资金流向方面，主力资金净流入68.20万元，特大单买入112.27万元，占比4.11%，卖出110.21万元，占 比4.03%；大单买入271.21万元，占比9.92%，卖出205.07万元，占比7.50%。 机构持仓方面，截止2025年6月30日，深高速十大流通股东中，华泰柏瑞上证红利ETF（510880）位居 第六大流通股东，持股3269.49万股，相比上期增加117.53万股。易方达中证红利ETF（515180）位居第 八大流通股东，持股805.22万股，相比上期增加72.43万股。招商中证红利ETF（515080）位居第十大流 通股东，持股662.73万股，为新进股东。香港中央结算有限公司退出十大流通股东之列。 深高速今年以来股价跌21.65%，近5个交易日涨1.47%，近20日涨3.39%，近60日跌0.86%。 责任编辑：小浪快报 资料显示，深圳高速公路集团股份有限公司位于深圳市南山区深南大道9968号汉京金融中心46楼,香港 中环皇后大道中29号华人行16楼1603室，成立日期1996年12月30日，上市日期2001年12月25日，公司主 营业务涉及主要从事收费公路和道路的投资、建设及经营管理。 ...

Core Viewpoint - The company announced that its toll revenue for September 2025 is projected to be 382 million yuan [1] Group 1 - The toll revenue forecast indicates a specific financial outlook for the company in the near future [1]

Group 1 - The company reported a decline in revenue for H1 2025, with total revenue of 10.74 billion yuan, a year-on-year decrease of 11.5%, while net profit attributable to shareholders was 1.70 billion yuan, an increase of 3.9% [1] - In Q2 2025, the company achieved revenue of 6.27 billion yuan, down 17.6% year-on-year, and net profit of 0.89 billion yuan, up 3.0% [1] Group 2 - The company's toll revenue for H1 2025 increased by 5.5% year-on-year, totaling 4.914 billion yuan [2] - The revenue from Jiqing Expressway was 1.483 billion yuan, a slight increase of 0.57% year-on-year, while revenue from Jingtai Expressway decreased by 5.09% to 0.952 billion yuan [2] - The revenue from Jishan Expressway surged by 165.46% to 0.629 billion yuan, attributed to the completion of expansion works and the resumption of two-way traffic [2] Group 3 - In H1 2025, Qilu Expressway reported a net profit of 0.198 billion yuan, a decrease of 21.62%, mainly due to increased depreciation and financial costs after the completion of Jishan Expressway expansion [3] - The Rail Transit Group achieved a net profit of 0.223 billion yuan, a year-on-year increase of 14.04%, with a total volume of 55.16 million tons, up 2.2% [3] - The Information Group's net profit rose by 20.46% to 0.079 billion yuan [3] - The company reported investment income of 0.639 billion yuan, a decrease of 8.82% year-on-year [3] Group 4 - As of H1 2025, the company completed investments of 1.26 billion yuan in ongoing projects [4] - The cumulative investment in the Jingtai Expressway expansion project reached 6.564 billion yuan, with 95% of the subgrade and 85% of the pavement completed [4] - The Weilai Expressway expansion project had a cumulative investment of 0.696 billion yuan, with only 9% of the subgrade and 2% of the pavement completed [4] - The G220 Dongshen Line expansion project had a cumulative investment of 0.495 billion yuan, with 27% of the main works completed [4] Group 5 - The company forecasts revenues of 27.832 billion yuan, 28.175 billion yuan, and 28.616 billion yuan for 2025-2027, with year-on-year growth rates of -2.32%, 1.23%, and 1.57% respectively [5] - The net profit attributable to shareholders is expected to be 3.466 billion yuan, 3.670 billion yuan, and 3.787 billion yuan for the same period, with growth rates of 8.44%, 5.90%, and 3.18% respectively [5] - The company maintains a "buy" rating, emphasizing its core expressway assets as central to the Shandong provincial expressway network [5]

Group 1: Highway Industry - The highway sector's toll revenue showed slight differentiation in H1 2025, with a total of 27.25 billion yuan, a year-on-year decrease of 0.7% [1] - The overall net profit growth rate for the highway industry in H1 2025 was 3.1%, with notable performers including Shenzhen Expressway (+24%) and Guangdong Expressway A (+23.6%) [1] - The current dividend yields for major highway companies are led by Sichuan Chengyu (5.1%) and Shandong Expressway (4.6%) [2] Group 2: Port Industry - The national port cargo throughput maintained steady growth in H1 2025, with a year-on-year increase of 4.0%, and container throughput grew by 6.9% [3] - The port industry achieved a net profit of 21.82 billion yuan in H1 2025, reflecting a year-on-year growth of 0.7% [3] - Major cargo types showed varied growth rates, with container throughput increasing by 7.7% and coal decreasing by 1.8% [3] Group 3: Railway Industry - The Beijing-Shanghai High-Speed Railway reported a net profit of 6.316 billion yuan in H1 2025, a slight decline of 0.64% year-on-year [4] - The Daqin Railway experienced a significant net profit drop of 29.82% in H1 2025, primarily due to decreased transport volume [4] - The current dividend yields for railway companies are led by Daqin Railway (4.3%) and Beijing-Shanghai High-Speed Railway (2.2%) [4]

