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。 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 5 月未經審核之營運資料 | | 2024 年 5 月 | 2025 年 5 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） | 225,242 | 219,670 | -2% | | 日均路費收入（人民幣千元） | 7,266 | 7,086 | -2% | | 廣珠西綫高速公路 | | | | | 月總路費收入（人民幣千元） | 96,945 | 85,831 | -11% | | 日均路費收入（ ...

Core Viewpoint - The opening of the Yantai hub to Penglai hub section of the Rongwu Expressway marks the first "dual eight-lane" expressway in the Yantai area, significantly improving traffic conditions and connectivity to Penglai International Airport [1][3]. Group 1: Project Overview - The newly opened section is 8.1 kilometers long and includes two interchanges, one toll station, and one service area [3]. - The existing Rongwu Expressway from Yantai to Penglai was built between 1998 and 2003, covering a total length of 61.217 kilometers, and has been unable to meet the growing social and economic demands [3]. Group 2: Construction and Technology - The project adopted innovative construction techniques, including UHPC and ECC for bridge reinforcement, achieving significant improvements in structural performance, stiffness, and durability [5]. - Non-excavation grouting technology was used to address hidden cracks and deterioration in the old road, ensuring 100% treatment of concealed diseases while protecting the original structure [5]. Group 3: Future Goals - The project aims to establish a model for coastal city bypass expressway reconstruction, focusing on smart empowerment, quality craftsmanship, and innovative efficiency improvements [5].

Group 1 - The core viewpoint emphasizes the importance of promoting coordinated development in the Beijing-Tianjin-Hebei region as a major national strategy initiated by the central government, aimed at enhancing regional coordination and creating new growth poles [1] - In the first quarter of this year, the GDP of the Beijing-Tianjin-Hebei region reached 2.8 trillion yuan, with a year-on-year growth of 5.6%, and the added value of the service industry was 2.0 trillion yuan, growing by 5.5% [1] - Fixed asset investment in the Beijing urban sub-center and Xiong'an New Area increased by 13.5% and 12.8% year-on-year, respectively, indicating strong momentum for coordinated development [1] Group 2 - The transportation system in the Beijing-Tianjin-Hebei region is rapidly being constructed, with over 11,000 kilometers of railway and highway operational. The first regional rapid transit line, the 22nd subway line, has completed over 80% of its construction [2] - The integration of data services is accelerating, with 417 government service items now available through a single online platform, covering various fields such as housing security and healthcare [2] - A new super-scale intelligent computing center in Zhangjiakou is expected to be operational by July, catering to advanced technology applications in the region [2] Group 3 - The number of national advanced manufacturing clusters in the Beijing-Tianjin-Hebei region has increased to seven, with five being jointly built by the three areas [3] - The region is focusing on key industrial chains such as new energy vehicles, hydrogen energy, and robotics, implementing actions to establish an industrial chain map [3] - The three areas are working together to deepen major reforms and form a development synergy, focusing on the decongestion of non-capital functions in Beijing and the construction of a modern metropolitan area [3]

