2025 [2] - The Guanghui Expressway expansion project has been approved and is set to commence in 2025, with an estimated construction period of 5 years [2] Group 3: Traffic Impact and Strategic Response - The company is implementing traffic organization plans to mitigate the impact of construction on traffic flow, drawing from experiences on other expressways [2] - The opening of the Shenzhen-Zhongshan Channel has affected toll revenue on the Guangzhu East section, with a year-on-year decline expected to continue into 2025 [2] Group 4: Future Planning and Development Strategy - The company’s "14th Five-Year" plan emphasizes its role as a capital operation platform for the transformation and upgrading of Guangdong's expressway transportation industry [2] - The strategy includes mergers and acquisitions in emerging transportation sectors to create new revenue and profit growth points [2]

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]

本次会计估计变更采用未来适用法进行会计处理，不会对以往各年度财 务状况和经营成果产生影响。 本次会计估计变更预计将增加 2025 年度归属于母公司所有者净利润约 2,095 万元。 广东省高速公路发展股份有限公司 关于会计估计变更的公告 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。 重要提示 本议案无需提交公司股东大会审议。 一、本次会计估计变更概述 证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-015 变更起始日期：2025 年 2 月 1 日 2、会计估计变更的原因 根据《企业会计准则第 4 号——固定资产》的相关规定，固定资产使用寿命 预计数与原先估计数有差异的，应当调整固定资产使用寿命。广惠高速中的南香 山互通立交于 2019 年 12 月、荔湖（挂绿湖）互通立交和金龙（惠州北）互通立 1 交于 2022 年 8 月建成通车。2025 年 1 月，广惠高速改扩建工程项目核准立项， 公司控股子公司广惠高速公路有限公司（以下简称"广惠公司"）的经营期限预 计延长。据此，公司对上述三个立交的折旧年限和折 ...

证券简称：粤高速 A 、粤高速 B 证券代码：000429、200429 公告编号：2025-016 广东省高速公路发展股份有限公司 关于召开 2024 年年度股东大会的通知 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、召开会议的基本情况 1、本次股东大会为广东省高速公路发展股份有限公司2024年年度股东大会。 2、本次股东大会的召集人为公司董事会。2025年4月29日召开的公司第十届 董事会第二十八次（临时）会议审议通过了《关于召开2024年年度股东大会的议 案》。 3、公司董事会召集召开本次股东大会会议符合有关法律、行政法规、部门 规章、规范性文件和《公司章程》的相关规定。 4、会议召开的日期、时间 （1）现场会议召开时间：2025年5月21日（星期三）下午3:00 （2）网络投票时间为：2025年5月21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5月 21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5月21日上午9:15至下午3:00。 5 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-013 广东省高速公路发展股份有限公司 二、监事会会议审议情况 会议审议通过以下议案： （一）审议通过《关于会计估计变更的议案》 同意公司于 2025 年 2 月 1 日起对济广高速公路惠州小金口至广州萝岗段及 广惠高速公路惠州小金口至凌坑段－南香山、荔湖（挂绿湖）、金龙（惠州北） 互通立交的折旧年限和折旧车流量进行变更。 监事会认为：公司本次会计估计变更符合公司的经营情况的变化，符合相关 会计制度的规定，变更后的会计估计能够公允、恰当地反映公司的财务状况和经 营成果，同意此次会计估计变更。 表决结果：赞成 4 票，反对 0 票，弃权 0 票。 第十届监事会第十四次（临时）会议决议公告 本公司及监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、监事会会议召开情况 广东省高速公路发展股份有限公司（以下简称"公司"）第十届监事会第十 四次（临时）会议（以下简称"本次会议"）于 2025 年 4 月 29 日（星期二）上 午以现场会议形式召开。本次会议的会议通知及相关会议文 ...

