Core Points - The company aims to establish a modern corporate system to protect the rights and interests of shareholders, employees, and creditors while ensuring the preservation and appreciation of state-owned assets [2][4] - The company was established as a joint-stock company in accordance with the Company Law and other relevant regulations, with a registered capital of RMB 1,467.31 million [2][6] - The company is committed to the leadership of the Communist Party of China and integrates party organizations into its corporate governance structure [4][11] Company Structure - The company is a permanent joint-stock company with a legal representative who is either a director or manager [3][4] - Shareholders are liable for the company's debts only to the extent of their subscribed shares, while the company is liable for its debts with all its assets [3][10] - The company has established a party committee and a disciplinary inspection committee to conduct party activities and ensure compliance with regulations [4][11] Business Objectives and Scope - The company's business objective is to develop highways and related industries while creating value for shareholders [5][16] - The registered business scope includes the maintenance and consulting services for high-grade highways, bridges, tunnels, and related infrastructure projects [5][16] Share Issuance and Capital Management - The company has issued a total of 1,467,310,196 shares, with various rounds of public offerings and private placements since its establishment [7][10] - The company adheres to principles of fairness and transparency in share issuance, ensuring equal rights for shareholders of the same class [18][19] - The company can increase its capital through various methods, including issuing shares to unspecified objects or specific targets [24][30] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in shareholder meetings, and supervise the company's operations [35][36] - The company has established rules to prevent shareholders from abusing their rights to the detriment of the company or other shareholders [41][42] - Shareholders holding more than 5% of the voting shares must report any pledges of their shares to the company [46][47] Governance and Decision-Making - The company’s board of directors is responsible for convening shareholder meetings and making decisions on significant matters such as profit distribution and capital changes [26][27] - Major transactions and external guarantees exceeding certain thresholds require approval from the shareholders' meeting [48][49] - The company has mechanisms in place to ensure compliance with legal and regulatory requirements during decision-making processes [54][55]

证券代码：600350 证券简称：山东高速 编号：2025-038 息发行工作，该募集资金已到达公司指定账户，现将有关发行情况公告如下： 山东高速股份有限公司 2025 超短期融资券名称 超短期融资券简称 25 鲁高速股 SCP002 | 年度第二期超短期融资券 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 超短期融资券代码 012581197 | | | | 超短期融资券期限 | | | 177 | 天 | | | 起息日 年 5 | 2025 | 月 | 21 日 | 兑付日 | 2025 | 年 | 11 月 | 14 | 日 | | 100,000.00 计划发行总额 | | | 万元 | 实际发行总额 | | 100,000.00 | | 万元 | | | 发行利率 1.49% | | | | 发行价格 | 100.00 | | 元/佰元面值 | | | | 申购情况 | | | | | | | | | | | 合规申购家数 | | 3 | | 合规申购金额 | | 26,000 ...

Group 1: Company Overview and Financial Data - The company reported a total investment amount of 30.52 billion CNY for the Guanghui Expressway expansion project, with 35% as capital and 65% financed through bank loans [2] - The company holds a 51% stake in Guanghui Company, which translates to approximately 5.448 billion CNY in capital contribution [2] - The construction period for the project is estimated to be 5 years [2] Group 2: Project Necessity and Strategic Importance - The Guanghui Expressway is located in the core area of the Pearl River Delta transportation hub, indicating high traffic volume and stable toll revenue potential [2] - Investment in the Guanghui expansion project is expected to enhance the company's expressway asset scale and focus on core business during the "14th Five-Year Plan" period [2] - The expansion will allow for the establishment of a toll operating period, ensuring the continuous operation of Guanghui Company and reinforcing the company's expressway business [2] Group 3: Capital Expenditure Plans - Recent capital expenditures primarily focus on the expansion projects of controlled expressways, including the ongoing Guangzhu East, Yue Zhao, and Hui Yan expressway projects [2] - The company plans to fund these projects according to their engineering progress to meet construction funding needs [2]

