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。 （於百慕達註冊成立之有限公司） （股份代號：00152） 海外監管公告 隨附之文件乃深圳國際控股有限公司（「本公司」）的附屬公司 深圳高速公路集團股份有限公司所發佈的《2025 年年度業績初步 公告》。 2026 年 3 月 25 日 於本公告日期，本公司董事會的成員包括執行董事李海濤先生、劉征宇先生、王沛航先 生及劉秀麗女士；非執行董事蔡曉平先生；以及獨立非執行董事潘朝金先生、曾志博士、 王國文博士及丁春艷教授。 1.2 公司簡介 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） 2025 年年度業績初步公告 一、 重要提示 1.1 本公司 2025 年年度業績初步公告摘自本 ...

Report Summary Industry Investment Rating No information provided on the industry investment rating. Core View The energy upstream sector is on an upward trend, with continuous increases in the prices of liquefied natural gas and crude oil. The domestic refined oil price has experienced a "four - consecutive increase", and it is expected to continue rising in the next adjustment window. Meanwhile, various industries show different trends, such as price changes in agriculture and non - ferrous metals, and fluctuations in the sales of real estate and the operation of service industries [1][2]. Summary by Directory 1. Mid - view Event Overview - **Production Industry**: On March 9, the National Development and Reform Commission announced an increase in domestic gasoline and diesel prices by 695 yuan/ton and 670 yuan/ton respectively. After conversion, 92 - octane gasoline, 95 - octane gasoline, and 0 - diesel increased by 0.55 yuan, 0.58 yuan, and 0.57 yuan per liter. It is predicted that the domestic refined oil price will continue to rise in the next adjustment window on March 23, with an expected increase of 0.5 - 1 yuan per liter [1]. - **Service Industry**: The Minister of Agriculture and Rural Affairs suggested appropriate reduction of oil consumption, increase in soybean and milk intake. The Minister of Transport stated that during the "15th Five - Year Plan" period, the "Artificial Intelligence +" action will be implemented to develop intelligent transportation [1]. 2. Industry Overview - **Upstream**: Energy (liquefied natural gas and crude oil prices rising), agriculture (palm oil price rebounding), and non - ferrous metals (copper price slightly falling) [2]. - **Mid - stream**: Chemical industry (PX and urea operating rates at high levels, polyester operating rate at a low level), energy (power plant coal consumption decreasing, inventory at a low level), and infrastructure [2]. - **Downstream**: Real estate (seasonal decline in the sales of commercial housing in first - and second - tier cities), and service (decline in the number of domestic flights) [2]. 3. Key Industry Price Index Tracking - **Agriculture**: On March 9, the spot price of corn was 2320.0 yuan/ton (up 0.93% year - on - year), eggs 6.4 yuan/kg (up 0.79% year - on - year), palm oil 9750.0 yuan/ton (up 8.94% year - on - year), cotton 16644.8 yuan/ton (up 0.30% year - on - year), and pork 17.1 yuan/kg (down 0.93% year - on - year) [32]. - **Non - ferrous Metals**: The spot price of copper was 100168.3 yuan/ton (down 1.98% year - on - year), zinc 24348.0 yuan/ton (down 0.03% year - on - year), aluminum 25223.3 yuan/ton (up 6.71% year - on - year), nickel 140300.0 yuan/ton (up 0.56% year - on - year), and another aluminum price 16675.0 yuan/ton (up 0.04% year - on - year) [32]. - **Metals**: The spot price of rebar was 3186.7 yuan/ton (up 1.78% year - on - year), iron ore 779.4 yuan/ton (up 1.62% year - on - year), and wire rod 3367.5 yuan/ton (up 1.28% year - on - year) [32]. - **Non - metals**: The spot price of glass was 13.5 yuan/square meter (up 0.75% year - on - year), natural rubber 16925.0 yuan/ton (down 0.59% year - on - year), and the China Plastic City Price Index was 950.0 (up 19.97% year - on - year) [32]. - **Energy**: The spot price of WTI crude oil was 90.9 dollars/barrel (up 35.63% year - on - year), Brent crude oil 92.7 dollars/barrel (up 27.20% year - on - year), liquefied natural gas 4926.0 yuan/ton (up 47.66% year - on - year), and coal 791.0 yuan/ton (down 0.38% year - on - year) [32]. - **Chemical Industry**: The spot price of PTA was 5857.3 yuan/ton (up 8.98% year - on - year), polyethylene 8650.0 yuan/ton (up 26.89% year - on - year), urea 1851.3 yuan/ton (down 0.27% year - on - year), and soda ash 1230.0 yuan/ton (up 2.26% year - on - year) [32]. - **Real Estate**: The national cement price index was 127.1 (down 1.25% year - on - year), the building materials composite index (up 0.39% year - on - year), and the national concrete price index was 89.8 (unchanged year - on - year) [32].

