Group 1 - The legal opinion letter is issued by Kangda Law Firm regarding the 2024 annual shareholders' meeting of Heilongjiang Transportation Development Co., Ltd. [2][3] - The meeting was convened with the approval of the company's fourth board of directors and was announced 20 days prior to the meeting date [4][5] - The meeting took place on May 28, 2025, at 14:00 in Harbin, combining both on-site and online voting methods [5][6] Group 2 - A total of 5 shareholders and their proxies attended the meeting, representing 58.43% of the voting shares [5][6] - No shareholders participated in the online voting, while one small investor participated in the on-site voting, representing 1,100,000 shares or 0.08% of the total voting shares [6][7] - The meeting's voting results showed unanimous approval of the proposals, with 762,838,571 shares voting in favor, representing 100% of the votes cast [7][10] Group 3 - The meeting's procedures, including the qualifications of the conveners and attendees, as well as the voting process, were deemed compliant with relevant laws and regulations [11][12] - The legal opinion concludes that all aspects of the meeting were conducted legally and effectively [12]

Group 1 - Jiangsu Yunsong Capital Management Co., Ltd. increased its stake in Shenzhen Expressway (Deep Expressway) to 10% by acquiring 10.81 million H-shares between April 15 and May 27, 2025, at prices ranging from HKD 6.41 to HKD 6.73 per share [1][2] - The funding for this acquisition was sourced from legal self-owned and self-raised funds, indicating a strong financial backing for the investment [1] - Yunsong Capital previously subscribed to 243 million A-shares of Shenzhen Expressway at a price of RMB 13.17 per share, investing nearly RMB 3.2 billion [1][2] Group 2 - Yunsong Capital plans to further increase its holdings in Shenzhen Expressway H-shares within the next 12 months, depending on market conditions [3] - The company was established in 2015 with a registered capital of RMB 13.7 billion and is a wholly-owned subsidiary of Jiangsu Communications Holding Co., Ltd., which operates several expressway companies [3] - Shenzhen Expressway completed a private placement in March 2025, raising RMB 4.7 billion, with a significant portion allocated to the Shenzhen Outer Ring Expressway project, which has a total investment of RMB 29.4 billion [6]

Core Viewpoint - Jiangsu listed company Ninghu Expressway (600377.SH) plans to increase capital for its subsidiary to accelerate project construction [1][2] Group 1: Capital Increase and Project Details - Ninghu Expressway announced a capital increase of approximately 2.497 billion yuan for its subsidiary Jiangsu Xitai Expressway Co., Ltd. [1] - The company has been approved to invest in the Wuxi to Taicang Expressway, with a total project investment of about 24.198 billion yuan [2] - The capital increase will result in Ninghu Expressway holding 47.50% of Xitai Company after the investment [2][6] Group 2: Financial Performance and Strategy - Since its listing in 2001, Ninghu Expressway has accumulated profits of 62.553 billion yuan and cash dividends of 41.209 billion yuan, with a dividend payout ratio of 65.88% [4][10] - The company has maintained a net profit exceeding 2 billion yuan for 16 consecutive years, indicating strong financial performance [8][10] - Ninghu Expressway has a total asset value of approximately 89.886 billion yuan and a net asset value of about 38.597 billion yuan [8] Group 3: Market Position and Competitive Advantage - Ninghu Expressway is one of the largest listed companies in the domestic highway industry, with significant experience in investment, construction, operation, and management of transportation infrastructure [4][9] - The company operates in the dynamic Yangtze River Delta region, controlling or participating in approximately 1,000 kilometers of expressway projects [8][9] - The introduction of social capital is expected to accelerate the construction progress of the Xitai project, enhancing the company's position in the southern Jiangsu highway network [7][6]

