Core Insights - Shanxi Expressway (000755) reported a total operating revenue of 338 million yuan for Q1 2025, reflecting a year-on-year increase of 2.53% [2] - The net profit attributable to shareholders reached 107 million yuan, up 26.92% year-on-year, with the same growth rate for the net profit after deducting non-recurring gains and losses [2] Operational Overview - The company's gross profit margin improved to 57.63%, an increase of 7.9% year-on-year, while the net profit margin rose to 31.74%, up 23.79% [3] - Earnings per share were reported at 0.07 yuan, showing a year-on-year growth of 26.86% [3] Cash Flow and Debt Servicing Ability - Operating cash flow per share decreased to 0.12 yuan, a decline of 27.34% year-on-year, indicating reduced cash inflow from operating activities [4] - The company’s interest-bearing liabilities amounted to 6.407 billion yuan, down 8.22% from the previous year, but the interest-bearing asset-liability ratio remains high at 51.05% [4] Assets and Financing - Cash and cash equivalents increased to 1.178 billion yuan, reflecting a healthy cash position with a year-on-year growth of 16.37% [5] - Since its listing, the company has raised a total of 4.703 billion yuan through financing, with total dividends amounting to 294 million yuan, resulting in a dividend financing ratio of only 0.06, indicating a preference for equity financing [5] Business Model - The company's performance is primarily driven by equity financing, and the sustainability of this model requires further observation [6] - Given the high level of interest-bearing debt, it is crucial for investors to closely monitor the company's debt management and cash flow situation [6]

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 2025 年 3 月，廣深高速公路、廣珠西綫高速公路及沿江高速公路（深圳段）周邊路 網變化對車流量產生不同影響，因此三條高速公路的路費收入按年變動幅度高低不 一。 投資者可登錄本公司網站 http://www.sihbay.com 的「業務總覽」欄目，分別查閱各收 費公路的基本情況。 Shenzhen Investment Holdings Bay Area Development Company Limited 深 圳 投 控 灣 區 發 展 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：737（港幣櫃檯）及 80737（人民幣櫃檯） 2025 年 3 月未經審核之營運資料 深圳投控灣區發展有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事 會（「董事會」）謹此公佈本集團 2025 年 3 月未經審核之營運資料如下： | | 2024 年 3 月 | 2025 年 3 月 | ...

Group 1 - Jiangsu Ninghu Expressway Company Limited is the only publicly listed transportation infrastructure company in Jiangsu Province, established on August 1, 1992 [2] - The company operates and manages toll roads and bridges within Jiangsu Province, with a focus on the investment, construction, and operation of expressways [2] - As of June 30, 2023, the company has directly participated in the operation and investment of 17 toll road projects, with over 910 kilometers of opened toll road mileage [2] Group 2 - As of April 25, the stock price of Jiangsu Ninghu Expressway closed at 9.740 HKD, a decrease of 0.1% from the previous trading day, with an intraday high of 9.820 HKD, marking a nearly one-year high [1] - The net capital inflow on that day was 151.54 million HKD, with a total of 506.530 million HKD flowing in and 354.992 million HKD flowing out [1]

Core Viewpoint - Chutian Expressway announced a cash dividend plan for 2024, proposing a distribution of 1.7 yuan per 10 shares, totaling 274 million yuan, which represents 35.66% of its net profit and a dividend yield of 4.02% based on the average trading price for the year [2][3]. Company Summary - The company reported a revenue of 4.387 billion yuan for 2024, marking a year-on-year increase of 37.27%. However, net profit decreased by 18.53% to 768 million yuan, with basic earnings per share at 0.48 yuan [3][5]. - The stock experienced a net inflow of 1.3831 million yuan in main funds today, but saw a net outflow of 14.3641 million yuan over the past five days [3][5]. - The latest margin financing balance for the stock is 144 million yuan, with a slight decrease of 955,600 yuan over the past five days, representing a decline of 0.66% [3][5]. Industry Summary - In the transportation industry, 77 companies have announced their 2024 dividend plans. The highest cash distribution was from COSCO Shipping, amounting to 16.131 billion yuan, followed by Shanghai Port Group and China Merchants Highway with distributions of 3.376 billion yuan and 2.844 billion yuan, respectively [3][4].

