Meeting Overview - The 14th meeting of the 11th Supervisory Board of Jiangsu Ninghu Expressway Co., Ltd. was held on August 28, 2025, in Nanjing, presided over by Mr. Wei [1] - The meeting was notified and materials were sent to all supervisors via email and fax [1] - All 5 supervisors attended the meeting, and the board secretary was present as well [1] - The meeting complied with the relevant provisions of the Company Law and the company's articles of association, making the resolutions valid [1] Resolutions Passed - The Supervisory Board unanimously agreed that the preparation and review procedures of the company's 2025 semi-annual report complied with laws, regulations, and internal management systems [1] - The content and format of the semi-annual report met the requirements of the China Securities Regulatory Commission and the stock exchange [1] - The report accurately reflects the company's operational management and financial status for the first half of 2025, with no violations of confidentiality regulations found among the personnel involved in its preparation and review [1][2]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company reported a robust growth in toll revenue, achieving a total revenue of 3.741 billion RMB in H1 2025, which represents a year-on-year increase of 11.7% [6] - The net profit attributable to the parent company for H1 2025 was 960 million RMB, reflecting a year-on-year growth of 4.0% [6] - The company’s toll revenue for H1 2025 reached 2.45 billion RMB (after tax), marking a significant increase of 13.59% year-on-year, driven by improved traffic flow from newly opened sections of highways [6] - The ongoing expansion and upgrade of core road assets are expected to sustain future traffic growth, with the successful completion of the Xuanguang Expressway project enhancing capacity and economic benefits [6] - The company has a solid dividend policy, committing to distribute at least 60% of the net profit attributable to the parent company in cash dividends over the next three years [6] - The profit forecast for 2025E-2026E has been slightly adjusted upwards, with expected net profits of 1.955 billion RMB and 2.002 billion RMB respectively, corresponding to PE multiples of 13 and 12 [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 7,147 million RMB for 2025E, 7,228 million RMB for 2026E, and 7,267 million RMB for 2027E, with growth rates of 0.8%, 1.1%, and 0.5% respectively [2] - The net profit attributable to the parent company is forecasted to be 1,955 million RMB for 2025E, 2,002 million RMB for 2026E, and 2,119 million RMB for 2027E, with growth rates of 17.1%, 2.4%, and 5.8% respectively [2] - The earnings per share (EPS) are projected to be 1.14 RMB for 2025E, 1.17 RMB for 2026E, and 1.24 RMB for 2027E [2] - The gross margin is expected to improve from 38.6% in 2025E to 40.2% in 2027E [2] - The return on equity (ROE) is projected to be 12.4% for 2025E, declining to 10.7% by 2027E [2] Market Data - The closing price of the company's stock is 14.59 RMB, with a market capitalization of 17,006 million RMB [3] - The stock has a price-to-book ratio of 2.1 and a dividend yield of 4.14% [3] - The company's net asset per share is 6.99 RMB, with a debt-to-asset ratio of 55.66% [3]

Investment Rating - The investment rating for Shanghai Industrial Holdings (00363.HK) is "Outperform the Market" [4][6][23]. Core Views - The real estate segment has negatively impacted both revenue and profit, with a 8.6% year-on-year decline in revenue to HKD 9.476 billion and a 13.2% drop in net profit to HKD 1.042 billion for the first half of 2025. This decline is attributed to reduced sales from property handovers and significant provisions for inventory impairment and fair value losses on investment properties [1][7]. - The infrastructure and environmental segment reported a revenue of HKD 4.433 billion, down 3% year-on-year, with net profit decreasing by 11.6% to HKD 933 million, primarily due to the impact of the Hangzhou Bay Bridge's exclusion from the financials and a loss from the sale of Yuefeng [2][12]. - The consumer and health segment showed positive growth, with revenue increasing by 11% to HKD 1.9 billion and net profit rising by 26% to HKD 433 million, driven by strong performance in the tobacco business and a one-time gain in the health sector [3][13]. Summary by Sections Real Estate - Revenue for the real estate segment was HKD 3.143 billion, a decrease of 23.2% year-on-year, with net losses expanding to HKD 465 million due to impairment provisions. The losses from Shanghai Industrial Development and Shanghai Urban Development were HKD 754 million and HKD 492 million, respectively [2][12]. Infrastructure and Environmental - The infrastructure segment's revenue was HKD 4.433 billion, down 3%, with net profit at HKD 933 million, a decline of 11.6%. The highway segment performed better, with a revenue increase of 5.1% to HKD 1.019 billion and a slight net profit increase of 0.5% to HKD 548 million [2][12]. Consumer and Health - The consumer segment achieved revenue of HKD 1.9 billion, up 11%, and net profit of HKD 433 million, up 26%. The tobacco business saw a revenue increase of 16.4% to HKD 1.273 billion, with a net profit of HKD 337 million, reflecting a 20% increase [3][13]. Financial Metrics - The company’s financial metrics show a decrease in debt, with interest-bearing liabilities dropping from HKD 59.492 billion to HKD 58.513 billion, and the debt-to-asset ratio decreasing from 53.5% to 51.5%. Financial expenses also fell by 15% to HKD 875 million [20][25]. Dividend Policy - The company maintained its dividend at HKD 0.42 per share, totaling HKD 457 million, with the payout ratio increasing from 38% to 43.8% [20][25]. Profit Forecast - The profit forecast for the company remains unchanged, with expected net profits of HKD 2.934 billion, HKD 3.084 billion, and HKD 3.197 billion for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 4.8%, 4.8%, and 3.7% [4][23].

