基金可根据投资策略需要或市场环境的变化，选择将部分基金资产投资于北交所股票或选择不将基金资 产投资于北交所股票，基金资产并非必然投资北交所股票。 登录新浪财经APP 搜索【信披】查看更多考评等级 北京证券交易所（以下简称"北交所"）上市的股票是国内依法发行上市的股票。根据有关法律法规规 定，中金基金管理有限公司（以下简称"基金管理人"或"本公司"）旗下基金将按照各自基金合同的约 定，在遵守基金合同所规定的投资目标、投资策略、投资范围、资产配置比例、风险收益特征及相关风 险控制指标的前提下，参与北交所股票的投资。 今后，本公司旗下新增基金如果符合基金合同的有关约定，亦可以投资北交所股票，届时本公司可不再 另行公告。 基金管理人将根据审慎原则进行北交所股票投资，并做好流动性风险管理工作。基金管理人同时提请投 资者注意基金投资于北交所股票，因投资标的、市场制度以及交易规则等差异带来的特有风险：包括但 不限于市场风险、流动性风险、转板风险、信用风险、系统性风险、政策风险、投资战略配售股票风险 等。 1、市场风险 北交所标的主要为创新型中小企业，体现"更早、更小、更新"的特点，但其高成长性与高风险并存。企 业因多处于成 ...

Group 1 - The total cross-regional personnel flow in Guangxi reached 20.36 million during the New Year holiday, marking a record high for the same period [1] - The total passenger volume for the entire region's transportation was 3.81 million, with road transport showing a daily average increase of 11.88% year-on-year [1] - Railway transport saw a significant increase in demand, with a total passenger volume of 1.49 million, reflecting a year-on-year increase of 57.96% [1] Group 2 - The highway traffic volume reached 7.31 million, with small passenger vehicles accounting for 82.56% of the total, and 1.33 million of these being new energy vehicles [2] - The rail transit system operated 5,769 trains, achieving a passenger volume of 4.50 million, with a peak daily passenger volume of 1.60 million on January 1 [2] - The civil aviation sector recorded a total passenger throughput of 186,000, with a year-on-year increase of 22.29% [1]

Core Insights - The newly expanded and upgraded section of the Jingha Expressway has shown significant improvements in traffic flow and safety, with a daily average traffic volume of 54,000 vehicles, representing a year-on-year increase of 30.1% [1] - The project, which took 1,147 days to complete, has enhanced the expressway's capacity and safety, contributing to a better business environment in the region [1][2] Group 1: Traffic and Safety Improvements - The accident rate on the 29-kilometer section has decreased by 67% in the two months since the opening [1] - Overall, the dual-direction traffic accidents have dropped by 53.3% across the entire expressway [1] - Congestion events of over two kilometers have decreased by 77.4%, with total congestion distance down by 82.9% and total congestion duration reduced by 75.3% [1] Group 2: Economic Impact - The upgraded expressway has significantly reduced logistics transportation time between Northeast China and the Beijing-Tianjin-Hebei region, leading to lower transportation costs for businesses [2] - Public expectations for traffic management and travel experience have increased, reflecting a shift in user inquiries from basic traffic issues to more complex service needs [2]

Core Viewpoint - Yuexiu Transport Infrastructure reported strong 1H25 results, with revenue and net profit both increasing by 14.9% YoY, driven by higher toll revenue and reduced financial expenses [1][2]. Financial Performance - Revenue for 1H25 reached Rmb2.10 billion, a 14.9% increase YoY [1]. - Attributable net profit also rose 14.9% YoY to Rmb361 million, exceeding expectations due to robust toll revenue growth and a significant decline in financial expenses [1]. - The firm’s toll revenue grew 15.2% YoY to Rmb2.06 billion, attributed to the consolidation of Pinglin Expressway and changes in the road network [2]. - Operating costs increased by 22.8% YoY, with amortization of intangible operating rights up 26.3% YoY, leading to a gross margin decline of 3.4 percentage points to 46.8% [3]. Dividend Policy - An interim dividend of HK$0.12 per share was declared, consistent with 1H24, resulting in a dividend payout ratio of 50.6% [2]. - The firm maintains a stable dividend policy, with a projected payout ratio of 58.5% in 2024, potentially yielding 6.9% and 7.3% in 2025 and 2026, respectively [4]. Growth Potential - The acquisition of Pinglin Expressway is expected to enhance the firm's road network in central China, contributing to long-term growth [4]. - Future expansions, such as the Guangzhou North Second Ring Road and potential asset injections from the parent company, are anticipated to further drive growth [4]. Financial Forecasts and Valuation - Net profit forecasts for 2025 and 2026 have been raised by 3.4% and 4.3%, respectively, to Rmb739 million and Rmb770 million, due to ongoing reductions in financial expenses [5]. - The stock is currently trading at 8.5x and 8.0x estimated P/E ratios for 2025 and 2026, respectively, with a target price increase of 4.3% to HK$4.34, indicating a 6.1% upside [5].

