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].

Core Viewpoint - The completion of the G1 Jingha Expressway expansion from Suizhong to Panjin marks the first long-distance ten-lane highway in China, significantly enhancing transportation efficiency and supporting economic development in Northeast China [1][2]. Group 1: Economic Impact - The Jingha Expressway handles over 80% of the freight volume entering and exiting the Shanhaiguan area, with traffic volume increasing by approximately 10% annually, from an average of 20,000 vehicles per day to 120,000 vehicles [2]. - The expansion is expected to improve logistics efficiency by an average of 30% for enterprises along the route, with daily traffic projected to exceed 150,000 vehicles post-expansion [7]. - Companies like China National Petroleum Corporation's Jinzhou Petrochemical are experiencing reduced transportation times, with shipments now taking 15 hours instead of 20, leading to a projected 10% increase in sales of chemical products to North and East China [5]. Group 2: Construction Challenges - The expansion project, which began in 2022 with a total investment of 31 billion yuan and a length of 238 kilometers, faced significant construction challenges that required innovative solutions [3]. - Techniques such as differential pushing and real-time monitoring were employed to successfully construct critical infrastructure, including the 1,561.3-meter Liuhe River Bridge [3]. Group 3: Infrastructure Modernization - The newly expanded highway features modern amenities such as smooth road surfaces, clear intelligent traffic signs, and well-organized green isolation belts, transforming the old highway into a modern transportation corridor [4].

Core Points - The opening of the upgraded section of the Jingha Expressway marks a significant upgrade in the highway network of Northeast China, transitioning to a dual ten-lane operation [1] - The Jingha Expressway is a crucial transportation artery in Northeast China, connecting major cities and facilitating trade and travel [1] - The expansion project, which began in August 2022, was executed under complex conditions and is part of China's major transportation initiatives during the 14th Five-Year Plan [1] Group 1 - The Jingha Expressway is the first of seven capital radial lines in China's national expressway network, starting from Beijing and ending in Harbin, with a total length of 238.04 kilometers [1] - The original section of the Jingha Expressway had been in operation for 22 years and was increasingly unable to meet rising traffic demands due to its original six-lane capacity [1] - The newly expanded expressway will significantly alleviate regional traffic pressure and support the integration of Liaoning into the Beijing-Tianjin-Hebei collaborative development strategy [1] Group 2 - The mainline of the upgraded expressway spans 222.08 kilometers, with a designed speed of 120 kilometers per hour [1] - This project is the largest in terms of investment scale, longest in construction mileage, and highest in technical complexity in Liaoning Province to date [1] - The completion of the expressway is expected to enhance the overall capacity of the national comprehensive transportation corridor [1]

南都讯记者蒋臻实习生罗元 2025年中秋、国庆假期为10月1日至10月8日，共8天，实施7座及以下小型 客车免费通行政策。广东交通集团发布高速公路出行指引称，广东高峰时间单日车流或超1000万车次。 假期前一天和首日迎出程高峰 今年国庆中秋双节叠加形成8天假期，在长假效应及高速免费政策助力下，公众出游、返乡团聚、休闲 消费需求会迎来极大释放，公路自驾出行热度旺盛，城市周边、中长途及跨省游将明显增长，在重点时 段、重点区域和关键节点，高速公路将承受较大保畅压力。 2023年9月28日，全省历史单日车流峰值达到991.36万车次。据预计，国庆中秋期间，9月30日为出程高 峰，最高车流或超1000万车次。 假期车流大致呈"头尾密集、中间略波动"分布态势。预计假期前一天（9月30日）和假期首日（10月1 日）将迎来出程高峰，广州、深圳等中心城市出城方向车流密集。假期中段（10月4日-5日），新一波 中短途车流或将出现，并开始叠加部分省际回程车流；假期后段中心城市进城方向、省际省内主干道返 程车流将明显增大。因10月6日为中秋节，车流或更集中在10月7日、8日，10月9日假期结束后，车流快 速降至日常水平。 部分路段有 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No explicit core viewpoints presented in the given text 3. Summary by Related Catalogs Secondary Market Price and Volume Performance - Report provides detailed data on multiple REITs, including listing date, issue price, listing - day return, return since listing, trading volume, turnover rate, and weekly and yearly returns [12][13] - Different REITs in various sectors such as warehousing logistics, industrial parks, affordable rental housing, etc., show significant differences in performance [12][13] Secondary Market Valuation Situation - The P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate of multiple REITs are presented [24][27] - The data shows that different REITs vary in valuation indicators, and there are also differences between different industry types [24][27] Market Correlation Statistics - The correlation coefficients between REITs, different types of REITs (property - right, franchise, etc.), and various asset classes (stocks, convertibles, bonds, commodities) are provided [30] - REITs generally have low correlation coefficients with other asset classes, and different types of REITs also show different correlation characteristics [30] Primary Market Tracking - Information on multiple REITs in the primary market is provided, including their project nature, type, stage, acceptance date, original equity holder, underlying project, and project valuation [33] - There are many REITs in different stages such as pending listing, feedback - received, and application - accepted [33]

