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。 Shenzhen Investment Holdings Bay Area Development Company Limited 深 圳 投 控 灣 區 發 展 有 限 公 司 | | 2024 年 10 月 | 2025 | 年 10 月 | 變動 % | | --- | --- | --- | --- | --- | | 於營運層面 | | | | | | 廣深高速公路 | | | | | | 月總路費收入（人民幣千元） | 209,303 | | 208,308 | -0.5% | | 日均路費收入（人民幣千元） | 6,752 | | 6,720 | -0.5% | | 廣珠西綫高速公路 | | | | | | 月總路費收入（人民幣千元） | 84,794 | | 79,780 | -6% | | 日均路費收入（人民幣千元） | 2,735 | | 2,574 | -6% | | 沿江高速公路 ...

（记者 王晓波） 2025年1至6月份，吉林高速的营业收入构成为：高速公路营运占比93.4%，机电工程占比6.6%。 每经AI快讯，吉林高速（SH 601518，收盘价：2.92元）11月28日晚间发布公告称，公司于近日收到鲁 明威先生递交的书面辞职报告：由于工作调整的原因，现辞去吉林高速公路股份有限公司总经理的职 务。鲁明威先生的辞职报告自送达公司董事会之日起生效，并已按照相关规定做好交接工作，其辞职不 会影响公司的正常运营。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 截至发稿，吉林高速市值为55亿元。 ...

Core Viewpoint - CICC initiates coverage on Anhui Wantuo Expressway (600012) with an "Outperform" rating and a target price of HKD 15.12, indicating an 8% upside potential from the current price [1] Group 1: Company Overview - The company's road assets are strategically located at provincial borders, facilitating significant passenger and freight transport demand due to the developed local automotive industry [1] - The core road assets have a high average gross margin of 59.5% from 2014 to 2024, with extended toll collection periods following upgrades and expansions [1] Group 2: Growth Prospects - Short-term growth is expected from the acquisition of the Anhui sections of Fuzhou-Zhou and Suxu Expressways, as well as the completion of the Xuanguang and Guangci expansions, contributing to profit increments [1] - The acquisition of a 7% stake in Shandong Expressway (600350) is projected to enhance investment income by approximately RMB 300 million in 2026 [1] - Long-term growth is supported by the expansion of the Gaijie Expressway and participation in new road construction projects, indicating sustained growth potential [1] Group 3: Dividend and Earnings Forecast - The company plans to maintain a dividend payout ratio of no less than 60% from 2025 to 2027, with estimated dividend yields of 5.4% and 6% for 2025 and 2026, respectively, positioning it among the top in H-share highways [1] - CICC forecasts the company's earnings to be RMB 1.97 billion and RMB 2.17 billion for 2025 and 2026, respectively, with a compound annual growth rate of 14% from 2024 to 2026 [1] - The average dividend yield for H-share highways is currently 5.9%, and given Wantuo's focus on highways and strong asset quality, a valuation premium is warranted, leading to a target price of HKD 15.12 for 2025, corresponding to price-to-earnings ratios of 12x and 10.8x for 2025 and 2026, respectively [1]

Core Viewpoint - CICC initiates coverage on Anhui Wantuo Expressway (00995) with an "Outperform" rating and a target price of HKD 15.12, indicating an 8% upside from the current price [1] Group 1: Company Overview - The company's road assets are strategically located at provincial borders, facilitating significant passenger and freight transport demand due to the developed local automotive industry [1] - The core road assets have a high average gross margin of 59.5% from 2014 to 2024, with extended toll collection periods following upgrades and expansions [1] Group 2: Growth Prospects - Short-term growth is expected from the acquisition of the Anhui sections of Fuzhou-Zhou and Suxu Expressways, as well as the completion of the Xuan-Guan and Guangci expansions, contributing to profit increments [1] - The acquisition of a 7% stake in Shandong Expressway is projected to enhance investment income by approximately RMB 300 million in 2026 [1] - Long-term growth is anticipated from the upgrades of the Gaojie Expressway and participation in the construction of new road assets, reflecting sustained growth potential [1] Group 3: Dividend and Earnings Forecast - The company plans to maintain a dividend payout ratio of no less than 60% from 2025 to 2027, with estimated dividend yields of 5.4% and 6% for 2025 and 2026, respectively, positioning it among the top in H-shares [1] - CICC forecasts the company's earnings to be RMB 1.97 billion and RMB 2.17 billion for 2025 and 2026, respectively, with a compound annual growth rate of 14% from 2024 to 2026 [1] - The average dividend yield for H-shares is currently 5.9%, and given Wantuo's focus on expressways and strong asset quality, a valuation premium is warranted, leading to a target price of HKD 15.12 for 2025, corresponding to a price-to-earnings ratio of 12x and 10.8x for 2025 and 2026, respectively [1]

南财智讯11月28日电，吉林高速公告，公司于近日收到鲁明威先生递交的书面辞职报告，由于工作调整 的原因，现辞去吉林高速公路股份有限公司总经理的职务。根据《公司法》《公司章程》等有关规定， 鲁明威先生的辞职报告自送达公司董事会之日起生效，并已按照相关规定做好交接工作。 ...

