Group 1: Bond Overview - The bond is named "招商局公路网络科技控股股份有限公司 2017 年面向合格投资者公开发行公司债券（第一期）（品种二）" with a code of 112563 and a term of 10 years [3] - The bond has an interest rate of 4.98% and a total issuance scale of RMB 1 billion, with the same amount remaining [3] - The bond was issued on August 7, 2017, and listed for trading on the Shenzhen Stock Exchange on August 28, 2017 [3] Group 2: Financial Performance - The company's operating income for 2024 was RMB 12.711 billion, a 30.62% increase from RMB 9.731 billion in 2023 [7] - The total assets of the company increased by 1.07% to RMB 159.169 billion in 2024 from RMB 157.482 billion in 2023 [7] - The net profit attributable to the parent company decreased by 21.35% to RMB 5.322 billion in 2024 from RMB 6.767 billion in 2023 [7] Group 3: Fund Utilization - The total amount raised from the bond issuance was RMB 3 billion, with RMB 1.5 billion allocated for working capital and the remaining for equity investments or asset acquisitions [8] - As of December 31, 2024, all raised funds were utilized as planned, with no remaining balance [8] Group 4: Debt Servicing and Management - The issuer has established a dedicated repayment task force to ensure timely payment of bond principal and interest [10] - The issuer has maintained compliance with the bondholder meeting rules, although a scheduled meeting was canceled due to insufficient attendance [13] - The issuer's debt servicing capability is strong, with a cash interest coverage ratio of 3.87 in 2024, up from 3.37 in 2023 [14]

债券简称：17 招路 02 债券代码：112563.SZ 招商局公路网络科技控股股份有限公司 （住所：天津自贸试验区（东疆保税港区）鄂尔多斯路 599 号东疆商务中心 A3 楼 910） 招商局公路网络科技控股股份有限公司公司债券受托 管理事务报告 （2024 年度） 重要声明 光大证券股份有限公司（以下简称"光大证券"）编制本报告的内容及信息 均来源于招商局公路网络科技控股股份有限公司（以下简称"发行人"）对外公 布的《2024 年年度报告》等相关公开信息披露文件、第三方中介机构出具的专 业意见以及发行人向光大证券提供的其他材料。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为光大证券所作的承诺 或声明。 债券受托管理人 （住所：上海市静安区新闸路 1508 号） 2025 年 6 月 I | | 1 | | --- | --- | | 5 | 4 | | | 1 | | | œ | | 重要声明 | II | | --- | --- | | 目 录 | III | | 第十章 负责处理与本期债券相关事务专人的变动情况 15 | | ...

| 债券代码：148018.SZ | 债券简称：22 | 招路 | 01 | | --- | --- | --- | --- | | 债券代码：148431.SZ | 债券简称：23 | 招路 | K1 | | 债券代码：148545.SZ | 债券简称：23 | 招路 | K2 | | 债券代码：148777.SZ | 债券简称：24 | 招路 | K1 | 债券代码：148018.SZ 债券简称：22 招路 01 招商局公路网络科技控股股份有限公司 公司债券受托管理事务报告 （2024 年度） 债券受托管理人 （住所：深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基 金小镇 B7 栋 401） 二零二五年六月 | | 重要提示 | 2 | | --- | --- | --- | | 第一章 | 公司债券概况 | 3 | | 第二章 | 受托管理人履行职责情况 | 9 | | 第三章 | 发行人 2024 年度经营和财务状况 | 11 | | 第四章 | 募集资金使用及专项账户运作情况与核查情况 | 16 | | 第五章 | 关于发行人信息披露义务履行的核查情况 | 18 | | 第六章 | 内外 ...

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Transportation Infrastructure Index reported at 1307.84 points [1] - The CSI 300 Transportation Infrastructure Index has decreased by 1.18% over the past month, 1.77% over the past three months, and 7.38% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The CSI 300 Transportation Infrastructure Index has a market share of 71.89% from the Shanghai Stock Exchange and 28.11% from the Shenzhen Stock Exchange [1] - Within the CSI 300 Transportation Infrastructure Index, the airport sector accounts for 44.63%, the highway sector for 36.91%, and the port sector for 18.47% [1] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Investment Rating - The report maintains a recommendation for H-shares over A-shares, emphasizing the potential of Hong Kong dividend assets [1]. Core Insights - The report highlights that H-shares have outperformed A-shares, with significant gains in key dividend stocks during June 2025. The top performers include Anhui Wantuo Expressway (+18.66%), Jiangsu Ninghu Expressway (+14.71%), and COSCO Shipping Ports (+9.17%) [4][17]. - The report notes a low interest rate environment, with the 10-year government bond yield decreasing to 1.64% as of June 20, 2025, which supports the attractiveness of dividend assets [24]. - The report indicates a significant increase in average daily trading volume for ports, with a 213% year-on-year increase in June 2025 [25]. Monthly Market Performance - H-shares showed better performance compared to A-shares, with the transportation sector experiencing a cumulative decline of 0.80% from June 1 to June 20, 2025, underperforming the CSI 300 index by 0.96 percentage points [8][9]. - The report details that from June 1 to June 20, 2025, the cumulative performance of expressways, railways, and ports was -2.56%, -1.81%, and -1.01%, respectively, indicating a relative underperformance against the broader market [9][10]. Industry Data - In the expressway sector, passenger traffic in April 2025 reached 970 million, a year-on-year increase of 2.5%, while freight volume was 3.746 billion tons, up 4.1% year-on-year [35]. - The railway sector saw a passenger volume of 406 million in May 2025, reflecting a 12.6% year-on-year increase, while freight volume was 440 million tons, a 0.6% increase [51]. - Port throughput for monitored ports reached 1.054 billion tons in the four weeks from May 19 to June 15, 2025, marking a 2.2% year-on-year growth [58]. Investment Recommendations - The report suggests a continued positive outlook for transportation dividend assets, particularly in the expressway sector, where it recommends focusing on companies like Sichuan Chengyu Expressway and Anhui Wantuo Expressway due to their high dividend yields and stable growth potential [76][78]. - In the port sector, the report recommends companies like China Merchants Port, highlighting their overseas asset layout and potential for increased dividend payouts [79][80]. - For the railway sector, the report emphasizes the long-term value and reform benefits, recommending key assets like Beijing-Shanghai High-Speed Railway and Datong-Qinhuangdao Railway [78].

