Core Viewpoint - The article emphasizes that despite the volatility in the A-share market over the past four years, there has been a bull market for undervalued, high cash flow, and high dividend stocks, particularly among state-owned enterprises, with 30% of these stocks doubling in value [2][5]. Group 1: Market Performance - Over the past four years, 30% of state-owned enterprise dividend stocks have seen their prices more than double, with 90% reaching new highs since February 2021 [2][6]. - Specific sectors such as ports, highways, publishing, and construction have shown significant growth, with stocks like Tangshan Port increasing by 145% and maintaining a dividend yield of 4.77% [5][6]. Group 2: Investment Strategy - Investors are advised to focus on understanding their companies rather than trying to time the market, as this can lead to missed opportunities and costly mistakes [3][8]. - The article references Graham's perspective that many investors fail to profit because they chase market signals rather than focusing on the fundamentals of the companies they invest in [9][10]. Group 3: Company Analysis - The article highlights that companies with low valuations and strong balance sheets have been successfully identified by the market, leading to substantial price increases [5]. - In the publishing sector, companies like Phoenix Media and Shandong Publishing have also seen their earnings per share rise significantly, with dividend yields above 4% [6].

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） | 0.3352 | 0.3176 | 5.54 | 0.0185 | | 每股净资产（元） | 0 | 4.89 | -100 | 4.61 | | 每股公积金(元) | 0.59 | 0.59 | 0 | 0.6 | | 每股未分配利润(元) | 2.75 | 2.61 | 5.36 | 2.35 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 69.69 | 57.03 | 22.2 | 74.11 | | 净利润(亿元) | 8.8 | 8.28 | 6.28 | 1.4 | | 净资产收益率(%) | 6.74 | 6.68 | 0.9 | 0.40 | 数据四舍五入，查看更多财务数据>> | 名称 | 持有数量(万股) | 占总股本 | 增减情 | | --- | --- | --- | --- | | | | 比例(%) | 况(万股 ...

智通财经APP讯，安徽皖通高速公路(00995)发布公告，公司已加入由安徽交控集团牵头的联合体，并与 交控工程、交控建工及交控信息产业共同参与有关S62亳州至郸城高速公路亳州段建设的PPP项目的公 开招标，并于近期接获PPP项目的中标确认书。 于接获PPP项目的中标确认书后，公司拟与联合体其他成员成立合资公司以实施PPP项目(须就PPP项目 订立正式投资协议)。根据上市规则，预期成立合资公司(倘落实)将构成公司的关连交易。 1.安徽交控集团以现金出资人民币3.8808亿元，持股63%;2.公司以现金出资人民币2.156亿元，持股 35%;3.交控工程以现金出资人民币616万元，持股1%;4.交控建工以现金出资人民币308万元，持股0.5%; 及5.交控信息产业以现金出资人民币308万元，持股0.5%。 公司拟以其自有资金向合资公司进行现金出资。预计合资公司就PPP项目所需的其他资金将通过债务融 资及╱或注资以外的方式筹集。 S62亳州至郸城高速公路亳州段是连接皖北地区与中国中部省份的重要通道。与联合体其他成员成立合 资公司将使公司能够参与PPP项目。通过参与PPP项目，公司将进一步拓展及提升其高速公路业务布 ...