Core Viewpoint - Fujian Expressway (600033.SH) is enhancing its external investment strategy by participating in a capital increase project for Haixia Insurance, aiming to leverage its cash flow advantages for sustainable development [1][5]. Investment Plan - Fujian Expressway plans to invest 180 million yuan in Haixia Insurance's 2025 capital increase project, which totals 1 billion yuan [1][2]. - After the capital increase, Fujian Expressway will maintain an 18% stake in Haixia Insurance, making it the second-largest shareholder [1][3]. Financial Performance - For the first three quarters of 2025, Fujian Expressway reported revenue of 2.298 billion yuan, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 822 million yuan, up 3.58% [1][5]. - The company plans to distribute a cash dividend of 0.5 yuan per share, totaling 137 million yuan, which represents 16.70% of its net profit for the same period [1][6]. Shareholder Structure Post-Investment - Following the capital increase, Fujian Provincial Investment Development Group will increase its stake in Haixia Insurance from 20% to 55.49%, while Fujian Shipbuilding Industry Group will maintain its 10% stake [3]. Operational Context - Fujian Expressway operates 282 kilometers of toll roads and has invested in various financial institutions, contributing positively to its long-term sustainable development [5][6]. - The company has achieved an investment income of 49.12 million yuan in the first nine months of 2025, reflecting a year-on-year growth of 23.63% [6]. Financial Stability - As of September 2025, Fujian Expressway's total assets amounted to 17.593 billion yuan, with a low debt-to-asset ratio of 14.01% [7].

Summary of Key Points from Conference Call Records Industry Overview - **Transportation Industry**: The report focuses on the transportation sector, particularly the aviation and shipping industries, with a positive outlook for 2026 [1][2][3]. Core Insights and Arguments Aviation Industry - **Optimistic Outlook**: The aviation sector is expected to perform well in 2026, with passenger load factors reaching historical highs (e.g., 87% for major airlines like China Southern and China Eastern, and over 90% for Spring Airlines) [3][4]. - **Profit Potential**: A 10% increase in ticket prices for airlines with revenues around 100 billion can lead to a profit increase of approximately 10 billion [1][3]. - **Supply Chain Constraints**: The global aircraft supply chain is anticipated to remain tight due to limited participants in the manufacturing market and challenges in scaling production [4]. - **Demand Drivers**: Increased consumer policies and travel demand are expected to significantly boost service consumption, particularly in cultural and tourism sectors [4]. Shipping Industry - **Market Segments to Watch**: Focus on cruise, bulk cargo, and container shipping markets, with cruise rates exceeding $100,000 per day, driven by oil production cycles and sanctions [5][6]. - **Capacity Constraints**: The shipping industry faces limited capacity growth due to low order backlogs since 2022, leading to a strong growth outlook [5][6]. - **Oil Tanker Market**: High percentage of aging vessels (20 years or older) necessitates increased scrapping, with every $10,000 rise in rates potentially adding over 1 billion in profits for companies like COSCO Shipping Energy [8]. - **Dry Bulk Market**: The Simandou iron ore project is expected to significantly increase transportation demand, with production projected to reach 20 million tons by 2026 and 80 million tons by 2028 [8]. Dividend Assets - **Return Expectations**: Dividend assets are projected to revert to mean returns around 10% in 2026, driven by 5% earnings growth and a 4-5% dividend yield [9][10]. - **Highway Sector Stability**: The highway sector is expected to maintain stable operations, with dividend yields projected between 4.5-5% for companies like Sichuan Chengyu and Shandong Highway, and potentially over 6% for Hong Kong-listed firms [10]. Port Sector - **Strategic Importance**: Ports are highlighted as strategic global assets, with companies like China Merchants Port showing upward momentum due to their current undervaluation [11]. Express Delivery Industry - **Market Adjustments**: The express delivery sector, particularly the Tongda system, is positioned for growth following adjustments and the "anti-involution" policy, which is expected to enhance industry quality and profitability [12]. Additional Important Insights - **Investment Recommendations**: Key companies to watch include major airlines (Air China, China Eastern, China Southern), and shipping firms like COSCO Shipping and China Merchants Energy, as well as express delivery leaders like YTO Express and ZTO Express [6][12]. - **Overall Investment Focus**: The report emphasizes the importance of sectors with upward performance potential, such as aviation, shipping, and express delivery, alongside dividend assets that are expected to recover in the economic recovery context [13].