Core Viewpoint - The current holiday highway toll-free policy aims to reduce travel costs for the public, stimulate consumption, and promote tourism, but it has led to increased congestion and safety risks during peak travel times [2][3]. Group 1: Current Policy Issues - The holiday toll-free policy has resulted in a significant increase in highway traffic, leading to severe congestion and extended travel times, which can increase the risk of traffic accidents [2]. - The rise in traffic accidents during holidays poses a threat to public safety and property [2]. Group 2: Proposed Mileage-Based Free Policy - The mileage-based toll-free policy is seen as a reasonable alternative that allows drivers to travel based on their needs rather than being restricted to holiday periods, potentially alleviating congestion [4]. - A free mileage allowance of 5,000 km is expected to meet the needs of most families for daily travel and short trips [4]. Group 3: Implementation Considerations - The transformation of the toll-free policy impacts every driver and the transportation industry, requiring careful consideration of various factors to create a feasible and effective plan [6]. - The successful implementation of the mileage-based policy faces challenges, including the need for a reliable vehicle mileage monitoring system, which may raise privacy concerns among drivers [7]. - The high costs associated with highway construction and maintenance could be affected by the new policy, necessitating government subsidies or adjustments to other fee structures to ensure sustainable highway operations [7]. - The appropriateness of the 5,000 km free mileage standard is questioned, as it may not suit all drivers, particularly those who frequently travel long distances [7].

Group 1: Investment Funds and Initiatives - Shandong Province's New Kinetic Energy Fund has approved the establishment of a 1 billion yuan Jinan Zhongyin Industrial Circuit AI Industry Fund, focusing on hard technology sectors like integrated circuits and artificial intelligence [2] - The Yangtze River Delta region has launched a 10 billion yuan cultural and digital industry fund, with an initial phase of 3 billion yuan, aimed at integrating cultural and technological sectors [3] - Guangdong Province has initiated a 10 billion yuan Intelligent Industry Fund to support technological innovation and industrial upgrades, particularly in the AI and robotics sectors [4] - The Jiangcheng Huafa Fund has been established with a total scale of 1.01 billion yuan, focusing on the semiconductor industry and related fields [5] - A new low-altitude industry equity investment fund has been set up in Zibo, with a capital of 1 billion yuan, aimed at developing the low-altitude economy [6] - The Hubei Province Highway Development Fund has been established with a total scale of 100 billion yuan, primarily for highway project construction [7] - The first Qualified Foreign Limited Partner (QFLP) fund has been launched in Hefei, aimed at attracting foreign capital for domestic private equity investments [8] - A 5 billion yuan provincial results transformation guidance fund has been initiated in Sichuan, focusing on key technology sectors [9] - The Changjiang Economic Development Chuxing Venture Capital Fund has been registered with a scale of 270 million yuan, targeting early-stage tech companies [10] Group 2: Industry Growth and Trends - The AI industry in Shandong has maintained over 30% annual growth, with nearly 1,000 key enterprises contributing to a market exceeding 100 billion yuan [2] - Ningbo has established a strong AI infrastructure, with a supercomputing center operational, enhancing semantic recognition accuracy to 93% [3] - The Guangdong AI and Robotics Industry Alliance aims to create a cluster of AI and robotics industries to support high-quality development in the Guangdong-Hong Kong-Macao Greater Bay Area [4] - The low-altitude economy in Shandong is projected to reach a scale of 100 billion yuan by 2027, with plans to cultivate over 10 leading enterprises [6] - Hubei's highway development strategy includes 71 projects with a total investment of 799.2 billion yuan, enhancing regional connectivity [7] - The QFLP fund in Hefei is designed to support industries aligned with the needs of the Middle East and global markets, including new-generation information technology and high-end equipment [8] - The focus on "hard technology" sectors like AI, semiconductors, and new energy materials is emphasized in various funds to ensure supply chain security and promote innovation [9]