Core Viewpoint - The Chinese market is expected to reach new highs in the second half of 2025, including the Shanghai Composite Index and the Hang Seng Index [1][4][23]. Group 1: Market Dynamics - The decline in risk-free interest rates is a significant factor influencing the stock market, as it has historically driven market performance during favorable years [2][6][12]. - The current trend shows that interest in fixed-income products is decreasing, while interest in equities and diversified assets is rising [8][17]. - Historical examples from Japan and the U.S. illustrate that when long-term government bond yields fall below 2%, there is a shift away from fixed-income investments towards equities [5][11][20]. Group 2: Structural Changes in the Market - Recent capital market reforms aim to enhance investor returns and improve the quality of listed companies, marking a significant shift in focus towards investor interests [13][15][20]. - The introduction of new regulations, such as stricter rules on delisting and financial disclosures, reflects a commitment to improving market integrity and investor confidence [14][16]. Group 3: Investment Opportunities - The market is presenting two main categories of investment opportunities: stable, monopolistic assets in traditional sectors and assets aligned with new technological trends and consumer demands [25][26]. - Specific sectors such as financial services, high-dividend companies, internet, media, innovative pharmaceuticals, and consumer brands are highlighted as promising investment areas [27][28]. - The cyclical industries are also expected to benefit from improved supply-demand dynamics due to recent market adjustments [28].

8月4日晚，广东肇庆普降暴雨，S8广佛肇高速端州收费站附近路段出现山体滑坡。记者从肇庆相关部 门获悉，4日22时左右，S8广佛肇高速有路段已双向封路。佛山市广佛肇高速公路有限公司客服称，现 场正在施工抢险，暂不确定恢复通行时间。 ...

原来，由于重组改制、名称变更等历史原因，该企业的土地、房屋证载权利人名称与公司名称不一 致，不具备更名换证条件。抚顺市自然资源局得知后，立即成立工作专班，根据我省在全国率先出台的 《关于深入化解国有企业不动产登记历史遗留问题的指导意见》（以下简称《指导意见》），帮助企业 研究化解路径，协调市直有关部门为企业出具书面意见，打通办证要件缺失堵点。最终，企业成功拿到 不动产权证书72本，约3亿元国有资产得到显化。 "这个好政策真是解决了我们的大难题！"8月1日，提起刚刚办结的不动产换证业务，中国石油抚顺 石化公司规划和科技信息部副经理马彪语气中透着欣喜。 面对企业多种多样的办证难题，省自然资源厅不断在实践中丰富工作路径，探索形成"135解遗办 法"，从办证程序的最末端，走到解决问题的最前端。其中，"1"是指1个工作理念：坚持解放思想、担 当作为、尊重历史，不机械地用现在的政策去衡量历史遗留问题。"3"是指3个工作原则：明晰产权、守 住底线、容缺办理。"5"是指5项工作措施：加强组织领导、出台化解政策、台账化管理、主动靠前服 务、加强宣传引导。 中国石油抚顺石油化工有限公司的案例，是我省常态化破解国企因历史遗留问题导 ...

Core Viewpoint - Shandong Hi-Speed Company plans to participate in the capital increase of its associate, Weihai Bank, by subscribing to a maximum of 105,816,432 domestic shares at a price of 3.29 yuan per share, totaling up to approximately 348.14 million yuan, to enhance the bank's core tier one capital [2][4][15]. Group 1: Transaction Overview - Weihai Bank intends to issue shares to raise no more than 3 billion yuan for enhancing its core tier one capital [2][4]. - The company will maintain an 11.60% stake in Weihai Bank post-investment [2][4]. - The internal rate of return for this project is estimated at 6.63%, with a static payback period of 16.73 years [4]. Group 2: Transaction Details - The transaction has been approved by the company's board and does not require shareholder approval [3][5]. - The company has engaged in two related transactions with its controlling shareholder, Shandong Hi-Speed Group, totaling 709.7 million yuan in the past 12 months [3][7]. - The share subscription agreement has not yet been signed, and there may be risks associated with the execution of the agreement [3][19]. Group 3: Financial Performance of Weihai Bank - Weihai Bank's total revenue over the past three years was 8.291 billion yuan, 8.735 billion yuan, and 9.316 billion yuan, with year-on-year growth rates of 12.39%, 5.36%, and 6.65% respectively [11]. - The bank's corporate banking segment showed revenue growth rates of 9.58%, 5.03%, and 14.21% over the same period [11]. - The retail banking segment experienced revenue growth rates of 15.29%, -0.45%, and -4.46% [12]. Group 4: Regulatory and Compliance Aspects - The transaction complies with relevant laws and regulations, including the Company Law and Securities Law [25]. - The transaction price is based on the latest audited net asset value per share of Weihai Bank, ensuring fairness and alignment with the company's interests [17]. - The bank's credit status is normal, and it has not been listed as a dishonest executor [9].

