| 证券代码：600548 | 证券简称：深高速 | | | 公告编号：临 2025-068 | | --- | --- | --- | --- | --- | | 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 ...

Fixed Income - The overall credit spread across various industries has compressed, with the AA agricultural, forestry, animal husbandry, and fishery sector experiencing a significant reduction of 9 basis points [2][9] - The issuance rates for AA-rated industrial bonds and AAA-rated financial bonds have decreased significantly, while the issuance rate for AA-rated urban investment bonds has increased [7] - The market is optimistic about credit bonds yielding over 2%, suggesting investors should consider extending duration and exploring opportunities in the newly approved science and technology innovation bond ETFs [10] Maternal and Infant Industry - Recent government policies aimed at encouraging childbirth, such as childcare subsidies and housing benefits, are expected to stimulate the maternal and infant industry [12] - The maternal and infant consumption market in China is projected to reach 762.99 billion yuan in 2024, with a steady growth trend from 2018 to 2024 [12] - The market for maternal and infant chain stores is growing, with a compound annual growth rate of 9.1% expected from 2019 to 2024, indicating significant room for growth in lower-tier cities [12][13] Transportation Industry - The Southeast Asian e-commerce sector, particularly TikTok Shop, has shown substantial growth, benefiting logistics companies in the region [16][17] - The civil aviation sector is entering a peak travel season, with domestic flight bookings exceeding 21.01 million in the first month of the summer travel period [19] - The introduction of autonomous delivery vehicles by companies like Shentong and JD Logistics is expected to enhance delivery efficiency and reduce costs significantly [18][29] Deep Sea Economy - The deep-sea economy is gaining attention, with the national marine production value projected to reach 10.54 trillion yuan in 2024, growing at a rate of 5.9% [34] - The marine engineering equipment manufacturing sector is experiencing rapid growth, with an expected increase in value added from 1,032 billion yuan in 2024 to 1,126 billion yuan in 2025 [34] - There are 11 companies listed on the North Exchange involved in the deep-sea economy, indicating a growing interest in this sector [34][35] AI Applications - The AI companionship product "EVE" has begun testing, highlighting the advancement of AI applications in various sectors such as e-commerce, gaming, and education [12] - Major tech companies like Tencent, Alibaba, and ByteDance are continuously iterating on foundational technologies and products, indicating a competitive landscape in AI development [12] Shipping and Logistics - The shipping industry is expected to benefit from OPEC+'s production increase, which may enhance the demand for oil transportation [23][31] - The logistics sector is seeing a shift towards more efficient operations, with companies like Shenzhen International and DeBang Logistics poised for growth due to strategic transformations [30] - The overall shipping market is recovering, with environmental regulations driving the retirement of older vessels, thus improving market conditions [31][32]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the strong growth in Southeast Asia's e-commerce logistics, particularly benefiting from TikTok Shop's significant GMV growth in Q2 2025, with increases of 93% in Thailand, 145% in Indonesia, 191% in Vietnam, 245% in the Philippines, 211% in Malaysia, and 30% in Singapore [4] - The report notes that the civil aviation sector is entering a peak travel season, with over 21.01 million domestic flight tickets booked in the first month of the summer travel period, indicating a 5.2% increase in flight numbers compared to the previous year [6][7] - The report emphasizes the ongoing demand resilience in the express delivery sector, with major players like SF Express and JD Logistics expected to benefit from cyclical recovery and cost reduction efforts [15] Summary by Sections Express Logistics - TikTok Shop's Q2 2025 GMV growth indicates a robust demand for Southeast Asian express delivery services, with Jitu's market share reaching 28.6% [4] - Shentong plans to deploy 2,000 unmanned vehicles in 2025 to enhance delivery capabilities [5] - JD Logistics has launched a self-developed VAN unmanned light truck, which can save approximately 60% in costs compared to traditional transport [5] Civil Aviation - The civil aviation sector is experiencing a peak in passenger flow, with a significant increase in ticket bookings and expected price hikes for popular routes [6] - The Civil Aviation Administration has established a leadership group to promote the development of general aviation and low-altitude economy [7] - The resumption of aircraft engine exports from the US to China signals a thaw in trade tensions [7] Shipping and Ports - OPEC+ plans to increase oil production by 548,000 barrels per day in August, aiming to regain market share [8] - China Shipbuilding's merger with China Shipbuilding Heavy Industry has been approved, indicating consolidation in the industry [9] - The Shanghai export container freight index has decreased by 5.3%, while oil tanker freight rates have also declined [10][11] Road and Rail - The report notes a slight decrease in toll revenue for Shenzhen Expressway in May, while the overall logistics operations remain stable [14] - National railway freight transport has shown a slight increase, indicating steady logistics performance [14] Overall Market Performance - The A-share transportation index decreased by 0.33% during the week, underperforming the Shanghai Composite Index, which increased by 1.40% [20] - The report provides a detailed breakdown of various sub-sectors, highlighting the performance of express delivery, aviation, shipping, and logistics [22][25][49][55]