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.4800 | 0.5900 | -18.64 | 0.4500 | | 每股净资产（元） | 5.36 | 5.09 | 5.3 | 4.65 | | 每股公积金(元) | 0.69 | 0.69 | 0 | 0.69 | | 每股未分配利润(元) | 2.64 | 2.39 | 10.46 | 2.05 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 43.87 | 31.96 | 37.27 | 29.17 | | 净利润(亿元) | 7.68 | 9.42 | -18.47 | 7.23 | | 净资产收益率(%) | 9.15 | 12.02 | -23.88 | 9.98 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 105671.32万股，累计占流通股比： 65.63%，较 ...

Core Viewpoint - The performance meeting held by China Merchants Group and its subsidiaries highlighted the challenges and opportunities in the highway operation sector, particularly focusing on the revenue growth and profit decline of China Merchants Highway [1][2]. Group 1: Financial Performance - In 2024, China Merchants Highway achieved an operating revenue of 12.71 billion yuan, a year-on-year increase of 30.62% [1]. - The net profit attributable to shareholders was 5.32 billion yuan, reflecting a year-on-year decrease of 21.35%, primarily due to reduced asset optimization gains and adverse weather conditions [1]. - The company has distributed a total cash dividend of 9.03 billion yuan over the past three years from 2022 to 2024 [3]. Group 2: Highway Expansion Challenges - The current challenges in highway expansion include aging infrastructure and outdated design standards that do not meet the increasing traffic demands [2]. - The company is evaluating the necessity and feasibility of participating in highway expansion projects, which could extend operational and toll collection periods by approximately 25 years [2]. - China Merchants Highway currently manages 26 highway projects with a total length of about 2,008 kilometers, with an average toll collection period of around 12 years remaining [2]. Group 3: Revenue Composition - The investment and operation segment, primarily consisting of highway projects, accounted for 76.2% of the total revenue in 2024, showing a significant increase compared to 2023 [3]. - The traffic technology segment contributed 17% to the revenue, while both the intelligent transportation and ecological transportation segments accounted for less than 4% each [3].

从沪深300交通设施指数持仓的市场板块来看，上海证券交易所占比70.62%、深圳证券交易所占比 29.38%。 从沪深300交通设施指数持仓样本的行业来看，机场占比44.74%、高速公路占比38.07%、港口占比 17.19%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 金融界4月24日消息，A股三大指数收盘涨跌不一，沪深300交通设施指数 (300交通设施，L11620)报 1316.02点。 数据统计显示，沪深300交通设施指数近一个月下跌0.25%，近三个月下跌1.65%，年至今下跌6.81%。 据了解，为反映沪深300指数样本中不同行业公司证券的整体 ...

证券代码：001965 证券简称：招商公路 招商公路投资者关系活动记录表 编号：2025-03 | 投资者关系 | □ 特定对象调研 □新闻发布会 | □分析师会议 | | --- | --- | --- | | 活动类别 | □媒体采访 □路演活动 | ☑业绩说明会 | | | □现场参观 | □其他 | | 参与单位名称 | 网络直播，面向所有投资者 现场出席：平安基金、博时基金、中信证券、中金公司、招商证券、 | | | 及人员姓名 | 华泰证券、国泰海通、民生证券、申万宏源、中银国际、信达证券、 | | | | 长江证券、中国证券报、证券时报、上海证券报 | | | 时间 | 2025 年 4 月 23 日 14:30-17:00 深圳证券交易所上市大厅 | 地点 | | 上市公司接待 人员姓名 | 白景涛（董事长）、沈翎（独立董事）、杨少军（财务总监） | | | | 第一部分：介绍招商公路 年度业绩表现、经营成效及 2025 年发展展望。 | 2024 | | | 2024 年，招商公路积极服务交通强国、科技强国建设，坚持守正 | | | | 创新，经营业绩再创历史新高。公司总资产达 1591.6 ...

