| 证券代码：600548 | 证券简称：深高速 | | | 公告编号：2026-005 | | --- | --- | --- | --- | --- | | 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 | | | 债券代码：244479 | ...

Core Viewpoint - The Waterguan Expressway, a crucial corridor connecting Longgang to Shenzhen's city center, is approaching the end of its 25-year toll period, with increasing public demand for free passage as the deadline nears [1][2][8] Group 1: Toll Cancellation and Public Sentiment - Public demand for the cancellation of tolls has been persistent, with citizens expressing concerns over congestion and commuting costs [2][7] - Official statements indicate that the Shenzhen Transportation Bureau plans to cancel tolls in the first half of 2026, which would be about six months earlier than the original deadline [2][3] - The Waterguan Expressway has been a focal point for public representatives advocating for toll cancellation to enhance regional economic development [7][8] Group 2: Urban Planning and Development - Recent planning documents from Longgang District have mentioned the "municipalization" of the Waterguan Expressway, signaling a potential shift towards integrating it into the urban road network [3][8] - The expressway's transformation into a free passage is expected to alleviate congestion and reduce costs for commuters and businesses, thereby promoting economic activity in the eastern regions of Shenzhen [7][8] - The expressway's free status is seen as a means to enhance connectivity between Longgang and other key urban areas, contributing to a more balanced regional development [8] Group 3: BOT Model and Negotiation Challenges - The Waterguan Expressway operates under a BOT (Build-Operate-Transfer) model, complicating the process of terminating tolls early due to the need for negotiations between the government and the operating company [6][4] - Previous negotiations have faced challenges, particularly regarding the valuation of the expressway and compensation for the operating company, which has hindered progress towards toll cancellation [6][4] - The complexity of these negotiations reflects broader issues related to public-private partnerships in infrastructure development [6]

| 证券代码：600548 | 证券简称：深高速 | | | 公告编号：2026-001 | | --- | --- | --- | --- | --- | | 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 ...

Core Viewpoint - Shenzhen Expressway Group Co., Ltd. announced its unaudited toll revenue for November 2025, emphasizing the importance of the accuracy and completeness of the data provided [1]. Group 1: Toll Revenue Announcement - The toll revenue reported is exclusive of tax [1]. - The data is preliminary and subject to adjustments based on actual settlements and estimates from the previous month [2]. Group 2: Legal Assurance - The board of directors guarantees that the announcement does not contain any false records, misleading statements, or significant omissions, and they bear legal responsibility for the content's authenticity, accuracy, and completeness [1].

Core Viewpoint - Shenzhen Expressway (600548) has shown a slight increase in stock price, closing at 8.92 CNY, reflecting a 0.45% rise from the previous week, indicating a stable performance in the market [1] Company Announcements - In November 2025, Shenzhen Expressway reported an unaudited toll revenue (excluding tax) of 685.284 million CNY, with contributions from various regions: 273.283 million CNY from Shenzhen, 500.459 million CNY from other areas in Guangdong, and 95.949 million CNY from other provinces in China [1] - The board of directors has cautioned investors that the reported figures are estimates and unaudited, which may differ from periodic reports, serving only as a reference for the current period [1] Market Position - As of the latest data, Shenzhen Expressway has a total market capitalization of 22.333 billion CNY, ranking 8th out of 33 in the railway and highway sector and 884th out of 5181 in the overall A-share market [1]

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：2025-107 | | --- | --- | --- | --- | --- | | 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 ...

