高速公路：风禾尽起,盈车嘉穗：《收费公路管理条例》解读

Investment Rating - The report maintains a "Buy" rating for key companies including Anhui Expressway, Shandong Expressway, and China Merchants Expressway, while recommending "Hold" for Guangdong Expressway A [1]. Core Insights - The legal foundation for the highway industry is being established with the acceleration of policies related to toll roads, as indicated by the inclusion of "one law and two regulations" in the legislative agenda for 2024 [2][14]. - Some listed expressway companies face sustainability issues due to an average toll collection period of less than 15 years, but the potential extension of toll collection periods could alleviate these concerns [3][21]. - Future expressway expansions will likely adhere to the principle of "reasonable returns," which may lead to the breaking of current toll collection limits [5][26]. Summary by Sections 1. Legal Framework - The current "Highway Law" has undergone multiple revisions since its implementation in 1998, with significant amendments proposed in 2018 that have yet to be approved [11][12]. - The "Toll Road Management Regulations" have been in effect since 2004, with revisions in 2015 and 2018 aimed at addressing the dual systems of tolling and taxation [13][14]. 2. Classification and Operation of Highways - Toll roads constitute only about 3% of the total highway system in China, with expressways being the primary focus [18]. - The operational model for government-backed toll roads allows for unified management and extended toll collection periods, which may soon apply to operating toll roads as well [21][22]. 3. Future Expansion and Toll Collection - The principle of "reasonable returns" is expected to guide future expansions, allowing for the reassessment of toll collection periods for upgraded expressways [25][26]. - The potential for toll collection periods to exceed current limits has been reinforced by recent regulatory proposals, indicating a shift towards more flexible tolling practices [26][27]. 4. Maintenance and Fee Structures - The transition from "tax to fee" in maintenance funding reflects the necessity of ensuring fair collection of highway maintenance costs, especially in light of the increasing market share of electric vehicles [4][5]. - The rationale for maintenance fees is supported by the need to ensure equitable cost distribution among users and the sustainability of the highway system [4][5]. 5. International Comparisons - The report highlights that international practices favor tolling over taxation, providing a framework for China's future toll road reforms [4][5]. - The absence of strict toll duration limits in other countries suggests a more flexible approach to tolling that could inform China's regulatory changes [4][5].