Summary of Wuhu Expressway Conference Call Company Overview - Wuhu Expressway is the only publicly listed expressway company in Anhui Province, China, established in August 1996 and listed on both the Hong Kong Stock Exchange (code: 00,995.HK) and A-share market (code: 600,012) [3][4] - The company has seen its market capitalization grow from 250 million to 1.16 billion by the end of 2024 [3] Financial Performance - Net profit increased from 180 million in 2000 to 1.67 billion in 2024, with a compound annual growth rate (CAGR) of 9.97% [2][4] - Total expressway mileage expanded from 120 kilometers in 2000 to 609 kilometers in 2024, with an expected increase to 745 kilometers by the end of 2025 [2][4] - The stock price has appreciated significantly, with a 100-fold increase from 1996 to 2025 and a 12-fold increase from 2003 to 2025 [2][7] - The average annual dividend payout ratio over the past three years is 52%, with an average dividend yield of 3.7% [8][9] Strategic Direction - The company is shifting its strategy from scale expansion to improving quality and efficiency, focusing on the output ratio of each road [6] - Major shareholders include Anhui Provincial Transportation Investment Group (31.6%), Hong Kong investors (approximately 30%), and China Merchants Expressway (24.4%) [6] - Future projects will be concentrated near economically developed regions such as the Yangtze River Delta and the Pearl River Delta [6] Recent Developments - In March 2025, Wuhu Expressway completed the acquisition of two new expressway assets in Anhui, increasing total mileage to 745 kilometers, which is expected to contribute to revenue in the second half of the year [10] - The company has implemented differentiated toll pricing, expanding discounts for certain vehicle types from 85% to 95% [12] Market Context - The A-share expressway sector consists of 19 listed companies, with Wuhu Expressway having an average price-to-earnings (P/E) ratio of 16.5 and a weighted price-to-book (P/B) ratio of 1.5 [8] - The expressway sector index has seen an average increase of over 60% in the past five years, with some stocks doubling in value [8] Recovery and Growth Drivers - The expressway transportation sector experienced rapid recovery in 2023, with increased vehicle flow leading to significant growth in performance and stock price [11] - Key growth drivers include the increase in vehicle flow and the continuous acquisition of new road assets, which is expected to yield an annualized growth rate of around 10% [13] Future Outlook - The stock is anticipated to achieve a double-digit dividend yield within five years, positioning it as a defensive asset during market volatility [14]

Investment Highlights - Dongguan Holdings focuses on its core highway business, with expected substantial dividends from 2025 to 2027. The company has seen its total revenue grow from 1.097 billion to 1.692 billion yuan from 2015 to 2024, with a CAGR of 4.93%. Cumulatively, the company has distributed 3.108 billion yuan in cash dividends during the same period, and it commits to a minimum annual cash dividend of 0.475 yuan per share for the next three years, provided profits are positive and cash flow supports ongoing operations [1][2]. Competitive Advantages - The core asset of the company is the Dongguan-Shenzhen Expressway, strategically located in the Pearl River Delta, serving as a vital link between Guangzhou, Dongguan, and Shenzhen. From 2015 to 2024, toll revenue from this expressway increased from 930 million to 1.32 billion yuan, with a CAGR of 3.9%, and traffic volume rose from 66.7 million to 125.53 million vehicles, with a CAGR of 7.3%. The ongoing expansion project is expected to enhance traffic capacity significantly upon completion in December 2028 [2]. Strategic Diversification - The company is exploring a diversified strategy, including financial investments and new energy initiatives. Its financial services encompass commercial factoring and leasing, with projected gross margins exceeding 50% in 2024. However, the factoring business faced a net loss of 28 million yuan due to impairment provisions. In the new energy sector, revenue from electric vehicle charging services is expected to reach 86 million yuan in 2024, although margins are under pressure due to declining demand and competitive challenges [3]. Profit Forecast - The company anticipates net profits of 812 million, 856 million, and 888 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -15.0%, 5.4%, and 3.8%. The current price-to-earnings ratios are projected at 13.1, 12.4, and 11.9 times for the respective years. Comparable companies include China Merchants Highway, Ninghu Expressway, and Sichuan Chengyu [3].