证券简称：粤高速 A 、粤高速 B 证券代码： 000429、 200429 公告编号： 2025-012 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"）第十届董事会第二 十八次（临时）会议（以下简称"本次会议"）于 2025 年 4 月 29 日（星期二） 上午以现场会议加视频会议通讯表决的形式召开。本次会议的会议通知及相关会 议文件已于 2025 年 4 月 22 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《广东省高速公路发展股份有限公司章 程》的有关规定。 二、董事会会议审议情况 会议审议通过以下议案： （一）审议通过《关于会计估计变更的议案》 同意公司于 2025 年 2 月 1 日起对济广高速公路惠州小金口至广州萝岗段及 广惠高速公路惠州小金口至凌坑段－南香山、荔湖（挂绿湖）、金龙（惠州北） 互通立交的折旧年限和折旧车流量进行变更。 表决结果：赞成 13 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,049,919,860.48, a decrease of 6.63% compared to ¥1,124,466,320.26 in the same period last year[5] - Net profit attributable to shareholders increased by 56.28% to ¥657,482,517.83 from ¥420,705,862.42 year-on-year[5] - Basic earnings per share increased by 55.00% to ¥0.31 from ¥0.20 in the same period last year[5] - Net profit for the current period is ¥886,011,914.52, an increase of 58% compared to ¥560,618,118.35 in the previous period[33] - Earnings per share increased to ¥0.31 from ¥0.20, representing a growth of 55%[33] Cash Flow - The net cash flow from operating activities rose by 73.84% to ¥1,404,783,085.32, compared to ¥808,097,600.77 in the previous year[5] - Cash received from operating activities increased dramatically by 1657.72% to ¥66,314,000, primarily due to government subsidies received[19] - Operating cash inflow totaled $1,731,369,370.70, an increase of 49.2% from $1,160,269,897.45 in the previous period[35] - Net cash flow from operating activities reached $1,404,783,085.32, up 73.5% compared to $808,097,600.77 last year[35] - The ending cash and cash equivalents balance was $4,918,860,878.25, compared to $4,859,876,914.81 at the end of the last period[35] Assets and Liabilities - Total assets at the end of the reporting period were ¥23,432,590,886.16, reflecting a 4.42% increase from ¥22,441,664,114.93 at the end of the previous year[5] - The total liabilities of the company were CNY 9,447,976,576.55, compared to CNY 9,245,774,081.95 at the beginning of the period, showing an increase of approximately 2.2%[30] - The company's non-current assets totaled CNY 18,110,351,386.38, up from CNY 17,910,719,778.52, representing a growth of about 1.1%[30] - The company's long-term borrowings increased to CNY 7,199,785,216.00 from CNY 6,728,264,750.00, reflecting an increase of approximately 7.0%[30] Equity - The company’s total equity attributable to shareholders increased by 6.01% to ¥11,096,895,199.47 from ¥10,468,100,319.53 at the end of the previous year[5] - Total equity attributable to shareholders increased to ¥11,096,895,199.47 from ¥10,468,100,319.53, a growth of 6%[31] - The total equity of the company remained stable at CNY 2,090,806,126.00, with no changes reported during the period[30] Investment Income - The company reported a significant increase in investment income, which rose by 25.31% to ¥7,426,000 from ¥5,930,000 year-on-year[15] - Investment income increased to ¥74,072,953.26 from ¥59,110,274.23, a rise of 25.3%[32] Operational Changes - The company reversed a bad debt provision of CNY 343 million related to operational expenses for the Guangfo Expressway, positively impacting its financial status[27] - The company has received government documents regarding the management of the Guangfo Expressway, which may influence future operational strategies[27] Other Financial Metrics - The company experienced a 1738.64% decrease in credit impairment losses, amounting to a recovery of ¥35,416,000[16] - The number of ordinary shareholders at the end of the reporting period was 52,618[25] - Accounts receivable rose to CNY 121,123,025.99 from CNY 82,361,054.69, indicating a growth of about 47.0%[29] - The company reported a decrease in accounts payable from CNY 226,104,482.05 to CNY 178,574,825.21, a reduction of approximately 21.0%[30] - Cash outflow from investing activities was $520,162,310.59, significantly higher than $239,974,068.50 in the prior period[35] - Cash inflow from financing activities amounted to $2,190,000,000.00, a substantial increase from $438,750,000.00 in the previous period[35]

