Core Viewpoint - The company, 深高速 (600548.SH), has announced its registration for issuing medium-term notes amounting to RMB 5 billion, which has been accepted by the China Interbank Market Dealers Association [1] Group 1: Registration Details - The company applied to the China Interbank Market Dealers Association for the registration of medium-term notes [1] - The registered amount for the medium-term notes is RMB 5 billion [1] - The registration validity is effective for two years from the date of the acceptance notice [1] Group 2: Underwriters - The joint lead underwriters for the medium-term notes include China Merchants Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, China CITIC Bank, and Shanghai Pudong Development Bank [1]

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-081 | | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | 债券代码：241019 | 债券简称：24 | 深高 | 02 | | | 债券代码：242050 | 债券简称：24 | 深高 | 03 | | | 债券代码：242539 | 债券简称：25 | 深高 | 01 | | | 债券代码：242780 | 债券简称：25 | 深高 | Y1 | | | 债券代码：242781 | 债券简称：25 | 深高 | Y2 | | | 债券代码：242972 | 债券简称：25 | 深高 | Y3 | | | 债券代码：242973 | 债券简称：25 | 深高 | Y4 | | 本公司将按照有关规章制度的 ...

Core Viewpoint - The company, Shen High-Speed (600548.SH), has received approval from the China Interbank Market Dealers Association to issue medium-term notes totaling RMB 5 billion, with a registration validity of two years from the date of the acceptance notice [1] Group 1 - The company applied for the registration of medium-term notes with the China Interbank Market Dealers Association [1] - The registered amount for the medium-term notes is RMB 5 billion [1] - The acceptance notice was issued by the association, indicating the company's successful registration [1] Group 2 - The registration validity for the medium-term notes is effective for two years from the date of the acceptance notice [1] - The joint lead underwriters for the issuance include major banks such as China Merchants Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, Citic Bank, and Shanghai Pudong Development Bank [1]

格隆汇9月11日丨深高速(600548.SH)公布，遵照股东大会的授权，本公司向中国银行间市场交易商协会 （"交易商协会"）申请注册发行中期票据，并于近日收到交易商协会签发的《接受注册通知书》（中市 协注[2025]MTN853号）。根据该通知书，交易商协会决定接受本公司中期票据注册，注册金额为人民 币50亿元，注册额度自《接受注册通知书》落款之日起2年内有效，由招商银行股份有限公司、中国农 业银行股份有限公司、中国银行股份有限公司、中国工商银行股份有限公司、中信银行股份有限公司和 上海浦东发展银行股份有限公司联席主承销。 ...

Core Viewpoint - The company, ShenGao (600548.SH), has received approval from the China Interbank Market Dealers Association to issue medium-term notes totaling RMB 5 billion, with a registration validity of two years [1] Group 1 - The company applied for the registration of medium-term notes in accordance with the authorization from its shareholders' meeting [1] - The registration amount for the medium-term notes is RMB 5 billion [1] - The acceptance notice from the Dealers Association was issued under the reference number MTN853 [1] Group 2 - The registration validity of the medium-term notes is effective for two years from the date of the acceptance notice [1] - The joint lead underwriters for this issuance include major banks such as China Merchants Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, Citic Bank, and Shanghai Pudong Development Bank [1]

Market Overview - On September 10, the railway and highway sector declined by 0.15% compared to the previous trading day, with Shen High Speed leading the decline [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Guangshen Railway (601333) with a closing price of 3.53, up 1.73% [1] - Hainan Highway (000886) with a closing price of 6.46, up 1.41% [1] - Longjiang Transportation (601188) with a closing price of 3.59, up 1.41% [1] - Major decliners included: - Shen High Speed (600548) with a closing price of 10.31, down 1.90% [2] - Fulin Transportation (002357) with a closing price of 10.83, down 0.91% [2] - Anhui Expressway (600012) with a closing price of 13.78, down 0.86% [2] Capital Flow - The railway and highway sector experienced a net outflow of 93.97 million yuan from institutional investors, while retail investors saw a net inflow of 44.82 million yuan [2] - The capital flow for specific stocks showed: - Wuzhou Transportation (600368) had a net outflow of 26.54 million yuan from institutional investors [3] - Hainan Highway (000886) had a net inflow of 14.01 million yuan from institutional investors [3] - Modern Investment (000900) had a net inflow of 10.83 million yuan from institutional investors [3]

