Core Points - The company announced a cash dividend of 0.17 CNY per share for its A shares, totaling approximately 273.72 million CNY to be distributed to shareholders [1][2] - The dividend distribution was approved at the annual shareholders' meeting held on May 23, 2025, for the fiscal year 2024 [1] - The record date for the dividend is June 26, 2025, with the ex-dividend date and payment date both set for June 27, 2025 [1] Dividend Distribution Details - The total number of shares for the dividend calculation is 1,610,115,901 shares [1] - The cash dividend will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [1] Tax Implications - Individual shareholders holding shares for more than one year will not be subject to personal income tax on the dividend [2] - For shares held for less than one year, the tax rate varies based on the holding period, with a maximum effective tax rate of 20% for shares held for one month or less [2] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied to their dividends, resulting in a net dividend of 0.153 CNY per share [3][4] Additional Information - The company will not issue bonus shares or increase capital through the dividend distribution [2] - Direct cash dividends will be paid to major shareholders, including Hubei Transportation Investment Group and China Merchants Highway Network Technology Holdings [2] - For Hong Kong Stock Exchange investors, the dividend will also be subject to a 10% withholding tax, resulting in a net dividend of 0.153 CNY per share [4] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the company's board office at 027-87576667 [5]

证券代码：000886 证券简称：海南高速 公告编号：2025-027 海南高速公路股份有限公司控股股东 增持公司股份计划实施完成的公告 控股股东海南省交通投资控股有限公司保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人 提供的信息一致。 重要内容提示： 月 30 日披露了《关于控股股东以专项贷款和自有资金拟增持公司股份计 划暨取得专项贷款承诺函的公告》（公告编号：2025-020），公司控股 股东海南省交通投资控股有限公司（以下简称"海南交投"）拟采用集 中竞价方式，以银行信贷资金和自有资金择机增持公司股份，增持金额 为 4000 万元至 4500 万元。 集中竞价方式累计增持公司股份 7,476,200 股， 占公司总股本的 0.756%， 累计增持股份金额 44,990,736.00 元。本次增持后，海南交投及其一致行 动人海南交控股权投资基金管理有限公司（以下简称"海南交投基金"） 合计持有公司股份 264,192,239 股，占公司总股本的比例为 26.72%。本 次增持计划已提前实施完毕。 —1— 南高速公路股 ...

证券代码：600350 证券简称：山东高速 公告编号：2025-049 山东高速股份有限公司 关于以集中竞价方式回购股份的回购报告书 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额： 不低于人民币 20,000 万元（含）且不超过人民币 30,000 万元（含），具体回购资金总额以回购方案实施完毕或回购期限届满时实际回购股 份使用的资金总额为准。 ● 回购股份资金来源： 公司自有资金或自筹资金。 ● 回购股份用途： 本次回购股份将用于注销并减少公司注册资本。 ● 回购股份价格： 不超过 15.45 元/股，该价格不高于公司董事会通过回购 股份决议前 30 个交易日公司股票交易均价的 150%。 ● 回购股份方式： 集中竞价交易方式。 ● 回购股份期限： 公司股东大会审议通过回购方案之日起 12 个月内。 ● 相关股东是否存在减持计划： 截至公司董事会审议通过本次回购方案之 日，公司董事、监事、高级管理人员、控股股东、实际控制人及其一致行动人、 其他持股 5%以上的股东在未来 3 个月、6 ...

证券代码：600350 证券简称：山东高速 公告编号：2025-048 山东高速股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 17 日 (二)股东大会召开的地点：山东省济南市奥体中路 5006 号公司 22 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 87.5391 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长傅柏先先生主持了会议。本次会议的召 集、召开和表决符合《公司法》及《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 王昊，董事梁占海、卢瑜、隋荣昌，通过通讯方式出席会议的有副董事长杨 少军,独立董事范跃进、魏建、王晖、姜永海； 事陈芳、朱玉强，通过通讯方式出席会议的有监事林乐清、张鑫； 出席会议，列席会议的有公司高级管理人员以及公司相关部门负责人。 二、 ...

Core Viewpoint - Zhejiang Hangzhou-Ningbo Expressway Co., Ltd. has shown a significant increase in stock price and positive capital flow, indicating strong market performance and investor confidence [1]. Group 1: Company Overview - Zhejiang Hangzhou-Ningbo Expressway Co., Ltd. is a core member of Zhejiang Provincial Transportation Group and an important listed platform, established in March 1997 and listed on the Hong Kong Stock Exchange in May of the same year [1]. - The company was created to connect Zhejiang's transportation with international capital markets and accelerate the construction of the provincial expressway network, being the first state-owned enterprise from Zhejiang to list overseas [1]. Group 2: Business Strategy and Goals - The company aims to become a world-class enterprise, focusing on high-quality development driven by high-quality party building, and operates under three platforms: expressway operation management, market-oriented infrastructure investment and financing, and asset securitization [1]. - The company emphasizes the dual drive of main business development and capital operation to establish itself as a leading professional expressway operating company [1]. Group 3: Corporate Values and Recognition - The company adheres to core values of "integrity, harmony, openness, and progress" and promotes a corporate spirit of "dedication, responsibility, and innovation" [2]. - It has received numerous honors, including recognition as a benchmark enterprise by the State-owned Assets Supervision and Administration Commission and various awards in the highway industry, reflecting its high recognition in both domestic and international capital markets [2].

Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Since April 29, the interest rates of credit bonds have been oscillating downward. The 5-year, 6-year, and 7-year medium-term notes have performed well. The historical percentile of the valuation of industrial bonds with a maturity of over 5 years is generally between 3% and 7% [15]. - Local governments are implementing various measures to boost economic development, aiming to transform into "service-oriented governments" and enhance the competitiveness of local enterprises and cities [5][67]. - In the financial bond market, the yields of various financial bond varieties have declined, and the credit spreads have actively narrowed. The current preferred strategy is the coupon strategy. For Tier 2 perpetual bonds, institutions with stable liability ends can consider extending the duration in advance [5][6][87]. Summary by Related Catalogs 5y+ Industrial Bonds Selection - Consider central state-owned enterprises with significant social responsibilities and influence, such as China Chengtong and China Guoxin. For example, 25 Chengtong Holdings MTN001 has a remaining term of 9.9836 years and a ChinaBond exercise valuation of around 2.17% [15]. - Focus on provincial state-owned enterprises with investment or both urban investment and industrial attributes, like Nantong Metro, Shandong Hi-Speed, and Yuexiu Group. Institutions with high return requirements can consider Shuidi Group and Shaanxi Tourism Group. For instance, 25 Shuidi Group MTN007 has a remaining term of 2.9479 + 2 years and a ChinaBond exercise valuation of around 2.56%, and 25 Shaanxi Tourism V1 has a remaining term of 9.8603 years and a ChinaBond exercise valuation of around 3.27% [16]. - Pay attention to large provincial comprehensive investment entities, such as Fujian Investment & Development Group, which is involved in industries like electricity, gas, financial services, and railways [16]. - Focus on high-grade long-term credit bonds with good liquidity, such as Kunpeng Capital, Hengjian Holdings, and China Everbright Group. China Everbright Group has over 10-year outstanding bonds worth 3 billion yuan and a valuation of about 2.2% [17]. Urban Investment Bonds and Regional Macroeconomics Local Governments Stimulate the Economy with Various Measures - Local governments are implementing measures in various aspects, including boosting consumption, talent cultivation, salary mechanisms, institutional opening, attracting foreign investment, urban renewal, debt resolution, platform transformation, and supporting private enterprises, to enhance local market cultivation, guide enterprise transformation, and encourage scientific research innovation [5][67]. - Examples include Guangzhou's plan to boost consumption, Shenzhen's deepening of reform and opening up, Shanghai's promotion of the replication and implementation of pilot measures in the free trade zone, Shandong's support for the high-quality development of the private economy, and the improvement of the development index of small and medium-sized enterprises [46][51][56][60][66]. Investment Recommendations - Focus on "major economic provinces" with good development momentum and debt management, such as Guangdong, Jiangsu, Zhejiang, Fujian, Anhui, Shanghai, and Beijing. Consider extending the duration to 5 years [71]. - Pay attention to regions where significant policies or substantial funds for debt resolution have been implemented, such as Chongqing, Tianjin, Guangxi, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Gansu, Guizhou, and Yunnan. Consider a duration of 3 - 5 years [72]. - Focus on prefecture-level cities with strong industrial bases and financial support, such as cities in Hunan, Hubei, Henan, Sichuan, Chongqing, Shaanxi, Guangxi, Shanxi, and Jiangxi. Consider a duration of 2 - 3 years [73][76][78]. Financial Bond Weekly Views - The yields of various financial bond varieties have declined, and the credit spreads have actively narrowed. The current preferred strategy is the coupon strategy. For Tier 2 perpetual bonds, institutions with stable liability ends can consider extending the duration in advance. There is still a certain positive carry in short- and medium-term Tier 2 perpetual bonds, and opportunities for spread compression can be explored [6][87]. - The credit spreads of commercial bank bonds with a maturity of over 4 years are at a historical percentile of over 20% since 2022, with greater room for compression. The credit spreads of Tier 2 perpetual bonds with a maturity of over 5 years are also at a historical percentile of over 20%, with potential for spread compression and the possibility of obtaining excess returns in a downward interest rate cycle [6]. - The yield curves of 4-year and 6-year bonds have convex points, providing good riding effects [6].

