智通财经网·2026-01-26 08:28Group 1 - The core viewpoint is that the comprehensive revision of the "Regulations on the Management of Toll Roads" has been in preparation for many years, and the four revisions have broad consensus in the industry. The policy optimization is expected to accelerate, with the amendment of the Highway Law being an important signal that may improve long-term returns in the industry [1][3][4] - The highway industry is experiencing a recovery in toll demand, with significant growth in traffic volume and profitability driven by the release of suppressed demand and expansion effects. However, from the second half of 2024 to the first half of 2025, the industry is expected to face continued pressure on traffic volume, particularly for freight vehicles, which may be affected by economic fluctuations and differentiated tolling [2][3] - The comprehensive revision of the "Regulations on the Management of Toll Roads" is crucial for the highway industry, as it has been in effect since 2004 and has ensured the rapid construction of China's highway network. However, rising construction costs and unchanged toll standards have led to declining returns on new and expanded projects, increasing financing difficulties and debt risks [3][4] Group 2 - The industry consensus on the policy revisions includes four key points: 1) Extension of operating periods for new projects from 25 years to 30 years, with the possibility of exceeding 30 years for large-scale projects; 2) Allowing extensions for renovation and expansion projects; 3) Introduction of compensation for exemptions based on pilot programs; 4) Establishment of a maintenance fee system based on the "user pays" principle [4] - The highway companies are actively optimizing their debt structures in response to the continuous decline in the Loan Prime Rate (LPR), which is expected to further reduce financial costs and support profitability growth in the highway sector. The stability of dividend policies and manageable capital expenditure pressures for future renovations and expansions make the transportation industry a preferred choice for dividends [2][3]