Core Viewpoint - Jiangsu Ninghu Expressway (00177.HK) announced that it will disclose its Q3 2025 report on October 30, 2025, on the Shanghai Stock Exchange and Hong Kong Stock Exchange websites [1] Group 1 - The company will hold a performance briefing on October 31, 2025, from 10:00 to 11:00 to address common investor concerns regarding its Q3 2025 performance and operational status [1]

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。 （在 百 慕 達 註 冊 成 立 之 有 限 公 司） （股 份 代 號：01052） 2025年8月未經審計營運資料 本集團2025年8月 未 經 審 計 的 營 運 資 料 如 下： 1. 本 集 團 多 數 項 目 受 益 於 暑 運 期 出 行 增 加，日 均 車 流 量 及 路 費 收 入 環 比 增 長 8月 開 始，全 國 高 速 公 路 進 入 暑 運 高 峰，本 集 團 多 數 項 目 日 均 車 流 量 及 路 費 收 入 環 比 進 一 步 上 升。 2. 廣 東 地 區 多 數 項 目 以 及 廣 西 地 區 項 目 受 颱 風 影 響，日 均 車 流 量 及 路 費 收 入 同 比下降 8月 因 颱 風 天 氣 影 響，廣 東 以 及 廣 西 地 區 降 雨 量 ...

近年来，中国高速公路收费问题一直备受关注。尤其是在海南和西藏等地，高速公路实行免费政策的背景下，这一问题显得尤为复杂。虽然在政策面上， 高速公路免费似乎是利好的消息，但现实中却出现了"求你收费吧"的声音。这背后的原因不仅仅涉及车主的经济负担，还与国家财政、投资回报以及经济 发展息息相关。本文将深入探讨高速公路收费的现状、海南和西藏的免费政策、相关财务问题及未来展望，希望为读者提供全面的视角。 高速公路收费现状 高速公路收费制度在中国已经存在多年，对于车主来说，这是一笔不小的开支。尽管近年来有些二级公路取消了收费，但高速公路的收费却依然普遍存 在。收费政策的实施，给车主带来了经济负担，也让很多人感到困扰。 在过去的几年里，国家确实采取了一些措施来减轻车主的经济压力。例如，部分地方取消了二级公路的收费，试图降低出行成本。然而，高速公路的收费 现象仍然普遍存在，车主们在行驶过程中依旧需要支付不菲的通行费。这一现象引发了广泛的讨论，特别是在那些实施免费政策的地区，车主们对政策效 果的反应并不一致。 海南和西藏的高速公路免费政策 海南省的高速公路免费政策可以追溯到1994年。当时，海南省将多项费用整合为"机动车燃油附加 ...

Core Viewpoint - Shenzhen Expressway's stock price has shown fluctuations, with a year-to-date decline of 21.65%, while recent trading periods indicate slight recoveries [1] Company Overview - Shenzhen Expressway Group Co., Ltd. was established on December 30, 1996, and listed on December 25, 2001. The company primarily engages in the investment, construction, and management of toll roads [2] - The main revenue sources include toll fees (62.51%), construction services under franchise agreements (11.76%), kitchen waste treatment project operations (9.33%), wind power generation (7.37%), and other services [2] - As of June 30, the number of shareholders increased by 12.80% to 19,800, with an average of 73,159 circulating shares per person, a decrease of 11.51% [2] Financial Performance - For the first half of 2025, Shenzhen Expressway reported a revenue of 3.919 billion yuan, a year-on-year increase of 4.30%, and a net profit attributable to shareholders of 960 million yuan, up 24.04% [2] - Cumulatively, the company has distributed 14.537 billion yuan in dividends since its A-share listing, with 2.826 billion yuan distributed over the past three years [3] Shareholding Structure - As of June 30, 2025, major shareholders include Huatai-PB Shanghai Composite Dividend ETF, E Fund CSI Dividend ETF, and招商中证红利ETF, with notable increases in holdings [3]

Core Viewpoint - The transaction between Shandong Expressway and Anhui Expressway marks a significant development in the A-share highway sector, with Shandong Expressway Group transferring 7% of its shares to Anhui Expressway for approximately 30.19 billion yuan, enhancing strategic cooperation and regional development [3][4][9]. Group 1: Transaction Details - Shandong Expressway Group will transfer 338 million shares (7% stake) at a price of 8.92 yuan per share, totaling about 30.19 billion yuan [4]. - Post-transaction, Shandong Expressway Group's ownership will decrease to 63.57%, while Anhui Expressway will become the third-largest shareholder with a 7% stake [5][9]. Group 2: Strategic Implications - The share transfer aims to optimize Shandong Expressway's equity structure and enhance regional strategic collaboration, improving service quality and operational efficiency [3][9]. - Anhui Expressway, as the only publicly listed highway company in Anhui, seeks to expand effective investments and strengthen its core business through this acquisition [5][6]. Group 3: Financial Performance - In the first half of 2025, Shandong Expressway reported revenues of 10.73 billion yuan, with a net profit of 1.696 billion yuan, reflecting a 3.89% year-on-year increase [6][9]. - Anhui Expressway achieved revenues of 3.741 billion yuan and a net profit of 960 million yuan, marking growths of 11.72% and 4% respectively in the same period [6][7]. Group 4: Operational Overview - Shandong Expressway operates approximately 2,913 kilometers of toll road assets, with a focus on core businesses in toll road operations and diversified investments in related sectors [8][9]. - The company has maintained a high cash dividend policy, distributing a total of 21.739 billion yuan since its listing [9].