Key Insights - The report highlights the impact of geopolitical tensions in the Middle East, leading to a significant rise in oil prices, which has implications for global energy supply and inflation concerns [5][17][18] - The Chinese stock market is experiencing fluctuations, with various sectors such as automotive and photovoltaic industries showing resilience, while others like food and beverage are underperforming [9][19][23] - The report emphasizes the importance of macroeconomic policies and their role in stabilizing market sentiment, particularly in light of the upcoming "Two Sessions" and the "14th Five-Year Plan" [10][12][15] Domestic Market Performance - The Shanghai Composite Index closed at 4,096.60, down 0.67%, while the Shenzhen Component Index closed at 14,067.50, down 0.74% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 16.99 and 52.23, respectively, indicating a favorable long-term investment environment [8][10] - Trading volume in the two markets reached 26,709 billion, above the three-year average, suggesting active market participation [10] International Market Performance - Major international indices such as the Dow Jones and S&P 500 also experienced declines, with the Dow down 0.67% and the S&P 500 down 0.45% [4] - The report notes that global market volatility is influenced by rising oil prices and geopolitical tensions, which have dampened risk appetite [5][15] Industry Analysis - The chemical industry is recovering, with a 5.91% increase in the CITIC basic chemical index in February, ranking 6th among 30 sectors [17] - The photovoltaic sector is undergoing a significant adjustment, with expectations of a decline in new installations in 2026, but long-term growth potential remains due to technological advancements [27][29] - The food and beverage sector is facing challenges, with a 1.24% increase in the sector's performance in early 2026, but overall market sentiment remains weak [19][23] Investment Strategies - The report suggests a balanced investment approach focusing on technology and consumer sectors, while also considering defensive positions in food and beverage industries [16][19] - Specific recommendations include monitoring opportunities in electric grid equipment, IT services, and coal industries for short-term investments [10][12] - The report advises investors to pay attention to macroeconomic data and policy changes that could impact market dynamics [10][15]

Group 1 - The company, Guizhou Hankeisi Intelligent Technology Co., Ltd., has resumed full operations as of February 24, with all production processes returning to normal to meet various orders on time [1] - The CEO of Hankeisi aims to triple the annual output value by launching a third innovative model in addition to the two main products already released, focusing on technological innovation and market breakthroughs for high-quality development [1] - The company is actively testing its key project "Qiyu Ring Line" on urban open roads, focusing on operational capabilities, adaptability to complex traffic environments, safety mechanisms, and system stability [1] Group 2 - The "Qiyu Ring Line" is expected to officially open to the public in the second quarter of this year, providing citizens with a smarter and more convenient urban travel experience [2]

