Core Points - Shenzhen Expressway Group Co., Ltd. announced the resignation of Mr. Wen Liang from his positions as director, chief financial officer, and member of the compensation and risk management committees due to job changes [1] Summary by Categories Company Announcement - The board of Shenzhen Expressway received a written resignation report from Mr. Wen Liang on November 21, 2025 [1] - Mr. Wen Liang's resignation is attributed to work changes [1] Management Changes - The resignation affects multiple roles held by Mr. Wen Liang, including director and chief financial officer [1] - His departure also impacts his membership in the compensation and risk management committees [1]

Group 1 - The company announced that Mr. Wen Liang submitted his resignation as a director, CFO, and member of the compensation and risk management committees due to job changes [1] - For the first half of 2025, the company's revenue composition was as follows: toll fees accounted for 62.51%, other businesses 30.12%, and clean energy business 7.37% [1] - The company's market capitalization is currently 25.3 billion yuan [1]

南财智讯11月21日电，深高速公告，深圳高速公路集团股份有限公司董事会于2025年11月21日收到文亮 先生提交的书面辞职报告。文亮先生因工作变动辞任本公司董事、财务总监以及薪酬委员会和风险管理 委员会委员职务。文亮先生的辞职报告送达本公司董事会后即时生效。文亮先生已确认与本公司董事会 及/或监事会没有意见分歧，亦没有其他事项需要通知本公司的证券持有人、债权人及/或本公司上市地 证券交易所。 ...

智通财经APP获悉，香港联交所最新资料显示，11月20日，成都高速(01785)股东将股票由中国工商银行 亚洲转入德意志银行，转仓市值1.04亿港元，占比10.94%。 成都高速截至2025年9月30日止9个月的第三季度业绩显示，该集团期内取得营业收入21.95亿元，同比 增长1.73%;归母净利润4.67亿元，同比减少5.31%。 ...

成都高速截至2025年9月30日止9个月的第三季度业绩显示，该集团期内取得营业收入21.95亿元，同比 增长1.73%;归母净利润4.67亿元，同比减少5.31%。 智通财经APP获悉，香港联交所最新资料显示，11月20日，成都高速(01785)股东将股票由中国工商银行 亚洲转入德意志银行，转仓市值1.04亿港元，占比10.94%。 ...

香港联交所最新资料显示，11月18日，HWABAO TRUST CO.,LTD增持成都高速(01785)4990万股，每股 作价1.42港元，总金额为7085.8万港元。增持后最新持股数目为4990万股，最新持股比例为10.94%。 ...

Core Viewpoint - The report from Huachuang Securities indicates that the highway sector is expected to maintain resilience in 2026, with high dividend configurations being a preferred investment direction. The port industry is anticipated to shift from a single container-driven growth model to a dual-wheel structure of stable container growth (5%-8%) and a recovery in bulk cargo (2%-5%) by 2026, with stable pricing expected. There are strategic layout opportunities for leading companies in the bulk supply chain that focus on dividends and returning to growth expectations in the coming year [1]. Highway Sector - The highway sector is viewed as a preferred option for stable asset allocation due to low valuations and high dividends, with expected dividend yields around 5% for leading highway companies in 2026. Notable companies include Sichuan Chengyu (5.6%), Shandong Highway (5.0%), and Anhui Wantong Highway (5.0%), with higher yields for H-shares [2]. - The outlook for 2026 suggests strong performance driven by stable volume and pricing, alongside significant cost reduction opportunities. Key factors include potential optimization of toll policies and a favorable interest rate environment that could alleviate operational pressures for highway companies [2]. - High dividend characteristics are expected to remain stable in 2026, with clear three-year return plans from leading companies like Sichuan Chengyu and Wantong Highway [2]. Port Sector - The port sector is entering a strategic value era, transitioning from a perception of cyclical capacity assets to being recognized as global supply chain security hubs. This shift is driven by geopolitical factors and the need for strategic asset control [3]. - The industry is expected to see stable throughput and pricing in 2026, with a dual growth model of container stability and bulk cargo recovery. The average dividend payout ratio is projected to be 37.46%, indicating significant potential for increases [3]. Railway Sector - Passenger transport is expected to see steady growth, with flexible pricing mechanisms in place. Freight transport is also showing signs of improvement, particularly in coal and other cargo types [4][5]. Bulk Supply Chain - The bulk supply chain is poised for a new growth phase in 2026, with companies like Xiamen Xiangyu leading the way in transformation logic focused on profit margin enhancement and investor returns. The operational environment is recovering, with strong performance trends evident since 2025 [6][7]. - Strategic layout opportunities exist for leading companies in the bulk supply chain that emphasize dividends and growth expectations [7]. Investment Recommendations - The company continues to favor A/H share transportation assets, highlighting the importance of industry logic and valuation elasticity. Key recommendations include Sichuan Chengyu and Wantong Highway for their stable growth and high dividends, as well as other notable companies in the highway and port sectors [8].