Group 1 - The core viewpoint of the news is that招商公路's stock price has experienced a slight decline, and the company has reported mixed financial results for the first quarter of 2025, with a decrease in total revenue but an increase in net profit [1][3] - As of June 20, 2025,招商公路's stock closed at 12.06 yuan, down 0.17%, with a trading volume of 113,600 hands and a transaction amount of 137 million yuan [1] - The company experienced a net outflow of main funds amounting to 18.0042 million yuan, which accounted for 13.15% of the transaction amount, indicating a bearish sentiment among investors [1] Group 2 - For the first quarter of 2025,招商公路 reported total operating revenue of 2.803 billion yuan, a year-on-year decrease of 7.24%, while the net profit attributable to shareholders was 1.329 billion yuan, reflecting a year-on-year increase of 2.74% [1] - The company's liquidity ratios are as follows: current ratio at 0.826, quick ratio at 0.804, and debt-to-asset ratio at 43.45% [1] -招商局公路网络科技控股股份有限公司 has made investments in 63 enterprises and participated in 861 bidding projects, showcasing its active engagement in the market [2]

Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]

Group 1: Sichuan Chengyu - Sichuan Chengyu discussed plans for expiring road assets, including specific measures for Chengle Expressway, Chengya Expressway, Chengyu Expressway, and North City Expressway [1] - Chengle Expressway has initiated expansion and renovation, while the Chengya Expressway project is yet to start, with investment amounts still to be determined [1] - The company has no current plans to issue REITs or other financing tools, and its declining debt-to-asset ratio is attributed to stable cash flow from highways and cost reduction efforts [1] - The company aims to enhance service quality at service areas and is developing a comprehensive energy station network along the routes [1] Group 2: World - World introduced future development trends for superhard tools, highlighting their advantages in micro-machining, high-speed and ultra-high-speed machining, and precision machining [2] - The company has made significant progress in the development of tools for screw processing, achieving performance levels comparable to foreign counterparts and is actively expanding its market [2] - World has years of research and technical reserves in CVD diamond preparation and applications, with products covering multiple fields, some of which have begun market promotion [2]

Core Points - The company announced a cash dividend of 0.131 yuan per share for its A shares [1][2] - The dividend distribution plan was approved at the annual shareholders' meeting held on April 22, 2025 [1] - The record date for shareholders to receive the dividend is June 19, 2025, with the ex-dividend date on June 20, 2025 [2] Dividend Distribution Details - The total number of shares for the dividend distribution is based on the company's total share capital of 1,609,653,858 shares [2] - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch [2] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [2] Taxation Information - Individual shareholders holding shares for over one year are exempt from personal income tax on dividends [3] - For shares held for one month or less, the full dividend amount is subject to personal income tax, while shares held between one month and one year are taxed at 50% of the dividend amount [3] - Qualified Foreign Institutional Investors (QFII) will receive a net cash dividend of 0.1179 yuan per share after a 10% withholding tax [4][5] Contact Information - Shareholders with inquiries regarding the dividend distribution can contact the company's securities department at 07715520235 [6]

Group 1 - The company is issuing a technology innovation corporate bond (first phase) from June 14 to June 17, 2024, with a maturity date of June 17, 2025 [1][2] - The bond, named "24 Zhaolu K1," has a coupon rate of 2.34%, resulting in an interest payment of RMB 23.40 per 1,000 yuan face value [2][3] - The issuer's credit rating is AAA with a stable outlook, and the bond itself has not been rated [2] Group 2 - Interest payments will be made to all registered holders of "24 Zhaolu K1" as of June 16, 2025, after the market closes [2][3] - The company will entrust China Securities Shenzhen Branch to handle the interest payment process [3] - Individual bondholders are subject to a 20% personal income tax on the interest earned, which will be withheld at the time of payment [3][4]