Core Viewpoint - Shenzhen Expressway Company Limited (00548) reported toll revenue for various projects in August 2025, indicating a diversified income stream from multiple highway segments [1] Revenue Summary - Meiguan Expressway generated toll revenue of RMB 13.446 million [1] - Jihe East Section recorded toll revenue of RMB 62.458 million [1] - Jihe West Section achieved toll revenue of RMB 51.679 million [1] - Yangjiang Project reported toll revenue of RMB 71.485 million [1] - Outer Ring Project generated toll revenue of RMB 114 million [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。 簡要說明： 上表中路費收入為不含稅收入。 謹慎性陳述 董事會謹此提醒投資者，上述數據未經審計。由於完成路費收入的數據拆分、確 認需要履行一定的程序，以及在聯網收費的環境下部分路段的路費收入在月度結 算和披露時須以預估方式記錄，因此該等數據與定期報告披露的數據可能存在差 異。此外，本公司在披露當月預估數據時還會就上月預估數和上月實際結算數的 差異進行調整，導致個別數據可能會出現一定程度的異常。因此，本公告之路費 收入僅作爲階段性數據供投資者參考，投資者請審慎使用該等數據。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 2025年8月未經審計路費收入 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈 本集團2025年8月的路費收入（未經審計）如下： | 收費公路 | 集團控股 | 收入合併 | 路費收入（人民幣千元） | | | --- | --- | --- ...

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 ...

Group 1 - The company disclosed its unaudited toll revenue for August 2025, reporting approximately 114 million yuan from the outer ring project [1]

Group 1 - The company disclosed its unaudited toll revenue for August 2025, reporting approximately 114 million yuan from the outer ring project [1]

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 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The REITs market remained weak this week, with the CSI REITs Total Return Index down 0.65% week - on - week. It is expected to record losses for three consecutive months from July to September. Since the second half of 2025, REITs have underperformed, with an overall correction of about 5%. In contrast, gold, silver, and some stock indices have shown good performance [1][8]. - In the secondary market, except for energy facilities, other seven types of REITs assets closed in the red. The trading activity of REITs continued to decline, and attention should be paid to the potential trading pressure of upcoming解禁 projects. In the primary market, the CSRC approved three new REITs offerings on September 22 [1][3]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price: Almost all declined, with few rising securities - This week, REITs weakened. Except for energy facilities, other seven types of assets closed in the red, with sector declines ranging from 0.4% to 1.3%. Consumer facilities and rental housing, which were popular in the first half of the year, led the decline. Rental housing has had the largest correction of 8.32% since July [13]. - The highway sector's August operating data showed differentiation, with better performance in the eastern economically active regions. The park sector was relatively resilient, and some projects had income distribution adjustment mechanisms [15][16]. - In the consumer infrastructure sector, only CICC China Greentown Commercial Assets closed up, while others averaged a 1.39% decline. Jiashi Wumart, despite a 2.70% decline, is worthy of attention due to its location in Beijing and performance compensation mechanism [18]. 3.1.2 Liquidity: Trading sentiment continued to weaken - The trading activity of REITs continued to decline this week. The average daily trading volume, turnover, and turnover rate decreased by 13.24%, 19.96%, and 0.09 percentage points respectively compared with the previous week [21]. - By sector, the new - type facilities, municipal environmental protection, and energy facilities had relatively high average daily turnover rates, while consumer facilities had the lowest. The trading activity of all sectors declined [24]. 3.1.3 Valuation: In a weak market, continue to focus on individual securities with high distribution rates and guarantee clauses - In terms of ChinaBond valuation yields, warehousing and logistics (4.96%), transportation facilities (4.80%), and industrial parks (4.68%) had higher valuation yields. From the perspective of cash distribution rates, industrial parks (4.40%), consumer facilities (4.29%), and warehousing and logistics (4.09%) had relatively high distribution rates in the property - type projects [30]. 3.2 Primary Market - On September 22, the CSRC approved the initial offerings of three REITs: CITIC Construction Investment Shenyang International Software Park, Huaxia Anbo Warehouse Logistics, and Huaxia CNOOC Commercial Assets. Huaxia CNOOC Commercial Assets completed the price inquiry on September 26 and is expected to start fundraising on October 13. CITIC Construction Investment Shenyang International Software Park plans to conduct price inquiry on September 29 and start fundraising on October 13, which is the first public REIT in Northeast China [3].

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]