Group 1 - The core viewpoint of the article highlights the target price increases for listed companies, with notable gains for Stone Technology and LiuGong, showing increases of 47.62% and 38.08% respectively, indicating strong market confidence in these companies [1][2] - On December 30, a total of 29 listed companies received broker recommendations, with GuiGuan Electric and LiuGong each receiving two recommendations, reflecting their strong market positions in the electric power and engineering machinery sectors [3] Group 2 - On the downgrade side, only one company, Sanxia Tourism, had its rating lowered by CITIC Securities from "Buy" to "Hold," indicating a cautious outlook for this company in the tourism and scenic area [4][5] - A total of 11 companies received initial coverage from brokers on December 30, with notable mentions including Wanwei High-tech receiving a "Recommended" rating from China Galaxy Securities and LiuGong receiving a "Strong Buy" rating from Huachuang Securities, showcasing the interest in these sectors [6]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2][62] Core Views - The company is positioned as a core asset in the Greater Bay Area, focusing on toll roads and environmental protection sectors, with a total of 16 toll road projects and a toll mileage of 613 kilometers as of H1 2025 [8][15] - The toll road business is showing positive trends, with a daily traffic increase of 5.4% year-on-year in H1 2025, driven by network changes in the Shenzhen area [8][32] - The environmental protection segment is stabilizing, with expectations that impairment provisions have reached their end, allowing for a focus on high-quality projects [8][51] - The company emphasizes shareholder returns, with a dividend payout ratio expected to reach 54% in 2024, and cumulative dividends of 7.04 billion yuan from 2018 to 2024 [8][59] Summary by Sections Company Overview - The company, established in 1996, is the first listed enterprise in both Hong Kong and Shanghai from Shenzhen, with Shenzhen International as the controlling shareholder [12][15] - The main business includes toll roads and environmental protection, with a focus on solid waste resource processing and clean energy generation [15][22] Toll Road Business - The toll road business remains the core revenue and gross profit source, consistently contributing over 50% of total revenue and over 80% of gross profit [26][29] - The company is actively expanding its toll road assets through new constructions and upgrades, including the Outer Ring Road and the Jihe Expressway [38][41] Environmental Protection Business - The environmental protection segment includes solid waste processing and clean energy generation, with a focus on organic waste treatment and wind and solar power projects [22][24] - The company has processed over 1,045.6 thousand tons of organic waste in the first nine months of 2025, generating operational revenue of 550 million yuan [22][24] Financial Performance - Revenue projections for 2025-2027 are estimated at 10.245 billion yuan, 10.501 billion yuan, and 11.270 billion yuan, with corresponding net profits of 1.763 billion yuan, 1.809 billion yuan, and 1.892 billion yuan [7][62] - The company’s financial costs have decreased significantly, with the comprehensive borrowing cost dropping from 4.7% in 2017 to 2.6% in H1 2025 [57][58]

【#王楚钦放空一个月为了2026更充实#】#王楚钦2026关键词团队担当升华# 乒超总决赛男团决赛，@ 王楚钦___ 所在山东魏桥男团决赛夺冠。赛后接受采访时，他表示："在尹指导带领下，我和队友们非 常有战斗力和凝聚力，我很享受在这个团队里。包括跟王皓指导，肖指导，王励勤主席都有过很好的沟 通。卡塔尔比赛没让我去参加，让我在1月份得到了一个缓冲，这是对我的支持和保护，给予我很大的 空间去总结自己的2025，再让我以一个全新的面貌来面对2026。（记者 黄娴） ...

Core Viewpoint - The completion and opening of the Changshen Expressway Lianhuai section marks a significant upgrade in infrastructure, enhancing traffic capacity and efficiency along a crucial segment of the national highway network [1] Group 1: Project Overview - The Changshen Expressway Lianhuai section is an important part of the national highway network, specifically the Changchun-Shenzhen Expressway (G25) [1] - The section runs 98.6 kilometers from Lianyungang Ninghai Hub to Huai'an Wangxing Hub [1] Group 2: Upgrades and Improvements - The project upgraded the existing dual four-lane road to a dual eight-lane configuration [1] - The design speed has been increased to 120 kilometers per hour [1] Group 3: Traffic Capacity - The average daily traffic capacity for small vehicles is projected to increase from 25,000-55,000 vehicles before the expansion to 70,000-100,000 vehicles post-expansion, effectively doubling the capacity [1]