招商基金招商公路高速公路封闭式基 础设施证券投资基金 2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：中国银行股份有限公司 送出日期：2025 年 8 月 28 日 招商基金招商公路高速公路封闭式基础设施证券投资基金 2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三 分之二以上独立董事签字同意，并由董事长签发。 基金托管人中国银行股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核了本 报告中的财务指标、收益分配情况、财务会计报告和投资组合报告等内容，保证复核内容不 存在虚假记载、误导性陈述或重大遗漏。 运营管理机构已对中期报告中的相关披露事项进行确认，不存在异议。确保相关披露内 容的真实性、准确性和完整性。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 ...

Core Points - The railway and highway sector increased by 0.58% on August 25, with Wuzhou Transportation leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Sector Performance - Wuzhou Transportation (600368) closed at 4.39, up 1.39% with a trading volume of 631,200 shares and a transaction value of 277 million [1] - Zhongyuan Expressway (600020) closed at 4.54, up 1.11% with a trading volume of 233,500 shares and a transaction value of 106 million [1] - China Merchants Highway (001965) closed at 11.08, up 1.09% with a trading volume of 181,700 shares and a transaction value of 200 million [1] - Shandong Expressway (600350) closed at 9.47, up 1.07% with a trading volume of 127,400 shares and a transaction value of 120 million [1] - Western Entrepreneurship (000557) closed at 5.73, up 1.06% with a trading volume of 195,300 shares and a transaction value of 112 million [1] - Dongguan Holdings (000828) closed at 11.55, up 0.96% with a trading volume of 124,200 shares and a transaction value of 143 million [1] - Longjiang Transportation (601188) closed at 3.57, up 0.85% with a trading volume of 236,800 shares and a transaction value of 84.43 million [1] - Beijing-Shanghai High-Speed Railway (601816) closed at 5.39, up 0.75% with a trading volume of 1,694,000 shares and a transaction value of 911 million [1] - Jilin Expressway (601518) closed at 2.77, up 0.73% with a trading volume of 218,000 shares and a transaction value of 60.22 million [1] - Chutian Expressway (600035) closed at 4.35, up 0.69% with a trading volume of 167,300 shares and a transaction value of 72.69 million [1] Capital Flow - The railway and highway sector experienced a net outflow of 285 million from main funds, while retail investors saw a net inflow of 233 million [1] - Speculative funds had a net inflow of 51.81 million [1]

Investment Rating - The report maintains a "Positive" outlook on the shipping sector, particularly highlighting the potential for VLCC (Very Large Crude Carrier) rates to strengthen in the upcoming months [4]. Core Insights - The report indicates that tanker rates have exceeded expectations during the off-season, with VLCC rates expected to perform strongly from September to December due to reduced exports from Iran and increased production in the Middle East [4]. - The report recommends specific companies such as China Merchants Energy Shipping and highlights the potential for consolidation in the Chinese shipping industry [4]. - The report emphasizes the resilience of freight volumes in rail and highway transport, suggesting steady growth in these sectors [4]. Summary by Sections Shipping Sector - VLCC rates increased by 32% this week, reaching $45,800 per day, driven by limited supply and increased demand from the Atlantic market [4]. - The report notes that the average export volume from Iran has decreased to 1.3-1.5 million barrels per day, down from 1.7-1.9 million barrels per day in July [4]. - The Suez crude oil tanker rates rose by 15% to $59,563 per day, supported by strong demand from the West African market [4]. Dry Bulk Shipping - The Baltic Dry Index (BDI) fell by 4.9% to 1,944 points, primarily due to a decline in large vessel rates, while smaller vessels showed stronger performance [5]. - The report remains optimistic about the Capesize bulk carrier market in the second half of the year, citing expected increases in shipments from major miners [4]. Air Transport - The report suggests that the "anti-involution" policy from the Civil Aviation Administration is likely to optimize competition in the airline industry, benefiting airline profitability in the long term [4]. - Recommended airlines include China Eastern Airlines, Spring Airlines, and China Southern Airlines, with a focus on the potential for improved earnings due to supply constraints and demand recovery [4]. Express Delivery - The report anticipates a price increase in the express delivery sector driven by the "anti-involution" policy, with expectations for sustained profitability in the e-commerce delivery segment [4]. - Companies such as Shentong Express and YTO Express are highlighted as having strong potential for recovery and valuation improvement [4]. Rail and Highway Transport - Data from the Ministry of Transport indicates that rail freight volume increased by 1.22% week-on-week, while highway freight traffic rose by 3.06% [4]. - The report identifies two main investment themes in the highway sector: high dividend yield stocks and potential value recovery in undervalued stocks [4].