Fund Overview - The fund is named "招商基金招商公路高速公路封闭式基础设施证券投资基金" and is also referred to as "招商高速公路 REIT" [2] - The fund was established on October 17, 2024, with a total of 500 million shares [2] - The fund's investment strategy focuses on infrastructure assets, with over 80% of its assets allocated to infrastructure asset-backed securities [2][3] Financial Performance - For the reporting period from October 17, 2024, to December 31, 2024, the fund reported total income of approximately RMB 86.78 million and a net profit of approximately RMB 17.43 million [3] - The fund's total assets at the end of the reporting period were approximately RMB 4.35 billion, with net assets of approximately RMB 3.31 billion [3] - The annualized cash distribution rate was reported at 9.90%, with a cash distribution rate of 7.44% for the period [3] Project Details - The fund acquired 100% equity of 安徽亳阜高速公路有限公司, which operates the 101.3 km long Bozhou-Fu Highway [2][8] - The highway generated a total toll revenue of approximately RMB 84.10 million during the reporting period, reflecting a year-on-year increase of 3.2% [24] - Daily average traffic volume was reported at 13,619 vehicles, with a year-on-year growth of 3.06% [24][25] Market Context - The highway industry in China is entering a mature phase, with a stable demand for transportation services and a growing network of highways [12][13] - The total length of highways in China has increased by 3.61% year-on-year, indicating ongoing infrastructure development [12] - The competitive landscape includes various transportation modes, but highways maintain a strong position due to their convenience and extensive coverage [13][14] Operational Management - The fund's operational management is conducted by 招商局公路网络科技控股股份有限公司, ensuring compliance and efficiency in managing the infrastructure assets [6][10] - The operational management fees for the reporting period included various components, ensuring the effective management of the highway project [6][10] - The fund emphasizes a collaborative approach with the operational management team to enhance service quality and operational efficiency [25]

债券代码：242468 债券简称：25皖通V2 安徽皖通高速公路股份有限公司 关于项目中标暨关联交易的公告 债券代码：242121 债券简称：24皖通01 债券代码：242467 债券简称：25皖通V1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 证券代码：600012 证券简称：皖通高速 公告编号：2025-007 二、项目基本概况 方式为BOT（建设-运营-移交） 政秘〔2021〕86号）中新增4条提升与中部地区互联互通水平的高速公路之一"S62 亳州至郸城高速"。项目起于谯城区立德镇西北侧顺接G35济广高速和亳蒙高速公 路相交处的立德枢纽，终点位于双沟镇西南侧顺接河南省周口至平顶山高速公路 规划线位，依次途经亳州市谯城区、立德镇、古城镇、淝河镇、双沟镇，线路全 长20.695km，采用双向四车道高速公路标准建设，四车道整体式路基宽度27米， 设计速度120公里/小时。全线设置桥梁16座，互通立交3处，停车区1处，匝道收 费站2处，养护工区1处。 金约 6.16 亿元，占总投资的 20%，由项目法 ...

Core Viewpoint - Chengdu Expressway reported a decline in net profit for the fiscal year 2024, indicating challenges in revenue generation despite a slight increase in overall income [1][2]. Financial Performance - The company achieved a total revenue of 2.915 billion yuan, reflecting a year-on-year increase of 0.74% [1]. - The net profit attributable to shareholders was 520 million yuan, representing a year-on-year decrease of 16.04% [1]. - Basic earnings per share were reported at 0.31 yuan, with a proposed final cash dividend of 0.101 yuan per share [1]. Revenue Breakdown - The primary source of revenue for the expressway business was toll income, which accounted for 88.9% of the total expressway business revenue [2]. - Toll income for the expressway business was 1.433 billion yuan, showing a decrease of 37.6836 million yuan, or a decline of 2.6% year-on-year [2]. Factors Affecting Revenue - Several factors contributed to the decline in toll income: - Insufficient domestic economic demand and extreme weather conditions negatively impacted traffic volume and toll revenue [2]. - Increased free passage days during the Spring Festival and Qingming Festival compared to the previous year led to reduced toll income [2]. - The full closure of the G5 Jingkun (Chengmian section) during 2023 diverted traffic to Chengpeng Expressway, which did not benefit in 2024 [2]. - Implementation of differentiated toll discounts for trucks in Sichuan province from April 1, 2024, to December 31, 2024, resulted in reduced toll income across expressways [2]. - Construction restrictions on Qiongming Expressway led to decreased traffic and toll revenue [2]. - The opening of Chengdu Metro Line 19 and the extension of Line 10, along with internal construction at Shuangliu Airport, reduced traffic and toll income on the Chengdu Airport Expressway [2].

