深圳高速公路股份(00548)发布公告，董事会于20258月22日收到联席公司秘书于林婉玲女士提交的书面 辞职报告。林女士因个人业务原因辞任联席公司秘书职务。林女士的辞职报告送达董事会后即时生效。 赵桂萍女士，公司的另一位联席公司秘书，将继续担任公司的公司秘书。 ...

公告称，归母净利增长主要为持有参股公司股权公允价值变动收益增加及利息支出减少等所致。 深圳高速公路股份(00548)公布2025年中期业绩，营业收入约39.186亿元，同比增长4.3%;归属于上市公 司股东的净利润约9.6亿元，同比增长24.04%;基本每股收益0.382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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲載列深圳高速公路集團股份有限公司（「本公司」）在上海證券交易所網站發布的 《2025 年半年度報告》，僅供參閱。 承董事會命 趙桂萍 公司秘書 中國，深圳，2025 年 8 月 22 日 於本公告之日，本公司董事會的成員包括執行董事徐恩利先生、廖湘文先生、姚海先 生和文亮先生；非執行董事陳雲江先生、伍燕淩女士和張堅女士；以及獨立非執行董 事李飛龍先生、繆軍先生、徐華翔先生和顏延先生。 深圳高速公路集团股份有限公司 2025 年半年度报告 公司代码：600548 公司简称：深高速 深圳高速公路集团股份有限公司 SHENZHENEXPRESSWAYCORPORATIONLIMITED （于中华人民共和国注册成立的股份有限公司 ） 2025 年半年度 ...

Core Insights - Guangdong Provincial Highway Co., Ltd. is advancing the digital transformation of maintenance for key routes, including the Fokai Expressway, to meet safety management needs [1][2] Group 1: Infrastructure and Technology - The Fokai Expressway is a critical segment of the Shenhai Expressway, featuring 439 bridges and culverts, 15 interchanges, and 5 navigable bridges, with over 360,000 vessels passing annually [1] - An intelligent monitoring platform has been established for the Jiujiang Bridge, integrating video surveillance and collision warning systems for 24/7 real-time monitoring and dynamic alerts [1] - The navigation bridge collision warning system has achieved full coverage, utilizing laser radar to accurately scan vessel movements even in adverse weather conditions [1] Group 2: Safety and Emergency Management - A comprehensive emergency response system has been developed, enhancing disaster detection capabilities through various technologies such as fiber optic monitoring stations and gyroscopes [2] - The system includes variable information boards and the "Yue Tongxing" app to disseminate risk information, optimizing the critical five-minute rescue window [2] - The project is part of a national key research and development program, significantly improving the ability to prevent bridge collisions with vessels [2]

Core Insights - As of August 21, a total of 110 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Suzhou Bank, which has seen net purchases for 14 consecutive trading days [1] - Other notable stocks with significant net buying days include ST Guangwu, Dong'e Ejiao, China Power, Huasheng Technology, Qilu Bank, Lanzhou Bank, Jiugang Hongxing, Design Institute, Nanjing Bank, and Jilin Expressway [1]

Group 1 - JPMorgan Chase & Co. increased its stake in Jiangsu Ninghu Expressway (00177.HK) by acquiring 904,000 shares at an average price of HKD 9.7795 per share, totaling approximately HKD 8.84 million [1] - Following this acquisition, JPMorgan's total holdings in Jiangsu Ninghu Expressway rose to 73,443,131 shares, with the ownership percentage increasing from 5.93% to 6.01% [1]