Core Viewpoint - The Spring Festival travel period in Shandong from February 2 to March 13 is expected to witness unprecedented population migration, with record-high traffic and passenger volumes predicted. Group 1: Traffic Volume and Passenger Flow - The total highway traffic in Shandong is projected to exceed 910 million vehicles, representing a year-on-year increase of 5% [1] - The operational passenger volume is expected to reach 54 million, marking a 3.8% increase compared to the previous year, both figures setting historical records [1] Group 2: Transportation Capacity and Measures - The transportation system in Shandong has deployed 4,700 inter-provincial and inter-city buses, and 14,800 chartered buses, a 35% increase from normal operations [2] - Rail transport will see an additional 99.5 pairs of temporary trains on top of the regular 586.5 pairs, while civil aviation plans to operate 56,000 flights, providing approximately 9 million seats, a 25% increase [2] - Water transport will deploy 152 vessels, offering 39,000 passenger seats, a 30% increase from last year [2] Group 3: Smart Solutions for Traffic Management - Shandong Highway Group is utilizing a smart platform to analyze historical data, predicting that daily highway traffic during the holiday will be about twice the normal level [3] - Customized traffic management strategies are being implemented for key routes and hubs to enhance network efficiency [3] - Nearly 30,000 staff members will be on duty, with 2,192 support vehicles and 333 emergency points established [3] Group 4: Service Enhancements - Over 3,800 charging stations will be available in highway service areas, a 30% increase from last year, along with basic services like free hot water and food heating [4] - Urban public transport will deploy 49,000 buses, with a focus on precise scheduling and dynamic response to ensure seamless connectivity with rail and air transport [4] Group 5: Safety Measures - A comprehensive safety inspection and management system is in place, with 887 snow removal teams and over 5,321 pieces of snow removal equipment prepared for adverse weather conditions [5] - The transportation system is committed to a 24-hour monitoring and rapid response protocol to address any emergencies effectively [5] - The overarching goal for the 2026 Spring Festival is to ensure a safe, convenient, and warm travel experience for all passengers, reflecting a commitment to public service [5]

Group 1 - The company is currently undergoing a business structure transformation, focusing on emerging sectors such as low-altitude economy and smart transportation [1] - The core task at this stage is to enhance order conversion efficiency and increase R&D investment to build core capabilities [1] - The company aims to ensure that new business contributions to its performance are realized quickly [1]

Core Insights - The article highlights the significant advancements in transportation services in the Beijing-Tianjin-Hebei (Jing-Jin-Ji) region since the implementation of the coordinated development strategy in 2014, emphasizing the integration of transportation systems and improved commuting experiences [1][2][3] Group 1: Transportation Infrastructure Development - By the end of 2025, the operational railway mileage in the Jing-Jin-Ji region is expected to exceed 11,000 kilometers, marking a nearly 40% increase since 2014, while the total length of expressways will reach 11,000 kilometers, a growth of 41.7% [1] - Major railway projects such as the Beijing-Harbin High-Speed Railway and the Beijing-Tangshan Intercity Railway have been completed, enabling travel between major cities in the region within 1.5 to 2 hours [1] - The construction of the Xiong'an New Area's transportation network is progressing, with the "four vertical and three horizontal" expressway network nearly completed and the Beijing-Xiong'an Intercity Railway fully operational [2] Group 2: Commuting Services and Innovations - The introduction of 41 cross-provincial bus routes has normalized operations, covering 17 counties and cities around Beijing, with an average daily passenger volume exceeding 230,000 [2] - Customized commuter buses have been launched, with 12 main lines and over 50 branch lines, transporting an average of 9,500 commuters daily and reducing commuting times by 30 to 40 minutes [2] - The first interprovincial bus line from Hebei Dachang to Beijing's Lucheng Station is set to open in 2025, along with a cross-provincial tourism line from Tianjin to Beijing Universal Studios [3] Group 3: Smart and Green Transportation Initiatives - The Beijing section of the Jing-Xiong Expressway has become the first in the country to achieve full 5G coverage, while the Jing-Li Expressway has successfully conducted L4 level automated driving tests [3] - Continuous efforts are being made to enhance traffic data sharing and establish a comprehensive safety supervision system for hazardous goods transportation across eight provinces and cities [3] - The transportation integration mechanism among the three regions is being refined, with over 20 transportation cooperation agreements signed and regular joint enforcement and emergency response measures implemented [3]

