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 2025 年 6 月，廣深高速公路、廣珠西綫高速公路及沿江高速公路（深圳段）周邊路 網變化對車流量產生不同影響，因此三條高速公路的路費收入按年變動幅度高低不 一。 Shenzhen Investment Holdings Bay Area Development Company Limited 深 圳 投 控 灣 區 發 展 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號：737（港幣櫃檯）及 80737（人民幣櫃檯） 2025 年 6 月未經審核之營運資料 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 6 月未經審核之營運資料如下： | | 2024 年 6 月 | 2025 年 6 月 | 變動 % | | --- | --- | --- | --- | | 於營運層面 | | | | | 廣深高速公路 | ...

Group 1 - The stock price of Sichuan Chengyu (601107) closed at 5.7 yuan on July 25, 2025, down 4.52% from 5.97 yuan the previous week, with a total market capitalization of 17.431 billion yuan [1] - The company is currently ranked 11th out of 33 in the railway and highway sector and 986th out of 5148 in the A-share market [1] - The company has approved an investment in the Chengya Expressway expansion project, with a total investment of approximately 28.548 billion yuan, where the company's contribution will be about 4.902 billion yuan [1][3] Group 2 - Sichuan Chengyu will hold its second temporary shareholders' meeting on August 13, 2025, to discuss four proposals, including the cancellation of the supervisory board [2][3] - The meeting will involve separate voting for proposals 1 and 4, with proposal 4 concerning related party transactions requiring abstention from related shareholders [2] - The Chengya Expressway expansion project is currently in the candidate announcement stage, with the company participating in a consortium for the bid [3]

Core Viewpoint - Wanan Expressway (皖通高速) has announced a cash dividend of RMB 0.604 per share and has successfully won a bid for a highway project, which is expected to enhance its operational scale and competitive position in the market [2][3]. Group 1: Financial Performance - As of July 25, 2025, Wanan Expressway's stock closed at RMB 17.12, a decrease of 0.17% from the previous week [1]. - The company's total market capitalization is RMB 29.251 billion, ranking 6th out of 33 in the railway and highway sector and 558th out of 5148 in the A-share market [1]. Group 2: Dividend Announcement - The company announced a cash dividend of RMB 0.604 per share, with a total cash distribution of approximately RMB 1.032 billion based on a total share capital of 1,708,591,889 shares [2]. - The record date for the dividend is July 29, 2025, and the payment date is July 30, 2025 [2]. Group 3: Project Bid and Strategic Development - Wanan Expressway has joined a consortium led by Anhui Provincial Transportation Holding Group to undertake the S98 Qianjiao to Lukou Highway project, with a concession period of 356 months [3]. - The total estimated investment for the project is approximately RMB 5.05 billion, with the company contributing around RMB 202 million in capital [3]. - The project will be developed under a BOT (Build-Operate-Transfer) model, covering a length of 22.46 km with a design speed of 120 km/h, expected to start construction by the end of 2025 and be completed by the end of 2028 [3].

Group 1: Secondary Market Price and Volume Performance - The report presents detailed data on various publicly - offered infrastructure REITs, including their fund codes, fund names, industry types, listing dates, issue prices, returns since listing, weekly returns, turnover rates, and trading volumes [11]. - For example, the Boshi Industrial Park REIT (180101.SZ) has an issue price of 2.31 yuan, a return of 14.72% since listing, and a weekly return of - 1.40% [11]. Group 2: Secondary Market Valuation - No specific content in the provided text directly related to secondary - market valuation, so this part is skipped. Group 3: Market Correlation Statistics - The report shows the correlation coefficients between different types of REITs and various asset classes such as stocks, convertible bonds, pure bonds, and commodities [21]. - For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, while for energy - related REITs and the Shanghai Composite Index, it is 0.04 [21]. Group 4: Primary Market Tracking - Multiple REIT projects are in different stages of the primary market, including "already passed", "already feedback", "already accepted", and "already declared" [24]. - Projects like the Bank of China Sino - Sinotrans Warehouse Logistics REIT have passed the review, with a project valuation of 11.56 billion yuan, and the underlying assets include multiple logistics projects [24].

Group 1 - The company Jiangsu Ninghu Expressway Co., Ltd. has invested up to RMB 500 million in the Nanjing Lode Huizhi Equity Investment Partnership (Lode Huizhi Fund) as part of a collaborative effort with its subsidiaries and other partners [1][2] - The total scale of the Lode Huizhi Fund is capped at RMB 1.5 billion, with a minimum duration of five years, including investment, extension, and exit periods [2] - As of the announcement date, the company has made contributions to 10 projects through the fund, with 4 projects having exited and 6 projects still ongoing [2] Group 2 - The fund's original duration was set to expire on August 3, 2025, but due to incomplete exits of invested projects, the duration has been extended to August 3, 2030, to ensure orderly exits and fund operation [2][3] - The board of directors approved the extension of the fund's duration without requiring a shareholder meeting, and it does not involve related party transactions or constitute a major asset restructuring [3] - The extension of the fund's duration is based on a comprehensive assessment of the market environment and investment project conditions, and it is not expected to significantly impact the company's performance or operations [3]

