― In our opinion, thanks to potential government support, the indicative issuer credit quality of the toll road issuers in our sample is generally strong, ranking at the forefront among corporate sectors.

― In our view the business risk profiles of toll road operators vary due to the differences in economic development of their catchment areas, the market share and irreplaceability of their network in the regions they cover, and the scale and efficiency of their own road networks.

― However, companies in this sector have similar financial risk profiles, most of which are at aggressive or highly leveraged levels, due to heavy capital investment, long payback periods and large ongoing capital expenditure. Notwithstanding that, their refinancing pressures are limited.

― We expect most of the provincial-level state-owned operators in the sample to receive a critical level of local government support, due to toll roads’ status as important transport infrastructure that can boost local economic development, and the generally limited number of toll road operators within a region.

• 2025年1-5月，全国一般公共预算收入同比下滑0.3%，其中税收收入同比下降1.6%，政府性基金预算收入同比下降6.9%。
• 土地出让情况出现分化，1-5月，北京、天津、重庆、上海等地招拍挂土地成交金额出现增长，反映出核心城市土地市场韧性较强。
• 1-5月，陕西、内蒙古、山西一般公共预算收入及土地成交金额仍呈现双降态势，财政压力仍然持续。