| | | | 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 2025-059 | | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | 债券代码：241019 | 债券简称：24 | 深高 | 02 | | | 债券代码：242050 | 债券简称：24 | 深高 | 03 | | | 债券代码：242539 | 债券简称：25 | 深高 | 01 | | | 债券代码：242780 | 债券简称：25 | 深高 | Y1 | | | 债券代码：242781 | 债券简称：25 | 深高 | Y2 | | | 债券代码：242972 | 债券简称：25 | 深高 | Y3 | | | 债券代码：242973 | 债券简称：25 | 深高 | Y4 | | 深圳高速公路集 ...

Core Viewpoint - Yunshan Capital, a shareholder holding more than 5% of the company, increased its stake in the company's H-shares by acquiring 10.81 million shares between April 15 and May 27, 2025, raising its ownership from 9.57% to 10.00% [1] Group 1 - The increase in shareholding does not lead to a change in the company's controlling shareholder or actual controller, and it does not trigger a mandatory tender offer [1] - Yunshan Capital has prepared and disclosed a "Brief Report on Equity Changes" [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。 註： 路費收入不包括稅項 - 1 - 簡要說明 於 2025 年 4 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 4 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 4 月未經審核之營運資料如下： | | 2024 年 4 月 | 2025 年 4 月 | 變動 % | | --- | --- | --- | --- | | 於 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - Highway REITs, as the largest category of underlying assets in the REITs market, have expanded significantly in the past two years and are highly sought after by the market. The proportion of institutional holdings, represented by insurance, has increased, indicating enhanced attractiveness to long - term funds [2][79]. - In 2024, the traffic volume of highway REITs generally declined to varying degrees, and the toll revenue of 8 products decreased. However, the fluctuations of major highway REITs were within about 10%. The net profit of major highway REITs has shown certain fluctuations in recent years, with low stability [2][16][79]. - From 2023 - 2024, the cash distribution rate of highway REITs was generally high, but there were significant differences among different projects. In terms of fund dividend ratio, there were also large disparities among different products [3][80]. - After the sharp decline in 2023, the REITs index stabilized and rebounded in 2024. Since 2025, all 13 highway REITs have continued to rise. Some REITs with small fluctuations in revenue and net profit, positive growth, strong turnaround expectations, and other factors have shown strong excess returns [4][31][81]. Group 3: Summary by Directory 1. Basic Situation - As of now, 13 highway public offering REITs have been issued, with a total issuance scale of 68.771 billion yuan, accounting for over 40% of the entire market. The single - issuance scale of highway public offering REITs is relatively large, with the scale of CICC Anhui Expressway REIT exceeding 10 billion yuan and that of E Fund Shenzhen Expressway REIT being 2.048 billion yuan [7]. 2. Holder Analysis - As of the end of June 2024, the institutions holding highway public offering REITs were mainly original equity holders, securities company proprietary trading, and insurance (including insurance asset management). Except for CICC Shandong Expressway REIT, Huaxia Yuexiu REIT, and Zheshang Securities Shanghai - Hangzhou - Ningbo Expressway REIT, whose top ten shareholder holding ratios decreased by 0.67%, 4.43%, and 3.05% respectively, the top ten shareholder holding ratios of other products increased, indicating enhanced market attractiveness to long - term funds [9]. 