############ \u003cdiv class="rich_media_content"\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 16px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px 0px 24px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003csection style="box-sizing: border-box !important; color: rgb(84, 84, 84); font-size: 15px; letter-spacing: 1.5px; line-height: 2; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px 8px; text-align: right" data-exeditor-arbitrary-box="wrap"\u003e\u003csection style="-webkit-tap-highlight-color: transparent; box-sizing: border-box !important; line-height: 0; margin: 0px 0px 10px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: center; visibility: visible" data-exeditor-arbitrary-box="wrap"\u003e\u003csection style="-webkit-tap-highlight-color: transparent; border-radius: 30px; box-sizing: border-box !important; display: inline-block; line-height: 0; margin: 0px; max-width: 100%; outline: 0px; overflow: hidden; overflow-wrap: break-word !important; padding: 0px; vertical-align: middle; visibility: visible" data-exeditor-arbitrary-box="image-box"\u003e\u003c!--IMG_0--\u003e\u003c/section\u003e\u003c/section\u003e\u003csection style="-webkit-tap-highlight-color: transparent; box-sizing: border-box !important; display: flex; flex-flow: row; justify-content: flex-start; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: left; visibility: visible" data-exeditor-arbitrary-box="wrap"\u003e\u003csection style="-webkit-tap-highlight-color: transparent; align-self: flex-start; background-color: rgb(0, 74, 173); border-color: rgb(0, 74, 173); border-radius: 10px; border-style: solid; border-width: 1px; box-sizing: border-box !important; display: inline-block; flex: 0 0 auto; margin: 0px; max-width: 100%; outline: 0px; overflow: hidden; overflow-wrap: break-word !important; padding: 20px; vertical-align: top; visibility: visible; width: 100%" data-exeditor-arbitrary-box="wrap"\u003e\u003csection style="-webkit-tap-highlight-color: transparent; background-color: transparent; box-sizing: border-box !important; color: rgb(255, 255, 255); line-height: 2; margin: 0px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: justify; visibility: visible" data-exeditor-arbitrary-box="wrap"\u003e\u003cp style="background-color: transparent; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 1em; padding: 0px"\u003e\u003cspan style="font-size: 16px"\u003e\u003cspan style="color: rgb(255, 255, 255)"\u003e\u003cspan style="background-color: transparent"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e以沪宁高速为代表，长三角和珠三角的高速公路堪称日进斗金，但全行业的亏损正日益扩大\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="background-color: transparent; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 1em; padding: 0px"\u003e\u003c/p\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003cp style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 1em; padding: 0px"\u003e\u003c/p\u003e\u003cp style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 1em; padding: 0px"\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(84, 84, 84)"\u003e\u003cspan style="letter-spacing: 1.5px"\u003e文｜《财经》记者 王静仪\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 1em; padding: 0px"\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(84, 84, 84)"\u003e\u003cspan style="letter-spacing: 1.5px"\u003e编辑｜施智梁\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 1em; padding: 0px"\u003e\u003c/p\u003e\u003c/section\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e中国的高速公路正在越建越密，18.36万公里的总里程，相当于绕地球赤道4.5圈。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e庞大的里程，对应的年度通行费收入超过6600亿元，《2021年全国收费公路统计公报》显示，平均每天有超18亿元的通行费入账。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e《财经》梳理了约20家高速公路上市企业的财报发现，位于东部沿海地区的高速公路公司营收更高，山东高速（600350.SH）、浙江沪杭甬（00576.HK）和宁沪高速（600377.SH）排前三，2023年营业收入分别是265.5亿、169.7亿和151.9亿元。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c!--MID_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/section\u003e\u003c!--MID_ARTICLE_AD_0--\u003e\u003c!--PARAGRAPH_0--\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e聚焦到具体路段，长三角和珠三角的高速公路最能赚钱。