业绩说明会召开时间：2025 年 8 月 29 日（星期五）下午 15:00-16:00 业绩说明会召开方式：网络互动方式 证券代码：001965 证券简称：招商公路 公告编号：2025-48 公司现就 2025 年半年度业绩说明会提前向广大投资者征集相关问题，广泛 听取投资者的意见和建议。 招商局公路网络科技控股股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 特别提示： 业绩说明会召开网址：中证路演中心（https://www.cs.com.cn/roadshow/） 招商局公路网络科技控股股份有限公司（以下简称："公司"）将于 2025 年 8 月 29 日 在 深 圳 证 券 交 易 所 网 站 （ www.szse.cn) 和 巨 潮 资 讯 网 （www.cninfo.com.cn)披露公司 2025 年半年度报告。为加强与投资者交流，使 投资者更加全面深入的了解公司经营情况，公司将于 2025 年 8 月 29 日举行 2025 年半年度网上业绩说明会，欢迎广大投资者积极参与。 1、投资者 ...

Group 1 - The core point of the news is that China Merchants Highway Network Technology Holdings Limited has increased its stake in Yuexiu Transportation Infrastructure (01052.HK) by acquiring 1.8 million shares at an average price of HKD 4.116 per share, totaling approximately HKD 7.4088 million [1][2] - Following this acquisition, China Merchants Highway Network Technology Holdings Limited's total shareholding in Yuexiu Transportation Infrastructure has risen to 218,241,000 shares, increasing its ownership percentage from 12.94% to 13.04% [1][2]

Group 1 - The core point of the article is that China Merchants Highway Network Technology Holdings Company Limited has increased its stake in Yuexiu Transport Infrastructure by purchasing 1.8 million shares at a price of HKD 4.116 per share, totaling approximately HKD 7.4088 million [1] - After the acquisition, the total number of shares held by China Merchants is approximately 218 million, representing a holding percentage of 13.04% [1]

智通财经APP获悉，香港联交所最新资料显示，8月20日，招商局公路网络科技控股股份有限公司增持 越秀交通基建(01052)180万股，每股作价4.116港元，总金额约为740.88万港元。增持后最新持股数目约 为2.18亿股，最新持股比例为13.04%。 ...

Group 1 - The company issued a technology innovation corporate bond (Phase 1) from August 18 to August 21, 2023, with the bond code 148431 and name "23 招路 K1" [1][2] - The bond has a maturity date of August 21, 2025, with interest payments scheduled from August 21, 2024, to August 20, 2025, and the principal will be repaid in a lump sum at maturity [1][2] - The bond's coupon rate is set at 2.69%, resulting in an interest payment of RMB 26.90 per 1,000 yuan face value, with net payments after tax for individual and institutional investors specified [2][3] Group 2 - The bond's interest payment will be made to all registered holders as of the close of trading on August 20, 2025, at the Shenzhen Stock Exchange [2][3] - The company will entrust China Securities Depository and Clearing Corporation Limited Shenzhen Branch to handle the interest payments [3] - Tax obligations for bond interest income are outlined, with a 20% personal income tax rate applicable to individual bondholders, while foreign institutional investors are temporarily exempt from certain taxes until December 31, 2025 [4]

招商局公路网络科技控股股份有限公司 2023 年面向专业投资者公开发行科技创新公司债券（第一期） 2025 年付息公告 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。 特别提示： 1、债券名称：招商局公路网络科技控股股份有限公司 2023 年面向专业投资 者公开发行科技创新公司债券（第一期）。 2、本期债券债权登记日：2025 年 8 月 20 日。 | 证券代码：001965 | 证券简称：招商公路 | 公告编号：2025-47 | | --- | --- | --- | | 债券代码：148431 | 债券简称：23 招路 K1 | | 3、本期债券付息日：2025 年 8 月 21 日。 招商局公路网络科技控股股份有限公司（以下简称"发行人"或"公司"） 于 2023 年 8 月 18 日至 8 月 21 日发行的招商局公路网络科技控股股份有限公司 2023 年面向专业投资者公开发行科技创新公司债券（第一期）（以下简称"本期 债券"，债券简称：23 招路 K1，债券代码：148431）将于 2025 年 8 月 21 日支付 自 2024 年 8 月 2 ...

Core Viewpoint - Huatai United Securities recently reported on the changes in the board of directors and management of China Merchants Highway Network Technology Holdings Co., Ltd. (referred to as "China Merchants Highway") [2] Group 1: Board Changes - The board of directors of China Merchants Highway approved the election of Song Rong as the chairman of the board during the 34th meeting of the third board, effective from the date of election until the end of the current board's term [2] - Song Rong has held various significant positions, including Vice General Manager of China International Freight Forwarding Co., Ltd., General Manager of the Operations Department of China National Freight Forwarding Co., Ltd., and General Manager of China Merchants Logistics Group Co., Ltd. [2] Group 2: Management Responsibilities - The report also includes the change of the board secretary and the person responsible for information disclosure, as well as the abolishment of the "Supervisory Committee Meeting Rules," with the audit committee of the board taking over the supervisory responsibilities [2]