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 2 月未經審核之營運資料如下： | | 2024 年 2 月 | 2025 年 2 月 | 變動 % | | --- | --- | --- | --- | | 於營運層面 | | | | | 廣深高速公路 | | | | | 月總路費收入（人民幣千元） | 152,308 | 207,056 | 36% | | 日均路費收入（人民幣千元） | 5,252 | 7,395 | 41% | | 廣珠西綫高速公路 | | | | | 月總路費收入（人民幣千元） | 73,165 | 83,929 | 15% | | 日均路費收入（人民幣千元） | 2,523 | 2,997 | 19% | | 沿江高速公路（深圳段） | | | | | 月總路費收入（人民幣千元） | 30,778 | 49,105 | 60% | | 日均路費收入（人民幣千元） | 1,061 | 1,754 | 65% | 註： 路費收入不包括稅項 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 ...

Core Viewpoint - Investing in high-dividend companies may be a direction to outperform the index in the short term, with a focus on state-owned enterprise dividend ETFs showing slight upward movement [1][2]. Group 1: ETF Performance - As of March 26, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.05%, with component stocks showing mixed performance [1]. - The State-Owned Enterprises Dividend ETF (159515) increased by 0.09%, with the latest price reported at 1.09 yuan [1]. - The latest scale of the State-Owned Enterprises Dividend ETF reached 51.1486 million yuan, marking a one-month high [2]. Group 2: Component Stocks - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with notable stocks including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [3]. - The performance of key stocks varied, with COSCO Shipping Holdings down by 0.68% and Shanxi Coal International up by 1.07% [5]. Group 3: Investment Strategy - East Asia Securities suggests that focusing on high-dividend companies based on fundamentals may lead to short-term outperformance [2]. - The report emphasizes the importance of monitoring market rhythm and industry progress, particularly in sectors like artificial intelligence and robotics, which are expected to see growth [2]. - Short-term investment opportunities are highlighted in marine economy, military industry, and consumer sectors with clear policy expectations [2].

Group 1 - The core viewpoint of the news is that as of March 21, 2025, institutional investors hold a significant portion of Shenzhen Expressway's shares, with the top ten institutions accounting for 58.26% of the total shareholding [1] - A total of 19 institutional investors have disclosed their holdings in Shenzhen Expressway, with a combined shareholding of 1.271 billion shares, representing 58.28% of the company's total equity [1] - The top ten institutional investors include notable entities such as New Tongchan Industrial Development (Shenzhen) Co., Ltd. and Shenzhen Shenguanghui Highway Development Co., Ltd., among others [1] Group 2 - In the public fund sector, there was a slight increase in holdings from one fund, Huatai-PB SSE Dividend ETF, while one fund, Invesco Great Wall CSI Low Volatility 100 ETF, saw a slight decrease in holdings [2] - A total of 12 new public funds have disclosed their holdings this period, including Guolian High Dividend Mixed A and Qianhai Kaiyuan Refinance Stock [2] - One public fund, Huatai Zijin Value Vision 18-Month Holding Mixed A, was not disclosed in the previous quarter [2]

安徽皖通高速公路股份有限公司 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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 本公告只可作參考用途，並不構成收購、購買或認購證券的邀請或要約，或就進行上述任何事宜 訂立協議的邀請，亦不得視作收購、購買或認購本公司任何證券的要約。 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 自願公告 認購深圳高速A股股份 本公告由安徽皖通高速公路股份有限公司（以下簡稱「本公司」）自願作出。 本公司董事會（「董事會」）欣然宣佈，本公司已與深圳高速公路集團股份有限公司 （「深圳高速」）訂立深圳高速公路集團股份有限公司與安徽皖通高速公路股份有限 公司關於深圳高速公路集團股份有限公司向特定對象發行A股股票之認購協議（「認 購協議」）。根據認購協議，本公司同意認購而深圳高速同意配發及發行38,179,196 股深圳高速A股股份（「認購股份」）（「本次交易」），每股認購股份的認購價為人民幣 1 ...