Core Viewpoint - Shenzhen Expressway Group Co., Ltd. reported its toll revenue for May 2025, highlighting significant contributions from various expressways in Guangdong Province and other regions [1] Revenue Summary - Total toll revenue for May 2025 (unaudited) amounted to RMB 1,000,000 (thousand) [1] - Daily average toll revenue was reported at RMB 32,258 (thousand) [1] Guangdong Province - Shenzhen Area - Meiguan Expressway: RMB 11,944 (thousand), daily average RMB 385 [1] - Eastern Section of Jihe Expressway: RMB 54,508 (thousand), daily average RMB 1,758 [1] - Western Section of Jihe Expressway: RMB 44,607 (thousand), daily average RMB 1,439 [1] - Yangjiang Project: RMB 60,681 (thousand), daily average RMB 1,957 [1] - Outer Ring Project: RMB 96,328 (thousand), daily average RMB 3,107 [1] - Longda Expressway: RMB 12,246 (thousand), daily average RMB 395 [1] - Shuiguan Expressway: RMB 50,040 (thousand), daily average RMB 1,614 [1] - Shuiguan Extended Section: RMB 5,241 (thousand), daily average RMB 169 [1] Other Areas in Guangdong Province - Qinglian Expressway: RMB 39,290 (thousand), daily average RMB 1,267 [1] - Guangshen Expressway: RMB 219,670 (thousand), daily average RMB 7,086 [1] - Xixian Expressway: RMB 85,831 (thousand), daily average RMB 2,769 [1] - Yangmao Expressway: RMB 51,164 (thousand), daily average RMB 1,650 [1] - Guangzhou West Second Ring: RMB 39,512 (thousand), daily average RMB 1,275 [1] Other Provinces in China - Changsha Ring Road: RMB 19,991 (thousand), daily average RMB 645 [1] - Yichang Project: RMB 25,397 (thousand), daily average RMB 819 [1] - Nanjing Third Bridge: RMB 48,137 (thousand), daily average RMB 1,553 [1]

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-067 | | --- | --- | --- | --- | --- | | 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 | | 董事会谨此提醒投资者，上述 ...

Core Viewpoint - The legal opinion letter issued by Shanghai Jintiancheng (Shenzhen) Law Firm confirms the legality and validity of the procedures, qualifications of participants, and voting results of the 2024 Annual General Meeting of Shenzhen Expressway Group Co., Ltd. [1][9] Group 1: Meeting Procedures - The meeting was convened in accordance with the relevant laws and regulations, including the Securities Law and Company Law, with proper notice given 21 days prior to the meeting [3][5]. - The meeting took place on June 30, 2025, at the designated location, and the procedures followed were in compliance with the company's articles of association [4][7]. Group 2: Participant Qualifications - A total of 118 shareholders and their proxies attended the meeting, holding 1,703,991,964 shares, which accounted for 59.67% of the total voting shares [6]. - The qualifications of all participants, including A-share and H-share shareholders, were verified and deemed valid [6][7]. Group 3: Voting Procedures and Results - The voting was conducted through both on-site and online platforms, with the results being counted and announced in accordance with the established procedures [7][8]. - Eight ordinary resolutions and one special resolution regarding the issuance of bond financing tools were approved during the meeting [8].

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2025-066 | | --- | --- | --- | --- | --- | --- | | 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 ...

上海市锦天城（深圳）律师事务所 关于深圳高速公路集团股份有限公司 2024年度股东年会的 法律意见书 上海市锦天城（深圳）律师事务所 地址：深圳市福田中心区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：86 755-82816698 传真：86 755-82816898 邮编：518048 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳高速公路集团股份有限公司 2024 年度股东年会的 法律意见书 致：深圳高速公路集团股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受深圳高速公路集 团股份有限公司（以下简称"公司"）的委托，指派本所黄圆丽律师、李晓娜律师 出席了公司于 2025 年 6 月 30 日召开的公司 2024 年度股东年会（以下简称"本次股 东年会"），并根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中 华人民共和国公司法》（以下简称"《公司法》"）以及《上市公司股东会规则》 （以下简称"《股东会规则》"）等我国现行法律、法规、规范性文件及《深圳高 速公路集团股份有限公司公司章程》（以下简称"《公司章程》"）的规定，就 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-066 | | --- | --- | --- | --- | --- | | 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 | | 本公司董事会及全体董事保证 ...

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2025-065 | | --- | --- | --- | --- | --- | --- | | 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 ...