Group 1 - The company stated that several projects mentioned have original operating periods expiring between 2026 and 2027 [2] - The company is currently undertaking the expansion and reconstruction of the Jihe Expressway, and upon completion, the government will approve the operating period based on policy [2] - The specific expiration dates and arrangements for the Meiguan Expressway and Shui Guan Expressway will be determined according to government announcements [2]

Core Viewpoint - The Waterguan Expressway, a crucial corridor connecting Longgang to Shenzhen's city center, is approaching the end of its 25-year toll period, with increasing public demand for free passage as the deadline nears [1][2][8] Group 1: Toll Cancellation and Public Sentiment - Public demand for the cancellation of tolls has been persistent, with citizens expressing concerns over congestion and commuting costs [2][7] - Official statements indicate that the Shenzhen Transportation Bureau plans to cancel tolls in the first half of 2026, which would be about six months earlier than the original deadline [2][3] - The Waterguan Expressway has been a focal point for public representatives advocating for toll cancellation to enhance regional economic development [7][8] Group 2: Urban Planning and Development - Recent planning documents from Longgang District have mentioned the "municipalization" of the Waterguan Expressway, signaling a potential shift towards integrating it into the urban road network [3][8] - The expressway's transformation into a free passage is expected to alleviate congestion and reduce costs for commuters and businesses, thereby promoting economic activity in the eastern regions of Shenzhen [7][8] - The expressway's free status is seen as a means to enhance connectivity between Longgang and other key urban areas, contributing to a more balanced regional development [8] Group 3: BOT Model and Negotiation Challenges - The Waterguan Expressway operates under a BOT (Build-Operate-Transfer) model, complicating the process of terminating tolls early due to the need for negotiations between the government and the operating company [6][4] - Previous negotiations have faced challenges, particularly regarding the valuation of the expressway and compensation for the operating company, which has hindered progress towards toll cancellation [6][4] - The complexity of these negotiations reflects broader issues related to public-private partnerships in infrastructure development [6]

Core Viewpoint - The recent announcement of the "15th Five-Year Plan" for high-quality development in Shenzhen's Henggang Street highlights the intention to leverage the Shuiguan Expressway and other transportation projects to promote regional development, with the long-standing toll dispute regarding the Shuiguan Expressway expected to conclude in April this year [1][3]. Group 1: Shuiguan Expressway Overview - The Shuiguan Expressway, designated as S28, is a crucial vertical road in Shenzhen's "seven horizontal and thirteen vertical" network, connecting major areas from Shuijian Village in the west to Guanjingtou Village in the east [3]. - Built in February 2002 and expanded to a ten-lane highway in July 2011, the expressway has faced public calls for toll cancellation since 2008 due to heavy traffic congestion and increased travel costs for citizens and businesses [3][5]. Group 2: Financial Performance - In 2024, the Shuiguan Expressway generated revenue of 633 million yuan, a decrease of 0.49% year-on-year, accounting for 12.5% of the total revenue from Shenzhen's toll roads [5]. - In the first half of 2025, the expressway reported an average daily toll income of 1.675 million yuan, a year-on-year increase of 1.3%, with an average daily traffic volume of 256,000 vehicles, also up by 1.3% [5]. Group 3: Future Developments - The operational period for the Shuiguan Expressway is set to end in January 2026, with the potential for toll cessation in April 2024, leading to discussions on its municipal transformation [5]. - Shenzhen has prior experience with the municipalization of expressways, including the Meiguan Expressway and Longda Expressway, which have undergone similar transitions after toll cancellations [6].

| 证券代码：600548 | 股票简称：深高速 | | | 公告编号：临 | 2025-016 | | --- | --- | --- | --- | --- | --- | | 债券代码：188451 | 债券简称：21 | 深高 | 01 | | | | 债券代码：185300 | 债券简称：22 | 深高 | 01 | | | | 债券代码：240067 | 债券简称：G23 | 深高 | 1 | | | | 债券代码：241018 | 债券简称：24 | 深高 | 01 | | | | 债券代码：241019 | 债券简称：24 | 深高 | 02 | | | | 债券代码：242050 | 债券简称：24 | 深高 | 03 | | | 深圳高速公路集团股份有限公司 2025 年 1 月未经审计路费收入公告 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。 深圳高速公路集团股份有限公司（"本公司"）董事会（"董事会"）谨此公告 本集团 2025 年 1 月的路费收入（未经审计）如下： | 收费公路 | 集团控股 | ...