Group 1: Traffic Volume and Road Management - The overall traffic volume on managed road sections is consistent with last year, with some sections slightly lower due to regional factors such as construction and weather conditions [1] - The company manages 26 road projects with a total length of 2008 kilometers, primarily national and provincial main roads, with an average toll period of approximately 14 years [2] - The decision-making for road expansion and reconstruction projects is based on a comprehensive evaluation of regional economic development, financing costs, investment returns, and safety enhancements [2] Group 2: Project Updates - The Beijing-Tianjin-Tanggu expressway expansion project is progressing well, aimed at alleviating traffic pressure and supporting national strategies for regional development [3] - The construction is being carried out using a non-disruptive method to minimize the impact on road traffic [3] Group 3: Technological Development - The company focuses on four main business areas: investment operations, transportation technology, smart transportation, and transportation ecology, with an emphasis on innovation [4][5] - The goal is to create a leading infrastructure investment management platform, enhancing safety, intelligence, and sustainability in operations [5] Group 4: Shareholder Returns - From 2022 to 2024, the company has distributed a total cash dividend of 9.026 billion yuan, reflecting a commitment to sustainable development and shareholder value [6] - Future shareholder return plans will balance funding needs with shareholder returns, considering the company's growth stage [6] Group 5: Financial Management - The company's debt ratio is approaching 45%, but remains below the industry average, with plans to optimize financial costs and manage capital expenditures effectively [7][8] - The company has diverse financing channels and healthy financing capabilities to support capital expenditure needs for projects like the Beijing-Tianjin-Tanggu expansion [8]

行业研究 证 券 研 究 报 告 华创交运|红利资产月报（2025 年 5 月） 收费公路管理条例预备修订，关税调整下港 推荐（维持） 口交易活跃 交通运输 2025 年 05 月 20 日 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 联系人：李清影 邮箱：liqingying@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 122 | 0.02 | | 总市值(亿元) | 33,240.61 | 3.34 | | ...

Meeting Overview - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 20, 2025, with key executives participating to address investor inquiries [1][2]. Key Issues Raised by Investors - **Impact of Future Toll Policy Adjustments**: The company acknowledged the uncertainty surrounding the upcoming toll road management regulations and emphasized its commitment to enhancing operational efficiency and control in response to potential changes [1]. - **Highway Expansion Projects**: The company is focusing on investment opportunities in highway expansion, having secured a contract for the Han-Yi Highway expansion, which is expected to positively impact long-term financial performance despite initial profit impacts during the ramp-up phase [2]. - **Strategic Focus on Intelligent Transportation**: The company plans to leverage highway applications to explore investments in smart transportation, new energy, low-altitude economy, and intelligent connected vehicles [3]. - **R&D in Intelligent Technology**: The company will continue to invest in R&D for software and hardware products related to highway construction, maintenance, and operations [4]. - **Hydrogen and Photovoltaic Projects**: The company aims to expand its hydrogen energy initiatives and photovoltaic projects, including the establishment of hydrogen refueling stations and integrated service areas to enhance operational efficiency [4]. - **Low-Carbon Technology Initiatives**: The company has developed a "zero-carbon" toll station and is exploring low-carbon technology applications, including energy storage and charging networks, to align with carbon neutrality goals [4]. - **Collaboration with Sinopec**: The company is deepening its collaboration with Sinopec in the hydrogen energy sector, having launched a nationwide hydrogen energy demonstration line [5]. - **Integration of Acquired Traffic Safety Business**: Following the acquisition of Ping An Traffic, the company plans to integrate resources to expand its market presence in highway safety facilities [5]. - **REITs Issuance**: The company is advancing its public REITs project based on the Daguangbei Expressway, which is expected to enhance capital efficiency and asset liquidity [5]. - **Debt Management**: The company has maintained a debt ratio around 50% over the past three years, with a slight upward trend anticipated due to ongoing projects, while it aims to keep leverage at a reasonable level [6]. - **Market Value Management**: The company is implementing measures to enhance market value, including focusing on core operations, optimizing capital operations, and improving investor relations [7]. - **Dividend Policy**: The company has established a shareholder return plan, committing to distribute at least 30% of net profit as cash dividends annually, with a minimum of one distribution per year [7].

Core Viewpoint - The future development trend of highways is towards intelligence and greenness, with the company aiming to leverage its advantages in highway assets, financing channels, and listing platforms to create value for society and shareholders [1] Group 1: Company Strategy - The company has been focusing on serving the public's travel needs and regional economic development since its listing 25 years ago, expanding into smart transportation and energy development [2] - The company is actively integrating into Jiangxi's development plans, promoting digital transformation and the development of emerging industries [2][3] - The company has established a diversified business layout that enhances brand influence while creating new growth points [2] Group 2: Financial Performance - The company achieved a revenue of 5.985 billion yuan and a net profit attributable to shareholders of 1.279 billion yuan in 2024, representing a year-on-year growth of 8.65% [4] - In the first quarter of 2025, the net profit attributable to shareholders reached 428 million yuan, a year-on-year increase of 9.52% [4] - The company has maintained an AAA credit rating for 15 consecutive years and has formed a long-term, efficient, and diversified capital financing system [5] Group 3: Innovation and Technology - The company has invested in digital software development to enhance the quality and efficiency of the entire highway operation process, with several platforms achieving domestic leading and international advanced levels [3] - Smart transportation products have been expanded to provinces outside Jiangxi and even overseas, showcasing the company's growing strength in this area [3] Group 4: Future Outlook - The company aims to deepen its dual-driven strategy of highway operation and capital operation, focusing on smart transportation, energy development, and financial investment as part of its multi-sector development strategy [6]

