招商局公路网络科技控股股份有限公 司 2025 年面向专业投资者公开发行 科技创新可续期公司债券（第二期） 信用评级报告 编号：CCXI-20254457D-01 招商局公路网络科技控股股份有限公司 2025 年面向专业投资者公开发行 科技创新可续期公司债券（第二期）信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 11 月 17 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策 ...

本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的 虚假记载、误导性陈述或者重大遗漏承担责任。 重要事项提示 1．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"） 已于 2024 年 12 月 31 日获得中国证券监督管理委员会证监许可〔2024〕1948 号文注册公开发行面值不超过 100 亿元的公司债券（以下简称"本次债券"）。 发行人本次债券采取分期发行的方式，其中招商局公路网络科技控股股份 有限公司 2025 年面向专业投资者公开发行科技创新可续期公司债券（第二期） （以下简称"本期债券"）发行面值总额不超过 17.50 亿元（含 17.50 亿元）。 2．本期债券简称为"25 招路 KY02"，债券代码为"524557.SZ"。本期债 券发行规模为不超过人民币 17.50 亿元，每张面值为 100 元，发行数量不超过 1,750 万张，发行价格为人民币 100 元/张。 3．根据《证券法》等相关规定，本期债券仅面向专业投资者中的机构投资 者发行，普通投资者和专业投资者中的个人投资者不得参与发行认购。本期债 券上市后将被实施投资者适当性管理，仅专业投资者中的机构投资者参 ...

2025 年度招商局公路网络科技控股股 份有限公司信用评级报告 编号：CCXI-20253930M-01 2025 年度招商局公路网络科技控股股份有限公司 信用评级报告 声 明 跟踪评级安排 根据相关监管规定以及评级委托协议约定，中诚信国际将在评级结果有效期内进行跟踪评级。 中诚信国际信用评级有限责任公司 2025 年 10 月 15 日 2 2025 年度招商局公路网络科技控股股份有限公司 信用评级报告 | 受评主体及评级结果 | 招商局公路网络科技控股股份有限公司 AAA/稳定 | | | --- | --- | --- | | | 中诚信国际肯定了招商局公路网络科技控股股份有限公司（以下简称"招商公路"或 "公司"）控股路产区位优势明显、经营实力保持较强水平以及总资本化比率持续下 | | | 评级观点 | 降、财务结构较为稳健等因素对公司信用水平起到的支撑作用；但中诚信国际也关注 | | | | 到公司智能交通业务经营业绩有所下滑等因素可能对公司经营和整体信用状况造成 | | | | 的影响。 | | | 评级展望 | 中诚信国际认为，招商局公路网络科技控股股份有限公司信用水平在未来 12~18 个月 ...

| 本次注册金额 | 不超过人民币 100亿元(含 100亿元) | | --- | --- | | 本期债券发行金额 | 不超过人民币 17.50亿元。(含 17.50亿元) | | 増信情况 | 元 | | 信用评级结果 | 主体 AAA/债项 AAA | | 信用评级机构 | 中诚信国际信用评级有限责任公司 | 招商局公路网络科技控股股份有限公司 2025 年面向专业投资者公开发行科技创新可续期公司债券（第二期）募集说明书 发行人如有董事、高级管理人员、持股比例超过 5%的股东及其他关联方参 与本期债券认购，发行人将在发行结果公告中就相关认购情况进行披露。 中国证券监督管理委员会、深圳证券交易所对债券发行的注册或审核，不 代表对债券的投资价值作出任何评价，也不表明对债券的投资风险作出任何判 断。凡欲认购本期债券的投资者，应当认真阅读本募集说明书全文及有关的信 息披露文件，对信息披露的真实性、准确性和完整性进行独立分析，并据以独 立判断投资价值，自行承担与其有关的任何投资风险。 投资者认购或持有本期债券视作同意募集说明书关于权利义务的约定，包 括债券受托管理协议、债券持有人会议规则及债券募集说明书中其他有 ...

(本页无正文,为《招商局公路网络科技控股股份有限公司2025年面向专业投资 者公开发行科技创新可续期公司债券（第二期）更名公告》之签章页） 招商局公路网络科技 2025年 11月 18日 招商局公路网络科技控股股份有限公司 2025 年面向专业投 资者公开发行科技创新可续期公司债券（第二期）更名公告 招商局公路网络科技控股股份有限公司（以下简称"发行人"）于2024年12 月31日获得中国证券监督管理委员会《关于同意招商局公路网络科技控股股份有 限公司向专业投资者公开发行公司债券注册的批复》（证监许可〔2024〕1948 号）同意发行人向专业投资者公开发行面值总额不超过100亿元公司债券的注册 申请。招商局公路网络科技控股股份有限公司2025年面向专业投资者公开发行科 技创新可续期公司债券（第二期）（以下简称"本期债券"）发行规模为不超过 17.50亿元（含17.50亿元）。 按照公司债券命名惯例，本期债券名称由原申请的"招商局公路网络科技控 股股份有限公司2024年面向专业投资者公开发行公司债券"变更为"招商局公路 网络科技控股股份有限公司2025年面向专业投资者公开发行科技创新可续期公 司债券（第二期）" ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]

