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9月未經審計營運資料 本集團2025年9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 動 ...

Group 1: Aviation and Airports - The number of visa-free foreign visitors to China has increased by 52%, which is expected to drive the recovery of aviation and gradually restore airport profitability [2][5][7] - International passenger traffic is projected to grow by 25% in 2025, with a significant contribution from visa-free foreign visitors [16][18] - Major airports have seen passenger throughput recover to 2019 levels, with international passenger volume at Pudong Airport increasing by 23% year-on-year [28][26] Group 2: Shipping and Ports - Exports to ASEAN and Africa have increased by 15% and 28% respectively, benefiting regional shipping and port companies [3][44] - The new land-sea corridor in the western region has seen container volume grow by 70%, indicating strong demand for shipping services [3][44] - The global shipping demand is expected to grow slowly in 2026, with supply pressures potentially leading to lower freight rates [33] Group 3: Highways and Logistics - There is a potential for toll increases on existing highways, with some provinces already raising rates by over 30% [45][47] - The express delivery sector is showing signs of recovery, with price increases expected as competition stabilizes [58][60] - The logistics supply chain is expected to benefit from the monetization of traffic and new business growth, with significant revenue increases projected [61][64] Group 4: New Energy Vehicles and Smart Driving - Sales of electric heavy trucks have surged by 198%, with freight costs reduced by 16%, indicating a shift towards electrification in logistics [4][73] - The penetration rate of new energy vehicles is rapidly increasing, with significant implications for road transport efficiency and cost [80][79] - Companies in the smart driving sector are expected to see substantial growth, driven by technological advancements and increased market demand [81]

丨证券研究报告丨 行业研究丨行业周报丨运输 [Table_Title] 如何看待高速提价：涓滴之水，前路犹长 报告要点 [Table_Summary] 高速公路的收费标准由各省的交通厅、发改委以及财政厅自主确定，使得各个省份可以根据当 地情况灵活调整收费标准。近年来高速提价主要发生在两种场景：1）新修以及改扩建推升建造 成本，提价保证合理回报；2）部分省份债务压力较大，倒逼路产提价。考虑中西部省份高速整 体债务风险压力较大，未来债务压力或持续倒逼区域性提价落地，有望增厚提价省份高速公路 经营主体的收益。然而国家大力倡导降低物流成本方针不变，多数省份相继推出 ETC 打折等优 惠方式吸引货车流量，"以价换量"的范式下，行业实际收费标准持续承压，收费政策变动主要 以变相降价为主，客观而言针对存量路产大规模提价难度仍然较大。 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 请阅读最后评级 ...

高速公路收费涨价了吗？20251106 摘要 截至 2021 年底，中国经营性高速公路约 8.6 万公里，上市公司资产占 比约 5%，主要管理早期建设、效益较好的路段，如山东高速、广东交 通等。 高速公路造价快速攀升，从 2011 年每公里 3,200 万元增长到 2021 年 约 1.5 亿元，导致新建高速公路收支缺口扩大，行业债务风险增加。 2021 年行业收入 6,000 多亿元，支出达 1.1 万亿元，缺口达 5,000 亿 元。 中国国家级高速公路已建成 12.41 万公里，在建约三四万公里，接近规 划目标。未来高速公路建设需求将下降，仅少数地区仍有少量需求，但 投资价值较低。 差异化收费旨在提升资源利用效率，上市公司自主参与。通过分路段、 车型、时段、方向及支付方式等差异化收费，可引导车流量，优化资源 配置，提高高速公路公司收益。 高速公路企业现金流稳定，但面临收费期限到期、新项目投资机会减少 等长期隐患，新项目收益水平下降。对于追求稳定现金流的防守型投资 策略，高速公路仍具吸引力。 Q&A 请介绍一下我国收费公路的政策框架及其发展现状。 我国收费公路的政策框架主要由法律、法规和政策三部分组成。首 ...

Core Viewpoint - The highway listed companies are facing a critical question regarding their future growth paths, whether to deepen their core business or to diversify into new areas, leading to a significant transformation involving capital movements in the range of hundreds of billions [1] Group 1: Revenue and Profitability - Revenue growth in the traditional toll road business is showing signs of fatigue, with construction revenue emerging as a key variable affecting overall revenue [2] - Construction revenue, primarily from PPP projects, can scale quickly but typically has lower profit margins, impacting overall profitability [2][3] - Companies like Chutian Expressway have seen significant revenue growth driven by construction income, with a 37.27% increase in 2024 and 37.73% in the first three quarters of 2025 [2] - Cost reduction, particularly in financial expenses, is a primary strategy for maintaining profitability among highway listed companies [3] Group 2: Capital Expansion and Core Business - The future profitability of highway listed companies is a major market concern, with limited new highway projects under construction, focusing instead on renovations and expansions of existing routes [4] - Companies like Zhongyuan Expressway are investing heavily in projects like the Zhengluo Expressway, with an investment of approximately 24.68 billion [4] - Shandong Expressway is actively acquiring operational highway projects outside its province to strengthen its core business [4][5] Group 3: Diversification into New Industries - Many highway listed companies are exploring new growth avenues, with the renewable energy sector being a popular choice [7] - Zhongyuan Expressway has signed contracts related to renewable energy projects, while Ganyue Expressway is collaborating with CATL to develop energy exchange markets [7] - Some companies have established mature diversified business segments, with Ganyue Expressway's clean energy and waste resource management accounting for 19.14% of total revenue in the first half of 2025 [7] Group 4: Investment Funds and Light Asset Models - Highway listed companies are increasingly utilizing capital strategies for diversified expansion, particularly in the field of investment funds [9] - Ganyue Expressway's investment management subsidiary has been actively engaging in private equity and asset management, achieving a net profit of 50.1 million in 2024 [9][10] - Zhongyuan Expressway has successfully invested in multiple technology companies, with its investment subsidiary participating in the listing of several firms [10]