红利低波ETF泰康(560150)，场外联接(A类：021415；C类：021418)。 业内人士分析表示，低利率环境下，资金对红利资产有较高的配置需求。低利率环境下资金需要寻找基 本面和长期收益稳健的资产进行配置，红利资产首当其冲。2024年4月"新国九条" 要求加大对分红优质 公司的激励力度，2024年12月国资委印发的《关于改进和加强中央企业控股上市公司市值管理工作的若 干意见》要求央企上市公司要增强现金分红稳定性、持续性和可预期性。随着政策的逐渐落实，A股乃 至港股上市公司的分红积极性、持续性有望提高。 红利低波ETF泰康(560150)紧密跟踪中证红利低波动指数，中证红利低波动指数选取50只流动性好，连 续分红，红利支付率适中，每股股息正增长以及股息率高且波动率低的证券作为指数样本，采用股息率 加权，以反映分红水平高且波动率低的证券的整体表现。 相关产品： 截至2025年5月20日 09:37，红利低波ETF泰康(560150)上涨0.53%，成交额迅速走阔。跟踪指数中证红 利低波动指数(H30269)上涨0.55%，成分股宁沪高速(600377)上涨1.47%，沪农商行(601825)上涨1.40 ...

Core Viewpoint - Ganyue Expressway reported a decline in stock price and provided updates on revenue and financing activities, indicating ongoing operational developments and financial strategies [1][2][3] Group 1: Stock Performance - As of May 16, 2025, Ganyue Expressway's stock closed at 5.27 yuan, down 1.86% from the previous week [1] - The stock reached a weekly high of 5.38 yuan on May 12, 2025, and a low of 5.25 yuan on May 16, 2025 [1] - The company's total market capitalization is 12.308 billion yuan, ranking 13th out of 33 in the railway and highway sector and 1267th out of 5147 in the A-share market [1] Group 2: Revenue Updates - In April 2025, Ganyue Expressway's vehicle toll service revenue amounted to 27,673,713,822 yuan, with the following breakdown: - Changjiu Expressway: 9,181,713,282 yuan - Changzhang Expressway: 4,741,449,849 yuan - Changtai Expressway: 6,187,192,880 yuan - Jiujing Expressway: 4,519,769,639 yuan - Penghu Expressway: 618,286,702 yuan - Wenhou Expressway: 761,535,637 yuan - Changfeng Expressway: 941,932,387 yuan - Fengtong Expressway: 721,833,446 yuan [1] Group 3: Financing Activities - Ganyue Expressway successfully issued the third phase of its short-term financing bonds for 2025, with a total issuance size of 1 billion yuan and a maturity of 180 days [2] - The interest rate for the issued bonds is set at 1.53%, with the funds transferred to the company's designated account on May 13, 2025 [2]

证券代码：000429、200429 证券简称：粤高速 A、粤高速 B 广东省高速公路发展股份有限公司投资者关系活动记录表 编号：2025012 | | 特定对象调研 □分析师会议 □ | | --- | --- | | 投资者关 | □媒体采访 ☑业绩说明会 | | 系活动类 | □新闻发布会 □路演活动 | | 别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 活动参与 | 苗德山先生（董事长）、左江女士（董事、副总经理）、陆明先生 | | 人员 | （董事、总会计师）、张仁寿先生（独立董事）、杨汉明先生（董 事会秘书）及投资者 | | 时间 | 2025 年 5 月 16 日下午 3:00—5:00 | | 地点 | 全景网"投资者互动平台"（http://ir.p5w.net） | | 形式 | 网上业绩说明会 | | | 投资者提出的问题及公司回复情况 | | | 1、公司当前所有的高速资产平均剩余可收费年限是多少？ | | | 答：公司参控股高速的收费经营期如下： 佛开高速谢边至三堡段 | | | 收费经营期至 2036 年 3 月，佛开高速三堡至水口段收费经营期至 | ...