Core Viewpoint - Fujian Expressway (600033.SH) is enhancing its external investment strategy by participating in a capital increase project of Strait Insurance, investing 180 million yuan, while maintaining an 18% stake as the second-largest shareholder [1][2][3] Investment Strategy - The company aims to leverage its cash flow advantages to expand sustainable development through the capital increase in Strait Insurance, aligning with its "main business enhancement, investment-driven" strategy [1][5] - The total scale of the capital increase for Strait Insurance is 1 billion yuan, with Fujian Expressway contributing 180 million yuan [2][3] Financial Performance - For the first three quarters of 2025, Fujian Expressway reported revenue of 2.298 billion yuan, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 822 million yuan, up 3.58% [1][5] - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares, totaling 137 million yuan, which represents 16.70% of its net profit for the same period [1][6] Shareholder Structure Post-Investment - After the capital increase, Fujian Expressway will retain its 18% stake in Strait Insurance, while the largest shareholder, Fujian Provincial Investment Group, will increase its stake from 20% to 55.49% [3] - Other shareholders will see their stakes diluted significantly due to the capital increase [3] Asset and Liability Overview - As of September 2025, Fujian Expressway's total assets amounted to 17.593 billion yuan, with a low debt ratio of 14.01% [7] - The company has reported investment income of 49.12 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 23.63% [6]

Summary of Key Points Core Viewpoint - The company held a performance briefing on November 27, 2025, to address investor concerns regarding its financial performance and operational strategies for the upcoming periods [1]. Group 1: Financial Impact and Revenue - The revenue from the Weilai Expressway is expected to decrease by 345 million yuan in 2025 due to the cessation of tolls after its expiration on October 18, 2024 [3]. - The JiTai Expressway project is progressing normally, and the impact of construction on revenue has been adequately considered in profit forecasts [3]. - The JiHe Expressway saw a year-on-year revenue increase of 178.59% due to the restoration of two-way traffic, while the revenue from the JiTai Expressway segment decreased by 7.94% due to the expiration of tolls on the JiTai-JiQing connection line [3]. Group 2: Technological Development and Innovation - The company is focusing on "smart highways" and "green low-carbon" technologies, with a commitment to increasing research and development efforts despite a current R&D expense ratio of only 1.76% [4]. - The company is exploring new profit growth points through digital transformation and innovative services, which have already shown significant results in cost reduction and efficiency improvement [4]. Group 3: Capital Structure and Shareholder Returns - The company has experienced high capital expenditures and rising debt levels due to extensive infrastructure projects since 2016, but plans to gradually reduce its debt ratio as these projects are completed and operational [4]. - Future strategies may include asset securitization or the introduction of strategic investors to optimize the capital structure and balance large-scale infrastructure investments with shareholder returns [4]. Group 4: Profitability and Margin Management - The gross profit margin increased by 4.8 percentage points to 31.09% in Q3 2025, primarily due to a reduction in low-margin PPP construction revenue [5]. - The company aims to maintain profitability by focusing on its core business and enhancing the proportion of high-margin assets in its portfolio [5].

Transaction Overview - The company plans to acquire 51.0019% equity stake in Hainan Province Jiaotong Investment Group Co., Ltd.'s subsidiary, Hainan Jiaokong Petrochemical Co., Ltd., through cash payment [2] - Upon completion, Hainan Jiaokong Petrochemical will become a controlling subsidiary of the company and included in the consolidated financial statements [2] - The transaction is classified as a major asset restructuring under relevant regulations and is considered a related party transaction, as the seller is a controlling subsidiary of the company's major shareholder [2] Historical Disclosure - The company has disclosed multiple announcements regarding the major asset restructuring since July 3, 2025, including progress updates and responses to inquiries from the Shenzhen Stock Exchange [3][4] Progress of the Transaction - On October 27, 2025, the company held a board meeting to approve the asset restructuring plan and signed the equity transfer agreement and profit forecast compensation agreement with the transaction counterparty [5] - Following the draft disclosure, the company has been actively advancing the transaction, including organizing audits and supplementary due diligence as the audit benchmark date approaches its six-month validity [7]