Core Points - The company has successfully completed the issuance of its fifth phase of ultra-short-term financing bonds for the year 2025, amounting to 1 billion yuan [1] - The funds raised from this issuance have been deposited into the company's designated account [1] Summary by Sections - **Issuance Details** - The company applied for a unified registration of non-financial corporate debt financing instruments, including ultra-short-term financing bonds, short-term financing bonds, medium-term notes, PPN, and ABN, as approved by the shareholders' meeting held on May 9, 2024 [1] - The issuance of the 1 billion yuan ultra-short-term financing bond was completed on November 12, 2025 [1] - **Regulatory Compliance** - The company assures that the announcement content does not contain any false records, misleading statements, or significant omissions, and takes legal responsibility for the authenticity, accuracy, and completeness of the content [1]

Core Viewpoint - Shenzhen Expressway's stock price has declined by 23.69% this year, with a recent drop of 2.04% in intraday trading, reflecting ongoing challenges in the market [1][2]. Company Overview - Shenzhen Expressway, established on December 30, 1996, and listed on December 25, 2001, primarily engages in the investment, construction, and management of toll roads [2]. - The company's revenue sources include toll fees (62.51%), construction services under franchise agreements (11.76%), kitchen waste treatment operations (9.33%), wind power generation (7.37%), and other services [2]. Financial Performance - For the period from January to September 2025, Shenzhen Expressway reported a revenue of 6.05 billion yuan, representing a year-on-year growth of 3.24%, and a net profit attributable to shareholders of 1.47 billion yuan, up 7.01% year-on-year [3]. - The company has distributed a total of 14.54 billion yuan in dividends since its A-share listing, with 2.83 billion yuan distributed over the past three years [4]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 20,800, with an average of 83,524 circulating shares per shareholder, reflecting increases of 5.16% and 14.17% respectively [3]. - Among the top ten circulating shareholders, Huatai-PB SSE Dividend ETF holds 34.63 million shares, an increase of 1.93 million shares from the previous period [4].

Core Viewpoint - The Hainan sector has shown strong performance, with notable gains in several companies, particularly Haima Automobile, which reached its daily limit up [1] Group 1: Company Performance - Haima Automobile has hit the daily limit up, indicating strong investor interest and positive market sentiment [1] - Other companies in the Hainan sector, such as Hainan Mining, Hainan Highway, and Haixia Co., have also experienced upward movement in their stock prices, reflecting a broader trend in the region [1]

Core Viewpoint - The Hainan sector is experiencing a strong rally, with Haima Automobile leading the surge and other companies like Hainan Mining, Hainan Highway, and Haixia Co. also seeing significant gains [1] Company Summary - Haima Automobile has seen a notable increase, contributing to the overall strength of the Hainan sector [1] - Hainan Mining is among the companies that have shown a positive performance, reflecting the bullish trend in the region [1] - Hainan Highway and Haixia Co. are also participating in the upward movement, indicating a broader market enthusiasm for Hainan-based companies [1]

Core Viewpoint - The article discusses the impending expiration of tolls on the Xibao Expressway, highlighting the relationship between transportation infrastructure and regional development, as well as the broader trend of toll-free highways across China [4][6]. Summary by Sections Toll Expiration - The Xibao Expressway, which connects major cities in the Guanzhong area, is approaching its toll expiration date, set for December 19, 2025, as per a government approval from 2011 [4][6]. - The expressway's tolling period was established based on the completion of its expansion project, with specific conditions for toll collection outlined in the approval documents [8][10]. Historical Context - The Xibao Expressway has been a vital transportation route since its completion in 1995, significantly contributing to the economy of the region, which accounts for 20% of the province's area and 52% of its GDP [10][13]. - The expressway underwent a major expansion starting in 2008, with a total investment of approximately 7.37 billion, translating to an average cost of about 51.5 million per kilometer [10][13]. National Trends - There is a growing trend of highways across China becoming toll-free, either due to the expiration of tolling periods or local policies promoting free access [16][20]. - Recent examples include highways in Sichuan and Hunan provinces that have recently ceased toll collection, reflecting a shift towards more accessible transportation infrastructure [16][20]. Regulatory Framework - The article references the "Regulations on the Management of Toll Roads," which stipulate maximum tolling periods for government-funded highways, with extensions possible under certain conditions [14][17]. - The trend of extending toll periods through road expansions has been noted, but it is emphasized that tolling should align with debt repayment needs [17][20]. Implications for Development - The expiration of tolls on the Xibao Expressway may provide economic benefits to the local population and support regional development, reinforcing the public nature of such infrastructure [10][13]. - The article suggests that as tolls expire, there should be a commitment to uphold contractual agreements and enhance public welfare through improved access to transportation [10][13].

