Core Viewpoint - Investing in high-dividend companies may be a direction to outperform the index in the short term, with a focus on state-owned enterprise dividend ETFs showing slight upward movement [1][2]. Group 1: ETF Performance - As of March 26, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.05%, with component stocks showing mixed performance [1]. - The State-Owned Enterprises Dividend ETF (159515) increased by 0.09%, with the latest price reported at 1.09 yuan [1]. - The latest scale of the State-Owned Enterprises Dividend ETF reached 51.1486 million yuan, marking a one-month high [2]. Group 2: Component Stocks - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with notable stocks including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [3]. - The performance of key stocks varied, with COSCO Shipping Holdings down by 0.68% and Shanxi Coal International up by 1.07% [5]. Group 3: Investment Strategy - East Asia Securities suggests that focusing on high-dividend companies based on fundamentals may lead to short-term outperformance [2]. - The report emphasizes the importance of monitoring market rhythm and industry progress, particularly in sectors like artificial intelligence and robotics, which are expected to see growth [2]. - Short-term investment opportunities are highlighted in marine economy, military industry, and consumer sectors with clear policy expectations [2].

Group 1 - The core viewpoint of the news is that as of March 21, 2025, institutional investors hold a significant portion of Shenzhen Expressway's shares, with the top ten institutions accounting for 58.26% of the total shareholding [1] - A total of 19 institutional investors have disclosed their holdings in Shenzhen Expressway, with a combined shareholding of 1.271 billion shares, representing 58.28% of the company's total equity [1] - The top ten institutional investors include notable entities such as New Tongchan Industrial Development (Shenzhen) Co., Ltd. and Shenzhen Shenguanghui Highway Development Co., Ltd., among others [1] Group 2 - In the public fund sector, there was a slight increase in holdings from one fund, Huatai-PB SSE Dividend ETF, while one fund, Invesco Great Wall CSI Low Volatility 100 ETF, saw a slight decrease in holdings [2] - A total of 12 new public funds have disclosed their holdings this period, including Guolian High Dividend Mixed A and Qianhai Kaiyuan Refinance Stock [2] - One public fund, Huatai Zijin Value Vision 18-Month Holding Mixed A, was not disclosed in the previous quarter [2]

安徽皖通高速公路股份有限公司 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，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 本公告只可作參考用途，並不構成收購、購買或認購證券的邀請或要約，或就進行上述任何事宜 訂立協議的邀請，亦不得視作收購、購買或認購本公司任何證券的要約。 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 自願公告 認購深圳高速A股股份 本公告由安徽皖通高速公路股份有限公司（以下簡稱「本公司」）自願作出。 本公司董事會（「董事會」）欣然宣佈，本公司已與深圳高速公路集團股份有限公司 （「深圳高速」）訂立深圳高速公路集團股份有限公司與安徽皖通高速公路股份有限 公司關於深圳高速公路集團股份有限公司向特定對象發行A股股票之認購協議（「認 購協議」）。根據認購協議，本公司同意認購而深圳高速同意配發及發行38,179,196 股深圳高速A股股份（「認購股份」）（「本次交易」），每股認購股份的認購價為人民幣 1 ...

Investment Rating - The report highlights the attractiveness of high dividend assets in the transportation industry under a low interest rate environment, suggesting a positive investment outlook for this sector [3][16]. Core Insights - The low interest rate environment enhances the value of dividend asset allocation, with transportation sector dividend yields exceeding current government bond yields as of February 28, 2024 [3][16]. - Policy guidance is encouraging long-term funds, such as insurance capital, to enter the market, increasing demand for high dividend assets [32]. - There is a valuation differentiation in the market, favoring companies in the highway and port sectors with stable earnings and high dividend ratios [48]. Summary by Sections Low Interest Rate Environment and Dividend Asset Allocation - The report emphasizes the significance of high dividend assets in a low interest rate context, with highway yields around 2%, shipping at approximately 2.7%, and ports at about 1.5% as of February 2024 [3][16]. - The report notes that the demand for high dividend assets is expected to rise due to the low interest rate cycle, which has led to a sustained low yield on ten-year government bonds [32]. Fund Flow Analysis - The report indicates that the scale of dividend products has significantly increased, with dividend ETFs showing the highest growth [36]. - The report mentions that the inflow of dividend ETFs has a positive impact on the stock prices of high dividend stocks in the transportation sector [37]. High Dividend Stocks in Transportation - The report lists key companies in the transportation sector with predicted dividend yields exceeding 3%, including Ninghu Expressway, Gansu Expressway, and Daqin Railway, among others [49][62]. - It highlights that the transportation sector's dividend ratios still have room for improvement compared to other industries [23].

