Group 1 - Shenzhen Expressway Company Limited (00548) announced that it subscribed to a structured deposit product with a principal amount of RMB 500 million on July 30, 2025 (Phase 1) [1] - The company further subscribed to another structured deposit product with a principal amount of RMB 500 million on July 31, 2025 (Phase 2) [1]

齐鲁高速(01576)发布公告，王振江先生(王先生)因工作调动原因辞任本公司董事长、执行董事、董事会 提名委员会(提名委员会)主席、董事会战略委员会(战略委员会)主席、法定代表人及就香港联合交易所 有限公司证券上市规则(上市规则)第3.05条而言的授权代表(授权代表)的职务，有关辞任自2025年7月31 日起生效。 根据提名委员会的提名及董事会的审议，董事会建议委任魏勇先生(魏先生)为执行董事。任期自本公司 股东会会议审议通过之日生效，直至本届董事会任期届满之日为止。 董事会宣布，王令方先生已获委任为提名委员会主席，任期自2025年7月31日起直至本届董事会任期届 满之日为止。 董事会宣布，执行董事段鹏先生已获委任为授权代表，自2025年7月31日起生效。 ...

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） 2025年6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6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% | 13,088 | 436 | | 機荷東段 | 100% | 100% | 60,258 | 2,009 | | 機荷西段 | 100% | 100% | 49,624 | 1,654 | | 沿江項目 | 100% | 100% | 66,302 | 2,210 | | 外環項目 | 100% | 100% ...

董事会宣布，王令方先生已获委任为提名委员会主席，任期自2025年7月31日起直至本届董事会任期届 满之日为止。 董事会宣布，执行董事段鹏先生已获委任为授权代表，自2025年7月31日起生效。 智通财经APP讯，齐鲁高速(01576)发布公告，王振江先生(王先生)因工作调动原因辞任本公司董事长、 执行董事、董事会提名委员会(提名委员会)主席、董事会战略委员会(战略委员会)主席、法定代表人及 就香港联合交易所有限公司证券上市规则(上市规则)第3.05条而言的授权代表(授权代表)的职务，有关 辞任自2025年7月31日起生效。 根据提名委员会的提名及董事会的审议，董事会建议委任魏勇先生(魏先生)为执行董事。任期自本公司 股东会会议审议通过之日生效，直至本届董事会任期届满之日为止。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overall, the operating performance of REITs in the second quarter basically continued the expected trend. The REIT market experienced an overall correction after the release of the second - quarter reports, similar to the situation after the first - quarter reports. The correction occurred during the period of investors' risk preference conversion and the rotation of major asset market trends, with a relatively small weight on fundamental pricing. In the short term, the overall REIT market may still be dominated by its bond - like nature, and long - term investment value exists for some projects and investors [3][6][11]. 3. Summary According to the Table of Contents 3.1 Second - Quarter REIT Performance: The General Trend Remains Unchanged, with Minor Differences - Most projects in the affordable housing, consumption, and municipal environmental protection sectors maintained stable operations. The overall occupancy rate of the warehousing sector increased marginally, but rents were still under pressure. The industrial park basically continued its previous operating trend, and there were internal differentiations in the highway and energy sectors [11]. 3.2 Affordable Housing: Steady Growth - The overall operation of the affordable housing sector remained stable. For rental - allocation projects, the occupancy rate and rent basically increased steadily. Some projects had different performance due to factors such as expansion and tax policies. Market - oriented rental projects also had stable operating indicators [12]. 3.3 Highway: Seasonal Decline and Differentiated Impact of Road Networks - In the second quarter, there were differentiations in revenue and operation among highway projects. Seasonal changes and road network changes were important influencing factors. Some projects were affected by new competing projects or road reconstruction, while others benefited from road network improvements [19][21]. 3.4 Energy: Differentiation under the Intersection of Multiple Factors - The revenue and operating indicators of the clean energy sector had a relatively high volatility. Some projects benefited from the rapid growth of power - on - grid volume, while others were affected by factors such as low light resources, competition, and power grid maintenance. However, some projects improved their distributable amounts through measures like factoring national subsidy accounts receivable [26]. 3.5 Municipal Environmental Protection: Overall Stable - The overall operation of municipal projects remained basically stable. Some projects were affected by factors such as non - heating seasons, changes in waste generation, and tax policies [31]. 3.6 Industrial Park: Continued Pressure - The industrial park basically continued its previous operating trend. Industrial plant projects had relatively stable occupancy rates and rents, while most R & D office projects faced situations of "trading price for volume" and "decline in both volume and price" [11]. 3.7 Warehouse: Marginal Stabilization - The overall occupancy rate of the warehouse sector increased marginally, but rents were still under pressure [11]. 3.8 Consumption: Seasonal Decline but Overall Strong - Some consumption projects reported a marginal decline in rent, which might be related to the seasonal decline in mall turnover and the reduction in rent commissions [11].