Core Viewpoint - The company has received approval from its shareholders to apply for a unified registration of non-financial corporate debt financing instruments in accordance with the regulations of the China Interbank Market Dealers Association [1] Group 1 - The company plans to issue various types of debt instruments, including ultra-short-term financing bonds, short-term financing bonds, medium-term notes (including long-term and contingent medium-term notes), PPN (private placement notes), and ABN (asset-backed notes) [1] - The registration for these instruments will be valid for a specified period, allowing for issuance either in one go or in phases [1] Group 2 - On November 19, 2025, the company successfully completed the issuance of its sixth ultra-short-term financing bond for the year 2025, amounting to 1 billion yuan [1] - The raised funds have been deposited into the company's designated account [1]

Core Viewpoint - The company announced a significant change in its ownership structure, with the Jiangxi Provincial Government transferring 90% of the shares of Jiangxi Transportation Investment Group from the Jiangxi Provincial Department of Transportation to the Jiangxi State-owned Assets Supervision and Administration Commission [2][3]. Group 1 - The Jiangxi Provincial Government has approved the transfer of 90% of the shares held by the Jiangxi Provincial Department of Transportation in Jiangxi Transportation Investment Group to the Jiangxi State-owned Capital Operation Holding Group [2][3]. - Following this transfer, the Jiangxi State-owned Assets Supervision and Administration Commission will directly hold 90% of the shares in Jiangxi Transportation Investment Group, while the company's controlling shareholder remains unchanged [2][3]. - The actual controller of the company will change from the Jiangxi Provincial Department of Transportation to the Jiangxi State-owned Assets Supervision and Administration Commission [2][3]. Group 2 - The company will comply with relevant laws and regulations regarding information disclosure as the situation progresses [4].

Group 1 - The fund plans to distribute a cash dividend of RMB 147,000,000, which accounts for 99.8669% of the available distributable amount as of the distribution base date [1][2] - The cash dividend will be transferred from the fund's custodian account on November 26, 2025, with the distribution date set for November 27, 2025, for on-market transactions and November 26, 2025, for off-market transactions [3][4] - The fund's available distributable amount as of the distribution base date is RMB 147,195,878.09, consisting of amounts from two periods: RMB 287.30 from the previous period and RMB 147,195,590.79 from the current period [2] Group 2 - The infrastructure project associated with the fund is the Anhui Bo-Fu Expressway, which spans 101.3 kilometers and includes three toll stations and two service areas [8][19] - The project is managed by the China Merchants Highway Network Technology Holdings Co., Ltd. and its wholly-owned subsidiary [19] - As of October 2025, the project has shown good operational performance, with toll revenue sources being relatively diversified and no significant cash flow provider [9][20] Group 3 - In the first nine months of 2025, the project company achieved toll revenue of RMB 33,723,000, representing a year-on-year increase of 7.1% [20] - The average daily traffic volume for the project was 15,637 vehicles, with a year-on-year increase of 8.7%, including a 12.71% increase in passenger vehicle traffic [20] - The fund's total available distributable amount from October 17, 2024, to September 30, 2025, was RMB 462,055,871.97 [20] Group 4 - The fund will have 278,900,000 shares released from lock-up, which represents 55.78% of the total fund shares, effective November 21, 2025 [12] - After the release, the total tradable shares will increase to 360,710,000, accounting for 72.14% of the total fund shares [12] - The fund's market price as of November 19, 2025, was RMB 7.240 per share, reflecting a 3.55% increase from the issue price [21]