Core Viewpoint - The announcement from Yuexiu Transportation Infrastructure (01052) highlights the revenue performance of the Guangzhou North Second Ring Expressway, indicating a mixed performance with a month-on-month increase but a year-on-year decline in revenue [1] Revenue Performance - In June 2025, the revenue from the Guangzhou North Second Ring Expressway was 89.933 million yuan, representing a month-on-month increase of 7.5% but a year-on-year decrease of 0.8% [1] - For the first half of 2025, the cumulative revenue from the expressway was 508 million yuan, reflecting a year-on-year decline of 0.5% [1]

Core Viewpoint - Yuexiu Transportation Infrastructure (01052) reported a mixed performance in toll revenue for the Guangzhou North Second Ring Expressway, with a month-on-month increase but a year-on-year decrease in June 2025 [1] Revenue Performance - In June 2025, the toll revenue for the Guangzhou North Second Ring Expressway was 89.933 million yuan, representing a month-on-month increase of 7.5% but a year-on-year decrease of 0.8% [1] - For the first half of 2025, the cumulative toll revenue reached 508 million yuan, reflecting a year-on-year decline of 0.5% [1]

Core Viewpoint - The Beijing-Harbin Expressway expansion project is a key initiative under China's 14th Five-Year Plan, aiming to enhance transportation infrastructure and alleviate congestion on a vital route that has been in use for 22 years [1][4]. Group 1: Project Overview - The expansion project covers over 220 kilometers, passing through three cities and eight counties, with a new 16-kilometer bypass being constructed [2][4]. - The upgraded expressway will feature a ten-lane design with a maximum speed of 120 kilometers per hour and a full-width roadbed of 55 meters, making it the first long-distance ten-lane expressway in the country [6]. Group 2: Traffic Management Features - A left-side emergency parking lane has been introduced for the first time in long-distance expressway construction in China, allowing vehicles in the first two lanes to use it for emergencies [9]. - The expressway will have dedicated bus lanes and mixed-use lanes, with dynamic adjustments based on traffic flow data collected from various sensors along the route [11][15]. Group 3: Operational and Service Enhancements - A joint command center has been established to ensure the expressway's functionality during the three-year construction period, allowing for simultaneous operation and construction [16]. - The project includes the upgrade of six service areas, with the new Linghai service area being the largest in Liaoning province, featuring ample parking and facilities for emergency rescue operations [19][21].