Group 1: Sichuan Chengyu - Sichuan Chengyu discussed plans for expiring road assets, including specific measures for Chengle Expressway, Chengya Expressway, Chengyu Expressway, and North City Expressway [1] - Chengle Expressway has initiated expansion and renovation, while the Chengya Expressway project is yet to start, with investment amounts still to be determined [1] - The company has no current plans to issue REITs or other financing tools, and its declining debt-to-asset ratio is attributed to stable cash flow from highways and cost reduction efforts [1] - The company aims to enhance service quality at service areas and is developing a comprehensive energy station network along the routes [1] Group 2: World - World introduced future development trends for superhard tools, highlighting their advantages in micro-machining, high-speed and ultra-high-speed machining, and precision machining [2] - The company has made significant progress in the development of tools for screw processing, achieving performance levels comparable to foreign counterparts and is actively expanding its market [2] - World has years of research and technical reserves in CVD diamond preparation and applications, with products covering multiple fields, some of which have begun market promotion [2]

Group 1: Market Outlook - The overall market outlook remains optimistic despite external uncertainties, with the belief that the upward trend in the Chinese stock market is not yet over [1][2] - Investors' understanding of the economic and international situation is comprehensive, and new technologies and consumer opportunities are emerging, indicating a structural positive shift [1][2] - The reduction in risk-free interest rates has lowered the opportunity cost of investing in stocks, marking a historical turning point for long-term and retail investors [1][3] Group 2: Economic and Investment Trends - Economic expectations are undergoing a positive transformation, which is not a short-term phenomenon, with the stock market's expectations reflecting a range rather than a single point [2] - The focus on supply-side innovation is driving demand creation, with capital expenditure in both new and old economies expected to recover and enter a phase of differentiated growth by 2025 [2][3] Group 3: Currency and Asset Valuation - The stability of the RMB is expected to play a significant role in the revaluation of Chinese assets, as the global economic order is being reshaped and the dollar's credibility is declining [3] - The decline in discount rates is leading to a market environment where emerging technologies are the main focus, with financial sectors and high-dividend stocks benefiting from the lower risk-free rates [3] Group 4: Sector Recommendations - Recommendations include financial and high-dividend sectors such as banks, brokers, and highway operators, which are expected to benefit from the domestic decline in risk-free rates [3] - Emerging technology sectors, particularly in internet, media, innovative pharmaceuticals, and military technology, are highlighted as key growth areas due to intensified competition between China and the US [3] - The cyclical consumption sector is also expected to see a revival, with a focus on domestic supply-demand tightness in cyclical products and new consumption driven by supply [3] Group 5: AI and Market Dynamics - The current macroeconomic environment and industry trends are reminiscent of the 2012-2014 period, where technology drove market performance, particularly in Hong Kong stocks [5][6] - The rapid development of AI applications is expected to accelerate commercialization, with Chinese companies poised to benefit significantly from this trend [6][7] - Hong Kong's tech sector, particularly in software applications, is expected to outperform due to its higher market capitalization in this area compared to A-shares [7]

Core Viewpoint - The C-REITs market continues to perform strongly amid low bond yields, attracting long-term capital, particularly in the highway REITs sector, which is expected to benefit from increasing regional liquidity and favorable policies [1][2]. Market Performance - As of the 23rd week of 2025, the CSI REITs Index closed at 881.85, up 10.7% year-on-year and 1.55% month-on-month; the CSI REITs Total Return Index reached 1107.26, up 18.05% year-on-year and 1.58% month-on-month [2]. - The weekly trading volume of the REITs market was 465 million units, a year-on-year increase of 18.93%, with a transaction value of 2.093 billion yuan, up 29.28% year-on-year [2]. - Highway REITs are favored for their strong cash flow and stable returns, supported by the growth in vehicle ownership and economic recovery [2]. Industry Outlook - The Central Committee and State Council have issued opinions to support the issuance of REITs for qualifying transportation projects, indicating significant potential for the expansion of highway REITs [3]. - As of the end of 2024, the total length of highways in China reached 190,700 kilometers, with a notable increase in the national highway network [4]. - The construction of highways is ongoing, with a potential asset scale for highway REITs estimated to be over 10 trillion yuan, given the profitability of underlying road assets [4]. Policy Support - New regulations extending the concession period for infrastructure projects to 40 years are expected to enhance the stability and attractiveness of highway REITs [4]. - The government is actively promoting the optimization of toll road policies and extending toll collection periods, which will benefit the highway sector [5]. Investment Opportunities - The issuance of highway REITs can help accelerate capital turnover for highway construction companies and reduce their debt ratios, providing investors with a new channel to participate in infrastructure returns [5]. - The competitive landscape for quality highway projects is intensifying, necessitating improved operational management capabilities [6]. Future Development - Companies are exploring synergies between highways and other sectors, such as logistics, tourism, and renewable energy, to enhance asset management [6]. - The integration of renewable energy projects, such as solar power generation along highways, is being pursued to align with national carbon neutrality goals [7]. - Highway REITs are expected to maintain growth potential due to stable cash flows and favorable policies, appealing to long-term investors like insurance and pension funds [7].