| 本次注册金额 | 不超过人民币 100亿元(含 100亿元) | | --- | --- | | 本期债券发行金额 | 不超过人民币10亿元(含10亿元) | | 増信情况 | T | | 信用评级结果 | 主体 AAA/本期债券无评级 | | 信用评级机构 | 中诚信国际信用评级有限责任公司 | 招商局公路网络科技控股股份有限公司 2025 年面向专业投资者公开发行科技创新公司债券（第二期）募集说明书 声 明 发行人将及时、公平地履行信息披露义务。发行人及其全体董事、监事、 高级管理人员或履行同等职责的人员保证募集说明书信息披露的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏。 主承销商已对募集说明书进行了核查，确认不存在虚假记载、误导性陈述 和重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 发行人承诺在本期债券发行环节，不直接或者间接认购自己发行的债券。 债券发行的利率或者价格应当以询价、协议定价等方式确定，发行人不会操纵 发行定价、暗箱操作，不以代持、信托等方式谋取不正当利益或向其他相关利 益主体输送利益，不直接或通过其他利益相关方向参与认购的投资者提供财务 资助、变相返费，不 ...

招商局公路网络科技控股股份有限公司（以下简称"公司"或"招商公路"） 于 2021 年 6 月 19 日发布《招商公路关于中期票据获准注册的公告》，披露公司 收到中国银行间市场交易商协会出具的《接受注册通知书》（中市协注 [2021]MTN495 号），同意接受公司中期票据注册，注册金额累计为 60 亿元，注 册额度有效期为 2 年。 2022 年 8 月 1 日-2 日，公司发行了 2022 年度第一期中期票据（简称"22 招 商公路 MTN001"，代码：102281688），发行规模为 20 亿元，期限为 3 年，发行利 率为 2.68%。具体内容请详见 2022 年 8 月 6 日披露的《招商公路关于 2022 年度 第一期中期票据发行结果公告》。 公司 2022 年度第一期中期票据已于 2025 年 8 月 3 日到期，公司已在到期日 兑付了 2022 年度第一期中期票据本息，公司本次中期票据兑付公告详见中国货 币网（www.chinamoney.com.cn）和上海清算所网站（www.shclearing.com）。 招商局公路网络科技控股股份有限公司 2022 年度第一期中期票据到期兑付公告 本 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002357 | 富临远业 | 11.12 | 3.06% | 16.35万 | | 1.78亿 | | 600561 | 江西长运 | 6.85 | 1.33% | 5.95万 | | 4046.55万 | | 001317 | 三丰司 | 47.60 | 1.08% | 1 4.01万 | | 1.92亿 | | 603069 | 海汽集团 | 21.15 | 1.00% | 4.92万 | | 1.04亿 | | 600548 | 深高速 | 10.42 | 0.97% | 3.74万 | | 3872.71万 | | 000548 | 湖南投资 | 5.56 | 0.91% | 6.32万 | | 3505.22万 | | 600269 | 赣粤高速 | 5.11 | 0.79% | 12.13万 | | 6172.68万 | | 000429 | 粵高速 A | 12.41 | 0.73% | 5.06万 | | 6276 ...

Group 1 - The 300 Dividend Low Volatility ETF has seen a trading volume of 43.06 million yuan on a single day, with an average daily trading volume of 139 million yuan over the past week as of August 1 [2] - The latest scale of the 300 Dividend Low Volatility ETF reached 5.625 billion yuan, with net inflows of 152 million yuan over 11 out of the last 21 trading days [2] - The net value of the 300 Dividend Low Volatility ETF has increased by 63.37% over the past five years, ranking 55th out of 998 index equity funds, placing it in the top 5.51% [2] Group 2 - The top ten weighted stocks in the CSI 300 Dividend Low Volatility Index include China Shenhua, Gree Electric, Sinopec, Shuanghui Development, Daqin Railway, Midea Group, China State Construction, Baosteel, Huayu Automotive, and China Mobile, accounting for a total of 35.09% [2] - The highest monthly return since inception for the 300 Dividend Low Volatility ETF was 13.89%, with the longest consecutive monthly gains being five months and the maximum gain during that period being 14.56% [2] - The annualized return over the past three months has exceeded the benchmark by 10.33% as of August 1, 2025 [2] Group 3 - China Galaxy Securities believes that the adjustment of the long-term assessment of insurance funds by the Ministry of Finance will promote the allocation of equity assets by insurance capital, extending the duration of asset allocation [4] - The banking sector is characterized by stable performance and dividends, aligning with the long-term, value, and conservative investment strategies of insurance capital, which may attract long-term incremental capital inflows [4] - Guotai Junan points out that in the current environment of rising market risk appetite and a shift of funds from bonds to equity assets, dividend assets are gaining attention due to their stable cash flow and defensive attributes [5]