Core Viewpoint - The company reported better-than-expected performance for 1H25, with revenue and net profit both increasing by 14.9% year-on-year, driven by higher toll revenue and a significant decrease in financial expenses [1][2]. Financial Performance - 1H25 revenue reached 2.1 billion yuan, a year-on-year increase of 14.9% [1]. - Net profit attributable to shareholders was 360 million yuan, also up 14.9% year-on-year, exceeding expectations [1]. - The company declared an interim dividend of 0.12 HKD per share, maintaining the same level as 1H24, with a payout ratio of 50.6% [1]. Revenue Growth Drivers - Toll revenue for 1H25 was 2.06 billion yuan, reflecting a 15.2% year-on-year increase, attributed to several factors: 1. The consolidation of Pinglin Expressway contributed 260 million yuan to toll revenue [1]. 2. The impact of construction on Wuhuang Expressway led to a 56.6% increase in toll revenue for Hanhe Expressway [1]. 3. The expansion project on Hanyi Expressway resulted in a 17.3% increase in toll revenue for Hancai Expressway [1]. 4. The low base effect from adverse weather conditions in the same period last year [1]. Cost and Margin Analysis - Operating costs increased by 22.8% year-on-year, with intangible asset amortization rising by 26.3%, outpacing revenue growth [2]. - The gross margin decreased by 3.4 percentage points to 46.8% [2]. - Financial expenses decreased by 11.1% year-on-year, benefiting from lower market interest rates, with a weighted average interest rate of 2.6% in 1H25 compared to 3.15% in 1H24 [2]. Long-term Growth Potential - The company is focused on reinvesting in its core business, with the acquisition of Pinglin Expressway expected to strengthen its central road network [2]. - The core asset expansion in Guangzhou and potential group asset injections are anticipated to provide ongoing growth [2]. - The dividend policy remains stable, with a projected dividend payout ratio of 58.5% in 2024, suggesting attractive dividend yields of 6.9% and 7.3% for 2025 and 2026, respectively [2]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 upwards by 3.4% and 4.3%, respectively, to 739 million yuan and 770 million yuan [2]. - The current stock price corresponds to a price-to-earnings ratio of 8.5 times for 2025 and 8.0 times for 2026 [2]. - The target price has been raised by 4.3% to 4.34 HKD, reflecting a 9.0 times price-to-earnings ratio for 2025 and 8.5 times for 2026, indicating a potential upside of 6.1% from the current stock price [2].

Core Points - The company successfully issued the fifth phase of ultra-short-term financing bonds for the year 2025, with a total scale of 800 million RMB [1] - The bond has a maturity period of 270 days, with an interest rate set at 1.57% [1] - The funds raised have been transferred to the company's designated account on August 19, 2025 [1]

分红多募资少。 A股市场下起"红包雨"，现金分红成为主流。 根据Wind数据，截至8月21日收盘，已有160家上市公司披露了2025年中期分红预案，仅20日晚间就有 23家公告了分红预案。其中，牧原股份（002714.SZ）的分红计划受到市场关注，该公司拟每10股派发 现金红利9.32元，分红金额超过50亿元。 此前的8月19日晚间，吉比特（603444.SH）、福耀玻璃（600660.SH）公告，每10股拟派发现金红利分 别为6.6元、0.9元，拟派发现金4.74亿元、23.49亿元。这两只股票的共同点在于，上市以来的分红总额 已超过实际募资总额。 其中，福耀玻璃是分红融资比排名前十的公司之一。依据Wind数据计算，贵州茅台（600519.SH）、山 西汾酒（600809.SH）、宁沪高速（600377.SH）、兖矿能源（600188.SH）、五粮液（000858.SZ）、 达安基因（002030.SZ）、格力电器（000651.SZ）、江铃汽车（000550.SZ）、重庆啤酒（600132.SH） 是另外9家，前十大"分红王"的分红融资比均超过24倍。其中，贵州茅台分红融资比超150倍，这意味着 每募集1 ...

Core Viewpoint - Zhejiang Huhangyong Highway Co., Ltd. plans to absorb and merge with Zhenyang Development through a share swap, indicating a strategic move to enhance its capital platform and market position [1][4]. Group 1: Company Overview - Zhejiang Huhangyong, a state-owned enterprise established nearly 30 years ago, is known for its stable operations and has consistently paid dividends, totaling over 32 billion RMB since its IPO [2]. - The company has shown a steady increase in annual cash dividends, rising from 1.541 billion RMB in 2020 to an expected 2.307 billion RMB in 2024, reflecting its strong financial health [2]. - In 2023, Zhejiang Huhangyong reported revenues of 16.965 billion RMB and a net profit of 5.224 billion RMB, with projected revenue growth of 6.48% to 18.065 billion RMB in 2024 [2]. Group 2: Market Reaction - Following the announcement of the merger, Zhejiang Huhangyong's stock price fell, likely due to concerns over Zhenyang Development's weaker profitability, which could dilute overall profits post-merger [3]. - Zhenyang Development's 2024 revenue is projected at 2.899 billion RMB, with a net profit of 191 million RMB, down 23.21% year-on-year, highlighting a significant disparity in financial performance compared to Zhejiang Huhangyong [3]. Group 3: Strategic Implications - The merger is part of Zhejiang Huhangyong's strategy to deepen its capital platform, aiming to enhance its valuation in the A-share market and broaden financing channels for future investments [4]. - The company’s core competitiveness lies in its quality highway assets and sustainable operational philosophy, which is expected to be reinforced through this merger [4]. - Long-term benefits for shareholders are anticipated, including valuation reassessment for domestic shareholders and continued dividends for H-share holders, as the merger is seen as a strategic upgrade [4].