Core Viewpoint - Hainan Highway is undergoing a strategic transformation from a traditional road construction company to a smart transportation service provider, leveraging digital technologies and integrating various transportation-related services to enhance operational efficiency and market competitiveness [3][4][6]. Group 1: Strategic Transformation - Hainan Highway is focusing on "smart transportation" as a new growth area, integrating digital economy with traditional transportation to adapt to future developments [3][4]. - The company has established a unique underwater computing center to reduce operational costs and provide robust computing services for smart transportation and supply chain sectors [4]. - The restructuring of Hainan Transportation Group has positioned Hainan Highway as the core listed platform for provincial transportation development, enhancing its strategic role [5]. Group 2: Business Expansion and Integration - Hainan Highway is enhancing its core business capabilities, with transportation business revenue increasing to 67.07% in 2024, through projects like provincial road construction and maintenance [5]. - The planned acquisition of a 51% stake in Jiaokong Petrochemical aims to integrate energy services into its transportation ecosystem, creating a comprehensive service model [6]. - The company is set to capitalize on the upcoming Hainan Free Trade Port's full closure in December 2025, which is expected to boost infrastructure demand and expand market opportunities [7][8]. Group 3: Future Outlook - Hainan Highway aims to become a key hub connecting logistics and tourism in the Free Trade Port, leveraging new assets like Jiaokong Petrochemical to enhance non-fuel business operations [8]. - The company is committed to enhancing its comprehensive service capabilities and technological innovation to meet the growing infrastructure demands and contribute to high-quality transportation development in Hainan [8].

Core Points - Shandong Hi-Speed announced the successful issuance of its fifth phase of ultra-short-term financing bonds for the year 2025, amounting to 1 billion yuan [2] - The funds raised from this issuance have been deposited into the company's designated account [2] Summary by Category Company Actions - The company completed the issuance of 1 billion yuan ultra-short-term financing bonds on November 12, 2025 [2] - The raised funds are now available in the company's specified account [2]

来源：中金固定收益研究 本期报告覆盖了近一周发行的短融/超短融和中期票据，其中距离上次跟踪超过九个月的发行人有详细点评。 本周短融中票公告发行额合计1484.43亿元，比上周增加155.29亿元，其中短融76亿元、超短融679.34亿元、中期票据729.09亿元。从行业分布看，本周短 融中票共发行119支，其中城投18支，占比15.25%；发行额位居前五位的行业包括综合投资201亿元、电力153亿元、高速公路140亿元、食品饮料140亿元 和石油140亿元。从外部评级看，评级AAA的发行人发行额1354.79亿元，AA+发行额101.58亿元，AA发行额23.06亿元。本周短融/超短融、中票发行集中 在高等级、综合投资品种。 本周涉及2项中金评分调整：中国医药由4+下调至4，环球天津由4-下调至5+。 新券信息 | 债券名称 | 发行额 | 期限 | 发行 利率 发行日 | 上市日 担保人 行业 | 外部评级 | 主承销商 | 中金评分 | 发行人全称 | 最近评论 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | (亿元) ...

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Core Viewpoint - Shenzhen Expressway Company Limited (00548) has made significant investments in structured deposit products with Jiangsu Bank, indicating a strategic move to enhance liquidity and yield on cash reserves [1] Group 1: Investment Details - The company subscribed to structured deposit products with a principal amount of RMB 50 million each on three occasions: October 27, 2025, October 28, 2025, and November 11, 2025 [1] - An additional subscription of RMB 50 million for a sixth structured deposit product was made on November 12, 2025 [1]