3. Overall Operational Performance - **Traffic Volume**: In 2024, among the 8 REITs listed for over a year, only Zheshang Shanghai - Hangzhou - Ningbo REIT and Huatai Jiangsu Expressway REIT achieved year - on - year growth in traffic volume, while the traffic volume of other highway REITs declined to varying degrees. CICC Anhui Expressway REIT, Guojin China Railway Construction REIT, and Huaxia China Communications Construction REIT had relatively large declines [12]. - **Toll Revenue**: In 2024, the toll revenue of 8 highway REITs decreased. Zheshang Shanghai - Hangzhou - Ningbo REIT and CICC Shandong Expressway REIT had relatively small decline ranges, while CICC Anhui Expressway REIT, Huaxia China Communications Construction REIT, and Huaxia Yuexiu REIT had relatively large decline ranges. The quarterly环比 growth rate of major highway REITs fluctuated within about 10%, and some REITs had relatively large fluctuations [16]. - **Net Profit**: From 2022 - 2024, the net profit of major highway REITs fluctuated, with low stability. Gongyin Hebei Expressway REIT and CICC Anhui Expressway REIT had large losses, while Ping An Ningbo Jiaotong Hangzhou Bay Bridge REIT had high and stable net profit [19]. - **Cash Distribution Rate**: From 2023 - 2024, the cash distribution rate of highway REITs was generally stable, but there were significant differences among different projects. Zheshang Shanghai - Hangzhou - Ningbo REIT and Guojin China Railway Construction REIT had relatively high distribution rates, while Huaxia China Communications Construction REIT had a relatively low rate [3][24]. - **Fund Dividend Ratio**: In 2024, Zheshang Securities Shanghai - Hangzhou - Ningbo Expressway REIT, Ping An Guangzhou Jiaotong Guanghe Expressway REIT, and Huaxia Yuexiu Expressway Closed - end Infrastructure REIT ranked among the top three. On the other hand, Gongyin Hebei Expressway Group Expressway REIT, CICC Shandong Expressway Group Expressway REIT, and CICC Anhui Expressway REIT had an average dividend rate of less than 2% [27]. - **Remaining Term**: The remaining terms of highway REITs are mainly concentrated between 10 - 25 years, but there are large differences among different projects. Some projects may extend the franchise term due to reconstruction and expansion [30]. 4. Secondary Market Performance and Analysis - **Overall Performance**: After the sharp decline in 2023, the REITs index stabilized and rebounded in 2024, with the CSI REITs Total Return Index rising 13.92% for the whole year, and the average increase of highway REITs being 7.26%. Since 2025, all 13 highway REITs have achieved positive returns [31]. - **Specific REITs**: - **Huaxia Nanjing Transportation Expressway REIT**: Listed in November 2024, it has risen 21.58% since 2025 and 29.48% since listing. Its operation is relatively stable, with small fluctuations in revenue and net profit and positive growth. The newly listed floating shares are only 126 million yuan, which may be the reason for the increase in the secondary - market price [35][36]. - **China Merchants Fund Highway Expressway REIT**: Listed in November 2024, it has risen 15.37% since 2025 and 11.26% since listing. Its operation and profitability are similar to those of Huaxia Nanjing Transportation Expressway REIT, with better profitability [37][38]. - **CICC Anhui Expressway REIT**: Listed on November 1, 2022, it has risen 14.65% since 2025 but still declined 9.91% since listing. In 2024, its operation deteriorated due to factors such as bad weather and road - network diversion. However, after the reconstruction and expansion project of Xuangang Expressway was completed in 2025, its traffic volume and toll revenue are expected to recover, and there is a certain upward momentum in valuation re - evaluation [39][40]. - **Ping An Ningbo Jiaotong Hangzhou Bay Bridge REIT**: Listed in December 2024, it has risen 13.97% since 2025 and 23.64% since listing. Its operation is good, with increasing traffic volume and toll revenue. It is expected that its secondary - market price will remain strong [44]. - **CICC Shandong Expressway Group Expressway REIT**: Listed on October 27, 2023, it has risen 12.35% since 2025 and 35.29% since listing. In 2024, its traffic volume declined slightly. In the future, the completion and opening of competitive roads may bring greater competitive pressure, and the secondary - market price may face adjustment pressure [45][47]. - **Huaxia China Communications Construction Expressway REIT**: Listed in April 2022, it has risen 12.57% since 2025 but still declined 