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Transportation Infrastructure Index reported at 1307.84 points [1] - The CSI 300 Transportation Infrastructure Index has decreased by 1.18% over the past month, 1.77% over the past three months, and 7.38% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The CSI 300 Transportation Infrastructure Index has a market share of 71.89% from the Shanghai Stock Exchange and 28.11% from the Shenzhen Stock Exchange [1] - Within the CSI 300 Transportation Infrastructure Index, the airport sector accounts for 44.63%, the highway sector for 36.91%, and the port sector for 18.47% [1] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Investment Rating - The report initiates coverage with a "Buy" rating for Jiangsu Ninghu Expressway [5][6][47] Core Views - Jiangsu Ninghu Expressway is the only listed toll road company in Jiangsu Province, with 18 road and bridge projects under direct operation and investment, covering over 910 kilometers of opened road and bridge mileage [5][12] - The company has shown steady growth in revenue and profit, with a projected net profit growth of 12% year-on-year for 2024, primarily driven by toll road operations [5][14] - The company maintains a robust dividend policy, with cash dividends exceeding 2 billion RMB annually since 2015, and is expected to continue this trend [5][22] - The report highlights the company's strong asset quality and location advantages, particularly in the economically vibrant Yangtze River Delta region [5][38] Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 15,192 million RMB - 2024: 23,198 million RMB - 2025E: 23,935 million RMB - 2026E: 24,730 million RMB - 2027E: 25,436 million RMB - Year-on-year growth rates for revenue are projected at 14.61% for 2023, 52.70% for 2024, and moderate growth thereafter [2][30] - Net profit forecasts for the same period are: - 2023: 4,413 million RMB - 2024: 4,947 million RMB - 2025E: 5,447 million RMB - 2026E: 5,790 million RMB - 2027E: 6,049 million RMB - Corresponding PE ratios are projected at 11.62 for 2023, decreasing to 8.48 by 2027 [2][30][34] Revenue Structure - The toll road business consistently contributes over 70% of total revenue, with a significant portion of gross profit derived from this segment [5][19] - In 2024, the revenue breakdown is expected to be 77% from toll road operations, 14% from supporting services, and 6% from electricity sales [5][19] Investment Assumptions - The core assumption for revenue growth is based on increasing traffic volumes on the core asset, the Huning Expressway, with expected growth rates of 6% for 2025 and 2026, and 5% for 2027 [7][27] - Operating costs are anticipated to grow at a modest rate of 2% annually, reflecting stable operational conditions [28] Valuation - The report notes that Jiangsu Ninghu Expressway's H shares are trading at a significant discount compared to its A shares, with a PE ratio of 9x for H shares versus 16x for A shares [34] - The dividend yield for H shares is currently at 5.61%, making it an attractive investment option [34]

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2025-065 | | --- | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | | 债券代码：241019 | 债券简称：24 | 深高 | 02 | | | | 债券代码：242050 | 债券简称：24 | 深高 | 03 | | | | 债券代码：242539 | 债券简称：25 | 深高 | 01 | | | | 债券代码：242780 | 债券简称：25 | 深高 | Y1 | | | | 债券代码：242781 | 债券简称：25 | 深高 | Y2 | | | | 债券代码：242972 | 债券简称：25 | 深高 | Y3 | | | 债券代码：242973 债券简称：25 深高 ...

Investment Rating - The report maintains a recommendation for H-shares over A-shares, emphasizing the potential of Hong Kong dividend assets [1]. Core Insights - The report highlights that H-shares have outperformed A-shares, with significant gains in key dividend stocks during June 2025. The top performers include Anhui Wantuo Expressway (+18.66%), Jiangsu Ninghu Expressway (+14.71%), and COSCO Shipping Ports (+9.17%) [4][17]. - The report notes a low interest rate environment, with the 10-year government bond yield decreasing to 1.64% as of June 20, 2025, which supports the attractiveness of dividend assets [24]. - The report indicates a significant increase in average daily trading volume for ports, with a 213% year-on-year increase in June 2025 [25]. Monthly Market Performance - H-shares showed better performance compared to A-shares, with the transportation sector experiencing a cumulative decline of 0.80% from June 1 to June 20, 2025, underperforming the CSI 300 index by 0.96 percentage points [8][9]. - The report details that from June 1 to June 20, 2025, the cumulative performance of expressways, railways, and ports was -2.56%, -1.81%, and -1.01%, respectively, indicating a relative underperformance against the broader market [9][10]. Industry Data - In the expressway sector, passenger traffic in April 2025 reached 970 million, a year-on-year increase of 2.5%, while freight volume was 3.746 billion tons, up 4.1% year-on-year [35]. - The railway sector saw a passenger volume of 406 million in May 2025, reflecting a 12.6% year-on-year increase, while freight volume was 440 million tons, a 0.6% increase [51]. - Port throughput for monitored ports reached 1.054 billion tons in the four weeks from May 19 to June 15, 2025, marking a 2.2% year-on-year growth [58]. Investment Recommendations - The report suggests a continued positive outlook for transportation dividend assets, particularly in the expressway sector, where it recommends focusing on companies like Sichuan Chengyu Expressway and Anhui Wantuo Expressway due to their high dividend yields and stable growth potential [76][78]. - In the port sector, the report recommends companies like China Merchants Port, highlighting their overseas asset layout and potential for increased dividend payouts [79][80]. - For the railway sector, the report emphasizes the long-term value and reform benefits, recommending key assets like Beijing-Shanghai High-Speed Railway and Datong-Qinhuangdao Railway [78].