Group 1: Report General Information - The research object is Yuegaosu A, belonging to the railway and highway industry, and the reception time is April 14, 2025 [17] - The participating research institution is Huaxi Securities Co., Ltd. [2] Group 2: Core Views - The opening of the Shenzhen - Zhongshan Passage changed the regional road network structure. In 2024, the toll revenue of the Guangzhu East section decreased year - on - year, and the impact is expected to continue in 2025, with the overall impact degree to be further tracked and evaluated [22] Group 3: Summary by Directory 01 Research Basic Situation - The research object is Yuegaosu A, belonging to the railway and highway industry. The reception time is 2025 - 04 - 14, and the listed company reception personnel are Yang Hanming and Liang Jirong from Guangdong Provincial Expressway Development Co., Ltd. [17] 02 Detailed Research Institutions - The reception object type is a securities company, and the specific institution is Huaxi Securities Co., Ltd., with the relevant person being You Daozhu [20] 03 Research Institution Proportion - No relevant content 04 Main Content Data - Regarding the company's existing equity - held expressway reconstruction and expansion projects: a section of the Beijing - Zhuhai Expressway Guangzhu section (from Zhongshan urban area to Zhuhai) was completed and opened to traffic in September 2024, and the remaining sections are planned to be completed in 2027; the Jiangzhong Expressway reconstruction and expansion project has been completed and opened to traffic, and is currently applying for a toll standard adjustment; the Yuezhao Expressway reconstruction and expansion project is being implemented as planned; the Huiyan Expressway reconstruction and expansion project is planned to be completed in 2025; the Guanghui Expressway reconstruction and expansion project has been approved by the provincial development and reform commission, passed by the company's board of directors, and still needs to be submitted to the general meeting of shareholders for deliberation, with construction planned to start in 2025 and an expected construction period of 5 years [23] - The company will learn from the construction experience of the north - south sections of the Fokai Expressway reconstruction and expansion project, formulate a traffic organization plan, and minimize the impact of reconstruction and expansion construction on traffic volume [23] - After the company's reconstruction and expansion projects are completed, it will apply to the government for a toll standard adjustment in accordance with the current policy and follow the approved toll standard [23]

Group 1: Impact of Infrastructure Changes - The opening of the Shenzhen-Zhongshan Channel has altered the regional road network structure, leading to a projected decline in toll revenue for the Guangzhu East section in 2024, with the impact expected to continue into 2025 [1] Group 2: Ongoing Expansion Projects - The expansion of the Jingzhu Expressway (Guangzhu section) from Zhongshan City to Zhuhai has been completed and opened to traffic in September 2024; other sections are scheduled for completion by 2027 [1] - The Jiangzhong Expressway expansion has been fully completed and is currently undergoing a fee adjustment application [1] - The Yuezhao Expressway expansion is being implemented as planned, while the Huizhan Expressway expansion is expected to be completed in 2025 [1] - The Guanghui Expressway expansion project has received approval from the provincial development and reform commission and is set to start construction in 2025, with an estimated construction period of 5 years [1] Group 3: Traffic Management During Construction - The company plans to utilize the construction experience from the North-South section of the Fokai Expressway to minimize the impact of expansion projects on traffic flow [1] Group 4: Toll Adjustment Procedures - Upon completion of the expansion projects, the company will follow existing policies to apply for toll adjustments, which will be executed according to government-approved standards [1]

Core Viewpoint - The article emphasizes that despite the volatility in the A-share market over the past four years, there has been a bull market for undervalued, high cash flow, and high dividend stocks, particularly among state-owned enterprises, with 30% of these stocks doubling in value [2][5]. Group 1: Market Performance - Over the past four years, 30% of state-owned enterprise dividend stocks have seen their prices more than double, with 90% reaching new highs since February 2021 [2][6]. - Specific sectors such as ports, highways, publishing, and construction have shown significant growth, with stocks like Tangshan Port increasing by 145% and maintaining a dividend yield of 4.77% [5][6]. Group 2: Investment Strategy - Investors are advised to focus on understanding their companies rather than trying to time the market, as this can lead to missed opportunities and costly mistakes [3][8]. - The article references Graham's perspective that many investors fail to profit because they chase market signals rather than focusing on the fundamentals of the companies they invest in [9][10]. Group 3: Company Analysis - The article highlights that companies with low valuations and strong balance sheets have been successfully identified by the market, leading to substantial price increases [5]. - In the publishing sector, companies like Phoenix Media and Shandong Publishing have also seen their earnings per share rise significantly, with dividend yields above 4% [6].