Group 1: Company Overview and Financial Performance - The company reported a significant decline in toll revenue for the Guangzhu East section due to the opening of the Shenzhen-Zhongshan Channel, with expected continued impact into 2025 [1] - The financing cost for the company as of December 31, 2024, is estimated to be in the range of 2.20% to 2.80% [2] - The company has a dividend policy that mandates a cash distribution of at least 70% of the net profit attributable to the parent company for the years 2024 to 2026, provided there are no major investment plans or cash expenditures [2] Group 2: Infrastructure Development and Expansion Projects - The expansion of the Jingzhu Expressway (Guangzhu section) is set to be completed by 2027, with one segment already finished in September 2024 [1] - The Jiangzhong Expressway expansion has been fully completed and is currently undergoing a fee adjustment application [1] - The Guanghui Expressway expansion project has received approval from the provincial development and reform commission and is expected to commence in 2025 with a projected duration of 5 years [2]

Investment Rating - The report rates the industry as "Positive" [1] Core Insights - The report reviews the reform process of Japan's highway industry, highlighting the privatization reform initiated in 2005, which separated ownership and operational rights, and the significant debt burden inherited by the administrative body [5][24] - It discusses the flexible toll setting introduced post-privatization, including the implementation of discount systems and the extension of toll collection periods to manage debt [5][57] - The financial health of Japanese highway companies is characterized by stable revenues but low profit margins, with a compound annual growth rate (CAGR) of less than 1% in revenue from 2006 to 2023 [5][72] - The report suggests that China's highway sector can learn from Japan's experiences, particularly in extending toll collection periods and enhancing revenue from service areas [6][82] Summary by Sections 1. Review of Japan's Highway Reform Process - The privatization reform in 2005 led to the establishment of six highway companies responsible for construction and management, while a separate body managed the debt [24] - The debt inherited was approximately 37 trillion yen, with a current balance of about 25 trillion yen as of the end of 2023 [5][57] 2. Comparison of Japanese Highway Companies' Operations - The report notes that Japan's highway companies manage 94% of the national highway network, with stable traffic volumes and toll revenues [5][65] - The revenue from tolls constitutes about 90% of total income, while service area operations contribute significantly to profits [5][76] 3. Investment Recommendations - The report highlights the scarcity of high-growth industries in a complex macroeconomic environment, emphasizing the value of high-dividend assets in the highway sector [7] - It recommends specific high-dividend stocks such as Anhui Expressway H, Ninghu Expressway H, and China Merchants Highway, particularly in light of potential regulatory changes extending toll collection periods [7][86]

Group 1 - The coal industry is viewed as a traditional dividend stock, with recent price drops in thermal coal not expected to lead to losses, but rather a reduction in profits [1] - Steel futures have been underperforming, yet steel stocks remain strong, potentially due to rumors of production cuts, despite many steel companies reporting losses in their annual reports [1] - The electricity sector, including both thermal and hydroelectric power, has seen a decline in stock prices, even though lower coal prices should theoretically benefit the sector [2] Group 2 - The highway sector experienced significant gains last year and remains a worthwhile investment under the backdrop of interest rate cuts [2] - There is speculation that current underperforming sectors may become the leaders in the next market rally, as funds rotate between sectors [2] - The cyclical nature of traditional sectors like coal, electricity, and steel suggests they perform better in bear markets compared to bull markets [3] Group 3 - The current market dynamics indicate a potential shift of funds from dividend stocks to technology stocks, driven by the allure of higher returns in a bull market [4] - The expectation is that as the market improves, investors will prefer technology stocks over traditional dividend-paying stocks, which may lead to a decline in the latter's prices [4] - The discussion highlights the importance of understanding market cycles and the flow of capital between sectors, particularly in the context of rising interest rates and changing investor sentiment [12][16]