Core Viewpoint - China Resources Transportation (00269) reported a decline in revenue and a significant net loss for the fiscal year ending March 31, 2024, indicating financial challenges ahead [3]. Financial Performance - The company achieved a revenue of HKD 578 million, a year-on-year decrease of 2.61% [3]. - The net profit attributable to shareholders was a loss of HKD 338 million, compared to a profit of HKD 1.732 billion in the same period last year [3]. - The net cash flow from operating activities was HKD 187 million, down 82.12% year-on-year [3][18]. - The basic earnings per share stood at -HKD 0.03 [3]. Revenue Composition - The revenue composition for the fiscal year 2024-2025 shows that highway operations contributed HKD 576.9 million, while other operations contributed HKD 0.008 million [14]. Business Segments - The company operates primarily in three segments: highway operations, oil trading and services, and timber operations [8]. - The highway operations segment includes the operation, management, and maintenance of highways, along with investment in supporting facilities [8]. Cash Flow Analysis - The net cash flow from financing activities was -HKD 182 million, an increase of HKD 87.2 million year-on-year [18]. - The net cash flow from investing activities was -HKD 8.232 million, compared to -HKD 0.343 million in the previous year [18]. Asset and Liability Changes - As of March 31, 2025, prepayments increased by 139.9%, accounting for a 3.34 percentage point rise in total assets [28]. - Intangible assets decreased by 6.04%, leading to a 1.85 percentage point drop in total assets [28]. - Other payables (including interest and dividends) increased by 3.4%, contributing to a 6.41 percentage point rise in total assets [31]. Financial Ratios - The company reported a current ratio of 0.03 and a quick ratio of 0.03 during the reporting period [35].

Core Viewpoint - The Weifang West Service Area, the largest in Shandong Province, has completed its renovation and officially opened, showcasing a blend of commercial operations, cultural experiences, and leisure activities, reflecting Shandong Highway Group's commitment to the "six transformations" of service areas [1][6]. Group 1: Design and Environment - The service area features a Han Dynasty architectural style, integrating Qilu culture, natural landscapes, and modern commerce, highlighted by a giant kite sculpture that represents the local heritage [3]. - It includes twelve miniature scenic spots that embody the charm of Qilu, transforming brief stops into immersive experiences through attractions like the kite exhibition hall and cultural corridors [3]. Group 2: Business Operations - The service area hosts 22 different business outlets, combining international brands, well-known chains, and local specialties to create a new consumption ecosystem [4]. - Notable brands such as KFC and Kud Coffee make up 40% of the offerings, while the "Weifang Feast" food street features over 30 local delicacies, providing a culinary experience for visitors [4]. Group 3: Service Quality - The service area has strategically planned 997 parking spaces, with 26 charging stations and 44 charging guns to alleviate concerns about mileage and parking [6]. - It also includes upgraded facilities such as star-rated smart restrooms, totaling 244 toilet stalls, and features family-friendly amenities like third restrooms and nursing rooms, enhancing the overall service quality [6].

Core Viewpoint - The Weifang West Service Area, the largest in Shandong Province, has completed its renovation and officially opened, showcasing a blend of commercial operations, cultural experiences, and leisure activities, reflecting Shandong Highway Group's commitment to transforming service areas through a "six modernization" approach [1]. Group 1: Design and Environment - The service area features a Han Dynasty architectural style, integrating Qilu culture, natural landscapes, and modern commerce, highlighted by a giant kite sculpture and twelve miniature scenic spots that showcase the charm of Qilu [1]. - The design encourages immersive experiences, transforming brief stops into engaging visits through attractions like the kite exhibition hall and cultural corridors [1]. Group 2: Business Operations - The service area includes 22 business formats, combining international brands, well-known chains, and local specialties, creating a new consumption ecosystem [9]. - Notable brands such as KFC and Kud Coffee account for 40% of the offerings, while the "Weifang Feast" food street features over 30 local delicacies, enhancing the culinary experience for visitors [9]. Group 3: Service Quality - The service area has strategically planned 997 parking spaces and equipped 26 charging stations with 44 charging guns, addressing concerns about range and parking [9]. - Facilities include 244 restroom stalls, third-gender restrooms, and mother-baby rooms, promoting a user-friendly environment and elevating service quality from basic to premium [9]. Group 4: Future Plans - The renovation of the Weifang West Service Area represents the latest effort by Shandong Highway Group to create "three excellent" service areas, aiming to reshape the image of Shandong Highway [9]. - The company plans to continue its mission of "sharing a beautiful journey" by advancing the "six modernization" transformation of service areas to meet the high-quality travel needs of the public [9].