深高速（600548.SH）旗下的广深高速，连接广州和深圳，全长122.8千米，2024年1月-9月的日均车流量为63万辆，每天贡献的路费收入就接近800万元。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e宁沪高速旗下的沪宁高速车流量稍少，2024年1月-9月的日均11.5万辆，但由于长度更长，全长248公里连接上海和南京，日均收入更高，超过1430万元，堪称中国最赚钱的高速公路。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e尽管这两条交通要道堪称日进斗金，但整体而言，高速公路行业一直入不敷出，2023年的收支缺口高达6000亿元。这是因为修路的成本太高，赚来的钱80%都用来还本付息。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); box-sizing: border-box !important; clear: both; color: rgb(0, 57, 135); font-size: 19px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.544px; margin: 24px 0px 0px; max-width: 100%; min-height: 1em; orphans: 2; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 14px"\u003e\u003cspan style="color: rgb(39, 117, 182)"\u003e\u003cspan style="background-color: transparent"\u003e\u003cspan style="letter-spacing: 0.544px"\u003e▶ \u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan style="font-size: 18px"\u003e\u003cstrong\u003e\u003cspan style="color: rgb(39, 117, 182)"\u003e\u003cspan style="background-color: transparent"\u003e\u003cspan style="letter-spacing: 0.544px"\u003e01 \u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003cspan style="font-size: 14px"\u003e\u003cspan style="color: rgb(39, 117, 182)"\u003e\u003cspan style="background-color: transparent"\u003e\u003cspan style="letter-spacing: 0.544px"\u003e◀\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); box-sizing: border-box !important; clear: both; color: rgb(0, 57, 135); font-size: 19px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.544px; margin: 0px 0px 24px; max-width: 100%; min-height: 1em; orphans: 2; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 18px"\u003e\u003cstrong\u003e\u003cspan style="color: rgb(39, 117, 182)"\u003e\u003cspan style="background-color: transparent"\u003e\u003cspan style="letter-spacing: 0.544px"\u003e长三角和珠三角高速最赚钱\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e根据交通运输部公布的《2023年交通运输行业发展统计公报》，国内的高速公路里程18.36万公里，比此前一年增加0.64万公里，其中绝大多数都是收费公路。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e经济发达区域的车流量更高，高速公路创收能力也更强，以2019年的数据为例，北京、天津、浙江、江苏和广东等经济发达省市单公里收入大幅领先，其周边省份单公里通行费收入同样靠前。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e\u003c!--SECURE_LINK_BEGIN_0--\u003e过路费\u003c!--SECURE_LINK_END_0--\u003e取决于三个因素，收费里程、车流量和收费价格。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003cp style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; clear: both; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px 0px 24px; max-width: 100%; min-height: 1em; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="image-box"\u003e\u003c!--IMG_1--\u003e\u003c/p\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 12px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e2019年各地区高速公路单公里通行费收入。图源：东莞证券\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e广深高速地处粤港澳大湾区的核心地带，是连接广州、东莞、深圳、香港四座重要城市的黄金通道。由于经济发达、人口流动频繁，日均车流量超过60万辆，常年是国内交通最繁忙的高速公路之一。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e根据深高速2024年三季度报，2024年前9个月，广深高速的日均路费收入就高达768.7万元，预计一年可获得28亿元的路费收入。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e广深高速自1997年通车，至今已有20多年，30年的收费期限即将在2027年到期。如果高速公路进行改扩建，则可以延长收费期限。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e高速公路扩容改造主要有两种方式，一种是移位新建复线，在既有高速通道旁新建复线；另一种是原址扩容，对既有高速进行改扩建，增加车道数。沿老路扩建可以充分利用现有资源，集约节约利用土地，与现有路网和经济带的适应性最佳，当前高速公路扩容改造大多采用这种方式。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c!--MID_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/section\u003e\u003c!--MID_ARTICLE_AD_1--\u003e\u003c!--PARAGRAPH_1--\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e就此，广深高速改扩建项目在2023年取得广东省发改委核准，预计从现有的双向6车道在不同路段扩建成8至12车道，耗时约5年，费用超过人民币400亿元。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e再来看赚钱能力居首的沪宁高速，财报显示，2024年1月-9月的车流量是11.5万辆，较去年同期增加2.32%，客车和货车的流量都有不同程度的提升，但日均收入从1447万元下降到1431万元，降幅达到1.47%。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e上市公司对此的解释是，免费通行时间增加了2天，去年同期重大节假日免收小型客车通行费天数为15天，2024年的前9个月增加到了17天。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e以高速公路为主业的上市公司和很多公司不一样，特点是强地理垄断、进入壁垒高、竞争有限，这导致企业既不依赖研发，也不需要销售人员，没有存货、收款和原材料等方面的问题，也不存在产品过时、设备被淘汰的风险。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e拆解来看，一条高速公路的成本主要是折旧摊销（占总成本超六成）以及运营成本，收入构成更是简单，指的是过路费，因此高速公路企业的业绩都相对稳定。