机构：中金公司 研究员：Wenjie ZHANG/Qibin FENG/Xin YANG 1H25 results beat our expectations Yuexiu Transport Infrastructure announced its 1H25 results: Revenue rose 14.9% YoY to Rmb2.10bn. Attributable net profit rose 14.9% YoY to Rmb361mn, beating our expectations due to higher-than-expected toll revenue growth and a notable decline in financial expenses. In 1H25, the firm paid an interim dividend of HK$0.12/sh (about Rmb0.1091), flat with 1H24, implying a dividend payout ratio of 50.6% (vs. HK$0.12/sh and 58.5% in 1H ...

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]