Core Points - Zhuhai Transportation Holding Group will implement a 50% toll discount for specific high-frequency highway sections starting from August 1, 2025, aimed at alleviating traffic congestion and promoting urban development [1][2] - The discount applies to vehicles using the Guangdong Toll Card (ETC) and requires a minimum number of trips on designated routes to qualify [1][2] - The initiative is expected to reduce travel costs for citizens and businesses, enhancing connectivity between the eastern and western parts of Zhuhai [2] Summary by Sections Toll Discount Details - The new discount will cover three high-frequency routes: Jiangzhu Expressway, Honghe Bridge, and Hekang Expressway, in addition to two existing discounted routes [1] - For example, a small car traveling from Jiangzhu Expressway to Xianghai Bridge will pay only 5 yuan, saving 4.5 yuan compared to the original fee [2] - The discount period is from August 1, 2025, to March 31, 2026, lasting for eight months [2] Operational Enhancements - Zhuhai Transportation Holding Group is responsible for major transportation projects in Zhuhai, including three bridges and two highways [2] - The group has upgraded services, including the installation of 49 ETC dedicated lanes and a "pre-transaction" system at some stations to improve traffic efficiency [2][3] - As of June 2025, over 30,000 ETC cards have been issued, leading to the highest usage rate in the province [2] Traffic Management Initiatives - To address peak hour traffic, 59 "smart toll robots" are deployed for 24-hour service, along with increased staffing during peak times for traffic management [3] - Future plans include adding right-hand drive service windows at toll stations frequented by vehicles from Hong Kong and Macau, and enhancing bilingual signage [3] - The company is also considering the development of convenience parking lots and sports parks under bridges, as well as upgrading the "Zhuhai Expressway" app for better user experience [3]

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 佈 之 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 會 就 因 本 公 佈 之 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 ROAD KING INFRASTRUCTURE LIMITED 路勁基建有限公司* （於百慕達註冊成立之有限公司） （股份代號：1098） 截至二零二五年六月三十日止六個月，本集團已簽訂合同額為人民幣 47.68 億元。連同協 議未轉合同額人民幣 4.64 億元，本集團期內的總物業銷售額為人民幣 52.32 億元。 截至二零二五年六月三十日止六個月，高速公路項目的路費收入及日均混合車流量分別 為港幣 8.79 億元及 91,000 架次。 上述所披露的數據為本集團的初步資料，均未經審核。基於在收集此類數據的過程中的 各種不確定性，上述數據與本公司將披露在半年度刊發的中期報告的數據，可能有所差 異。故此，是次所披 ...

Core Points - The G2001 Jinan Ring Expressway from Xinglong Hub to Shizhong Interchange will undergo construction from August 5, 2025, to September 30, 2026, to enhance safety and prevent traffic accidents [1] - The construction will involve the closure of the main line left lane (west to east direction) from Xinglong Hub to Shizhong Interchange [2] - Additional closures will affect the exit ramp from Changqing to Jinan South Toll Station and the entrance ramp from Jinan South Toll Station to Laiwu [3] - The Shizhong Interchange will also see the closure of the entrance ramp from Shizhong Toll Station to Laiwu [4] Traffic Management Measures - A speed limit of 80 km/h will be enforced on the G2001 Jinan Ring Expressway from Xinglong Hub to Yinjialin Hub, with restrictions on medium and heavy trucks and hazardous materials vehicles [5] - Further traffic control measures may be announced as construction progresses [5] Detour Routes - Short-distance traffic will be diverted via several routes, including: - Route 1: Jingtai Expressway → G104 National Road → South Second Ring Elevated Road → Jinan City [6] - Route 2: Jingtai Expressway → Jinan West Toll Station → Jinan City [6] - Route 3: Jingtai Expressway → International Medical Center Toll Station → Jinan City [6] - Long-distance transit traffic will also have designated routes from surrounding areas, including: - Route 1: Jingtai Expressway → Jiguang Expressway [8] - Route 2: Jingtai Expressway → Qingyin Expressway [8] - Route 3: Jingtai Expressway → Qinglan Expressway → Jinghu Expressway [8]