深圳投控灣區發展有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事 會（「董事會」）謹此公佈本集團 2025 年 8 月未經審核之營運資料如下： | | 2024 年 8 月 | 2025 年 8 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） | 257,327 | 256,114 | -0.5% | | 日均路費收入（人民幣千元） | 8,301 | 8,262 | -0.5% | | 廣珠西綫高速公路 | | | | | 月總路費收入（人民幣千元） | 120,374 | 105,340 | -12% | | 日均路費收入（人民幣千元） | 3,883 | 3,398 | -12% | | 沿江高速公路（深圳段） | | | | | 月總路費收入（人民幣千元） | 70,456 | 71,485 | 1% | | 日均路費收入（人民幣千元） | 2,273 | 2,306 | 1% | 註： 路費收入不包括稅項 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 ...

智通财经APP讯，深高速(600548.SH)披露2025年8月未经审计路费收入，8月外环项目路费收入约为1.14 亿元。 ...

智通财经APP讯，深高速(600548.SH)披露2025年8月未经审计路费收入，8月外环项目路费收入约为1.14 亿元。 ...

Group 1 - Zhiguang Electric plans to acquire minority stakes in its subsidiary Zhiguang Energy Storage through a combination of share issuance and cash payment, leading to a temporary suspension of its stock trading for up to 10 trading days [1] - Guangbo Co. has been awarded a procurement project by the State Grid Corporation of China, confirming its status as one of the successful bidders for office and industrial supplies [2] - Dongguan Holdings announced the resignation of its chairman Wang Chong'en due to work changes, with Lin Yongsen appointed as the interim chairman [2] Group 2 - *ST Tianmao's stock will be delisted on September 30, 2025, following the Shenzhen Stock Exchange's decision to terminate its listing [3] - Salt Lake Co. has entered the trial production phase for its 40,000 tons/year integrated lithium salt project, successfully producing qualified battery-grade lithium carbonate [5] - Xindazheng plans to adjust its share repurchase price limit from 13.78 yuan to 16.79 yuan per share, maintaining a total repurchase fund of 10 million to 20 million yuan [7] Group 3 - Xindazheng intends to acquire 75.15% of Jiaxin Liheng's equity through share issuance and cash payment, with the transaction price yet to be determined [9] - Koli'er's actual controller plans to reduce his stake by up to 2% of the company's total shares due to funding needs [11] - United Precision's two actual controllers plan to collectively reduce their stake by up to 3% of the company's total shares for personal financial reasons [13] Group 4 - Yipinhong's subsidiary has received a drug registration certificate for L-carnitine oral solution, which is classified as a chemical drug [15] - Tiancheng Self-Control plans to establish a wholly-owned subsidiary in Japan and invest in a warehouse and production base with a budget of up to 10 million yuan [17] - Ningbo Huaxiang's joint venture has obtained a patent license from Jilin University for PEEK technology, which will enhance its R&D capabilities [21] Group 5 - Bright Dairy's subsidiary Synlait Milk Limited plans to sell its North Island assets to Abbott for $170 million, aiming to focus on core business development [23] - Nanjing Pharmaceutical has signed a strategic investment agreement with Guangzhou Baiyunshan Pharmaceutical Group, with the latter acquiring 11.04% of Nanjing Pharmaceutical's shares [24] - Guoxing Optoelectronics' application for a private placement of A-shares has been accepted by the Shenzhen Stock Exchange [25] Group 6 - Hailianxun has received approval from the China Securities Regulatory Commission for its plan to merge with Hangqilun B through a share exchange [27] - CITIC Bank's risk director Hu Gang has resigned, with Jin Xinian appointed as the new risk director pending regulatory approval [29]

