Core Viewpoint - Qilu Highway (01576) has issued a profit warning, expecting a significant decline in revenue and net profit for the upcoming six months ending June 30, 2025, primarily due to a decrease in construction business income [1] Revenue Summary - The company anticipates revenue of approximately RMB 1.067 billion, representing a year-on-year decrease of about 61.98% [1] - Toll revenue is expected to be around RMB 847 million (including tax), showing a year-on-year increase of approximately 70.03%, attributed to the completion of the Jizhou-Heze expressway expansion and the restoration of two-way traffic [1] Profit Summary - The projected net profit is approximately RMB 198 million, which indicates a year-on-year decline of about 21.62% [1] - The decrease in net profit is mainly due to increased depreciation, amortization, and financial costs following the completion of the Jizhou-Heze expressway expansion [1]

Core Viewpoint - Qilu Highway (01576) issued a profit warning, expecting a significant decline in revenue and net profit for the upcoming six months ending June 30, 2025 [1] Revenue Summary - The company anticipates revenue of approximately RMB 1.067 billion, representing a year-on-year decrease of about 61.98% [1] - Toll revenue is expected to be around RMB 847 million (including tax), showing a year-on-year increase of approximately 70.03% due to the completion of the Jizhou-He Highway expansion and restoration of two-way traffic [1] Profit Summary - The expected net profit is approximately RMB 198 million, which indicates a year-on-year decline of about 21.62% [1] - The decrease in net profit is attributed to increased depreciation, amortization, and financial costs following the completion of the Jizhou-He Highway expansion [1]

"零点"即"起点"，济南收费站是山东第一条高速公路——济青高速公路的起点。全新的济南收费站 保留"一站四点式"设计，共设置24条收费车道，东西岗分别采用ETC/MTC混合"6入8出""4入6出"模式， 配置新一代智能收费系统，集成ETC全覆盖、动态车道管理等功能。创新应用无人机构建区域立体化巡 查模式，结合车道流量实时监测平台智能算法，前置化调控前岗通行效率，收费站通行效率较前期提升 40%。 作为山东首条高速公路济青高速的起点，山东高速集团济南收费站顺利恢复全面通车运行。 据了解，新济南收费站承载了高速公路、城市快速路、城市主干路三者间交通转换功能，不仅为济 南打通一条贯通南北的快速通道，实现济南市主城区与新旧动能转换起步区的高效联络，还可东西融入 国家干线高速公路网，将缓解济南北部交通压力，大幅提升济南交通路网的通行能力和服务能力。（记 者 范薇 刘飞跃 通讯员 魏志尚） ...

Core Viewpoint - As of August 5, 2025, Gansu Expressway (赣粤高速) reported a closing price of 5.16 yuan, reflecting a 0.98% increase, with a trading volume of 130,900 lots and a transaction amount of 67.39 million yuan [1] Financial Performance - For the first quarter of 2025, the company reported total operating revenue of 1.561 billion yuan, a year-on-year increase of 0.10% - The net profit attributable to shareholders was 428 million yuan, representing a year-on-year growth of 9.52% - The non-recurring net profit was 411 million yuan, up 7.17% year-on-year - The current ratio stood at 1.076, the quick ratio at 0.740, and the debt-to-asset ratio at 43.51% [1] Capital Flow - On the trading day, the net outflow of main funds was 11.01 million yuan, accounting for 16.33% of the transaction amount - The outflow from large orders was 2.43 million yuan, making up 3.61% of the transaction amount, while small orders saw a net inflow of 8 million yuan, representing 11.87% of the transaction amount [1] Company Overview - Jiangxi Gansu Expressway Co., Ltd. was established in 1998 and is located in Nanchang City, primarily engaged in public facility management - The company has a registered capital of 2.335 billion yuan, which is also the paid-in capital - The legal representative of the company is Han Feng [1] Investment and Intellectual Property - The company has made investments in 18 enterprises and participated in 1,054 bidding projects - It holds 12 trademark registrations and 143 patents, along with 43 administrative licenses [2]