2025年7月31日，上海清算所网站披露公告，为保证 山东高速 股份有限公司2025年度第一期超短期融资 券（债券简称：25鲁高速股SCP001，债券代码：012580493.IB）兑付工作的顺利进行现将有关事宜公 告。本期债券发行总额5亿，起息日为2025-02-26，发行期限177日债券余额5亿，最新评级情况为 AAA，本计息期债项利率2.01%，本息兑付日为2025-08-22(如遇节假日顺延至下一工作日)，本期应偿 付本息金额5.0487356164亿元。托管在银行间市场清算所股份有限公司的债券，其兑付资金由发行人在 规定时间之前划付至指定收款账户后由该清算所在兑付日划付至债券持有人指定银行账户。 ...

"京哈高速公路绥中（冀辽界）至盘锦段改扩建项目已具备通车条件，请指示！""我宣布，京哈改 扩建北京方向5车道，正式通车！"7月30日10时20分,京哈高速锦州东收费站出口处的京哈高速改扩建工 程交通组织联合指挥中心里，现场总指挥一声令下，锦州东收费站口的信号灯由红转绿。等候多时的车 主纷纷短促鸣笛，满脸欢喜地启动汽车——改扩建后的京哈高速，迎来首批用路人。 据省交投集团相关负责人介绍，京哈改扩建工程交通及施工组织方案整体分为4个阶段，2024年10 月由第3阶段转入第4阶段，开始北京方向剩余工程建设，利用沈阳方向车道，进行沈阳、北京方向的双 向保通。经过艰苦奋战，目前沈阳方向也已具备交工条件，意味着京哈改扩建项目主体工程全部顺利完 成。7月30日，随着北京方向全线开通，原利用沈阳方向道路调流行驶的北京方向车辆，可以回到原本 车道，这对缓解全路段通行压力、提升社会效益、积极回应公众对便捷出行的期待具有重要意义。 "下一步，我们将利用不到2个月时间，开展沈阳方向临时标线清除、临时护栏拆除、永久标线施划 等尾留工程施工，将于9月底前实现项目整体10车道通车。"改扩建联合指挥中心相关负责人表示。 新闻链接 京哈改扩建 ...

Group 1 - The core viewpoint is that the state-owned economy in Sichuan has stabilized and rebounded in the first half of the year, with total assets reaching 2.97 trillion yuan and operating revenue of 306.2 billion yuan, reflecting year-on-year growth of 9.8% and 0.7% respectively [1] - Significant progress has been made in major project construction, including the completion of the Cangba Expressway and the commissioning of new power generation units by Sichuan Energy Development Group [1] - The deepening reform of state-owned enterprises is advancing steadily, with strategic restructuring in the energy sector showing notable results and the orderly promotion of professional integration in key areas [1] Group 2 - The industrial layout is increasingly focused on "new" sectors, with investments in six major advantageous industries and strategic emerging industries growing by 55.2% and 73% respectively [2] - Sichuan is actively shaping new industrial momentum by establishing various investment funds, with a total scale exceeding 50 billion yuan [2] - The state-owned enterprises have contributed to poverty alleviation efforts, with new investments in underdeveloped counties amounting to 13.074 billion yuan in the first half of the year, totaling over 33.5 billion yuan cumulatively [2]