Investment Rating - The report maintains a recommendation for the transportation industry, suggesting a focus on the potential for price increases in the express delivery sector and the valuation recovery in the logistics sector [3]. Core Insights - The express delivery industry is expected to see a price increase in South China, which may lead to a recovery in industry valuations due to reduced price competition driven by "anti-involution" policies [7][23]. - The shipping sector is currently experiencing weak overall market conditions, with a focus on OPEC+ production plans and the potential for price recovery in the second half of the year [16]. - Infrastructure assets in Hong Kong are seen as having room for valuation improvement, particularly in the context of a declining interest rate environment [19]. - The aviation sector is witnessing a recovery in passenger traffic, but domestic ticket prices are experiencing a significant year-on-year decline [25]. Summary by Sections Shipping - The shipping market is currently weak, with freight rates for major routes declining. The SCFI index for the East America route dropped by 7.5% to $3,126 per FEU [11]. - OPEC+ is expected to approve an increase in production by 548,000 barrels per day in September, which may influence shipping rates positively in the latter half of the year [14][16]. - The demand for dry bulk shipping is fluctuating, with iron ore and grain transport demand decreasing, while coal imports remain strong [16]. Infrastructure - As of June 2025, the national port cargo throughput reached 1.56 billion tons, a year-on-year increase of 4.8%, while container throughput grew by 4.7% [50]. - The report highlights the stable performance of leading highway assets, suggesting a dividend yield returning to around 4% [19]. - The CR450 high-speed train is expected to enhance operational capacity significantly once it enters commercial service [18]. Express Delivery - The express delivery sector is projected to maintain a growth rate of over 20% in 2024, with a 19.3% increase in business volume in the first half of 2025 [20][23]. - The industry is experiencing a shift towards price stabilization due to "anti-involution" measures, with potential price increases expected in August [23]. - Major players like ZTO Express and YTO Express are recommended for investment due to their market positioning and growth potential [23]. Aviation - Passenger traffic in the civil aviation sector has shown a week-on-week increase of 3.1%, but domestic ticket prices have seen a year-on-year decline of 9.5% [24][25]. - The report emphasizes the importance of "anti-involution" policies in stabilizing the aviation market and improving valuations [25]. - Key airline stocks recommended include Air China and Southern Airlines, with a focus on their recovery potential [25]. Logistics - The logistics sector is seeing a slight decrease in air freight prices, with the TAC Shanghai outbound air freight price index down by 3.8% year-on-year [26]. - China National Freight is highlighted for its potential non-operating income from asset sales, making it a recommended stock [26].

Investment Rating - The report indicates a positive outlook for the express delivery sector, driven by anti-involution policies leading to price increases during peak seasons, with expectations of sustained price increases exceeding initial forecasts [2][21]. Core Insights - The report highlights that the Chinese new ship orders rebounded to 75% in July, signaling a recovery in the shipbuilding sector, with Chinese shipyards outperforming their Japanese and Korean counterparts [2][21]. - The report emphasizes the potential for regional collaboration in the express delivery sector, particularly in major grain-producing areas like Guangdong, as the government aims to eliminate price disparities [2]. - The report suggests that the shipping market is experiencing increased volatility due to geopolitical factors, including U.S. tariffs and sanctions on Iran and Russia, which may alter shipping trade routes [2][21]. Summary by Sections Express Delivery - The express delivery sector is expected to see price increases as the peak season approaches, with a focus on companies like Jitu Express, Zhongtong Express, and Yunda [2]. - The report notes that the transition from the off-peak to peak season in August and September will likely lead to price increases that are difficult to reverse [2]. Shipping and Shipbuilding - In July, new ship orders in China returned to 75%, indicating a recovery in the shipbuilding industry, with Chinese shipyards expected to outperform their Japanese and Korean counterparts [2][21]. - The report recommends companies such as China Shipbuilding, China Heavy Industry, and Sumida, while also highlighting the potential impact of geopolitical events on shipping routes [2][21]. Oil and Freight Rates - The report discusses fluctuations in oil prices and their impact on freight rates, noting that VLCC rates have shown signs of stabilization after a decline [2]. - The report indicates that the average MR freight rate increased by 2% to $19,515 per day, reflecting a relatively stable market [2]. Air Transport - The report suggests that the aviation sector is poised for recovery, with the potential for improved profitability as supply constraints and increased passenger volumes are expected to support airline revenues [2]. - Companies such as China Southern Airlines, Spring Airlines, and Cathay Pacific are highlighted as key players in the aviation sector [2]. Rail and Road Transport - The report notes that rail freight volumes and highway truck traffic remain resilient, with steady growth expected in these sectors [2]. - The report identifies two main investment themes in the highway sector: high dividend yields and potential value management catalysts [2].

