Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [12]. Core Insights - Anhui Wantuo Expressway Co., Ltd. is the first highway company listed in Hong Kong and the only public highway company in Anhui Province. The company benefits from asset acquisitions and the expansion of existing road assets, leading to a sustained increase in traffic volume and toll revenue, with a compound annual growth rate (CAGR) of approximately 9% for toll revenue from 2000 to 2024 [8][18][32]. Summary by Sections Current Situation - The company operates key highways in Anhui Province, including the Hening Expressway and the 205 National Road. The traffic volume and toll revenue have shown rapid growth due to acquisitions and expansions [8][18]. Future Outlook - The company is expected to see accelerated profit growth in the short term due to the acquisition of 100% equity in Fuzhou and Sihu Expressways, which have maintained good profit levels. The company commits to distributing at least 60% of its net profit as dividends annually from 2025 to 2027, reinforcing expectations for stable shareholder returns [10][36]. Strategic Advantages - Anhui Province's strategic location as a transportation hub between major economic zones enhances the company's operational advantages. The provincial government has been supportive, injecting quality assets into the company, which has contributed significantly to profit growth [9][57]. Financial Performance - The company achieved a revenue of 7.092 billion yuan in 2024, with toll revenue accounting for 54.01% of total revenue. The company has experienced a compound annual growth rate of 22% in revenue from 2021 to 2024, driven by the completion of expansion projects and acquisitions [36][40]. Asset Management - The company has maintained a stable growth in operating costs, with a compound annual growth rate of 5% from 2014 to 2024, which is lower than the revenue growth rate. The cost structure is primarily influenced by asset acquisitions and expansion projects [42][43].

深圳高速公路股份(00548)发布公告，就有关中国证券监督管委员会出具的关于本公司可向专业投资者 公开发面值超过人民币80亿元的公司债券的批覆的相关事宜，董事会计划根据该批覆于20261月6日在中 国市场公开发规模不超过人民币15亿元(含人民币15亿元)的2026年面向专业投资者公开发行公司债券(第 一期)，并将按照有关法法规和上述核准文件的要求及本公司股东大会的授权办第一期公司债券发的相 关事宜。 ...

格隆汇12月31日丨深圳高速公路股份(00548.HK)发布公告，董事会计划根据相关批复于2026年1月6日在 中国市场公开发行规模不超过人民币15亿元(含人民币15亿元)的2026年面向专业投资者公开发行公司债 券(第一期)("第一期公司债券")。 ...

智通財經APP訊，深圳高速公路股份(00548)發佈公告，就有關中國證券監督管理委員會出具的關於本公 司可向專業投資者公開發行面值不超過人民幣80億元的公司債券的批覆的相關事宜，董事會計劃根據該 批覆於2026年1月6日在中國市場公開發行規模不超過人民幣15億元(含人民幣15億元)的2026年面向專業 投資者公開發行公司債券(第一期)，並將按照有關法律法規和上述覈准文件的要求及本公司股東大會的 授權辦理第一期公司債券發行的相關事宜。 ...

深圳高速公路股份(00548)公布，于2025年11月，梅观高速、机荷东段、机荷西段、沿江项目及外环项 目路费收入分别为人民币1291.9万元、6106.2万元、5001万元、7424.4万元及1.11亿元。 ...

格隆汇12月31日丨深圳高速公路股份(00548.HK)发布公告，董事会计划根据相关批复于2026年1月6日在 中国市场公开发行规模不超过人民币15亿元(含人民币15亿元)的2026年面向专业投资者公开发行公司债 券(第一期)("第一期公司债券")。 ...

智通财经APP讯，深圳高速公路股份(00548)公布，于2025年11月，梅观高速、机荷东段、机荷西段、沿 江项目及外环项目路费收入分别为人民币1291.9万元、6106.2万元、5001万元、7424.4万元及1.11亿元。 ...

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。 承董事會命 （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11月未經審計路費收入 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈 本集團2025年11月的路費收入（未經審計）如下： | 收費公路 | 集團控股 | 收入合併 | 路費收入（人民幣千元） | | | --- | --- | --- | --- | --- | | | 比例 | 比例 | 總計 | 日均 | | 廣東省－深圳地區： | | | | | | 梅觀高速 | 100% | 100% | 12,919 | 431 | | 機荷東段 | 100% | 100% | 61,062 | 2,035 | | 機荷西段 | 100% | 100% | 50,010 | 1,667 | | 沿江項目 | 100% | 100% | 74,244 | 2,475 | | 外環項目 | 100 ...

南北方向，济微高速北段（济南至济宁新机场段）起点位于济南市长清区，终点顺接已建成的济微高速 南段，路线全长88.6公里，济宁市境内长度10.7公里。项目连接济南绕城高速、青兰高速、董梁高速， 分担京台、济广高速的交通压力，从济宁市兖州区出发仅需45分钟，即可驶入济南绕城高速，形成连通 省会、鲁南两大经济圈的"快车道"；与济微高速犄角相望，全长8.9公里的郓城至鄄城高速公路（济宁 段）东接兖郓高速，西连河南高速网，使济宁成为鲁豫两省协同发展的重要节点。项目将显著提升梁山 西北部乡镇通达水平，结束部分区域长期无高速覆盖历史，惠及群众超10万人。 "四条高速公路建成通车，新增通车里程126公里，标志着济宁'四纵四横'高速公路网全面建成，不仅极 大缓解主城区过境交通压力，也为加快构建都市区一体化发展格局、提升综合交通枢纽能级奠定坚实基 础。"济宁市交通运输局建设管理科科长沈跃介绍。目前，济宁公路通车总里程达2.16万公里（其中高 速公路625公里），基本形成以京台、济微、济徐、济广高速为"四纵"，董梁、日兰、潍商、岚菏高速 为"四横"的高速公路主骨架。 12月26日，济邹高速、济商高速嘉祥至金乡段、济微高速北段、郓鄄 ...

Group 1 - Hunan Investment's stock price increased by 1.12% to 5.43 CNY per share, with a trading volume of 16.88 million CNY and a turnover rate of 0.63%, resulting in a total market capitalization of 2.711 billion CNY [1] - The company, established on November 8, 1992, and listed on December 20, 1993, is based in Changsha, Hunan Province, and its main business areas include highway construction and operation, asset management, property services, hotel investment and operation, and urban complex investment and development [1] - The revenue composition of Hunan Investment is as follows: highway construction and operation accounts for 47.27%, urban complex investment and development for 37.49%, hotel investment and operation for 7.64%, and asset management and property services for 7.59% [1] Group 2 - Noan Fund's Noan Multi-Strategy Mixed A (320016) is among the top ten circulating shareholders of Hunan Investment, holding 2.9377 million shares, which is 0.59% of the circulating shares, with an estimated floating profit of approximately 176,300 CNY [2] - The Noan Multi-Strategy Mixed A fund was established on August 9, 2011, with a current size of 1.855 billion CNY, achieving a year-to-date return of 69.95%, ranking 446 out of 8085 in its category, and a one-year return of 67.09%, ranking 438 out of 8085 [2] Group 3 - The fund manager of Noan Multi-Strategy Mixed A is Kong Xianzheng, who has been in the position for 5 years and 36 days, managing a total fund size of 5.608 billion CNY, with the best fund return during his tenure being 86.55% and the worst being -16.74% [3]