Meeting Overview - The annual general meeting of Anhui Wantuo Expressway Co., Ltd. is scheduled for June 24, 2025, at 14:30 [4][10] - The meeting will be chaired by the chairman of the board, with provisions for a vice-chairman or a director to preside if necessary [2][3] - Registration for the meeting will occur from 13:30 to 14:30 on the same day, requiring specific identification documents for attendees [2][3] Governance and Compliance - The board of directors held 10 meetings in 2024, reviewing 62 proposals and reports, including budget approvals and bond issuances [5][6] - The company has revised its articles of association and board working regulations to enhance governance and operational efficiency [6][7] - Independent directors play a crucial role in overseeing compliance and governance, with three independent directors actively participating in committees [8][9] Financial Performance - For the fiscal year, the company reported a revenue of RMB 709.183 million, a 6.94% increase from RMB 663.134 million in 2023 [10][11] - The total profit for the year was RMB 222.47 million, a slight decrease of 1.86% compared to the previous year [10][11] - The net profit attributable to shareholders was RMB 166.898 million, reflecting a 0.55% increase year-over-year [10][11] Operational Efficiency - The company has implemented various initiatives to enhance operational efficiency, including a new collaborative snow removal model and performance-based salary systems [11][12] - Significant improvements in toll collection and management have been achieved, including the transition to electronic invoicing [12][13] - The company has established a smart operation command center to optimize traffic management and service delivery [12][13] Investor Relations and Market Recognition - The company has maintained a strong commitment to investor relations, hosting multiple performance briefings and engaging with over 80 foreign investment institutions [9][10] - It has received accolades for its investment value and ESG reporting, including the "Golden Bull Most Valuable Investment Award" [9][10] - The company has a consistent dividend policy, having distributed approximately RMB 9.412 billion in cash dividends since its listing [10][11] Future Plans - The company aims to achieve a toll revenue target of approximately RMB 4.603 billion for 2025, reflecting a strategic focus on enhancing operational performance [14][15] - Plans include optimizing service quality, expanding smart management systems, and improving maintenance practices [14][15] - The company will continue to strengthen its compliance and governance frameworks to support sustainable growth [17][18]

Core Viewpoint - The legal opinion letter confirms that the 2024 annual general meeting of Fujian Development Highway Co., Ltd. is scheduled for June 18, 2025, and that the meeting's procedures and results comply with relevant laws and regulations [1][4][6]. Group 1: Meeting Announcement and Procedures - The board of directors is the convener of the meeting, which will take place at 14:30 on June 18, 2025, at a specified location in Fuzhou [4][5]. - The meeting will utilize a combination of on-site and online voting methods, with specific time slots for online voting provided [5][6]. - The legal opinion letter verifies that the meeting's convening and holding procedures are in accordance with applicable laws, regulations, and the company's articles of association [6][7]. Group 2: Attendance and Voting - A total of 405 participants, representing 1,591,338,026 shares (57.9849% of the total share capital), attended the meeting either in person or via online voting [7][8]. - The meeting's voting process involved both on-site and online votes, with results announced immediately after the voting concluded [8][9]. - The voting results showed overwhelming support for the proposals, with significant percentages of shares voting in favor [8][9][10]. Group 3: Conclusion - The legal opinion concludes that all aspects of the meeting, including the convening, attendance, and voting procedures, comply with legal and regulatory requirements, rendering the resolutions valid [13].

Meeting Overview - The shareholders' meeting was held on June 18, 2025, at Linpu Plaza, Fuzhou [1] - The attendance rate of shareholders was 57.9849% [1] - The meeting was conducted in compliance with the Company Law and Articles of Association, combining on-site and online voting [1] Voting Results - All non-cumulative voting proposals were approved with significant majority support, including: - Proposal 1: 99.4138% in favor [1] - Proposal 2: 99.4430% in favor [1] - Proposal 3: 99.4160% in favor [1] - Proposal 4: 98.8571% in favor [1] - The cash dividend proposal received unanimous support from shareholders holding over 5% of ordinary shares [2] Legal Compliance - The meeting's procedures were confirmed to be in accordance with legal regulations and the company's governing documents by the appointed lawyers [3]