假期期间，广东全省高速公路收费一线约1.8万人员全员在岗，高峰期开足车道、灵活配置ETC和MTC 车道资源，设置现场便民服务点497个。各收费站与地方道路加强协同管控，采取复式收费、互借车 道、潮汐车道、ETC车道专人值守、路面渠化、增设标志标识等方式，全力提升现场通行效率。 2025年中秋、国庆假期为10月1日至10月8日，共8天，实施7座及以下小型客车免费通行政策。9月26 日，南方财经记者从广东交通集团获悉，中秋国庆假期高峰时间单日车流或超1000万车次。 据预测，在长假效应及高速免费政策助力下，公众踏青出游、返乡团聚、休闲消费需求会迎来极大释 放，公路自驾出行热度旺盛，城市周边、中长途及跨省游将明显增长，在重点时段、重点区域和关键节 点，高速公路将承受较大保畅压力。广东交通集团介绍，国庆中秋期间，9月30日为出程高峰，最高车 流或超1000万车次。 假期车流大致呈"头尾密集、中间略波动"分布态势。预计假期前一天（9月30日）和假期首日（10月1 日）将迎来出程高峰，广州、深圳等中心城市出城方向车流密集。假期中段（10月4日-5日），新一波 中短途车流或将出现，并开始叠加部分省际回程车流；假期后段中心城 ...

中证智能财讯安徽皖通高速公路（00995）9月26日披露2025年中期报告。报告期内，公司实现营业收入37.41亿元，同比增长11.72%；归母净利润9.61亿 元，同比增长4.14%；经营活动产生的现金流量净额为14.07亿元，同比下降6.84%；据报告显示，安徽皖通高速公路基本每股收益为0.5776元，平均净资产 收益率为7.65%。 以9月26日收盘价计算，安徽皖通高速公路目前市盈率（TTM）约10.56倍，市净率（TTM）约1.51倍，市销率（TTM）约2.41倍。 近年来市盈率变化情况（倍） 12 週 10 do3 00 6.52 6.22 6 4 2 0 2020-06-30 | 2027-06-30 2020-12-37 2022-06-30 ' 2019-12-37 2021-12-37 2022-12-37 2023-06-30 203 100 ଛି 90 80 70 60 55 46 50 40 30 28.3 23d8 20 16:88 13x62 10 4.84 8 46 0 2020-12-37 I 2021-06-30 | 2019-12-37 1 2020-06-30 ' 202 ...

Group 1 - The announcement outlines temporary traffic control measures for highways under the jurisdiction of the Directly Subordinate Highway First and Second Detachments during the 2025 National Day and Mid-Autumn Festival holiday to ensure safety and smooth traffic flow [1][2] - Specific highway sections subject to control include G35, G20, G2, G22, and S85, with designated kilometer markers provided [1] - Traffic control measures will be implemented from September 30 to October 8, 2025, including vehicle restrictions based on type and staggered passage at toll stations [2] Group 2 - From September 30, 2025, at 12:00 to October 9, 2025, at 6:00, all construction activities on highways are prohibited, and any emergency repairs require prior approval from relevant authorities [2] - Hazardous materials transport vehicles will be banned from October 1, 2025, at 0:00 to October 9, 2025, at 6:00, with exceptions for vehicles transporting petrochemical products under specific conditions [2]

Core Viewpoint - The recent decision by various regions in China to cancel highway tolls marks a significant shift in public service policy, contrasting with the trend of increasing prices for utilities like water and electricity. This move is expected to have substantial economic implications and reflects a growing commitment to enhancing urban environments and reducing logistical costs for businesses [1][22]. Summary by Sections Highway Toll Cancellation - Sichuan Province announced the cessation of tolls on Chengmian Expressway and Chengbei Exit Expressway, effective September 2025 [1]. - Several highways have been made toll-free in recent years, including Wuhuang Expressway in December 2022 and Guangzhou North Ring Expressway in March 2024 [1][2]. Toll Expiration and Compliance - Approximately 15,000 kilometers of government-funded highways and 5,000 kilometers of operating highways are set to reach their toll expiration by the end of this year [2]. - Despite the expiration of tolls, many highways have continued to charge fees due to various reasons, including outstanding debts [5][6]. Financial Implications of Tolling - The financing model for highway construction typically involves borrowing funds for construction and repaying through tolls, which can lead to extended toll periods if debts remain unpaid [7][8]. - High-quality highways often require investments in the range of billions, making the tolling model attractive for local governments to quickly gather funds for infrastructure [8]. Economic and Urban Development - The decision to eliminate tolls is seen as a strategy to enhance urban business environments and attract investment, as demonstrated by Shenzhen's early adoption of toll-free policies [21][22]. - The cancellation of tolls is expected to yield long-term benefits, such as reduced logistics costs and improved city branding, outweighing the immediate loss of toll revenue [22][23]. Public Sentiment and Trust - Cities that adhere to their commitments to eliminate tolls are likely to gain public support and improve their reputations, which can be crucial for long-term economic growth [24][25]. - The shift from tolling to free public services aligns with national goals of enhancing domestic circulation and creating a unified market [25][26].

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的買入 / 賣出或涉及的 每股的平均價 | | | | 持有樓益的股份數目 佔已發行的 有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | | | | (請參閱上述*註 | 有投票權股期(日 / 月 / 份權益 | | | | | | | | 份自分比 年) | | CS20250925E00218 | 易方达基金管理有限公司 | 1001(L) | 1,510,000(L) | HKD 4.4569 | 45.964.000(L) | 5.13(L)22/09/2025 | 格隆汇9月26日丨根据联交所最新权益披露资料显示，2025年9月22日，四川成渝高速公路(00107.HK)获易方达基金管理有限公司在场内以每股均价4.4569港 元增持151万股，涉资约672.99万港元。 增持后，易方达基金管理有限公司最新持股数目为4596.4万股，持股比例由4.97%上升至5.13%。 | 股份代號: | 00107 | | --- | --- | | 上市法國名稱: | ...