Group 1 - The core point of the article is that China Merchants Highway Network Technology Holdings Company Limited has increased its stake in Shenzhen Expressway Company Limited by acquiring 1.084 million shares at a price of HKD 7.194 per share, totaling approximately HKD 7.7983 million [1] - After the acquisition, the total number of shares held by China Merchants Highway Network is approximately 128 million, representing a holding percentage of 17.14% [1]

Core Viewpoint - The Hong Kong Stock Exchange reported that China Merchants Highway Network Technology Holdings Company Limited increased its stake in Shenzhen Expressway Company Limited by acquiring 1.084 million shares at a price of HKD 7.194 per share, totaling approximately HKD 7.7983 million, resulting in a new holding of about 128 million shares, representing 17.14% ownership [1] Company Summary - China Merchants Highway Network Technology Holdings Company Limited has increased its shareholding in Shenzhen Expressway Company Limited [1] - The acquisition involved purchasing 1.084 million shares at a price of HKD 7.194 each [1] - The total investment for this acquisition was approximately HKD 7.7983 million [1] - Following the acquisition, the total number of shares held by China Merchants Highway Network is approximately 128 million, equating to a 17.14% ownership stake in Shenzhen Expressway [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 深圳高速公路集團股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00548 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 747,500,000 | RMB | | 1 RMB | | | 747,500,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | | 本月底結存 | | | 747,500,000 | RMB | | 1 RMB | | | 747,500,000 | | 2. 股份分類 ...

Core Viewpoint - The company reported a strong performance in H1 2025, with significant growth in net profit and revenue, driven by various operational efficiencies and strategic projects [1][4]. Revenue Performance - In H1 2025, the company achieved operating revenue of 3.92 billion yuan, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 960 million yuan, up 24.0% [1]. - In Q2 2025, the company recorded operating revenue of 2.15 billion yuan, representing a year-on-year growth of 24.9%, and a net profit of 480 million yuan, which is a 59.1% increase [1]. Toll Revenue and Business Segments - Toll revenue in H1 2025 was 2.45 billion yuan, a slight increase of 0.6% year-on-year; excluding the impact of the Yichang Expressway, the revenue grew by 4.3% [2]. - The gross margin for the toll road business was 49.3%, a decrease of 1.15 percentage points, attributed to increased maintenance costs and depreciation [2]. - Clean energy generation revenue decreased by 4.2% to 290 million yuan, while kitchen waste treatment revenue increased by 26.2% to 390 million yuan [2]. Financial Performance - Financial expenses decreased to 390 million yuan, down 170 million yuan year-on-year, due to lower financing rates and a slight appreciation of the yuan [3]. - Fair value gains increased by 110 million yuan to 80 million yuan, contributing positively to profits [3]. - The company recorded a total impairment provision of 90 million yuan, a decrease of 40 million yuan year-on-year [3]. Future Outlook - The company forecasts revenues of 9.61 billion yuan, 10.07 billion yuan, and 10.49 billion yuan for 2025-2027, with year-on-year growth rates of 3.94%, 4.74%, and 4.22% respectively [4]. - Net profit attributable to shareholders is expected to be 1.76 billion yuan, 1.85 billion yuan, and 1.88 billion yuan for the same period, with growth rates of 53.81%, 4.92%, and 1.70% respectively [4]. - The company maintains a "buy" rating due to its strategic location advantages in the Guangdong-Hong Kong-Macao Greater Bay Area [4].