Group 1 - The article discusses the trend of highways in China transitioning from toll-based systems to free access as many highways reach the end of their charging periods [5][9][11] - Recent announcements include the Chengmian and Chengbei exit highways in Sichuan, which will stop charging fees, marking a significant shift in the western region [2][4] - The article highlights that many previously profitable highways are now becoming free due to their revenues exceeding construction costs over the years [12][16] Group 2 - The article outlines the historical context of highway construction in China, noting that many highways built in the 1980s and 1990s are now reaching their toll expiration dates [7][8] - It provides examples of highways that have ceased toll collection, including the Guangzhou North Ring Highway, which is expected to result in a loss of nearly 1 billion yuan in toll revenue annually [15][14] - The article mentions that the first highway to stop charging was the Hujia Highway, which had an annual traffic volume exceeding 20 million vehicles before it became free [16] Group 3 - The article explains the financial model of highway construction in China, which typically involves borrowing to build and charging tolls to repay the loans [26][30] - It notes that many regions are extending toll periods under various pretexts, often due to outstanding debts [21][22][29] - The article also discusses the implications of rising maintenance costs and the impact of electric vehicle tax exemptions on highway funding [41][42] Group 4 - The article suggests that while some regions may adopt free tolls, others may continue to extend toll periods due to financial pressures [47][48] - It proposes alternative solutions such as reducing toll fees or implementing differentiated toll rates based on traffic conditions and maintenance costs [49][52] - The article concludes that the trend towards free highways is likely to continue as economic development progresses, benefiting logistics and urban development in the long run [56][57][60]

报告要点 丨证券研究报告丨 [TaSummary] 今年以来，受资金风格切换等因素影响，交运板块核心红利资产标的均面临一定程度股价调整， 估值及股息率重回高性价比区间，显著领先十年期国债收益率，对于绝对收益资金吸引力逐步 提升。基于行业特征，我们重点推荐交运板块中具有低估值、高股息特征的垄断性资产，1）买 低波稳健+分红确定：优选高速公路龙头（招商公路以及宁沪高速等），以及大秦铁路与青岛港； 2）短期看，港股市场估值折价明显、股息率更具性价比，建议关注港股向上弹性。 行业研究丨行业周报丨运输 [Table_Title] 当前时点，如何看待交运红利资产配置价值？ 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 当前时点，如 ...

证券研究报告|固收研究报告 [Table_Date] 2025 年 09 月 28 日 [Table_Title] 国庆后迎 3 单首发公募 REITs [Table_Title2] 公募 REITs 周速览（2025 年 9 月 15-19 日） [Table_Summary] 本周（2025 年 9 月 22-26 日）中证 REITs 全收益指数收于 1064.42 点，周度下跌0.65%，行情依旧较为冷淡，预计7-9月 将连续 3 个月收跌。周内来看，周一至周四连续下跌，累计跌 幅 0.72%，仅周五微涨 0.08%。已上市的 74 个 REITs 总市值 收于 2190 亿元，环比下降 1.11%，其中流通市值 1091亿元。 大类资产角度，2025年下半年来 REITs表现不佳，整体已 回调 5%左右，偏红利概念的 REITs 受市场风险偏好提升而走 弱。本周 REITs 依然弱势，黄金白银表现亮眼，沪金/沪银涨幅 分别达 3.17%/6.98%。沪深 300、中证 500 也有 1%的涨幅。 ►二级市场 9 月 22 日，证监会同时批复了中信建投沈阳国际软件园、 华夏安博仓储物流、华夏中海商业资 ...