近日，云南建投集团所属基投公司已运营高速——呈澄高速项目获得再融资18亿元，实现了降低贷款利率、延长贷款期限、盘活沉淀资产的"一箭三雕"成 效。这是集团首笔通过再融资创新模式盘活高速公路资产的业务，为集团资产盘活工作开辟了新路径。 呈澄高速是建投集团自主投资、建设和运营的首条高速公路，起点位于昆明市呈贡马金铺乡小营村，终点与龙街互通连接，全长15.316公里，采用双向六 车道高速公路标准建设，于2016年6月全线通车运营。自通车以来，凭借卓越服务质量，呈澄高速荣获全国青年文明号、全国高速公路优质服务项目和昆 明市优质工程"春城杯"特等奖，路况服务质量考核成绩多次领跑全省。其建成通车，为澄江市融入滇中城市群"1小时经济圈"提供了强大助力，极大地优 化了区域交通格局，成功带动沿线城镇的经济发展，有效促进文旅产业和乡村振兴，成为连通昆明与澄江两地的幸福路、致富路。 基投公司精心制定方案，积极主动向银行推介，争取邮储银行18亿元再融资，成功置换了项目存量高息债务，将贷款期限延长7年，利率大幅下降60个基 点，有效优化了项目债务结构，为公司节省利息约6000万元。同时，还为公司融入增量资金，实现沉淀资产激活转化，改善集 ...

Core Viewpoint - The transportation sector is expected to outperform the CSI 300 index in April 2025, with long-term value in transportation assets and attractive dividend yields post-correction [1][2]. Monthly Market Performance - From April 1 to April 18, 2025, the transportation sector declined by 0.1%, outperforming the CSI 300 index by 2.85 percentage points. The performance of sub-sectors includes: highways at -0.61%, railway transportation at +5.09%, and ports at -2.82% [2]. - The interest rate environment remains low, with the 10-year government bond yield at 1.65%, down 16 basis points from 1.81% on March 31, 2025 [2]. - Trading volumes across sectors have rebounded, with significant increases in average daily trading volumes: highways at 2.91 billion yuan (up 29.8% year-on-year), railways at 2.41 billion yuan (up 14.28% year-on-year), and ports at 5.23 billion yuan (up 224.7% year-on-year) [2]. Industry Valuation - In terms of historical PE percentiles, railways are the highest among major dividend asset sub-sectors, while public utilities are the lowest. For PB historical percentiles, highways rank highest, and electric equipment ranks lowest. The overall dividend yield for highways, railways, and ports is in the range of 3%-4%, with coal and banks leading [3]. Capital Operations - Anhui Expressway (600012) has raised 5.22 billion HKD through a private placement to Anhui Transportation Holding Group [4]. Industry Data - The first quarter of 2025 is expected to show good growth in highway toll revenues, with recent port throughput data unaffected by tariffs. For highways, passenger traffic in January-February 2025 was 1.862 billion trips (down 0.2% year-on-year), while freight volume reached 5.765 billion tons (up 5.7% year-on-year) [5]. - In March 2025, railway passenger volume was 337 million trips (up 4.9% year-on-year), while freight volume was 44.5 million tons (up 2.4% year-on-year) [5]. - Port throughput data shows a total of 1.048 billion tons in the past four weeks (up 4.5% year-on-year), with a cumulative total of 3.883 billion tons year-to-date (up 3.8% year-on-year) [6]. 2024 Annual Report Highlights - For highways, the top five companies by performance growth are: Sichuan Chengyu (601107) (+22.91%), Ninghu Expressway (600377) (+12.09%), and others. The top five by cash dividend ratio include: Guangdong Expressway A (70%) and others. The corresponding dividend yields as of April 18, 2025, are led by Sichuan Chengyu (5.12%) [7]. - For ports, the top five companies by performance growth are: China Merchants Port (001872) (+26.44%) and others. The corresponding dividend yields are led by Tangshan Port (4.72%) [7].