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。 承董事會命 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 2025年11月未經審計路費收入 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈 本集團2025年11月的路費收入（未經審計）如下： | 收費公路 | 集團控股 | 收入合併 | 路費收入（人民幣千元） | | | --- | --- | --- | --- | --- | | | 比例 | 比例 | 總計 | 日均 | | 廣東省－深圳地區： | | | | | | 梅觀高速 | 100% | 100% | 12,919 | 431 | | 機荷東段 | 100% | 100% | 61,062 | 2,035 | | 機荷西段 | 100% | 100% | 50,010 | 1,667 | | 沿江項目 | 100% | 100% | 74,244 | 2,475 | | 外環項目 | 100 ...

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） （股 份 代 號：01052） 2025年11月未經審計營運資料 本集團2025年11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 ...

（文章来源：证券日报） 证券日报网讯 12月29日，中原高速在互动平台回答投资者提问时表示，公司尚未获知河南省出台关于 上调高速公路收费标准政策的信息，公司目前收费标准依据《关于调整河南省高速公路车辆通行费计费 方式及收费标准有关事项的通知》（豫交文〔2019〕351号）执行。 ...

本次权益分派股权登记日为：2025年12月30日，除权除息日为：2025年12月31日。 格隆汇12月24日丨福建高速(600033.SH)公布2025年半年度权益分派实施公告,本次利润分配以方案实施 前的公司总股本2,744,400,000股为基数，每股派发现金红利0.05元（含税），共计派发现金红利 137,220,000.00元。 ...

Core Viewpoint - The announcement from Bay Area Development (00737) highlights the monthly toll revenue for three highways in November 2025, indicating mixed performance across the different routes [1] Revenue Summary - The monthly total toll revenue for the Guangzhou-Shenzhen Expressway is approximately 248 million yuan [1] - The monthly total toll revenue for the Guangzhou-Zhuhai West Line Expressway is approximately 99.78 million yuan, reflecting a year-on-year decrease of 6% [1] - The monthly total toll revenue for the Jiangjiang Expressway (Shenzhen section) is approximately 74.24 million yuan, showing a year-on-year increase of 5% [1]

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]

Core Viewpoint - The company, Yuexiu Transportation Infrastructure (01052), has announced the conditional sale of an 85% stake in Shandong Qinbin Expressway for a total consideration of RMB 1.1535 billion, which aligns with its regional expansion strategy and aims to capitalize on the economic growth in the eastern coastal region of China [1][2]. Group 1 - The transaction involves a conditional agreement between a related party of the company and a wholly-owned subsidiary, with the completion subject to certain preconditions [1]. - Upon completion, the company will indirectly hold 85% of the target company, which will become a non-wholly owned subsidiary, and its financial performance will be consolidated into the company's financial statements [1]. - The Qinbin Expressway is a crucial coastal expressway in the Bohai Rim region and is part of the national expressway network, enhancing the company's strategic positioning [1]. Group 2 - The expressway's segments have varying expiration dates, with the section from Chengkou to Zhanhua expiring in 2045 and the section from Lujijian to Chengkou expiring in 2047, extending the weighted average remaining operating rights of the company's controlled expressways by approximately 0.8 years [2]. - The target company is projected to generate approximately RMB 752.5 million in revenue for the full year of 2024, contributing positively to the company's income sources post-acquisition [2]. - The target company is expected to remain profitable in the upcoming periods, providing beneficial support to the company's asset portfolio, especially in light of the upcoming expiration of other projects and ongoing construction impacts [2].

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00548） 2、 2025 年 10 月實施節假日小型客車免費通行的天數為 8 天。 謹慎性陳述 董事會謹此提醒投資者，上述數據未經審計。由於完成路費收入的數據拆分、確 認需要履行一定的程序，以及在聯網收費的環境下部分路段的路費收入在月度結 算和披露時須以預估方式記錄，因此該等數據與定期報告披露的數據可能存在差 異。此外，本公司在披露當月預估數據時還會就上月預估數和上月實際結算數的 差異進行調整，導致個別數據可能會出現一定程度的異常。因此，本公告之路費 收入僅作爲階段性數據供投資者參考，投資者請審慎使用該等數據。 承董事會命 2025年10月未經審計路費收入 深圳高速公路集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈 本集團2025年10月的路費收入（未經審計）如下： | 收費公路 | 集團控股 | 收入合併 | 路費收入（人民幣千元 ...

Core Viewpoint - CICC initiates coverage on Anhui Wantuo Expressway (600012) with an "Outperform" rating and a target price of HKD 15.12, indicating an 8% upside potential from the current price [1] Group 1: Company Overview - The company's road assets are strategically located at provincial borders, facilitating significant passenger and freight transport demand due to the developed local automotive industry [1] - The core road assets have a high average gross margin of 59.5% from 2014 to 2024, with extended toll collection periods following upgrades and expansions [1] Group 2: Growth Prospects - Short-term growth is expected from the acquisition of the Anhui sections of Fuzhou-Zhou and Suxu Expressways, as well as the completion of the Xuanguang and Guangci expansions, contributing to profit increments [1] - The acquisition of a 7% stake in Shandong Expressway (600350) is projected to enhance investment income by approximately RMB 300 million in 2026 [1] - Long-term growth is supported by the expansion of the Gaijie Expressway and participation in new road construction projects, indicating sustained growth potential [1] Group 3: Dividend and Earnings Forecast - The company plans to maintain a dividend payout ratio of no less than 60% from 2025 to 2027, with estimated dividend yields of 5.4% and 6% for 2025 and 2026, respectively, positioning it among the top in H-share highways [1] - CICC forecasts the company's earnings to be RMB 1.97 billion and RMB 2.17 billion for 2025 and 2026, respectively, with a compound annual growth rate of 14% from 2024 to 2026 [1] - The average dividend yield for H-share highways is currently 5.9%, and given Wantuo's focus on highways and strong asset quality, a valuation premium is warranted, leading to a target price of HKD 15.12 for 2025, corresponding to price-to-earnings ratios of 12x and 10.8x for 2025 and 2026, respectively [1]

智通财经APP获悉，中金发布研报称，首次覆盖安徽皖通高速公路(00995)，给予"优于大市"评级，目标 价15.12港元，较现价有8%上行空间。公司路产多位于省际交界处，承东启西、连南接北、沿江通海， 当地汽车产业发达，区域客货运需求大。公司核心路产开通时间早，2014-24年平均毛利率高达59.5%， 改扩建后收费年限长。 该行预计，短期公司收购阜周和泗许高速安徽段、宣广和广祠改扩建完成贡献盈利增量，另收购山东高 速7%股权有望增厚2026年投资收益约3亿元人民币;中长期看，高界高速改扩建和参股修建新路产体现 持续成长性。 报告提到，公司2025-27年规划分红比例不低于60%，据该行测算，H股现价对应2025-26年股息率为 5.4%/6%，均位于H股高速前列。中金预计公司2025/26年盈利分别为19.7/21.7亿元人民币，2024-26年复 合增长率为14%。当前H股高速平均股息率为5.9%，考虑皖通聚焦高速、资产优异且成长性好，市场应 给予一定估值溢价，以5%股息率对应H股2025年目标价15.12港元，对应2025/26年12/10.8倍市盈率。 ...