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company achieved a toll revenue of 3.915 billion yuan in the first three quarters, representing a year-on-year increase of 13.83%. In Q3 alone, toll revenue reached 1.389 billion yuan, up 16.24% year-on-year, slightly exceeding expectations [1] - The full opening of the Xuanguang Expressway has significantly boosted revenue, with Q3 toll income from the entire Xuanguang section reaching 189 million yuan, a substantial increase from 40 million yuan in the same period last year [1] - The acquisition of a 7% stake in Shandong Expressway is expected to enhance investment returns, with the transaction amounting to 3.019 billion yuan at a price of 8.92 yuan per share [2] Summary by Sections Financial Performance - The company reported a net profit attributable to shareholders of 1.477 billion yuan for the first three quarters, a year-on-year increase of 5.43%, with Q3 net profit at 517 million yuan, up 8.19% year-on-year. The non-recurring net profit for Q3 was 533 million yuan, reflecting a growth of 29.19% [1] - The company slightly adjusted its profit forecasts for 2025-2027 to 1.97 billion, 2.05 billion, and 1.91 billion yuan, respectively, with corresponding EPS of 1.19, 1.23, and 1.15 yuan [3] Revenue Growth - Excluding the impact of Xuanguang Expressway, other road assets generated toll revenue of 1.2 billion yuan in Q3, marking a year-on-year increase of 3.9%. Most road assets showed positive growth, except for a 16.9% decline in revenue from Ningxuanhang Expressway [2] Strategic Acquisitions - The acquisition of Shandong Expressway shares is anticipated to bolster investment income, with the company set to gain a board seat and account for the investment using the equity method [2] Dividend Policy - The company has demonstrated a strong willingness to distribute dividends, with continuous increases in dividend payouts since 2019 [3]

Core Viewpoint - The highway listed companies are facing a critical question regarding their future growth paths, whether to deepen their core business or to explore external opportunities, leading to a significant transformation involving hundreds of billions in capital [1] Group 1: Revenue Trends - Revenue growth in the traditional toll road business is showing signs of fatigue, with construction income emerging as a key variable affecting overall revenue [2] - Construction income, primarily from PPP projects, can rapidly increase scale but typically has a zero gross margin, thus not directly enhancing profitability [2] - For example, Chutian Expressway's revenue is projected to grow by 37.27% in 2024, largely due to increased construction income [2] Group 2: Cost Management - To maintain or enhance profitability, highway listed companies are focusing on reducing costs and expenses, particularly financial costs, which have significant room for compression [3] - Zhongyuan Expressway reported a 22.20% increase in revenue for 2024, while simultaneously reducing sales, management, and financial expenses by 38.47%, 8.57%, and 17.15% respectively [3] Group 3: Expansion Strategies - Companies are increasingly using capital to drive expansion in their core business, with a focus on acquiring operational highway projects rather than new constructions [4] - Shandong Expressway has expanded its core business into several provinces, acquiring operational projects [5] - Wuhu Expressway is also actively investing in highway projects through equity investments [5] Group 4: Diversification Efforts - Many companies are exploring second growth curves, with the renewable energy sector being a favored area for diversification [6] - For instance, Zhongyuan Expressway has signed contracts related to the lithium battery supply chain and electric vehicle charging [6] - Some companies have established mature diversified business segments, such as Shen Expressway, where clean energy and waste resource processing accounted for approximately 19.14% of total revenue in the first half of 2025 [7] Group 5: Investment Funds and Light Asset Models - Highway listed companies are increasingly utilizing capital tools for light asset diversification [9] - Companies like Zhongyuan Expressway and Ganyue Expressway have made significant investments in industrial investment funds [10] - Ganyue Expressway's investment management subsidiary reported a net profit of 50.1 million yuan in 2024, focusing on high-tech and high-quality industries [11]

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。 2025年9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9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% | 12,025 | 401 | | 機荷東段 | 100% | 100% | 57,904 | 1,930 | | 機荷西段 | 100% | 100% | 47,634 | 1,588 | | 沿江項目 | 100% | 100% | 69,047 | 2,302 | | 外環項目 | 100% | 100% | 105,525 | 3,517 | | 龍大高速 | 89.93 ...

Core Viewpoint - The company reported a total contract amount of RMB 60.54 billion for the nine months ending September 30, 2025, indicating strong sales performance in the property sector [1] Group 1: Property Sales - The total property sales amount for the period, including untransferred contract amounts, reached RMB 64.49 billion [1] - The untransferred contract amount was RMB 3.95 billion, contributing to the overall sales figure [1] Group 2: Highway Projects - The revenue from highway projects for the same period was HKD 12.82 billion [1] - The average daily mixed traffic volume for the highway projects was 88,000 vehicles [1]

截至二零二五年九月三十日止九個月，本集團已簽訂合同額為人民幣 60.54 億元。連同 協議未轉合同額人民幣 3.95 億元，本集團期內的總物業銷售額為人民幣 64.49 億元。 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 佈 之 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 會 就 因 本 公 佈 之 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 ROAD KING INFRASTRUCTURE LIMITED 路勁基建有限公司* （於百慕達註冊成立之有限公司） （股份代號：1098） 截至二零二五年九月三十日止九個月 未經審核營運數據 Road King Infrastructure Limited（路勁基建有限公司* ）（「本公司」）董事會（「董事 會」）謹此宣佈，本集團（包括本公司、其附屬公司、合作／合資及聯營企業）的若干 未經審核營運數據如下： * 僅供識別 截至二零二五年九 ...