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e从上市公司层面来看，营收前三名全部位于东部沿海地区。山东高速2023年营业收入为265.5亿元；浙江沪杭甬2023年营收169.7亿元，宁沪高速营收是151.9亿元。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003cp style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; clear: both; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px 0px 24px; max-width: 100%; min-height: 1em; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="image-box"\u003e\u003c!--IMG_2--\u003e\u003c/p\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e不过营收不等于利润，《财经》发现，招商公路（001965.SZ）异军突起，以67.7亿元的2023年归母净利润排名第一。这不仅得益于通行费主业，也是副业做得好，截至2023年底，招商公路共参股26家优质收费公路公司，\u003c!--SECURE_LINK_BEGIN_2--\u003e投资收益\u003c!--SECURE_LINK_END_2--\u003e达到59.9亿元，带动业绩显著提升。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c!--MID_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/section\u003e\u003c!--MID_ARTICLE_AD_2--\u003e\u003c!--PARAGRAPH_2--\u003e\u003csection style="-webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); box-sizing: border-box !important; clear: both; color: rgb(0, 57, 135); font-size: 19px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.544px; margin: 24px 0px 0px; max-width: 100%; min-height: 1em; orphans: 2; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 14px"\u003e\u003cspan style="color: rgb(39, 117, 182)"\u003e\u003cspan style="background-color: transparent"\u003e\u003cspan style="letter-spacing: 0.544px"\u003e▶ \u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan style="font-size: 18px"\u003e\u003cstrong\u003e\u003cspan style="color: rgb(39, 117, 182)"\u003e\u003cspan style="background-color: transparent"\u003e\u003cspan style="letter-spacing: 0.544px"\u003e02 \u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003cspan style="font-size: 14px"\u003e\u003cspan style="color: rgb(39, 117, 182)"\u003e\u003cspan style="background-color: transparent"\u003e\u003cspan style="letter-spacing: 0.544px"\u003e◀\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255); box-sizing: border-box !important; clear: both; color: rgb(0, 57, 135); font-size: 19px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.544px; margin: 0px 0px 24px; max-width: 100%; min-height: 1em; orphans: 2; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 18px"\u003e\u003cstrong\u003e\u003cspan style="color: rgb(39, 117, 182)"\u003e\u003cspan style="background-color: transparent"\u003e\u003cspan style="letter-spacing: 0.544px"\u003e修路太贵，收支缺口越来越大\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e高速公路看似日进斗金，但全行业仍然深陷亏损，因为修路实在太贵了。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e近年来因为人力及物价水平提高，新建高速公路从双车道逐渐扩宽至四车道、六车道等，导致新建公路成本持续提高。东莞证券测算了2019年至2021年收费公路累计完成投资额与新增里程，得出的结论是：平均每公里造价约1.75亿元。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e比如2020年通车的山东济泰高速曾因收费过高被质疑，随后山东省交通运输厅开展说明会，解释称主要原因为济南至泰安高速公路成本更高，其包含了特大桥隧4座，总投资112.94亿元，每公里造价2.02亿元，是全省高速公路平均造价的2倍以上。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e修建一条高速公路的投资动辄百亿元，国内有一半的收费公路，依然还处在还贷款的阶段。统计公报显示，截至2021年末，全国政府还贷公路里程8.60万公里，占全国收费公路里程的45.9%，经营性高速公路里程10.14万公里，占比约54.1%。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e从2012年以来，中国高速公路行业一直入不敷出，且收支缺口逐年扩大。据统计公报，2021年全国收费公路车辆通行费收入6630.5亿元、支出12909.3亿元，收支缺口为6278.8亿元。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003cp style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; clear: both; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px 0px 24px; max-width: 100%; min-height: 1em; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="image-box"\u003e\u003c!--IMG_3--\u003e\u003c/p\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 12px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e高速公路行业的收入与支出缺口持续扩大。图源：交通运输部《2021年全国收费公路统计公报》解读\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e支出远大于收入，因为要还的债务太多。在2021年超1.2万亿元的支出总额中，超82%都用于还本付息，其中偿还本金7164.8 亿元、偿还利息3426.8 亿元。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e相较于还本付息，高速公路其他要花钱的地方都体量不大，包括每年养护支出739.1亿元、公路及附属设施改扩建工程支出307.3 亿元、运营管理支出838.8 亿元，以及税费支出432.5亿元，占比分别为5.7%、2.4%、6.5%和3.4%。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c!--MID_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c/section\u003e\u003c!