证券简称: 楚天高速 证券代码:600035 公告编号:2025-030 公司债简称：25 楚天 K1 公司债代码：242698 湖北楚天智能交通股份有限公司（以下简称"公司"）于 2022 年 7 月 26 日发行了 2022 年度第一期中期票据（简称：22 楚天智能 MTN001；代码：102281666）， 实际发行总金额为人民币 500,000,000.00 元，期限 3 年，发行利率 2.90%，起 息日为 2022 年 7 月 28 日，兑付日为 2025 年 7 月 28 日，按年付息（若遇节假日 顺延）。其中，公司于 2023 年 7 月 28 日完成了该期中期票据 2023 年付息工作， 支付利息为人民币 14,500,000.00 元；于 2024 年 7 月 29 日完成了该期中期票据 具体情况，详情请参见公司在上海证券交易所网站(www.sse.com.cn)发布的相关 公告(公告编号：2022-024、2023-035、2024-022)。 公司于 2025 年 7 月 28 日完成了该期中期票据的兑付工作，支付本金及 2025 年利息合计人民币 514,500,000.00 元，其 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since the end of June 2025, affected by factors such as high cumulative gains, stock market diversion, fundamental pressure, mid - year profit - taking, and rising interest rates, REITs have started to correct. Although there are short - term fluctuations and increasing disturbance factors in the second half of the year, it does not change the long - term allocation value of REITs. Attention should be paid to sectors with stable fundamentals such as affordable rental housing, consumption, and municipal environmental protection [1][10][17]. - From July 18th to July 25th, 2025, due to the stock - bond seesaw effect, the bond market corrected, and the yields of credit bonds increased across the board. The net financing of corporate credit bonds decreased, while that of financial credit bonds increased significantly. In secondary trading, medium - and short - duration bonds were actively traded, and the trading of long - duration bonds increased slightly [3][4][5]. 3. Summary by Relevant Catalogs Credit Hotspots: Public Offering REITs Correction, Fundamentals Continuing from the First - Quarter Report - The public offering REITs total return index has fallen by 3.31% since June 20th, 2025, and has returned to the level at the end of May 2025. The upward trend in the first half of the year was mainly due to the low - interest - rate environment and capital under - allocation. Since the end of June 2025, it has started to correct [10]. - The fundamentals in the second - quarter report continued the trend of the first - quarter report. Affordable rental housing had stable performance; consumption was generally stable but more volatile; industrial parks continued to face pressure; warehousing and logistics performed better than industrial parks; highways were greatly affected by road network diversion; municipal environmental protection was generally stable; and the energy sector was highly differentiated [13][14][19]. - In the short term, projects with weak fundamentals face greater pressure due to interest - rate adjustments. In the second half of the year, although capital under - allocation will continue, disturbance factors increase. However, it does not change the long - term allocation value of REITs [17]. Market Review: Stock - Bond Seesaw Leads to Bond Market Correction, Credit Bond Yields Rising Across the Board - From July 18th to July 25th, 2025, due to the stock - bond seesaw effect, the interest - rate bonds corrected across the board, and the yields of credit bonds also increased across the board. The yields of medium - and short - term notes and urban investment bonds in the medium - and short - ends increased by about 10BP, and the spreads of 1 - 3Y varieties increased by about 4BP. The yields of Tier 2 and perpetual bonds generally increased significantly, with the 3 - 10Y varieties increasing by about 12BP [3]. - Last week, the buying demand was still strong. Wealth management products had a net purchase of 16.847 billion yuan, while funds had a net sale of 26.377 billion yuan. The scale of credit bond ETFs was 330.1 billion yuan, a slight year - on - year decrease of 0.17%. The median spreads of public bonds of AAA - rated entities in various industries increased by 3 - 6BP across the board last week. The median spreads of urban investment bonds in most provinces increased, with Inner Mongolia's spreads increasing by more than 10BP [3]. Primary Issuance: Net Financing of Corporate Credit Bonds Declines, Financial Credit Bonds Significantly Increase - From July 21st to July 25th, 2025, corporate credit bonds issued a total of 324 billion yuan, a 15% month - on - month increase; financial credit bonds issued a total of 228.3 billion yuan, a 128% month - on - month increase. The net financing of corporate credit bonds was 28.1 billion yuan, a 39% month - on - month decrease, with urban investment bonds having a net repayment of 26.5 billion yuan and industrial bonds having a net financing of 56.6 billion yuan. The net financing of financial credit bonds was 207.1 billion yuan [4]. - In terms of issuance interest rates, the average issuance interest rates of medium - and short - term notes showed mixed trends, and the average issuance interest rates of corporate bonds showed a downward trend except for AA - rated bonds [4]. Secondary Trading: Medium - and Short - Duration Bonds Actively Traded, Long - Duration Bonds Slightly Increasing - The actively traded entities are mainly medium - and high - grade, medium - and short - term, central and state - owned enterprises. Urban investment bonds' active trading entities are divided into two types: mainstream high - grade platforms in economically strong provinces such as Jiangsu and Guangdong, and core main platforms in relatively high - spread areas of large economic provinces (Shandong, Sichuan, Hunan, etc.). Real - estate bonds' active trading entities are still mainly AAA - rated, with most trading terms within 1 - 3 years. Private - enterprise bonds' active trading entities are also mainly AAA - rated, with most trading terms in the medium - and short - term [5]. - Among actively traded urban investment bonds, the proportion of bonds with a term of more than 5 years in trading volume was 4%, a slight increase from the previous week (3%) [5].

Core Viewpoint - Shandong Hi-Speed has experienced a decline for six consecutive trading days, with a cumulative drop of -4.58% [1] Group 1: Company Overview - Shandong Hi-Speed Co., Ltd. was established in 1999 and is controlled by Shandong Hi-Speed Group Co., Ltd. It was listed on the Shanghai Stock Exchange in March 2002 [1] - The company has seen two funds from Huatai-PineBridge enter its top ten shareholders, indicating interest from institutional investors [1] Group 2: Fund Performance - Huatai-PineBridge's Shanghai Stock Exchange Dividend ETF has increased its holdings in Shandong Hi-Speed in the second quarter of this year, achieving a year-to-date return of 3.06%, ranking 3100 out of 3422 in its category [1] - The Huatai-PineBridge CSI Dividend Low Volatility ETF also increased its holdings, with a year-to-date return of 6.55%, ranking 2116 out of 2937 in its category [1]

