深高速11月21日公告，公司董事会当天收到文亮提交的书面辞职报告，文亮因工作变动辞任公司董事、 财务总监以及薪酬委员会和风险管理委员会委员职务，辞职报告送达公司董事会后即时生效。文亮已确 认与公司董事会及/或监事会没有意见分歧，亦没有其他事项需要通知公司的证券持有人、债权人及/或 公司上市地证券交易所。 ...

Market Overview - On November 20, the railway and highway sector rose by 0.34% compared to the previous trading day, with Shandong Expressway leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Key stocks in the railway and highway sector showed varied performance, with Shandong Expressway (600350) closing at 9.53, up 1.06%, and Deep Expressway (600548) closing at 10.10, up 0.80% [1] - Other notable performers included Dazhong Transportation (600611) at 5.63, up 0.72%, and China Merchants Highway (001965) at 66.6, up 0.71% [1] Trading Volume and Value - The trading volume for Shandong Expressway was 67,500 shares, with a transaction value of approximately 64.19 million yuan [1] - The total trading volume for the railway and highway sector indicated significant activity, with Dazhong Transportation recording a volume of 214,600 shares and a transaction value of around 120 million yuan [1] Capital Flow - The railway and highway sector experienced a net outflow of 147 million yuan from institutional investors, while retail investors saw a net inflow of 135 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Key stocks like Beijing-Shanghai High-Speed Railway (601816) saw a net outflow of 23.34 million yuan from institutional investors, while Haikou Group (603069) had a net inflow of 16.19 million yuan [3] - Shandong Expressway (600350) recorded a net inflow of 4.70 million yuan from retail investors, indicating strong interest from this segment [3]

Core Viewpoint - Shenzhen Expressway's stock price has declined by 23.69% this year, with a recent drop of 2.04% in intraday trading, reflecting ongoing challenges in the market [1][2]. Company Overview - Shenzhen Expressway, established on December 30, 1996, and listed on December 25, 2001, primarily engages in the investment, construction, and management of toll roads [2]. - The company's revenue sources include toll fees (62.51%), construction services under franchise agreements (11.76%), kitchen waste treatment operations (9.33%), wind power generation (7.37%), and other services [2]. Financial Performance - For the period from January to September 2025, Shenzhen Expressway reported a revenue of 6.05 billion yuan, representing a year-on-year growth of 3.24%, and a net profit attributable to shareholders of 1.47 billion yuan, up 7.01% year-on-year [3]. - The company has distributed a total of 14.54 billion yuan in dividends since its A-share listing, with 2.83 billion yuan distributed over the past three years [4]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 20,800, with an average of 83,524 circulating shares per shareholder, reflecting increases of 5.16% and 14.17% respectively [3]. - Among the top ten circulating shareholders, Huatai-PB SSE Dividend ETF holds 34.63 million shares, an increase of 1.93 million shares from the previous period [4].

Group 1 - The company, Shenzhen Expressway Development Co., Ltd., will participate in the "2025 Annual Online Collective Reception Day for Investors" organized by the Shenzhen Securities Regulatory Bureau and other entities [2] - The event is scheduled for November 20, 2025, aimed at enhancing interaction and communication with investors [2] - The initiative is part of a broader effort to improve investor relations and transparency within the Shenzhen-listed companies [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號：00548) 須予披露的交易 認購結構性存款產品 認購結構性 存款產品 茲提述深圳國際及本公司於 2025 年 7 月 31 日刊發的聯合公告，內容 有關本公司分別於 2025 年 7 月 30 日及 2025 年 7 月 31 日向江蘇銀行 認購了本金均為人民幣 5 億元的結構性存款產品(第一期)及結構性存 款產品(第二期)，有關詳情請參閱上述聯合公告。 此後，本公司分別於 2025 年 10 月 27 日、2025 年 10 月 28 日及 2025 年 11 月 11 日向江蘇銀行認購了本金均為人民幣 5,000 萬元的結構性 存款產品(第三期)、結構性存款產品(第四期)及結構性存款產品(第五 期)。 於 2025 年 11 月 12 日，本公司進 一步向江蘇銀行認購了本金為人民 幣 5,000 萬元的結構性存款產品(第六期)。 上市規則 ...

| 证券代码：600548 | 证券简称：深高速 | | | 公告编号：2025-096 | | --- | --- | --- | --- | --- | | 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 | | 1 一、现金管理情况概述 （一 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：2025-095 | | --- | --- | --- | --- | --- | | 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 | | 深圳高速公路集团股份有限公司 ...