--MID_ARTICLE_AD_3--\u003e\u003c!--PARAGRAPH_3--\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e山东省交通运输厅曾回复公众，高速公路公司由于其投资规模大、总资产高、运营期长，总资产的周转率极低，使得真正反映企业盈利能力的“\u003c!--SECURE_LINK_BEGIN_3--\u003e净资产收益率\u003c!--SECURE_LINK_END_3--\u003e”并不高。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e《财经》梳理发现，净利润排名第一的招商公路，净资产收益率仅为11.41%；净利润排名最末的湖南投资，2023年加权平均后的净资产收益率仅为7.7%。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e据交通运输部数据披露，2021年末，全国收费公路累计建设投资总额121184.4亿元，但2021年度全国收费公路车辆通行费总收入仅为6630.5亿元。这意味着，如果不考虑通货膨胀、债务利息等情况，以2021年的通行费收入，想躺平收费公路建设成本大约需要20年。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c!--MID_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/section\u003e\u003c!--MID_ARTICLE_AD_4--\u003e\u003c!--PARAGRAPH_4--\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003cp style="margin-bottom: 24px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 1em; padding: 0px; text-align: center; text-indent: 0px"\u003e\u003cspan style="font-size: 17px"\u003e\u003cspan style="color: rgba(0, 0, 0, 0.9)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e\u003c!--IMG_4--\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cspan style="font-size: 12px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e累计建设投资总额指历年和当年收费公路建设投资额的合计，图源：交通运输部《2021年全国收费公路统计公报》解读\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e要解决入不敷出的问题，延长现有高速公路的收费时间是一种解法。近年来大量建于上世纪90年代的收费公路已接近收费期限，这个问题显得格外突出。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e比如粤高速（000429.SZ）公司管理的广佛高速，2022年已到期并转入免费使用，但维护管养仍由上市公司负责，具体费用如何给付，仍是政府悬而未决的重要问题。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(62, 62, 62)"\u003e\u003cspan style="letter-spacing: 0.578px"\u003e现行《收费公路管理条例》为2004年版，新版《收费公路管理条例》被列为2024年交通运输立法工作的主要任务，正在加快推进，预计将收费公路经营期限延长到40年，解决大量高速公路上市企业的中长期盈利期限问题。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0em; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003cp\u003e\u003c/p\u003e\u003c/section\u003e\u003csection style="-webkit-text-stroke-width: 0px; box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: 0.578px; margin: 0px 0px 24px; max-width: 100%; orphans: 2; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px" data-exeditor-arbitrary-box="wrap"\u003e\u003csection style="box-sizing: border-box !important; color: rgb(84, 84, 84); font-size: 15px; letter-spacing: 1.5px; line-height: 2; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px 8px; text-align: center" data-exeditor-arbitrary-box="wrap"\u003e\u003cp style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; min-height: 1em; padding: 0px"\u003e\u003cspan style="font-size: 15px"\u003e\u003cspan style="color: rgb(84, 84, 84)"\u003e\u003cspan style="letter-spacing: 1.5px"\u003e责编：张生婷\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003c/section\u003e\u003cdiv powered-by="ex-editor"\u003e\u003c/div\u003e\u003cstyle\u003e.rich_media_content{--news-tabel-th-night-color: #444444;--news-font-day-color: #333;--news-font-night-color: #d9d9d9;--news-bottom-distance: 22px}.rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.rich_media_content{color:var(--news-font-day-color);font-size:18px}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content{color:var(--news-font-night-color)}}.data_color_scheme_dark .rich_media_content p:not([data-exeditor-arbitrary-box=image-box]){letter-spacing:.5px;line-height:30px;margin-bottom:var(--news-bottom-distance);word-wrap:break-word}.data_color_scheme_dark .rich_media_content{color:var(--news-font-night-color)}.data_color_scheme_dark .rich_media_content{font-size:18px}.rich_media_content p[data-exeditor-arbitrary-box=image-box]{margin-bottom:11px}.rich_media_content\u003ediv:not(.qnt-video),.rich_media_content\u003esection{margin-bottom:var(--news-bottom-distance)}.rich_media_content hr{margin-bottom:var(--news-bottom-distance)}.rich_media_content .link_list{margin:0;margin-top:20px;min-height:0!important}.rich_media_content blockquote{background:#f9f9f9;border-left:6px solid #ccc;margin:1.5em 10px;padding:.5em 10px}.rich_media_content blockquote p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content blockquote{background:#323232}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content