Core Viewpoint - Wantuo Expressway plans to invest 3 billion yuan to acquire a 7% stake in Shandong Expressway, a leading player in the highway industry in Shandong Province, and will gain one board seat [1] Group 1: Acquisition Details - The acquisition involves the transfer of 338 million shares at a price of 8.92 yuan per share, totaling approximately 3.019 billion yuan [1] - The funding for this transaction will come from the company's self-raised funds [1] Group 2: Company Background - Wantuo Expressway was established on August 15, 1996, and is the only listed expressway company in Anhui Province [1] - It is also the first mainland highway company to be listed on the Hong Kong stock market [1]

Core Viewpoint - Sichuan Chengyu Highway Co., Ltd. has signed a sand and gravel procurement contract with an affiliated party, involving a total transaction amount not exceeding RMB 100 million, to supply materials for the Tianmei Le Expressway project [2][4][12]. Summary by Sections 1. Overview of the Related Transaction - The contract was signed on October 22, 2025, between Sichuan Chengyu Xing Shu Supply Chain Management Co., Ltd. and Sichuan Jiaojian Lingzhou Construction Co., Ltd. for the Tianmei Le Expressway project, with an estimated total transaction amount of up to RMB 100 million (including tax) [2][4]. - The transaction constitutes a related party transaction but does not qualify as a major asset restructuring under relevant regulations [2][4]. 2. Approval Process - The transaction was approved by the company's eighth board of directors and the supervisory board, with related directors abstaining from voting [3][12]. - The company followed the necessary procedures for temporary disclosure due to the competitive nature of the bidding process [3][5]. 3. Impact on the Company - The related transaction is essential for the normal business operations of the group and does not harm the interests of the company or its shareholders, particularly minority shareholders [3][12]. - The company does not have significant reliance on the related party, ensuring that the transaction aligns with the interests of all shareholders [3][12]. 4. Details of the Agreement - The agreement includes a preliminary estimate of 400,000 tons of sand and gravel, with the final quantity subject to acceptance by the purchaser [8][9]. - The pricing is fixed and includes all associated costs, with payments made after quality acceptance of the supplied materials [9][10]. 5. Financial Background of the Related Party - Sichuan Jiaojian Lingzhou Construction Co., Ltd. has total assets of RMB 299.31 million and a net asset of RMB 109.28 million as of 2024, indicating a stable financial position [6]. - The company is controlled by Sichuan Transportation Construction Group, which is also affiliated with Sichuan Chengyu [6].

Core Points - Shandong Hi-Speed announced the successful issuance of its fourth phase of ultra-short-term financing bonds for the year 2025, amounting to 1 billion yuan, which has been credited to the company's designated account [2] Summary by Category Company Actions - The company completed the issuance of 1 billion yuan ultra-short-term financing bonds on October 22, 2025 [2] - The funds raised from this issuance have been deposited into the company's specified account [2] Financial Instruments - The financing instrument used is an ultra-short-term financing bond, which is typically utilized for short-term funding needs [2] - This issuance represents the fourth phase of financing bonds for the year 2025, indicating ongoing capital-raising activities [2]

Core Viewpoint - Wantuo Expressway (600012.SH) is focusing on expanding its investment in the highway sector to strengthen its core business and achieve sustainable development through a share acquisition of Shandong Expressway [1] Group 1: Company Actions - Wantuo Expressway plans to acquire 7% of Shandong Expressway's total shares, amounting to 338 million shares, through a private agreement with Shandong High-speed Group [1] - The share transfer agreement was signed on October 21, 2025, indicating a strategic move to enhance Wantuo's investment portfolio [1] Group 2: Financial Details - The transaction price is set at RMB 8.92 per share, leading to a total transaction value of RMB 3.019 billion [1]

Core Viewpoint - Sichuan Chengyu (601107) has announced a sand and gravel procurement contract with a total estimated value of up to RMB 100 million, indicating a strategic move to secure supply for construction projects [1] Group 1: Contract Details - The contract was signed on October 22, 2025, between the company's indirect non-wholly owned subsidiary, Xingshu Supply Chain Company, and the purchaser, the project manager of the Jiaojian Lingzhou Construction Tianmei Le Expressway Project [1] - The supply will include mechanism sand, crushed stone, and other gravel materials, with the total quantity to be determined based on the purchaser's acceptance [1] - The unit price for the sand and gravel was confirmed through competitive negotiations related to the Tianmei Le LM3 project [1]