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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 茲載列深圳高速公路集團股份有限公司（「本公司」）在上海證券交易所網站發布的 《2025 年半年度報告》，僅供參閱。 承董事會命 趙桂萍 公司秘書 中國，深圳，2025 年 8 月 22 日 於本公告之日，本公司董事會的成員包括執行董事徐恩利先生、廖湘文先生、姚海先 生和文亮先生；非執行董事陳雲江先生、伍燕淩女士和張堅女士；以及獨立非執行董 事李飛龍先生、繆軍先生、徐華翔先生和顏延先生。 深圳高速公路集团股份有限公司 2025 年半年度报告 公司代码：600548 公司简称：深高速 深圳高速公路集团股份有限公司 SHENZHENEXPRESSWAYCORPORATIONLIMITED （于中华人民共和国注册成立的股份有限公司 ） 2025 年半年度 ...

中新网广东新闻8月20日电 (记者 蔡敏婕)佛开高速作为沈海高速关键路段，含439座桥涵、15座互通立 交及5座通航桥梁，年均船舶通行超36万艘次，是粤港澳大湾区与粤西交通大动脉。 为满足安全管理需求，广东省高速公路股份有限公司(下称：粤高速)推动旗下广东佛山至开平高速公路 (简称"佛开高速")等关键路段发展，推进养护数字化转型。 通航桥梁防船撞预警系统实现全覆盖是另一突破。该系统在传统 AIS基础上加装激光雷达，恶劣天气下 可精准扫描船舶动态。通过机器学习算法优化识别准确率，结合声光电预警规范船舶行驶，九江大桥成 为首座接入广东交通集团集群监测平台的桥梁，2019年上线后大幅降低船撞事故率。 佛开高速还构建全链条应急处置体系。通过光纤监测站、陀螺仪等多技术手段提升灾害发现能力；借助 可变情报板、"粤通行" APP等发布避险信息，抢抓"黄金5分钟"救援时间；制定应急处置指引，建立多 方协同联动机制。作为国家重点研发计划示范工程，其关键技术研究对提升船撞桥防控能力意义重大。 在改革推动下，粤高速通过全生命周期监测、防船撞系统全覆盖及应急体系建设，实现显著科技突破， 提升了安全管理与运营效率，为国企科技创新提供了 ...

Core Insights - As of August 21, a total of 110 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Suzhou Bank, which has seen net purchases for 14 consecutive trading days [1] - Other notable stocks with significant net buying days include ST Guangwu, Dong'e Ejiao, China Power, Huasheng Technology, Qilu Bank, Lanzhou Bank, Jiugang Hongxing, Design Institute, Nanjing Bank, and Jilin Expressway [1]

Group 1 - JPMorgan Chase & Co. increased its stake in Jiangsu Ninghu Expressway (00177.HK) by acquiring 904,000 shares at an average price of HKD 9.7795 per share, totaling approximately HKD 8.84 million [1] - Following this acquisition, JPMorgan's total holdings in Jiangsu Ninghu Expressway rose to 73,443,131 shares, with the ownership percentage increasing from 5.93% to 6.01% [1]

Core Viewpoint - The company reported better-than-expected performance for 1H25, with revenue and net profit both increasing by 14.9% year-on-year, driven by higher toll revenue and a significant decrease in financial expenses [1][2]. Financial Performance - 1H25 revenue reached 2.1 billion yuan, a year-on-year increase of 14.9% [1]. - Net profit attributable to shareholders was 360 million yuan, also up 14.9% year-on-year, exceeding expectations [1]. - The company declared an interim dividend of 0.12 HKD per share, maintaining the same level as 1H24, with a payout ratio of 50.6% [1]. Revenue Growth Drivers - Toll revenue for 1H25 was 2.06 billion yuan, reflecting a 15.2% year-on-year increase, attributed to several factors: 1. The consolidation of Pinglin Expressway contributed 260 million yuan to toll revenue [1]. 2. The impact of construction on Wuhuang Expressway led to a 56.6% increase in toll revenue for Hanhe Expressway [1]. 3. The expansion project on Hanyi Expressway resulted in a 17.3% increase in toll revenue for Hancai Expressway [1]. 4. The low base effect from adverse weather conditions in the same period last year [1]. Cost and Margin Analysis - Operating costs increased by 22.8% year-on-year, with intangible asset amortization rising by 26.3%, outpacing revenue growth [2]. - The gross margin decreased by 3.4 percentage points to 46.8% [2]. - Financial expenses decreased by 11.1% year-on-year, benefiting from lower market interest rates, with a weighted average interest rate of 2.6% in 1H25 compared to 3.15% in 1H24 [2]. Long-term Growth Potential - The company is focused on reinvesting in its core business, with the acquisition of Pinglin Expressway expected to strengthen its central road network [2]. - The core asset expansion in Guangzhou and potential group asset injections are anticipated to provide ongoing growth [2]. - The dividend policy remains stable, with a projected dividend payout ratio of 58.5% in 2024, suggesting attractive dividend yields of 6.9% and 7.3% for 2025 and 2026, respectively [2]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 upwards by 3.4% and 4.3%, respectively, to 739 million yuan and 770 million yuan [2]. - The current stock price corresponds to a price-to-earnings ratio of 8.5 times for 2025 and 8.0 times for 2026 [2]. - The target price has been raised by 4.3% to 4.34 HKD, reflecting a 9.0 times price-to-earnings ratio for 2025 and 8.5 times for 2026, indicating a potential upside of 6.1% from the current stock price [2].