Core Viewpoint - The company's 1H25 performance aligns with expectations, showing a decline in revenue but an increase in net profit, indicating effective cost management and operational efficiency [1][2]. Financial Performance - In 1H25, the company reported revenue of 4.126 billion yuan, a year-on-year decrease of 23.14%, while net profit attributable to shareholders was 837 million yuan, up 19.93% year-on-year, meeting expectations [1]. - For Q2 2025, revenue was 2.276 billion yuan, down 32.17% year-on-year, but net profit increased by 24.2% to 381 million yuan [1]. Revenue Trends - Toll revenue slightly declined, with a total of 2.274 billion yuan in 1H25, down 2.25% year-on-year. Key toll roads like Chengle and Chengyu saw revenue increases of 0.92% and 0.52%, respectively, while Chengya and Chengren experienced declines of 2.33% and 7.21% due to new road openings and competition from railways [1]. - The company managed to reduce financial expenses by 31.0% and management expenses by 14.8%, contributing positively to profit margins [1]. Growth Prospects - The company is investing in core assets, with the Chengle Expressway expansion nearing completion and the Chengya Expressway already awarded an expansion project, which is expected to enhance toll rates and extend toll collection periods post-completion [2]. - The acquisition of Chengdu Erxinan is projected to contribute 160 million yuan in profit for 2025, along with an expected cumulative compensation of 31.48 million yuan from 2023 to 2024, indicating significant profit growth potential [2]. Shareholder Returns - The company emphasizes shareholder returns, with a commitment to a dividend payout ratio of no less than 60% from 2023 to 2025, a notable increase from previous levels [2]. - The projected dividend yield for 2024 is 5.2%, positioning the company among the leaders in the highway industry, with potential yields of 5.5% and 5.8% for 2025 and 2026, respectively [2]. Valuation and Forecast - The company maintains its profit forecasts for 2025 and 2026, with current A-share prices reflecting a price-to-earnings ratio of 10.9 and 10.4 for those years, and H-share prices at 8.6 and 8.1 [2]. - The target price for A-shares is set at 6.85 yuan, suggesting a 21.9% upside potential, while the target price for H-shares is 5.61 HKD, indicating a 16.4% upside [2].

Group 1 - General taxpayers selling real estate acquired before April 30, 2016, can choose to apply the simplified tax method, calculating the taxable amount at a rate of 5% based on the total price and additional fees minus the original purchase price or the value at acquisition [2][3][5] - For self-built real estate acquired before April 30, 2016, general taxpayers can also opt for the simplified tax method, with the taxable amount calculated at a rate of 5% based on the total price and additional fees [2][4][5] Group 2 - General taxpayers renting real estate acquired before April 30, 2016, can choose the simplified tax method, with a taxable amount calculated at a rate of 5% [5][7][9] - If the rented property is located in a different county (city) from the taxpayer's institution, tax must be prepaid at the property location before filing with the local tax authority [5][8][9] Group 3 - Taxpayers transferring land use rights acquired before April 30, 2016, can choose the simplified tax method, calculating the taxable amount at a rate of 5% based on the total price and additional fees minus the original price of the land use rights [10][11] - Real estate enterprises selling self-developed old projects can opt for the simplified tax method, with the taxable amount calculated at a rate of 5% based on the total price and additional fees, without deducting the corresponding land price [12][15][16] Group 4 - Real estate enterprises renting self-developed old projects can also choose the simplified tax method, with a taxable amount calculated at a rate of 5% [17][18][21] - Similar to sales, if the rented property is in a different county (city) from the institution, tax must be prepaid at the property location before filing with the local tax authority [17][20][21] Group 5 - General taxpayers providing human resource outsourcing services can choose the simplified tax method, calculating the taxable amount at a rate of 5% [22][25] - Taxpayers providing labor dispatch services can opt for differential taxation, calculating the taxable amount based on total price and additional fees minus wages and benefits paid to dispatched employees [26][28]