Core Insights - The article discusses the release of the fourth batch of 130 traffic congestion management tasks in Chengdu, focusing on various strategies to improve traffic flow and reduce congestion in specific areas [1][7]. Group 1: Traffic Management Strategies - The implementation of one-way traffic organization schemes in limited road conditions to enhance micro-circulation networks and improve overall traffic efficiency in specific districts [1]. - The integration of advanced technologies to create a smart traffic control system, transitioning from experience-driven to data-driven traffic management [2]. - The expansion of AI adaptive traffic signals to manage dynamic traffic flow at congested intersections, alongside the use of drones for real-time traffic monitoring and management [2]. Group 2: Targeted Solutions for Specific Scenarios - Comprehensive governance measures tailored to specific scenarios such as commuting, school drop-offs, and leisure activities, with a focus on high-traffic areas like toll stations and major intersections [3]. - Implementation of traffic control measures around schools to alleviate congestion during peak drop-off and pick-up times, including one-way traffic organization and optimized parking [3]. - Coordination of traffic management in busy commercial areas to improve the flow of vehicles and pedestrians, including designated lanes for taxis and ride-hailing services [3]. Group 3: Infrastructure and Safety Improvements - Ongoing efforts to enhance the public transport network by optimizing bus routes and stations, particularly in areas surrounding major residential and industrial zones [4]. - A systematic approach to rural road safety, focusing on identifying and addressing safety hazards in rural areas, with a plan to complete 62 road safety improvement tasks by June 2026 [5]. - The overall progress of the "Open Door Traffic Management" initiative, which has completed 329 out of 372 tasks, resulting in significant improvements in traffic flow and a reduction in congestion indices during peak hours [7].

Group 1 - The core viewpoint of the article emphasizes that China Communications Construction Company (CCCC) acknowledges the impact of macroeconomic environment, market sentiment, and industry cycles on its stock price, leading to varied valuation perspectives among different stakeholders [2] - The company is committed to value creation and will focus on enhancing its main business operations while strengthening communication with the capital market to convey investment value [2] - CCCC plans to conduct share buybacks in strict accordance with regulations, aiming to protect shareholder interests and will determine the timing based on comprehensive market conditions [2] Group 2 - In terms of new business development, CCCC intends to leverage its core advantages to expand into areas such as renewable energy, green infrastructure, and smart transportation, aiming to cultivate new growth points for stable development and return value to investors [2]

Core Insights - The article discusses the transformative impact of AI on urban transportation in Guangdong, highlighting the integration of autonomous driving technology and smart traffic management systems [1][2][17] - It emphasizes the collaboration between advanced manufacturing and modern services to create a new intelligent economy, enhancing safety and efficiency in urban transport [1][17] Group 1: AI Integration in Transportation - AI has been deeply integrated into transportation in Guangdong, with autonomous buses and smart traffic systems improving the flow and safety of urban transport [2][5] - The implementation of AI-driven traffic management during the 15th Games in Guangzhou resulted in zero errors, complaints, or accidents, showcasing the effectiveness of the system [9][11] Group 2: Challenges and Future of Autonomous Driving - Despite the current success, concerns remain about accountability in case of AI decision-making errors during autonomous driving [7] - Experts predict that the year 2026 will mark a significant milestone for the large-scale application of autonomous driving technology, with continuous advancements expected in the next three to five years [17][20] Group 3: Economic and Social Implications - The rise of autonomous public transport may lead to the reorganization of job roles, with traditional driving positions evolving into safety monitoring roles [13][15] - The shift towards AI in transportation is expected to reduce the number of vehicles on the road, thereby transforming urban infrastructure and reducing parking needs [15][17] Group 4: Global Impact and Market Expansion - Companies like BYD have surpassed Tesla in electric vehicle sales, indicating a growing global presence for Chinese smart transportation solutions [17][18] - The expansion of companies like XPeng into new markets reflects the international demand for AI-driven transportation solutions, contributing to the global output of China's smart traffic ecosystem [18][17]