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 2025 年 6 月，廣深高速公路、廣珠西綫高速公路及沿江高速公路（深圳段）周邊路 網變化對車流量產生不同影響，因此三條高速公路的路費收入按年變動幅度高低不 一。 Shenzhen Investment Holdings Bay Area Development Company Limited 深 圳 投 控 灣 區 發 展 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：737（港幣櫃檯）及 80737（人民幣櫃檯） 2025 年 6 月未經審核之營運資料 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 6 月未經審核之營運資料如下： | | 2024 年 6 月 | 2025 年 6 月 | 變動 % | | --- | --- | --- | --- | | 於營運層面 | | | | | 廣深高速公路 | ...

Group 1 - The stock price of Sichuan Chengyu (601107) closed at 5.7 yuan on July 25, 2025, down 4.52% from 5.97 yuan the previous week, with a total market capitalization of 17.431 billion yuan [1] - The company is currently ranked 11th out of 33 in the railway and highway sector and 986th out of 5148 in the A-share market [1] - The company has approved an investment in the Chengya Expressway expansion project, with a total investment of approximately 28.548 billion yuan, where the company's contribution will be about 4.902 billion yuan [1][3] Group 2 - Sichuan Chengyu will hold its second temporary shareholders' meeting on August 13, 2025, to discuss four proposals, including the cancellation of the supervisory board [2][3] - The meeting will involve separate voting for proposals 1 and 4, with proposal 4 concerning related party transactions requiring abstention from related shareholders [2] - The Chengya Expressway expansion project is currently in the candidate announcement stage, with the company participating in a consortium for the bid [3]

Core Viewpoint - Wanan Expressway (皖通高速) has announced a cash dividend of RMB 0.604 per share and has successfully won a bid for a highway project, which is expected to enhance its operational scale and competitive position in the market [2][3]. Group 1: Financial Performance - As of July 25, 2025, Wanan Expressway's stock closed at RMB 17.12, a decrease of 0.17% from the previous week [1]. - The company's total market capitalization is RMB 29.251 billion, ranking 6th out of 33 in the railway and highway sector and 558th out of 5148 in the A-share market [1]. Group 2: Dividend Announcement - The company announced a cash dividend of RMB 0.604 per share, with a total cash distribution of approximately RMB 1.032 billion based on a total share capital of 1,708,591,889 shares [2]. - The record date for the dividend is July 29, 2025, and the payment date is July 30, 2025 [2]. Group 3: Project Bid and Strategic Development - Wanan Expressway has joined a consortium led by Anhui Provincial Transportation Holding Group to undertake the S98 Qianjiao to Lukou Highway project, with a concession period of 356 months [3]. - The total estimated investment for the project is approximately RMB 5.05 billion, with the company contributing around RMB 202 million in capital [3]. - The project will be developed under a BOT (Build-Operate-Transfer) model, covering a length of 22.46 km with a design speed of 120 km/h, expected to start construction by the end of 2025 and be completed by the end of 2028 [3].

Group 1: Secondary Market Price and Volume Performance - The report presents detailed data on various publicly - offered infrastructure REITs, including their fund codes, fund names, industry types, listing dates, issue prices, returns since listing, weekly returns, turnover rates, and trading volumes [11]. - For example, the Boshi Industrial Park REIT (180101.SZ) has an issue price of 2.31 yuan, a return of 14.72% since listing, and a weekly return of - 1.40% [11]. Group 2: Secondary Market Valuation - No specific content in the provided text directly related to secondary - market valuation, so this part is skipped. Group 3: Market Correlation Statistics - The report shows the correlation coefficients between different types of REITs and various asset classes such as stocks, convertible bonds, pure bonds, and commodities [21]. - For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, while for energy - related REITs and the Shanghai Composite Index, it is 0.04 [21]. Group 4: Primary Market Tracking - Multiple REIT projects are in different stages of the primary market, including "already passed", "already feedback", "already accepted", and "already declared" [24]. - Projects like the Bank of China Sino - Sinotrans Warehouse Logistics REIT have passed the review, with a project valuation of 11.56 billion yuan, and the underlying assets include multiple logistics projects [24].