Group 1 - The company Jiangsu Ninghu Expressway (600377) issued the eighth phase of its ultra-short-term financing bonds for the year 2025, with a total issuance amount of 700 million yuan [1] - The bonds are referred to as "25 Ninghu Gao SCP008" and have an issuance interest rate of 1.57% [1]

Group 1 - The company Jiangsu Ninghu Expressway (00177.HK) announced the issuance of its 2025 eighth phase of short-term financing bonds, with a total issuance amount of 700 million yuan [1] - The issuance date is set for September 10, 2025, and the interest rate for the bonds is 1.57% [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 9.41 billion yuan for the first half of 2025, a year-on-year decline of 5.56%, and a net profit attributable to shareholders of 2.42 billion yuan, down 11.8% year-on-year [2][6] - In Q2 2025, the company achieved a revenue of 4.62 billion yuan, a significant year-on-year decline of 28.7%, with a net profit of 1.213 billion yuan, down 19.2% year-on-year [2][6] - The company's highway toll revenue in Q2 2025 was 2.28 billion yuan, showing a slight increase of 1.0% year-on-year, despite a decrease in traffic volume due to construction impacts [12] - The company’s construction revenue, supporting services, and real estate sales saw declines, while electricity sales increased due to weather factors [12] - The company maintained a stable dividend policy, with a slight increase in DPS to 0.49 yuan per share, resulting in a current dividend yield of 3.7% [12] Summary by Sections Financial Performance - The company’s total revenue for 2025 is projected to be 23.965 billion yuan, with a net profit of 5.072 billion yuan, reflecting a stable financial outlook despite recent declines [16] - The company’s operating profit in Q2 2025 was 1.46 billion yuan, an increase of 8% year-on-year, driven by cost reduction and efficiency improvements [12] Traffic and Revenue Analysis - Traffic volume on the core highway segment increased by 1.2%, with average daily toll revenue rising by 6.8% [12] - However, traffic on several other highways saw significant declines due to ongoing construction projects [12] Future Outlook - The company is expected to see a gradual recovery in profitability, with projected net profits of 5.07 billion yuan, 5.28 billion yuan, and 5.46 billion yuan for 2025, 2026, and 2027 respectively [12] - The company’s long-term growth potential remains strong due to its strategic positioning in quality road assets [12]

Group 1 - The company held a half-year performance briefing on September 11, 2025, via an online interactive format [1] - Key participants included the chairman, vice chairman and general manager, independent director, chief accountant, and board secretary [2] Group 2 - The company's operating revenue for the first half of 2025 was 10.739 billion yuan, a decrease of 11.52% year-on-year, primarily due to a decline in construction service revenue [3] - The net profit attributable to the parent company was 1.696 billion yuan, an increase of 3.89% year-on-year, with earnings per share at 0.293 yuan, up 5.78% [3][4] - Toll revenue (including tax) reached 4.914 billion yuan, a year-on-year increase of 5.54%, while investment income was 639 million yuan, down 8.82% [3] Group 3 - The company reported a total profit of 2.784 billion yuan for the first half of 2025, a year-on-year increase of 3.17% [4] - The net cash flow from operating activities was 3.596 billion yuan, reflecting a year-on-year growth of 20.46% [4] - The company's asset-liability ratio stood at 65.96%, indicating a relatively high level of financial pressure [4] Group 4 - Future investment directions include focusing on high-quality road asset investment opportunities in central and eastern regions, as well as potential investments in key areas and urban clusters in the Midwest [5] - The company plans to reduce financial investment scale as previous projects mature, with a focus on investments related to its core business and green low-carbon industries [5]

Core Viewpoint - Shenzhen Expressway Company Limited (00548) has applied for the registration of medium-term notes with the China Interbank Market Dealers Association, receiving an acceptance notice for a registered amount of RMB 5 billion [1] Group 1 - The registered amount for the medium-term notes is RMB 5 billion, valid for 2 years from the date of the acceptance notice [1] - The acceptance notice is identified as MTN853, issued by the China Interbank Market Dealers Association [1] - The joint lead underwriters for the issuance include major banks such as China Merchants Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, China CITIC Bank, and Shanghai Pudong Development Bank [1]

Core Viewpoint - Shenzhen Expressway Company has applied for the registration of medium-term notes with the China Interbank Market Dealers Association, receiving an acceptance notice for a registered amount of RMB 5 billion [1] Group 1 - The registered amount for the medium-term notes is RMB 5 billion, valid for 2 years from the date of the acceptance notice [1] - The joint lead underwriters for the issuance include China Merchants Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, China CITIC Bank, and Shanghai Pudong Development Bank [1]

Core Viewpoint - Shenzhen Expressway Company has applied for the registration of medium-term notes with a total amount of RMB 5 billion, which has been accepted by the China Interbank Market Dealers Association [1] Group 1 - The company has received the "Acceptance Registration Notice" from the Dealers Association, indicating the approval of its medium-term note registration [1] - The registration amount is set at RMB 5 billion, valid for two years from the date of the notice [1] - The joint lead underwriters for this issuance include major banks such as China Merchants Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, Citic Bank, and Shanghai Pudong Development Bank [1]

深高速（600548）(600548.SH)发布公告，公司向中国银行间市场交易商协会("交易商协会")申请注册发 行中期票据，并于近日收到交易商协会签发的《接受注册通知书》(中市协注[2025]MTN853号)。根据 该通知书，交易商协会决定接受公司中期票据注册，注册金额为人民币50亿元，注册额度自《接受注册 通知书》落款之日起2年内有效，由招商银行股份有限公司、中国农业银行股份有限公司、中国银行股 份有限公司、中国工商银行股份有限公司、中信银行股份有限公司和上海浦东发展银行股份有限公司联 席主承销。 ...

（文章来源：证券日报） 证券日报网讯 9月11日晚间，吉林高速发布公告称，公司的控股子公司吉林省科维交通工程有限公司通 过公开投标的形式中标"G12珲春至乌兰浩特高速公路防川至珲春段和G1131牡丹江至延吉高速公路老爷 岭（黑吉界）至汪清段施工总承包SG02标段"。 ...

Core Viewpoint - The company, Shen High-Speed (600548.SH), has received approval from the China Interbank Market Dealers Association to issue medium-term notes totaling RMB 5 billion, with a registration validity of two years from the date of the acceptance notice [1] Group 1 - The company applied for the registration of medium-term notes with the China Interbank Market Dealers Association [1] - The registered amount for the medium-term notes is RMB 5 billion [1] - The acceptance notice was issued by the association, indicating the company's successful registration [1] Group 2 - The registration validity for the medium-term notes is effective for two years from the date of the acceptance notice [1] - The joint lead underwriters for the issuance include major banks such as China Merchants Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, Citic Bank, and Shanghai Pudong Development Bank [1]