广东省高速公路发展股份有限公司 二、独立董事年度履职概况 报告期内，本人积极参加了公司召开的所有董事会、股东大会，本着勤勉尽 责的态度，认真审阅了会议议案及相关材料，主动参与各议案的讨论并提出合理 建议，为董事会的正确、科学决策发挥积极作用。公司董事会、股东大会的召集 召开符合法定程序，重大经营决策事项和其他重大事项均履行了相关的审批程序。 （一）出席股东大会的情况 报告期内，公司股东大会共召开2次，本人均列席参会。 （二）出席董事会会议情况 2024 年度独立董事述职报告 本人刘衡作为广东省高速公路发展股份有限公司（以下简称"粤高速"、 "公司"）的独立董事，严格按照《公司法》《上市公司独立董事管理办法》 《公司章程》等相关法律法规的规定和要求，勤勉尽责，切实维护了公司和全 体股东尤其是中小股东的合法权益。现将本人2024年度履行独立董事职责情况 汇报如下。 一、独立董事的基本情况 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立 性要求，不存在影响独立性的情况。本人履历如下： 本人博士,博士生导师，国家基金、省科技厅项目专家、多家企业战略顾问。 2015年6月至2023年6月任中山大学副 ...

CONTENTS 目录 | 可持续发展治理 | 13 | | --- | --- | | ESG治理体系 | 13 | | 可持续发展目标 | 14 | | 利益相关方沟通 | 16 | | 实质性议题 | 17 | | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 2024年可持续发展亮点 | 04 | | 走进粤高速 | 05 | | 公司简介 | 05 | | 发展历程 | 07 | | 专题聚焦 | 09 | | 数智赋能新动力，创新驱动新未来 | 09 | | 坚守法规底线 | | | --- | --- | | 构建坚实基础 | 19 | | 治理架构 | 21 | | 三会运作 | 21 | | 合规内控 | 23 | | 信披与投关管理 | 27 | | 股东与债权人权益保护 | 28 | | 商业道德 | 29 | | 党建凝聚力量 | | | --- | --- | | 夯实兴企根基 | 31 | | 党委组织 | 33 | | 党的建设 | 34 | | 反腐倡廉 | 36 | | 践行绿色理念 | | | --- | --- | | 呵护地球家 ...

证券简称：粤高速 A 、粤高速 B 证券代码：000429、200429 公告编号：2025-005 广东省高速公路发展股份有限公司 1 （二）预计日常关联交易类别和金额 单位：万元 2025 年度日常关联交易预计公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、 日常关联交易基本情况 （一）日常关联交易概述 1、广东省高速公路发展股份有限公司（以下简称"本公司"）于 2025 年 3 月 3 日召开的第十届董事会第二十七次会议审议通过了《关于 2025 年度预计日 常关联交易的议案》，同意公司本部、分公司及全资、控股子公司 2025 年度预 计日常关联交易，交易金额总计不超过 7,823.20 万元。关联董事程锐先生、邬贵 军先生、曾志军先生、姚学昌先生回避了表决，表决结果：赞成 9 票，反对 0 票，弃权 0 票。 2、2025 年度日常关联交易预计金额为 7,823.20 万元，占本公司 2024 年末 归属于上市公司股东的所有者权益 1,046,810.03 万元的 0.75%。过去十二个月， 公司及控股子公司与广东省交通集团有限公司及其控股或 ...