Group 1 - In the first half of 2023, Guangdong Province completed investments of 570.4 billion yuan in key projects, achieving 57% of the annual investment plan [1] - The 2025 key construction project plan includes 1,489 key projects and 1,001 preparatory projects, with 50% of the projects being industrial [1] - Major ongoing projects include the construction of highways, railways, and energy facilities, contributing to regional economic development [2][3] Group 2 - The Guangdong-Hong Kong-Macao Greater Bay Area's intercity rail network is being rapidly developed, with the Shenzhen Airport to Qianhai section expected to enhance connectivity [2] - The expansion of Guangzhou Baiyun International Airport is nearing completion, which will increase its annual passenger capacity to 120 million, making it the largest single terminal airport globally [3] Group 3 - Energy projects in Guangdong are increasingly focused on green development, with 26 offshore wind power projects included in the 2025 key construction plan [4] - By the end of 2025, Guangdong's offshore wind power capacity is expected to reach 15 million kilowatts, positioning it as a leader in the sector [4][5] - The offshore wind power capacity in the first half of 2023 reached 12.51 million kilowatts, significantly reducing carbon emissions compared to traditional coal-fired power plants [5]

Group 1 - The core viewpoint of the article highlights that Hainan Expressway is focusing on transforming into a technology-driven comprehensive transportation group while maintaining its core business in highway investment, construction, and operation management [1] - As of July 31, the total number of shareholders reached 74,100, an increase of 17,200 or 30.22% from July 18, indicating growing investor interest [1] - The average number of shares held per shareholder decreased from 17,200 to 13,200, with an average market value of circulating shares at 88,300 yuan [1] Group 2 - On August 4, Hainan Expressway's stock price closed at 6.69 yuan, up 0.06 yuan from the previous trading day, with a trading volume of 193,700 hands and a transaction amount of 129 million yuan, reflecting a volatility of 1.81% [1] - The net outflow of main funds on August 4 was 11.11 million yuan, with a cumulative net outflow of 107 million yuan over the past five trading days [1] - The company has stated that there are currently no highway projects under construction [1]

证券日报网讯海南高速（000886）8月4日在互动平台回答投资者提问时表示，公司聚焦"回归主业、转 型发展"总体目标，围绕"大交通"产业体系，全力打造科技型综合交通集团，大力发展新质生产力，做 强做优做大主业，同时不断深化推进改革，提高管理效率，扎实推进企业高质量发展。 ...

证券日报网讯海南高速（000886）8月4日在互动平台回答投资者提问时表示，目前公司没有在建高速公 路。 ...

Core Insights - The China Securities Hong Kong 300 Transportation Index (H300 Transportation) has shown significant growth, with a 14.29% increase over the past month, 26.48% over the past three months, and 21.50% year-to-date [1]. Group 1: Index Overview - The H300 Transportation Index is composed of selected securities from the China Securities Hong Kong 300 Index, focusing on industries such as banking, transportation, resources, infrastructure, logistics, and leisure [1]. - The index was established on December 31, 2004, with a base point of 1000.0 [1]. Group 2: Index Holdings - The top ten weighted stocks in the H300 Transportation Index include ZTO Express (22.28%), J&T Express (21.3%), COSCO Shipping Holdings (12.02%), and others, with a total of 100% of holdings in the Hong Kong Stock Exchange [1]. - The sector breakdown of the index holdings shows that express delivery accounts for 43.58%, shipping for 32.32%, air transportation for 10.74%, logistics for 7.75%, highways for 3.23%, and ports for 2.38% [2]. Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2].

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - No clear core viewpoints are presented in the provided content Summary by Relevant Catalogs Secondary Market Price and Volume Performance - From July 28 to August 1, 2025, some REITs showed price changes of 20.51%, 14.74%, 60.01%, 39.98%, and 70.00% [26] Secondary Market Valuation Situation - The report provides detailed valuation data for various REITs, including P/FFO, P/NAV, IRR, expected values for 2025, and other indicators for different types of REITs such as warehousing and logistics, industrial parks, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, and energy [16] Market Correlation Statistics - It shows the correlation coefficients between REITs and different asset classes such as stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, and different types of REITs (property - related, franchise - related, etc.) also have different correlation coefficients with these asset classes [22] Primary Market Tracking - Lists multiple REIT projects in different stages (approved, accepted, feedback - received). For example, the Southern Runze Technology Data Center REIT has been approved, with a project valuation of 4.203 billion yuan, and the CICC Vipshop Outlets REIT has been accepted, with a project valuation of 2.972 billion yuan [25]