blockquote{background:#323232}}.rich_media_content ol[data-ex-list]{--ol-start: 1;--ol-list-style-type: decimal;list-style-type:none;counter-reset:olCounter calc(var(--ol-start,1) - 1);position:relative}.rich_media_content ol[data-ex-list]\u003eli\u003e:first-child::before{content:counter(olCounter,var(--ol-list-style-type)) '. ';counter-increment:olCounter;font-variant-numeric:tabular-nums;display:inline-block}.rich_media_content ul[data-ex-list]{--ul-list-style-type: circle;list-style-type:none;position:relative}.rich_media_content ul[data-ex-list].nonUnicode-list-style-type\u003eli\u003e:first-child::before{content:var(--ul-list-style-type) ' ';font-variant-numeric:tabular-nums;display:inline-block;transform:scale(0.5)}.rich_media_content ul[data-ex-list].unicode-list-style-type\u003eli\u003e:first-child::before{content:var(--ul-list-style-type) ' ';font-variant-numeric:tabular-nums;display:inline-block;transform:scale(0.8)}.rich_media_content ol:not([data-ex-list]){padding-left:revert}.rich_media_content ul:not([data-ex-list]){padding-left:revert}.rich_media_content table{display:table;border-collapse:collapse;margin-bottom:var(--news-bottom-distance)}.rich_media_content table th,.rich_media_content table td{word-wrap:break-word;border:1px solid #ddd;white-space:nowrap;padding:2px 5px}.rich_media_content table th{font-weight:700;background-color:#f0f0f0;text-align:left}.rich_media_content table p{margin-bottom:0!important}.data_color_scheme_dark .rich_media_content table th{background:var(--news-tabel-th-night-color)}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content table th{background:var(--news-tabel-th-night-color)}}.rich_media_content .qqnews_image_desc,.rich_media_content p[type=om-image-desc]{line-height:20px!important;text-align:center!important;font-size:14px!important;color:#666!important}.rich_media_content div[data-exeditor-arbitrary-box=wrap]:not([data-exeditor-arbitrary-box-special-style]){max-width:100%}.rich_media_content .qqnews-content{--wmfont: 0;--wmcolor: transparent;font-size:var(--wmfont);color:var(--wmcolor);line-height:var(--wmfont)!important;margin-bottom:var(--wmfont)!important}.rich_media_content .qqnews_sign_emphasis{background:#f7f7f7}.rich_media_content .qqnews_sign_emphasis ol{word-wrap:break-word;border:none;color:#5c5c5c;line-height:28px;list-style:none;margin:14px 0 6px;padding:16px 15px 4px}.rich_media_content .qqnews_sign_emphasis p{margin-bottom:12px!important}.rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep{padding-left:30px}.rich_media_content .qqnews_sign_emphasis ol\u003eli{list-style:none}.rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep:first-child::before{margin-left:-30px;content:counter(olCounter,decimal) ''!important;counter-increment:olCounter!important;font-variant-numeric:tabular-nums!important;background:#37f;border-radius:2px;color:#fff;font-size:15px;font-style:normal;text-align:center;line-height:18px;width:18px;height:18px;margin-right:12px;position:relative;top:-1px}.data_color_scheme_dark .rich_media_content .qqnews_sign_emphasis{background:#262626}.data_color_scheme_dark .rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep{color:#a9a9a9}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qqnews_sign_emphasis{background:#262626}body:not([data-weui-theme=light]):not([dark-mode-disable=true]) .rich_media_content .qqnews_sign_emphasis ol\u003eli\u003ep{color:#a9a9a9}}.rich_media_content h1,.rich_media_content h2,.rich_media_content h3,.rich_media_content h4,.rich_media_content h5,.rich_media_content h6{margin-bottom:var(--news-bottom-distance);font-weight:700}.rich_media_content h1{font-size:20px}.rich_media_content h2,.rich_media_content h3{font-size:19px}.rich_media_content h4,.rich_media_content h5,.rich_media_content h6{font-size:18px}.rich_media_content li:empty{display:none}.rich_media_content ul,.rich_media_content ol{margin-bottom:var(--news-bottom-distance)}.rich_media_content div\u003ep:only-child{margin-bottom:0!important}.rich_media_content .cms-cke-widget-title-wrap p{margin-bottom:0!important}\u003c/style\u003e\u003c/div\u003e