Summary of Key Points from REITs Conference Call Industry Overview - The REITs market has experienced a valuation correction, providing entry opportunities for investors as valuations have returned to a reasonable range, with the standard deviation indicating a departure from previously high levels [1][2] Core Insights and Arguments - **Industrial Park Sector**: The industrial park segment continues to show weakness, particularly in second-tier cities where the marginal decline has exceeded expectations due to poor supply-demand dynamics. The supply side remains large, while demand is contracting as companies focus on cost reduction [1][4] - **Logistics and Warehousing**: The logistics and warehousing sector outperformed expectations in Q2, rebounding after a decline influenced by tariffs. The South China region faces significant supply pressure, while the North and East China regions continue to experience rental pressure. The Chengdu-Chongqing area shows signs of marginal recovery [1][11] - **Affordable Rental Housing**: The affordable rental housing sector demonstrated stability in Q2, with a 3.5% increase in revenue and high occupancy rates around 96%. This sector is noted for its strong anti-cyclical properties [1][14] - **Consumer REITs**: The consumer REITs sector faced seasonal impacts, with a general revenue decline of 5.5% in Q2. REITs with a high proportion of joint ventures experienced more significant fluctuations [1][15] Additional Important Insights - **Highway REITs**: There is operational differentiation within highway REITs, with overall toll revenue declining but EBITDA increasing due to effective cost control. Passenger vehicle revenue decreased while freight vehicle revenue increased, indicating a recovery in freight demand [3][18][20] - **Energy and Environmental REITs**: Wastewater treatment projects outperformed waste-to-energy projects. The market for renewable energy projects is influenced by regional policies and market pricing reforms [3][19][25] - **Market Dynamics**: The REITs market has seen a general adjustment, with an index decline of approximately 3% and individual securities experiencing declines of 5% to 8%. This adjustment is primarily driven by profit-taking behavior [2][27] - **Future Considerations**: Investors are advised to focus on projects with proven operational capabilities and stable income sources, particularly in the context of ongoing market volatility and economic uncertainty [6][9][31] Conclusion - The REITs market is currently characterized by a mix of challenges and opportunities across various sectors, with a notable emphasis on the importance of operational efficiency and market adaptability in navigating the evolving landscape.

Core Insights - The economic performance of state-owned enterprises in Sichuan has shown signs of stabilization and recovery in the first half of the year, with total assets reaching 2.97 trillion yuan, operating revenue of 306.2 billion yuan, and tax contributions of 13.7 billion yuan, reflecting year-on-year growth of 9.8%, 0.7%, and 3.3% respectively [1][2] Group 1: Economic Performance - State-owned enterprises in Sichuan completed investments totaling 122.5 billion yuan in the first half of the year [1] - Significant projects have progressed, including the completion of the Cangba Expressway and the commissioning of power generation units by Sichuan Energy Development Group [1] - The management efficiency and capital operation effectiveness of state-owned enterprises have improved, contributing positively to economic growth [1] Group 2: Reform and Innovation - The reform actions for state-owned enterprises have been advancing steadily, with a focus on strategic restructuring in the energy sector and professional integration in key areas [1][2] - The establishment of various investment funds, including a technology innovation fund and a strategic emerging industry fund, has been initiated, with a total scale exceeding 50 billion yuan [2] Group 3: Support for Underdeveloped Areas - State-owned enterprises have invested 13.074 billion yuan in 39 underdeveloped counties, with cumulative investments exceeding 33.5 billion yuan [2] - The "1+1 help 1" mechanism has been established to enhance support for these areas, optimizing the assistance model [2] Group 4: Future Outlook - The Sichuan Provincial State-owned Assets Supervision and Administration Commission emphasizes the need for state-owned enterprises to focus on economic recovery, optimize industrial layout, and deepen reforms in the remaining months of the year [2]