Core Points - Three highways, including the Beijing-Harbin Highway (京哈), Benhuan Wide Highway (本桓宽), and Lingxui Highway (凌绥), officially opened on September 27, marking a significant milestone in transportation infrastructure in Northeast China [1][3][9] - The Beijing-Harbin Highway expansion is a key national project under the "14th Five-Year Plan," representing the first long-distance ten-lane expressway expansion in the country, enhancing logistics and economic development in the Liaoning region [4][11] - The opening of these highways is expected to significantly reduce travel times and logistics costs, facilitating better connectivity for local businesses and enhancing regional economic integration [5][10] Summary by Sections Highway Openings - The three highways were constructed simultaneously, completing a perfect closure of the project that began on August 8, 2022 [3] - The Beijing-Harbin Highway expansion spans 238 kilometers, converting a dual six-lane road into a dual ten-lane road with a design speed of 120 km/h [4] Economic Impact - The opening of the Lingxui Highway allows for a significant reduction in travel time from 10 hours to 3 hours for logistics between key locations, with expected logistics cost reductions of 10% to 15% for export-oriented businesses [5][10] - The Benhuan Wide Highway connects major scenic spots and is anticipated to increase tourist traffic, benefiting local hospitality businesses [7][8] Regional Development - The completion of these highways is seen as a catalyst for economic growth, enhancing the logistics efficiency of cities like Panjin, which is crucial for its role as a petrochemical and fine chemical industry base [9][10] - The provincial transportation department reported that over the past three years, 1,361 kilometers of highways have been constructed, setting a historical record and significantly improving regional connectivity [11]

Core Viewpoint - The completion of the G1 Jingha Expressway expansion significantly enhances transportation efficiency in Northeast China, serving as a vital economic artery connecting the region to the Beijing-Tianjin-Hebei area [1][6]. Group 1: Infrastructure Development - The newly opened section of the Jingha Expressway features a ten-lane design, making it the first of its kind in China, which is expected to alleviate traffic congestion and improve regional transportation conditions [1][2]. - The expansion project, which began in 2022, spans 238 kilometers with a total investment of 31 billion yuan, addressing the increasing traffic demands that have surged from an average of 20,000 vehicles per day to 120,000 [2][4]. Group 2: Economic Impact - The improved expressway is projected to enhance logistics efficiency by 30% for businesses along the route, with daily traffic expected to exceed 150,000 vehicles [6][7]. - Companies such as China National Petroleum Corporation's Jinzhou Petrochemical are already experiencing reduced transportation times, with deliveries now taking 15 hours instead of 20, leading to a projected 10% increase in sales of chemical products to North and East China [6][7]. Group 3: Regional Integration - The Jingha Expressway serves as a crucial link for various industrial clusters, including petrochemicals, equipment manufacturing, and automotive industries, which collectively contribute significantly to the GDP of Northeast China [6][7]. - The expressway's expansion is anticipated to further integrate Northeast China into the logistics network of the Beijing-Tianjin-Hebei region, enhancing regional collaboration and economic growth [6][7].

作为东北地区联通京津冀的"主动脉"，京哈高速的每一寸延展、每一点升级，都跳动着东北经济的脉搏，见证着黑土地上的活力。 秋日的辽沈大地，层林尽染。一条崭新的沥青大道，从辽宁绥中向北蜿蜒伸展。27日，G1京哈高速公路绥中至盘锦段改扩建工程（京哈高速改扩 建工程）建成通车，成为国内首条拥有长距离十车道的高速公路。 攻坚建设难题—— 破解老路之困—— "过去跑京哈高速，最怕的就是堵在盘锦到绥中的路段。"货车司机张建军握着方向盘，指了指窗外新拓宽的车道。 这位跑了12年沈阳至北京专线的老司机，对旧京哈高速的"堵"印象深刻：由于车流量大，大货车一扎堆就挪不动，最堵的时候，200公里的路得走 好几个小时。 2000年建成的京哈高速，承担着东北地区进出山海关80%以上的货运量。近年来，京哈高速绥中至盘锦段交通量每年均以10%左右的速度增长， 车流量由设计之初的日均2万辆猛增至12万辆，超负荷运行。同时京哈高速的路面、桥涵病害比较严重，总体通行条件已经无法适应社会经济的发 展需求。 建成通车后，京哈高速绥中至盘锦段以十车道的崭新姿态亮相，极大地改善了区域交通条件，将进一步推进辽宁沿海经济带建设和辽西融入京津 冀协同发展。 激活 ...