华源证券给予中原高速买入评级，债务结构优化显效，通行费承压不改整体增长

Core Viewpoint - Huayuan Securities issued a report on August 11, giving Zhongyuan Expressway (600020.SH, latest price: 4.45 yuan) a buy rating, citing several key factors for this recommendation [2] Group 1: Financial Performance - In the second quarter, toll revenue faced pressure, with expectations for recovery in macro demand [2] - Changes in gross margin are primarily due to shifts in revenue structure and the impact of toll revenue, while optimization of debt structure has significantly improved the expense ratio [2] Group 2: Project Development - The Zhenglu project is progressing steadily, and its completion is expected to release incremental revenue [2]