Core Points - The company successfully issued the fifth phase of ultra-short-term financing bonds for the year 2025, with a total scale of 800 million RMB [1] - The bond has a maturity period of 270 days, with an interest rate set at 1.57% [1] - The funds raised have been transferred to the company's designated account on August 19, 2025 [1]

分红多募资少。 A股市场下起"红包雨"，现金分红成为主流。 根据Wind数据，截至8月21日收盘，已有160家上市公司披露了2025年中期分红预案，仅20日晚间就有 23家公告了分红预案。其中，牧原股份（002714.SZ）的分红计划受到市场关注，该公司拟每10股派发 现金红利9.32元，分红金额超过50亿元。 此前的8月19日晚间，吉比特（603444.SH）、福耀玻璃（600660.SH）公告，每10股拟派发现金红利分 别为6.6元、0.9元，拟派发现金4.74亿元、23.49亿元。这两只股票的共同点在于，上市以来的分红总额 已超过实际募资总额。 其中，福耀玻璃是分红融资比排名前十的公司之一。依据Wind数据计算，贵州茅台（600519.SH）、山 西汾酒（600809.SH）、宁沪高速（600377.SH）、兖矿能源（600188.SH）、五粮液（000858.SZ）、 达安基因（002030.SZ）、格力电器（000651.SZ）、江铃汽车（000550.SZ）、重庆啤酒（600132.SH） 是另外9家，前十大"分红王"的分红融资比均超过24倍。其中，贵州茅台分红融资比超150倍，这意味着 每募集1 ...

Core Viewpoint - Zhejiang Huhangyong Highway Co., Ltd. plans to absorb and merge with Zhenyang Development through a share swap, indicating a strategic move to enhance its capital platform and market position [1][4]. Group 1: Company Overview - Zhejiang Huhangyong, a state-owned enterprise established nearly 30 years ago, is known for its stable operations and has consistently paid dividends, totaling over 32 billion RMB since its IPO [2]. - The company has shown a steady increase in annual cash dividends, rising from 1.541 billion RMB in 2020 to an expected 2.307 billion RMB in 2024, reflecting its strong financial health [2]. - In 2023, Zhejiang Huhangyong reported revenues of 16.965 billion RMB and a net profit of 5.224 billion RMB, with projected revenue growth of 6.48% to 18.065 billion RMB in 2024 [2]. Group 2: Market Reaction - Following the announcement of the merger, Zhejiang Huhangyong's stock price fell, likely due to concerns over Zhenyang Development's weaker profitability, which could dilute overall profits post-merger [3]. - Zhenyang Development's 2024 revenue is projected at 2.899 billion RMB, with a net profit of 191 million RMB, down 23.21% year-on-year, highlighting a significant disparity in financial performance compared to Zhejiang Huhangyong [3]. Group 3: Strategic Implications - The merger is part of Zhejiang Huhangyong's strategy to deepen its capital platform, aiming to enhance its valuation in the A-share market and broaden financing channels for future investments [4]. - The company’s core competitiveness lies in its quality highway assets and sustainable operational philosophy, which is expected to be reinforced through this merger [4]. - Long-term benefits for shareholders are anticipated, including valuation reassessment for domestic shareholders and continued dividends for H-share holders, as the merger is seen as a strategic upgrade [4].

香港联交所最新资料显示，8月18日，小摩增持江苏宁沪高速（600377）公路(00177)90.4万股，每股作 价9.7795港元，总金额约为884.07万港元。增持后最新持股数目约为7344.31万股，最新持股比例为 6.01%。 ...

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。 安徽皖通高速公路股份有限公司 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 ） 公告 持續關連交易：經營權租賃協議 董事會欣然宣佈本公司附屬公司廣宣公司（作為出租人）與驛達公司（作為承租 人）於2025年8月21日訂立經營權租賃協議。據此，廣宣公司同意將洪林服務區 出租給驛達公司以進行租賃經營項目，服務區租賃期限為自2025 年1 月21 日至 安徽交控集團現持有本公司已發行股份總數的約33.63%，按照上市規則定義為 本公司的控股股東及關連人士。驛達公司為安徽交控集團之全資附屬公司，根 據上市規則第14A章，驛達公司為安徽交控集團之聯繫人，亦屬本公司之關連人 士。因此，經營權租賃協議項下擬進行之交易構成本公司之持續關連交易。 誠如本公司日期為2022年4月29日及2025年5月6日之公告所披露，本公司與驛 達公司訂立2 ...