34.48% since listing. In 2024, its net profit declined significantly due to impairment losses on intangible assets. The change in the surrounding road network may affect its traffic volume, and the secondary - market price may face adjustment pressure [50][51]. - **Huatai Jiangsu Expressway REIT**: Listed in November 2022, it has risen 11.46% since 2025 and 3.63% since listing. In 2024, its revenue and net profit declined, but the cash - flow situation improved. It is located in the Yangtze River Delta region, with a good operating environment. The impact of competitive roads is small, and the secondary - market price may continue to rise steadily [53][55]. - **Guojin China Railway Construction Expressway REIT**: Listed in July 2022, it has risen 11.08% since 2025 and 30.15% since listing. In 2024, its revenue and net profit declined slightly. It is located in the Chengdu - Chongqing Twin - City Economic Circle, with a good operating environment. The impact of competitive projects is small, and the secondary - market price may still have opportunities [57]. - **E Fund Shenzhen Expressway REIT**: Listed in March 2024, it has risen 5.36% since 2025 and 10.80% since listing. In 2024, its traffic volume and toll revenue declined due to bad weather and road - network diversion. In the future, the opening of Yichang North Expressway may bring greater competitive pressure, and the secondary - market price may face pressure [61][62]. - **Gongyin Hebei Expressway Group Expressway REIT**: Listed in June 2024, it has risen 5.15% since 2025 and 4.57% since listing. In 2024, its net profit was poor due to high operating costs and interest expenses, but it was positive in the second half of the year. There are no new competitive projects around, and the secondary - market price may still have potential [65][66]. - **Zheshang Securities Shanghai - Hangzhou - Ningbo Expressway REIT**: Listed in July 2021, it has risen 4.23% since 2025 and 21.07% since listing. In 2024, its operation was relatively stable. The opening of the new competitive section may have a certain negative impact on its operation, but the impact is expected to be small, and the secondary - market price may continue to rise steadily [67][69]. - **Huaxia Yuexiu Expressway Closed - end Infrastructure REIT**: The project is mainly the Hanxiao Expressway. It has risen only 1.69% since 2025 but still has an increase of 10.51% since listing. In 2024, its revenue and net profit declined. The short - term diversion of the Beijing - Hong Kong - Macao Expressway affected its traffic volume and toll revenue, and the secondary - market price performance was weak [71]. - **Ping An Guangzhou Jiaotong Guanghe Expressway REIT**: One of the earliest listed REITs, it has risen only 0.83% since 2025 and still declined 6.96% since listing. From 2022 - 2024, its overall performance was good and stable. The traffic volume has declined since 2024 due to bad weather and other factors. The secondary - market price may have room to rise due to the strengthening of capital allocation [75][78]. 5. Summary - Highway REITs have expanded significantly in the past two years and are highly attractive to long - term funds. In 2024, the traffic volume and toll revenue generally declined, and the net profit fluctuated. There are differences in the cash distribution rate and fund dividend ratio among different projects. Some REITs have strong excess returns in the secondary market, while others may face price adjustment pressure [79][80][81].

（文章来源：每日经济新闻） 宁沪高速（SH 600377，收盘价：15.85元）5月26日晚间发布公告称，为进一步贯彻落实江苏省委省政 府关于引导和鼓励社会资本投资交通基础设施有关要求，释放公司投资能力，本次拟采用"施工承包 +股权投资"模式引入社会资本筹集锡太项目建设资金，其中：项目特选施工承包方作为社会资本参与 本次增资，合计出资金额为人民币6.05亿元；锡太公司现有股东向锡太公司进行同比例现金增资人民币 约49.94亿元。锡太公司增加注册资本人民币约55.99亿元，增资后锡太公司注册资本为人民币约120.99 亿元。其中，公司本次出资人民币约24.97亿元，增资后累计出资人民币约57.47亿元。本次增资的各出 资方应以货币形式根据项目进展情况由锡太公司通知缴纳资本金。未缴款者暂停股息权利并按照《中华 人民共和国公司法》的规定向锡太公司及其他已缴付股东支付补偿。增资前后锡太公司董事会组成情况 保持不变。 2024年1至12月份，宁沪高速的营业收入构成为：建造期收入/成本占比46.84%，沪宁高速占比22.68%， 配套服务业务占比7.5%，宁常高速及镇溧高速占比6.41%，五峰山大桥占比4.53%。 20 ...