格隆汇9月11日丨深高速(600548.SH)公布，遵照股东大会的授权，本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本公司中期票据注册，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。 ...

Core Viewpoint - Shandong Expressway indicated a planned reduction in financial investments due to the maturity of previous projects, focusing future investments on high-quality projects related to its main industry chain and green low-carbon sectors [1] Financial Performance - The company reported a comprehensive financial cost of approximately 3.05% [1] - Future strategies include negotiating with financial institutions, repaying loans in advance based on funding needs, and replacing high-interest financing with low-interest options to further reduce financial costs [1] Ongoing Projects - Current projects under construction include the Jingtai Expressway Qiji Section, Weilai Expressway, and G220 Dongshen Line, which are undergoing expansion and renovation with significant capital expenditures [1]

Core Viewpoint - The company, ShenGao (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 [1] Group 1 - The company applied for the registration of medium-term notes in accordance with the authorization from its shareholders' meeting [1] - The registration amount for the medium-term notes is RMB 5 billion [1] - The acceptance notice from the Dealers Association was issued under the reference number MTN853 [1] Group 2 - The registration validity of the medium-term notes is effective for two years from the date of the acceptance 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]

Group 1: Charging Business Overview - Dongguan Energy Company and Kangyi Chuang Company have operated 1,148 charging stations, covering 29 towns and streets, with over 540,000 users under the "Super Easy Charge" brand [2] - The charging business is currently in a cultivation period, with high initial investments leading to losses; however, the loss has narrowed by 9.93% year-on-year, amounting to a net profit loss of -15.03 million [4] - The penetration rate of new energy vehicles in Dongguan is approximately 9%, with significant growth potential compared to Guangzhou and Shenzhen [4] Group 2: Financial Performance - In the first half of the year, the company achieved a net profit of 532 million, representing a year-on-year increase of 20.51% [3] - The company's shareholding in Dongguan Securities has increased to 27.1%, with expectations for improved investment returns [3] - The company's stock price has risen by 12.55% since the beginning of the year, reflecting ongoing efforts to optimize business structure and enhance operational efficiency [4] Group 3: Future Plans and Challenges - The company is actively seeking quality asset acquisition opportunities beyond its highway operation management business, including expanding into new energy vehicle charging and financial investment services [3] - The maintenance of the Humen Bridge is expected to have minimal impact on traffic flow on the Guangshen Expressway, as alternative routes will be utilized [2] - The mid-year dividend plan will be reviewed at the shareholders' meeting scheduled for September 11 [3]

Core Viewpoint - Yuexiu Transportation Infrastructure (01052) reported a toll revenue of 95.721 million yuan for the Guangzhou North Second Ring Expressway in July 2025, reflecting a year-on-year decrease of 1.4% but a quarter-on-quarter increase of 6.4% [1] Summary by Category Revenue Performance - For the first seven months of 2024, the toll revenue was approximately 603 million yuan, showing a year-on-year decrease of 0.7% [1]

（股 份 代 號：01052） 2025年7月未經審計營運資料 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。 （在 百 慕 達 註 冊 成 立 之 有 限 公 司） 本集團2025年7月 未 經 審 計 的 營 運 資 料 如 下： | | | | 日均收費車流量（輛 次） | | | | | 路 費 收 入（人 民 幣，千 元） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 當月環比 | 當月同比 | 2025年 | 累計同比 | | 當月環比 | 當月同比 | 2025年 | 累計同比 | | 項 目 | 當 月 | 變 動 | 變 動 | 累 計 | 變動 | 當月 | 變 動 | 變 動 | 累 計 | 變 動 ...

Core Viewpoint - The company announced that its subsidiary, Jilin Province Kowi Transportation Engineering Co., Ltd., has won a bid for two highway construction projects with a total bid price of 9.592 billion yuan [1] Group 1 - The company is part of a consortium that won the bid for the G12 highway segment from Hunchun to Ulanhot and the G1131 highway segment from Old Yeling (Heilongjiang-Jilin border) to Wangqing [1] - The consortium's share in the project is approximately 3.39%, with the final amount to be confirmed upon contract signing [1]

格隆汇9月11日丨吉林高速(601518.SH)公布，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"，属于招标人通过公开招标后的中标项目，属于科维公司日常经 营业务范围。总中标价为95.92亿元。吉林省科维交通工程有限公司联合体占比约3.39%，最终金额以合 同签订为准。 ...

Core Viewpoint - The article discusses the recent trend of highways in China reaching their toll expiration dates and the implications of these changes on the transportation infrastructure and economic efficiency. It highlights the shift towards free passage on certain highways and the potential for a broader movement in this direction across the country [4][10][21]. Summary by Sections Highway Toll Cancellations - Recent announcements from Sichuan indicate that the Chengmian and Chengbei highways will stop charging tolls, marking a significant shift in the western region of China [4][6]. - This follows the cancellation of tolls on the Guangzhou North Ring Highway, which became the first major highway to do so after 30 years of operation [6][9]. - The trend of highways reaching their toll expiration dates is becoming more common, with several highways built in the late 20th century now ceasing toll collection [9][10]. Historical Context and Regulations - The first batch of highways built in the 1980s and 1990s is now reaching the maximum toll collection period, which is capped at 30 years for operational highways [11][19]. - The article notes that the "loan for road construction, toll for repayment" policy initiated in the late 1980s facilitated the rapid expansion of highway infrastructure in China [11][18]. - Current regulations stipulate that the maximum toll collection period for operational highways is 25 years, with a 30-year limit for those in central and western regions [11][18]. Economic Implications - The cancellation of tolls on highways is seen as a potential catalyst for economic efficiency, reducing logistics costs and enhancing domestic circulation [21]. - The article emphasizes that while some highways have been profitable, others in less developed areas struggle to cover maintenance costs, leading to discussions about extending toll periods under the guise of "reconstruction" [14][21]. - The future of highway tolls is uncertain, with ongoing debates about modifying regulations to extend toll collection periods beyond the current limits [14][21]. Future Outlook - The article suggests that while a complete transition to free highways is unlikely in the short term, the gradual cessation of tolls is a growing trend that aligns with national economic strategies [21]. - The goal of achieving a "county-level highway" network by 2035 indicates significant future investment and expansion in highway infrastructure, which will require substantial funding [19][21].

Core Points - Sichuan has initiated a significant move by making the Chengmian Expressway and Chengbei Exit Expressway toll-free, marking a notable shift towards free highways in the western region of China [1][5][12] - The decision to eliminate tolls is attributed to the expiration of the toll collection period, as highways in China have a maximum operational toll period of 30 years for commercial roads and 20 years for government-funded roads [5][8] - The move has been positively received by local drivers, with many expressing their excitement over the newfound savings on tolls [3][10] Summary by Sections - **Importance of the Highways**: Chengmian Expressway serves as a vital route connecting Chengdu to Mianyang, heavily utilized by both commercial and personal vehicles, while the Chengbei Exit Expressway is crucial for residents commuting to the city or traveling towards Shaanxi [3][5] - **Financial Implications**: The financial sustainability of toll-free highways varies across regions; while some expressways in economically prosperous areas generate substantial revenue, many in the central and western regions operate at a loss and rely on government subsidies [7][8] - **Future of Highway Tolling**: The trend towards free highways is seen as a necessary evolution, with the expectation that more cities will follow Sichuan's lead. However, the transition will require careful financial planning to ensure that maintenance and operational costs are covered [10][12]