Core Insights - The report highlights a significant increase in VLCC (Very Large Crude Carrier) freight rates, reaching a new high, driven by a notable decline in Russian oil exports, which has created additional demand for oil transportation from the Middle East to India and China [3][4] - The report suggests a positive outlook for the transportation sector, particularly in shipping and aviation, with recommendations for specific companies such as China Merchants Energy and COSCO Shipping Energy [3][4] - The report emphasizes the importance of monitoring seasonal trends in freight rates, particularly the potential for a "not-so-dull" off-season from December to February [3] Industry Overview - The transportation index has decreased by 5.00%, underperforming the CSI 300 index by 1.23 percentage points, with the express delivery sector showing the smallest decline at -2.75% and the public transport sector experiencing the largest drop at -9.35% [4][11] - The shipping sector has shown mixed performance, with the Baltic Dry Index increasing by 5.67% while the coastal dry bulk freight index fell by 3.47% [4][11] - The report notes that the average freight rate for VLCCs has risen by 5% week-on-week, reaching $126,371 per day, with the Middle East to Far East route hitting a new high of $138,144 per day [3][4] Shipping Sector Insights - The report indicates that the average freight rate for the fourth quarter is approaching $99,000 per day, marking it as one of the highest quarterly averages in history [3] - The decline in Russian oil exports has been significant, dropping from nearly 4 million barrels per day to around 3 million barrels per day, which has increased demand for oil from the Middle East [3][4] - The report also highlights the recovery of chartering activities following the Bahri conference, with shipowners beginning to control capacity due to tightening supply [3] Aviation Sector Insights - The report discusses the unprecedented challenges in the aircraft manufacturing supply chain, with an aging fleet expected to persist over the next 5-10 years, leading to constrained supply [3] - It anticipates a significant improvement in airline profitability as capacity is allocated to international routes, suggesting a potential golden era for airlines [3] - Recommendations include major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from these trends [3] Express Delivery Sector Insights - The express delivery industry is entering a new phase of competition, with three potential scenarios outlined: price recovery leading to utility-like profitability, continued competitive pressure, or higher-level consolidation [3] - Companies such as Shentong Express and YTO Express are highlighted as having strong potential due to their competitive advantages and market positioning [3] High Dividend Stocks in Transportation - The report lists high dividend yield stocks in the transportation sector, including Bohai Ferry with a yield of 8.08% and China Railway with a yield of 3.95% [21] - The focus on high dividend stocks is seen as a stable investment strategy amidst market fluctuations [21]

Market Overview - The railway and highway sector experienced a decline of 1.21% on November 21, with Jiangxi Changyun leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Jiangxi Changyun saw a significant drop of 7.33%, closing at 6.70, with a trading volume of 89,100 shares and a transaction value of 61.79 million [2] - Other notable declines included Wuzhou Transportation down 7.01% to 3.98, and Fulian Yuanshan down 5.68% to 9.46 [2] - The highest trading volume was recorded for Jinghu High-speed Railway, with 1.5171 million shares traded, closing at 5.11, down 0.58% [1] Capital Flow Analysis - The railway and highway sector saw a net outflow of 404 million from institutional investors, while retail investors contributed a net inflow of 371 million [2][3] - The main stocks with significant capital inflows included Jinghu High-speed Railway with a net inflow of 21.17 million from institutional investors [3] - Conversely, stocks like Ningshu High-speed experienced a net outflow of 834,400 from institutional investors [3]

Core Viewpoint - The announcement details that a major shareholder of the company, Shudao Capital Holding Group Co., Ltd., has pledged a portion of its shares, but there is no immediate risk of forced liquidation or impact on the company's operations or governance [1][2]. Group 1: Shareholder Pledge Details - The company has received notification from Shudao Capital regarding the pledge of its shares through CITIC Securities [1]. - The announcement includes specific details about the number of shares pledged and the cumulative pledge situation of the shareholder [1]. Group 2: Risk Management and Future Actions - As of the announcement date, Shudao Capital has confirmed that the pledged shares do not pose a risk of forced liquidation and will not affect the company's operations or governance [1]. - Should any risks arise in the future, the shareholder plans to take measures such as early repurchase or additional margin deposits [1]. - The company will continue to monitor the pledge situation and related risks, fulfilling its information disclosure obligations as required [1].

Core Viewpoint - The company announced that a significant shareholder, Shudao Capital Holding Group Co., Ltd., has pledged part of its shares, totaling 53,149,606 shares, through CITIC Securities Co., Ltd. [1] Group 1 - The company is known as China Merchants Highway Network Technology Holdings Co., Ltd. [1] - The shareholder involved holds more than 5% of the company's shares [1] - The announcement was made on the evening of November 20 [1]