Market Overview - On November 6, the railway and highway sector rose by 0.03% compared to the previous trading day, with Shanxi Expressway leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Key Stocks Performance - Shanxi Expressway (000755) closed at 6.24, with a gain of 5.58% and a trading volume of 924,600 shares, amounting to a transaction value of 561 million [1] - Chongqing Road and Bridge (600106) closed at 7.02, up 5.09%, with a trading volume of 682,800 shares, totaling 472 million [1] - Sichuan Chengyu (601107) saw a 1.60% increase, closing at 6.34 with a trading volume of 231,400 shares [1] - Other notable performers include Central Plains Expressway (600020) up 1.07% and Jilin Expressway (601518) up 0.97% [1] Fund Flow Analysis - The railway and highway sector experienced a net outflow of 265 million from institutional investors, while retail investors saw a net inflow of 219 million [2] - The sector's overall fund flow indicates a mixed sentiment, with institutional selling contrasted by retail buying [2] Individual Stock Fund Flow - Guangshen Railway (601333) had a net inflow of 18.95 million from institutional investors, while it faced a net outflow of 19.48 million from speculative funds [3] - Deep Expressway (600548) reported a net inflow of 18.50 million from institutional investors but a net outflow of 17.32 million from speculative funds [3] - Jilin Expressway (601518) saw a net inflow of 15.02 million from institutional investors, with retail investors contributing a net inflow of 10.17 million [3]

Core Viewpoint - The company held a successful Q3 2025 earnings presentation, achieving a 100% response rate to investor questions, indicating strong engagement with stakeholders [1] Group 1: Revenue and Profitability - The company's toll revenue accounts for 62.51% of its main business, and it aims to enhance this through digital transformation and infrastructure projects [2] - In Q3 2025, the company experienced a 14.96% year-on-year decline in net profit, primarily due to increased operating costs and accounting estimate changes [5][4] - The company reported stable revenue year-on-year, but operating costs and management expenses increased significantly due to special maintenance on highway projects [4][5] Group 2: Strategic Initiatives - The company plans to invest in major projects such as the expansion of the Jinggang'ao Expressway and the Huizhou Ring Road, aiming to enhance its asset base and long-term value [2][5] - The company is focusing on digital transformation in its toll road operations to improve efficiency and service quality [2] - The company is not currently pursuing venture capital investments, despite interest from major shareholders [3][2] Group 3: Financial Management - The company is exploring various funding sources for its capital expenditures, including self-funding, bank financing, bond issuance, and A-share fundraising [5][4] - The company emphasizes maintaining a stable dividend policy and enhancing shareholder value through effective management and operational performance [3][5] - The company has approved a market value management system to improve communication with investors and manage its stock performance [6]

Core Viewpoint - The highway listed companies are facing a critical question regarding their future growth paths, whether to deepen their core business or to diversify into new areas, leading to a significant transformation involving capital movements in the range of hundreds of billions [1] Group 1: Revenue and Profitability - Revenue growth in the traditional toll road business is showing signs of fatigue, with construction revenue emerging as a key variable affecting overall revenue [2] - Construction revenue, primarily from PPP projects, can scale quickly but typically has lower profit margins, impacting overall profitability [2][3] - Companies like Chutian Expressway have seen significant revenue growth driven by construction income, with a 37.27% increase in 2024 and 37.73% in the first three quarters of 2025 [2] - Cost reduction, particularly in financial expenses, is a primary strategy for maintaining profitability among highway listed companies [3] Group 2: Capital Expansion and Core Business - The future profitability of highway listed companies is a major market concern, with limited new highway projects under construction, focusing instead on renovations and expansions of existing routes [4] - Companies like Zhongyuan Expressway are investing heavily in projects like the Zhengluo Expressway, with an investment of approximately 24.68 billion [4] - Shandong Expressway is actively acquiring operational highway projects outside its province to strengthen its core business [4][5] Group 3: Diversification into New Industries - Many highway listed companies are exploring new growth avenues, with the renewable energy sector being a popular choice [7] - Zhongyuan Expressway has signed contracts related to renewable energy projects, while Ganyue Expressway is collaborating with CATL to develop energy exchange markets [7] - Some companies have established mature diversified business segments, with Ganyue Expressway's clean energy and waste resource management accounting for 19.14% of total revenue in the first half of 2025 [7] Group 4: Investment Funds and Light Asset Models - Highway listed companies are increasingly utilizing capital strategies for diversified expansion, particularly in the field of investment funds [9] - Ganyue Expressway's investment management subsidiary has been actively engaging in private equity and asset management, achieving a net profit of 50.1 million in 2024 [9][10] - Zhongyuan Expressway has successfully invested in multiple technology companies, with its investment subsidiary participating in the listing of several firms [10]