赵骅表示，在研究中，项目团队通过深入调研与理论创新，构建了一套完整的高速公路路衍资源分类体 系，明确了服务区、互通区、沿线土地、信息数据等资源的权属边界与功能属性，为资源开发奠定了科学 基础。 "我们首次提出重庆高速公路路衍资源原生价值评价体系与核算范式，量化了资源开发中的保护成本与增 值空间，为科学决策提供数据支撑。"赵骅说，团队还解析了重庆山区高速路衍资源价值实现规律，提出 质量品牌塑造、服务信息溯源等3种以上价值提升模式，并结合交旅融合、智慧交通、新能源应用等场 景，形成8种系统的价值实现路径，为不同类型资源的开发提供了可操作框架。并针对路衍资源开发中的 协同难题，设计了跨行业统筹协调机制，明确政府、企业、社会资本的角色定位，破解了多源管理、多头 从属的痛点。 当下，高速公路路衍经济正成为加快推动高速公路资产盘活，拉动相关产业发展的强劲"引擎"。 近日，上游新闻记者从重庆高速资产公司获悉，该公司联合重庆工商大学开展的路衍资源价值实现项目取 得新进展。经过前期系统攻关，项目在理论构建、模式创新、数字赋能等方面取得突破性成果，目前已进 入应用转化阶段，将助力路衍经济产业化发展。 "高速公路路衍资源，是依托高 ...

Core Viewpoint - Guangdong Provincial Highway Development Co., Ltd. has approved a loan agreement with Ganzhou Gankang Highway Co., Ltd. for up to 45 million yuan to supplement its working capital, with a fixed interest rate of 2.6% and a repayment period of one year [3][11][12]. Group 1: Board Meeting Details - The 30th (temporary) meeting of the 10th Board of Directors was held on July 24, 2025, via telecommunication voting, with all 13 directors present, meeting the legal requirements [2]. - The meeting approved the loan agreement as an associated transaction, with no directors needing to abstain from voting [4][5]. Group 2: Loan Agreement Specifics - The loan amount is capped at 45 million yuan, with a one-year term starting from the date of receipt, and a fixed interest rate of 2.6% [3][18]. - The company can repay the loan principal and interest in full or in part at any time without conditions [3][18]. Group 3: Financial Impact and Compliance - The total amount of this associated transaction, including estimated interest, does not exceed 46.17 million yuan, representing 0.44% of the company's equity attributable to shareholders as of the end of 2024, which is 10.468 billion yuan [12]. - The transaction does not constitute a major asset restructuring as defined by relevant regulations [13]. Group 4: Independent Directors' Opinion - Independent directors have reviewed the loan agreement and concluded that it adheres to principles of openness, fairness, and justice, benefiting the company's cash flow management and not harming the interests of minority shareholders [19].

Group 1 - The company approved a loan agreement to borrow up to 46.17 million yuan from Ganzhou Gankang Expressway Co., Ltd, with a loan interest rate of 2.6% and a repayment period of one year [1][2] - The loan amount consists of a principal of up to 45 million yuan and estimated interest of up to 1.17 million yuan, representing 0.44% of the company's equity attributable to shareholders as of the end of 2024, which is 10.468 billion yuan [2][3] - The independent directors reviewed the loan proposal and concluded that it does not harm the company's legal rights, particularly those of minority shareholders, and supports the company's cash flow management [3][4] Group 2 - The borrowing purpose is to supplement working capital and improve the efficiency of fund utilization [3] - The related party, Ganzhou Gankang Expressway Co., Ltd, is a state-controlled enterprise with a registered capital of approximately 604.6 million yuan [2][3] - The total amount of related party transactions, including this loan, is 46.17 million yuan [3]

Core Viewpoint - The company has successfully completed the issuance of a public offering of renewable corporate bonds, with a total issuance amount of 1 billion RMB, approved by the China Securities Regulatory Commission [1][2]. Group 1: Bond Issuance Details - The company received approval from the China Securities Regulatory Commission to issue renewable corporate bonds with a total face value of up to 4 billion RMB [1]. - The first phase of the bond issuance was completed on July 23, 2025, with a total issuance amount of 1 billion RMB [1]. - The bond is named "25 豫高 Y1" and has a bond code of "243413.SH" [1]. Group 2: Financial Terms - The bonds have a base term of 3 years, with the option for the company to extend the term by 1 cycle at the end of each 3-year interest period [1]. - The coupon rate for the bonds is set at 2.07% [2]. - The subscription multiple for the bond issuance was 1.88 times [2].

Core Viewpoint - Jiangsu Ninghu Expressway Co., Ltd. has received a registration acceptance notice allowing it to issue up to RMB 4 billion in short-term financing bonds over the next two years, with the first issuance of RMB 560 million at an interest rate of 1.48% [1] Group 1: Financing Details - The company received the acceptance notice from the China Interbank Market Dealers Association on December 30, 2024 [1] - The first issuance of the short-term financing bond, named "25 Ninghu Gao SCP004," has a term of 170 days, with an interest start date of July 23, 2025, and a maturity date of January 9, 2026 [1] - The planned issuance amount was RMB 560 million, which was fully achieved, with an issuance price of 100 yuan per 100 yuan face value [1] Group 2: Subscription Information - There were 5 compliant subscription entities, with a total subscription amount of RMB 730 million [1] - The highest subscription rate was 1.60%, while the lowest was 1.40% [1] - The effective subscription amount was RMB 670 million, with 5 effective subscription entities [1] Group 3: Underwriting Information - Nanjing Bank Co., Ltd. acted as the book manager and lead underwriter for the issuance [1]