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: | ...

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in Sichuan Chengyu Expressway (00107.HK) by purchasing 1.51 million shares at an average price of HKD 4.4569 per share, totaling approximately HKD 6.73 million [1] - Following this transaction, E Fund's total shareholding in Sichuan Chengyu Expressway has risen to 45.964 million shares, increasing its ownership percentage from 4.97% to 5.13% [1]

Core Points - The company has completed the registration change of its address, moving from "No. 9 Longyang Avenue, Hanyang District, Wuhan, Hubei Province" to "East Tower, 23-24th Floor, No. 26 Sixin Avenue, Hanyang District, Wuhan, Hubei Province" [1] - The company held its first extraordinary shareholders' meeting on September 16, 2025, where the amendment to the Articles of Association was approved [1] - The company’s registered capital is 1.611 billion RMB, and it was established on November 22, 2000 [1] Company Information - The company is classified as a listed other joint-stock company with a unified social credit code of 91420000722084584J [1] - The legal representative of the company is Wang Nanjun [1] - The business scope includes road management and maintenance, various engineering construction activities, intelligent system design and construction, and investment activities among others [1]

Core Viewpoint - The recent performance of highway REITs in the Shanghai market shows strong operational stability and high dividend distribution, attracting significant investor interest [1][5][9]. Group 1: Performance and Financials - As of June 30, 2025, there are 10 highway REITs in the Shanghai public market with a total issuance scale of 54 billion yuan, accounting for about one-third of the total market REITs issuance [2]. - The total toll revenue for the disclosed highway REITs reached approximately 1.88 billion yuan in the first half of 2025 [2]. - The management of various REITs has implemented measures to enhance operational efficiency, resulting in a 4.25% decrease in operating costs for the National Gold Iron Construction REIT compared to the same period in 2024 [3]. Group 2: Dividend Distribution - In the first half of 2025, highway REITs achieved a total distributable amount of 1.585 billion yuan, with an average annualized cash distribution rate of 8.45% [5]. - The China Gold Shandong Highway REIT has distributed dividends three times this year, totaling approximately 139 million yuan, with a distribution ratio of about 100% [6]. - The Huatai Jiangsu Control REIT reported a 16.75% year-on-year increase in vehicle toll revenue, amounting to 200.51 million yuan [3]. Group 3: Market Outlook - The transportation sector in China is showing robust growth, with a 3.9% year-on-year increase in freight volume and a 4.2% increase in passenger flow in the first half of 2025 [10]. - Experts believe that the implementation of differentiated toll discounts will encourage more freight to shift to highways, potentially improving the profitability of the highway sector [10].

香港联交所最新资料显示，9月22日，易方达基金增持四川成渝高速公路(00107)151万股，每股均价 4.4569港元，总金额约为672.99万港元。增持后最新持股数目为4596.4万股，最新持股比例为5.13%。 ...

Group 1 - The core point of the article is that E Fund Management has increased its stake in Sichuan Chengyu Highway (00107) by acquiring 1.51 million shares at an average price of HKD 4.4569 per share, totaling approximately HKD 6.7299 million [1] - After the acquisition, E Fund Management's total shareholding in Sichuan Chengyu Highway reached 45.964 million shares, representing a 5.13% ownership stake [1]

Core Insights - The report highlights a significant decline in pig prices, with the average price of live pigs dropping to 12.82 yuan/kg by September 19, marking a three-year low [5][6] - The report indicates that the supply side is experiencing pressure due to increased market supply, while demand remains weak, particularly affected by high temperatures in August [5][6] - The government is implementing stricter policies to control pig production capacity, aiming to stabilize prices and promote high-quality development in the industry [6] Industry Overview - In August 2025, the average prices for piglets, live pigs, and pork were 33.63 yuan/kg, 14.35 yuan/kg, and 24.98 yuan/kg, respectively, showing month-on-month declines of 5.87%, 3.77%, and 1.52% [5] - The report notes that the number of breeding sows in July was 40.42 million, with a slight decrease, indicating a trend of capacity reduction in the industry [5] - The report anticipates that the short-term pressure on pig prices will lead to a long-term upward trend as the government’s capacity reduction policies take effect [6] Company Insights - Major companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, reported significant declines in sales prices in August, with average sales prices of 13.51 yuan/kg and 13.90 yuan/kg, respectively [7] - The report suggests that companies with strong cost advantages are likely to maintain profitability despite the current market pressures [6] - The report recommends focusing on leading companies in the industry, such as Muyuan Foods and Wens Foodstuff Group, which are expected to perform well in the long term [6]

Meeting Information - The company will hold its fourth extraordinary general meeting of shareholders on October 10, 2025, using a combination of on-site and online voting methods [1][6] - The meeting will start at 14:50 on October 10, 2025 [3] - The online voting will be available through the Shenzhen Stock Exchange trading system from 09:15 to 09:25, 09:30 to 11:30, and 13:00 to 15:00 on the same day [4][5] Attendance and Registration - Shareholders holding voting shares as of the registration date, September 26, 2025, are eligible to attend the meeting [7][8] - Registration for attendance can be done in person or through authorized representatives [16] Agenda Items - The meeting will discuss the proposal to cancel the supervisory board and amend the company's articles of association and meeting rules [12] - Another agenda item includes the expected ordinary related transactions for the second half of 2025 [12] Voting Process - The company will implement separate voting for small investors, defined as those who are not directors, supervisors, senior management, or shareholders holding more than 5% of shares [14] - Voting can be conducted either on-site or online, with specific procedures outlined for both methods [20][24][25] Contact Information - For inquiries, the company has provided contact details for representatives [19]

Core Points - Shandong Hi-Speed Company has completed the issuance of its third phase of medium-term notes for 2025, amounting to 1 billion yuan [1] - The funds raised from this issuance have been deposited into the company's designated account [1] Summary by Sections - **Issuance Details** - The company applied for the registration of non-financial corporate debt financing instruments, including various types of notes, in accordance with the regulations of the China Interbank Market Dealers Association [1] - The issuance of the 1 billion yuan medium-term notes was completed on September 24, 2025 [1] - **Approval and Compliance** - The issuance was approved by the company's annual general meeting held on May 9, 2024 [1] - The company assures that the announcement contains no false records, misleading statements, or significant omissions [1]