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 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2][62] Core Views - The company is positioned as a core asset in the Greater Bay Area, focusing on toll roads and environmental protection sectors, with a total of 16 toll road projects and a toll mileage of 613 kilometers as of H1 2025 [8][15] - The toll road business is showing positive trends, with a daily traffic increase of 5.4% year-on-year in H1 2025, driven by network changes in the Shenzhen area [8][32] - The environmental protection segment is stabilizing, with expectations that impairment provisions have reached their end, allowing for a focus on high-quality projects [8][51] - The company emphasizes shareholder returns, with a dividend payout ratio expected to reach 54% in 2024, and cumulative dividends of 7.04 billion yuan from 2018 to 2024 [8][59] Summary by Sections Company Overview - The company, established in 1996, is the first listed enterprise in both Hong Kong and Shanghai from Shenzhen, with Shenzhen International as the controlling shareholder [12][15] - The main business includes toll roads and environmental protection, with a focus on solid waste resource processing and clean energy generation [15][22] Toll Road Business - The toll road business remains the core revenue and gross profit source, consistently contributing over 50% of total revenue and over 80% of gross profit [26][29] - The company is actively expanding its toll road assets through new constructions and upgrades, including the Outer Ring Road and the Jihe Expressway [38][41] Environmental Protection Business - The environmental protection segment includes solid waste processing and clean energy generation, with a focus on organic waste treatment and wind and solar power projects [22][24] - The company has processed over 1,045.6 thousand tons of organic waste in the first nine months of 2025, generating operational revenue of 550 million yuan [22][24] Financial Performance - Revenue projections for 2025-2027 are estimated at 10.245 billion yuan, 10.501 billion yuan, and 11.270 billion yuan, with corresponding net profits of 1.763 billion yuan, 1.809 billion yuan, and 1.892 billion yuan [7][62] - The company’s financial costs have decreased significantly, with the comprehensive borrowing cost dropping from 4.7% in 2017 to 2.6% in H1 2025 [57][58]

Core Viewpoint - The completion and opening of the Changshen Expressway Lianhuai section marks a significant upgrade in infrastructure, enhancing traffic capacity and efficiency along a crucial segment of the national highway network [1] Group 1: Project Overview - The Changshen Expressway Lianhuai section is an important part of the national highway network, specifically the Changchun-Shenzhen Expressway (G25) [1] - The section runs 98.6 kilometers from Lianyungang Ninghai Hub to Huai'an Wangxing Hub [1] Group 2: Upgrades and Improvements - The project upgraded the existing dual four-lane road to a dual eight-lane configuration [1] - The design speed has been increased to 120 kilometers per hour [1] Group 3: Traffic Capacity - The average daily traffic capacity for small vehicles is projected to increase from 25,000-55,000 vehicles before the expansion to 70,000-100,000 vehicles post-expansion, effectively doubling the capacity [1]

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 toll revenue for the Guangzhou-Shenzhen Expressway is approximately 248 million yuan [1] - The monthly toll revenue for the Guangzhou-Zhuhai West Line Expressway is approximately 99.79 million yuan, reflecting a year-on-year decrease of 6% [1] - The monthly toll revenue for the Jiangjiang Expressway (Shenzhen section) is approximately 74.24 million yuan, showing a year-on-year increase of 5% [1]

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]

Core Points - The G25 Changshen Expressway safety resilience enhancement project has commenced, marking a significant step in improving disaster prevention and operational safety in the eastern Guangdong region [2][3] - The project spans approximately 76 kilometers, focusing on reinforcing potential risks and weaknesses identified during the operational phase, including roadbed slope reinforcement, drainage system upgrades, and bridge and tunnel repairs [2] - The construction is expected to take two years, significantly enhancing safety levels and emergency response efficiency for travelers [3] Group 1 - The project is part of the Ministry of Transport's first batch of safety resilience enhancement initiatives, aimed at systematically strengthening safety guarantees for important transportation arteries in the region [2] - The construction area is located in a mountainous region with high temperatures and heavy rainfall during summer, presenting challenges in construction and traffic management [2] - The project aims to create a high-quality, safe, and clean engineering project by adhering to strict safety, quality, and progress standards while promoting innovation and collaboration [2] Group 2 - The project will optimize the central separation and drainage functions, significantly enhancing the road segment's durability and rapid recovery capabilities in complex environments [2] - The successful execution of the project is critical for ensuring normal traffic flow along the expressway during construction [2]

Market Overview - The railway and highway sector increased by 0.42% on December 19, with Haikou Group leading the gains [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] Top Performers - Haikou Group (603069) closed at 23.86, up 10.00% with a trading volume of 234,900 shares and a transaction value of 543 million [1] - Hainan Expressway (000886) closed at 6.68, up 6.37% with a trading volume of 834,200 shares [1] - Sanfeng Company (001317) closed at 56.22, up 5.08% with a trading volume of 209,700 shares and a transaction value of 1.151 billion [1] Underperformers - Ninghu Expressway (600377) closed at 12.16, down 1.46% with a trading volume of 151,000 shares and a transaction value of 18.4 million [2] - China Merchants Highway (001965) closed at 9.98, down 1.09% with a trading volume of 158,600 shares [2] - Guangdong Expressway A (000429) closed at 11.86, down 1.08% with a trading volume of 83,700 shares [2] Capital Flow - The railway and highway sector experienced a net outflow of 17.788 million from institutional investors, while retail investors saw a net inflow of 7.817 million [2] - The main stocks with significant capital inflow included Dazhong Transportation (600611) with a net inflow of 58.3566 million [3] - Haikou Group (603069) had a net inflow of 55.5408 million, while Sanfeng Company (001317) saw a net inflow of 52.0940 million [3]

香港联交所最新数据显示，12月16日，招商局公路网络科技控股股份有限公司增持深圳高速公路股份 (00548)53.8万股，每股作价7.231港元，总金额约为389.03万港元。增持后最新持股数目约为1.498亿 股，持股比例为20.04%。 ...

Group 1 - The core point of the article is that China Merchants Highway Network Technology Holdings Company Limited has increased its stake in Shenzhen Expressway Company Limited by purchasing 538,000 shares at a price of HKD 7.231 per share, totaling approximately HKD 3.8903 million [1] - After the acquisition, the total number of shares held by China Merchants Highway is approximately 149.8 million, representing a 20.04% ownership stake in Shenzhen Expressway [1]

该工程是长深高速(G25)重要组成路段，也是我省"十五射六纵十横"高速公路网的关键一环。项目起自 连云港市海州区宁海枢纽北，止于淮安市淮阴区王兴枢纽北，全长98.6公里，采用"两侧拼宽为主、局 部分离为辅"的扩建方式，将原有双向四车道升级为双向八车道，设计时速提升至120公里。据介绍，工 程通车后，路段小客车日均通行能力将由扩建前的2.5万—5.5万辆提升至7万—10万辆，将显著提升苏北 地区路网承载能力，为全省区域协调高质量发展提供坚实支撑。 本报讯(记者田墨池)12月17日，长春至深圳国家高速公路江苏省连云港至淮安段扩建工程通过省交通工 程建设局组织的交工验收，标志着苏北交通主动脉完成全面升级。 ...