Core Viewpoint - The company is issuing a public offering of technology innovation corporate bonds aimed at professional investors, with a total face value not exceeding 5 billion RMB, as part of a larger registration of up to 10 billion RMB approved by the China Securities Regulatory Commission [4][5]. Financial Situation - As of March 31, 2025, the company's net assets amounted to approximately 90.22 billion RMB, with a consolidated debt-to-asset ratio of 43.45% and a parent company debt-to-asset ratio of 29.38% [4]. - The average distributable profit over the last three accounting years was approximately 564.99 million RMB, with net profits for 2022, 2023, and 2024 being 486.07 million RMB, 676.66 million RMB, and 532.22 million RMB respectively [5]. - For the first quarter of 2025, the company reported revenue of approximately 280.27 million RMB, a year-on-year decrease of 7.24%, while net profit was approximately 150.04 million RMB, a year-on-year increase of 4.16% [5]. Bond Issuance Details - The bond issuance is exclusively for institutional investors, with individual investors not permitted to participate [6][7]. - The bonds will be listed and traded on the Shenzhen Stock Exchange, and the company will apply for listing as soon as the issuance is completed [7]. - The bonds will be issued at a fixed interest rate of 1.92% with a term of three years [18]. Rating and Compliance - The issuer has received a credit rating of AAA with a stable outlook from China Chengxin International Credit Rating Co., Ltd. [8]. - The bonds will be subject to annual tracking ratings during their term [8]. Market Context - The company operates in a competitive transportation sector, facing challenges from other modes of transport such as rail and air, which may impact highway traffic volumes [9]. - The company's intangible assets, primarily highway concession rights, were valued at approximately 85.35 billion RMB as of the end of 2024 [9]. Corporate Governance - Recent changes in the board of directors include resignations and new appointments, ensuring compliance with the new Company Law and enhancing governance structures [16][18].

Key Points - The issuer has received approval from the China Securities Regulatory Commission for a public bond issuance of up to 10 billion RMB, with a total issuance amount of 1.5 billion RMB for this specific bond [3][4] - The bond has a term of 3 years and a fixed interest rate of 1.92%, with a face value of 100 RMB per bond and a maximum issuance of 50 million bonds [3][4] - The bond is a continuation of the previously issued technology innovation corporate bonds aimed at professional investors [3][4][10] - The issuer's net assets as of March 2025 were approximately 9.02 billion RMB, with a consolidated debt-to-asset ratio of 43.45% [4][5] - The average distributable profit over the last three years was approximately 564.99 million RMB, which is expected to cover at least one year's interest for the bond [4][5] - The bond will be traded on the Shenzhen Stock Exchange, and only professional institutional investors are allowed to participate in the subscription and trading [4][5][6] - The final issuance price will be determined through a book-building process on August 4, 2025, with a subscription period starting on August 5, 2025 [6][18] - The bond issuance is subject to appropriate investor management, and individual investors are prohibited from participating in the subscription [4][5][6] - The bond will be issued in accordance with the regulations set forth by the Shenzhen Stock Exchange, and the issuer cannot guarantee that the bond will be listed if there are significant changes in financial conditions [5][6]

Core Viewpoint - The credit rating of China Merchants Highway Network Technology Holdings Co., Ltd. is maintained at AAA with a stable outlook, reflecting its strong operational capabilities and financial stability despite some challenges in its smart transportation business [3][5][6]. Financial Overview - Total assets increased from 1,149.39 billion in 2022 to 1,591.69 billion in 2024, while total liabilities rose from 472.64 billion to 703.88 billion during the same period [3][22]. - The company's net profit for 2024 is projected to be 59.36 billion, down from 72.16 billion in 2023, indicating a decline in profitability [3][21]. - The EBITDA for 2024 is expected to be 119.57 billion, showing growth from 98.04 billion in 2023 [3][21]. Business Operations - The company operates a significant network of toll roads, with a total of 1,832.19 kilometers of toll roads under its control as of 2024 [9][11]. - The company has a strong geographical advantage, with most of its toll roads located on major national and provincial highways [3][9]. - The smart transportation business has seen a decline in performance, which may impact the overall credit status of the company [3][6]. Investment and Growth Strategy - The company is focusing on expanding its core highway investment while also diversifying into traffic technology and ecological projects [8][14]. - The acquisition of Road King (China) Construction Co., Ltd. has increased the company's operational mileage by 276 kilometers [7][9]. - The issuance of REITs has improved the company's investment management capabilities, allowing for better capital allocation [7][8]. Industry Context - The highway transportation demand is expected to maintain growth due to ongoing infrastructure improvements and government policies aimed at stabilizing the economy [5][6]. - The industry is facing challenges such as increased competition and regulatory changes, which may affect toll revenue and operational efficiency [5][6][14]. - The overall credit level of highway operation companies is projected to remain stable despite the low growth rate in industry demand [6][19].

招商局公路网络科技控股股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0249 号 招商局公路网络科技控股股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 27 日 项目组成员：王 昭 zhwang02@ccxi.com.cn 评级总监： 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使 ...