Economic Growth - Chongqing's economy is projected to grow at an average annual rate of 5.7% from 2021 to 2024, becoming the first city in central and western China with an economic output exceeding 3 trillion yuan [1] - Per capita GDP in Chongqing is expected to surpass 100,000 yuan [1] High-Quality Development - Over the past five years, Chongqing has focused on high-quality development, aiming to establish itself as a significant strategic support for the new era of western development [2] - The industrial revenue of large-scale enterprises is expected to reach 2.8 trillion yuan by 2024, while the service sector's added value is projected to hit 1.8 trillion yuan [2] - The production of laptops has maintained its position as the world's largest for 11 consecutive years, and the output of smart connected new energy vehicles is set to increase from 43,000 units in 2020 to 953,000 units by 2024 [2] Technological Innovation - Chongqing has accelerated the establishment of a nationally influential technology innovation center, with annual growth in R&D expenditure of 11% [2] - The number of national key laboratories has increased to 11, and significant breakthroughs have been made in core technologies such as high-power drive motors [2] - The global ranking of Chongqing as a research city has improved from 98th in 2020 to 40th in 2024 [2] Consumer Market Development - The total retail sales of social consumer goods in Chongqing have exceeded 1.6 trillion yuan, ranking second among cities nationwide [3] - Unique consumer experiences, such as the "8D magical" mountain city and drone light shows, have contributed to the city's consumer market growth [3] Infrastructure Development - The operational mileage of rail transit in Chongqing has increased from 344 kilometers to 582 kilometers [3] - New high-speed rail connections have been established, significantly improving accessibility to the city [3] - Major projects have successfully addressed electricity supply shortages during peak summer periods [3]

Core Viewpoint - Fujian Expressway announced the approval of the "2025 Semi-Annual Report" and several other proposals during the tenth meeting of its tenth board of directors [2] Summary by Categories - **Company Announcement** - Fujian Expressway held its tenth board meeting and approved the "2025 Semi-Annual Report" along with other proposals [2]

证券日报网讯海南高速（000886）8月29日在互动平台回答投资者提问时表示，截至2025年8月20日，公 司股东总户数为71528户。 ...

Core Viewpoint - The company, Guangdong Expressway A, recently engaged in a specific investor survey with 23 institutions, discussing its operational status and project progress. Group 1: Company Operations - The company provided an overview of its financial data changes for the first half of 2025, including the operational status of its subsidiaries and ongoing expansion projects [1]. - The board secretary, Yang Hanming, highlighted the impact of the Shenzhen-Zhongshan Channel on traffic flow and toll revenue, noting a decrease in tolls for the Guangzhu East route but a stabilization in the decline [2]. Group 2: Traffic and Revenue Insights - Traffic volume for Guangzhu East and Guanghui Highways showed expected year-on-year changes, with Guanghui experiencing growth in both traffic and toll revenue [2]. - The company reported a higher-than-expected reduction in traffic volume for the Fokai Highway due to the influence of the Shenzhen-Zhongshan Channel and the opening of the Zhongkai Highway [2]. Group 3: Capital Expenditure and Project Management - The company’s recent capital expenditures primarily focus on the equity investments in the expansion projects of its highways, including Guangzhu East, Guanghui, and Yuezhao Highways [2]. - The company is implementing traffic organization plans to minimize the impact of construction on traffic flow during ongoing expansion projects [2].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][11]. Core Views - The company achieved a revenue of 3.741 billion yuan in the first half of the year, representing a year-on-year growth of 11.7%, and a net profit attributable to shareholders of 960 million yuan, up 4.0% year-on-year [3]. - The newly acquired assets have started contributing to profits, with the net profit from the newly acquired companies accounting for 12.3% of the total net profit in the first half of the year [3]. - The revenue from the Xuan-Guan Expressway has shown a significant recovery, with a year-on-year increase of 98.67% to 224 million yuan, while the Guangci Expressway experienced a decline of 64.85% due to construction [4]. - The overall toll revenue from the Xuan-Guan and Guangci Expressways has recovered to 90% of the level before the expansion, indicating potential for further growth [4]. - The company’s other toll revenues have shown steady performance, with notable increases in several key routes [5]. Financial Forecast and Investment Rating - The company is expected to achieve net profits of 1.93 billion yuan, 2.00 billion yuan, and 1.86 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.17, 1.21, and 1.12 yuan [6]. - The report highlights a strong dividend capability, indicating confidence in the company's future performance [11].

Group 1 - The company held its 32nd meeting of the 6th Supervisory Board on August 28, 2025, with all three supervisors present, confirming compliance with legal and procedural requirements [1] - The Supervisory Board unanimously approved the company's 2025 semi-annual report, affirming that the disclosed information accurately reflects the company's operational and financial status [1][2] - The meeting also approved the proposal to cancel the Supervisory Board, adjust the registered capital to 4,834,570,825 yuan, and amend the company's articles of association, which will be submitted for approval at the upcoming extraordinary shareholders' meeting [2]

证券代码：600350 证券简称：山东高速 编号：2025-061 山东高速股份有限公司 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经 2024 年 5 月 9 日召开的公司 2023 年年度股东大会审议批准，公司按照中 国银行间市场交易商协会（下称"交易商协会"）的相关规定，向交易商协会申 请统一注册非金融企业债务融资工具，具体包括超短期融资券、短期融资券、中 期票据（含长期限含权中期票据）、PPN（非公开定向债务融资工具）和 ABN（资 产支持票据）等，在中国银行间市场交易商协会注册有效期内一次或择机分期发 行。（相关决议公告详见《中国证券报》《上海证券报》《证券时报》《证券日 报》及上海证券交易所网站）。 行工作，该募集资金已到达公司指定账户，现将有关发行情况公告如下： 特此公告。 山东高速股份有限公司 2025 山东高速股份有限公司董事会 | 债券名称 | | | | 债券简称 | 25 鲁高速股 | | MTN002 | | | --- | --- | --- | --- | --- | --- | --- | ...