Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their A-shares and H-shares, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] AH Premium Rate Rankings - The top three companies with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Andeli Juice (02218): 227.40% - Hongye Futures (03678): 225.67% [1] - The bottom three companies with the lowest AH premium rates are: - Ningde Times (03750): -12.07% - Heng Rui Medicine (01276): -3.97% - Zijin Mining (02899): 4.14% [1] Deviation Value Rankings - The top three companies with the highest deviation values are: - Northeast Electric (00042): 74.37% - Changfei Optical Fiber (06869): 24.77% - Zhaoyan New Drug (06127): 22.94% [1] - The bottom three companies with the lowest deviation values are: - Longpan Technology (02465): -25.07% - Qin Port Shares (03369): -19.33% - COSCO Shipping Energy (01138): -15.04% [1] Detailed AH Stock Premium and Deviation Data - The report provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating significant variations in market perception and valuation between A-shares and H-shares [1][2]

智通财经APP获悉，国泰海通发布研报称，维持安徽皖通高速公路(00995)"增持"评级。公司2025Q1收 购集团路产显著增厚业绩，同时受益宣广高速公路改扩建后加速恢复。公司承诺高分红政策持续，股息 率回升且确定，提示市场风险偏好继续主导相对收益。维持2025-27年归母净利预测19/19/18亿元人民 币。按照2025年12倍PE，维持目标价14.51港元(按照1港元=0.91元人民币换算)。 市场风险偏好变化与股东减持公告致股价承压，不改长期价值 2025年8月28日公司公告股东招商公路(持股29.06%)计划减持公司不超过3%股份，其中以集中竞价/大宗 交易方式减持股份分别不超过1%/2%。减持期为公告披露日起15个交易日后的3个月内减持公告叠加市 场风险偏好致近期股价承压。该行认为招商公路专注公路投资运营，除自身路产改扩建项目外，还需预 留资金用于收并购，出于自身业务发展需要及资金需求而理性减持。皖通高速区位优秀且理性资本开 支，ROE长期稳定在10-13%，盈利能力领跑行业。未来收费公路行业政策优化，有望系统性降低再投 资风险。 高分红承诺持续，股息率明显回升 2025年4月公司推出新一轮股东回报规 ...

Core Viewpoint - The report maintains a "Buy" rating for Anhui Wantuo Expressway (600012) due to significant earnings growth from the acquisition of group road assets and the accelerated recovery of toll income following the expansion of Xuan-Guan Expressway [1] Group 1: Earnings and Financial Performance - The completion of the acquisition of group road assets in Q1 2025 significantly enhances earnings, with the company reporting a net profit of 960 million yuan for the first half of 2025, reflecting a 4% year-on-year growth [2] - Toll revenue has shown a notable increase, recovering to 90% of pre-expansion levels, with a 13% year-on-year growth in toll fees, driven by the accelerated recovery of toll income in Q2 [2] Group 2: Market Sentiment and Stock Performance - The stock price has been under pressure due to a planned reduction of shares by a major shareholder, which coincides with changes in market risk appetite, although this does not alter the long-term value of the company [3] - The company maintains a strong return on equity (ROE) of 10-13%, indicating robust profitability compared to industry peers [3] Group 3: Dividend Policy - The company has committed to a high dividend policy, ensuring that cash dividends will not be less than 60% of net profit from 2025 to 2027, with estimated dividend yields of 6.4%, 6.5%, and 6.1% for the respective years [4] - The stable cash flow and certainty of dividends position the company favorably within the transportation industry [4]

安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED 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 等內容而引致之任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10(B)條而作出。 茲載列安徽皖通高速公路股份有限公司（「本公司」）在上海證券交易所網站發佈的 公告如下，僅供參閱。 2025年第三次臨時股東大會會議資料 承董事會命 安徽皖通高速公路股份有限公司 公司秘書 簡雪艮 2025年9月17日 中國安徽省合肥市 截止本公告日，本公司董事會成員包括執行董事汪小文（主席）、余泳、陳季平及吳長明；非執行 董事楊旭東；以及獨立非執行董事章劍平、盧太平及趙建莉。 安徽皖通高速公路股份有限公司 2025 年第三次临时股东大会会议资料 安徽皖通高速公路股份有限公司 2025 年第三次临时股东大会会议资料 2025 年 9 月 1 安徽皖通高速公 ...

安徽皖通高速公路股份有限公司 2025 年第三次临时股东大会会议资料 安徽皖通高速公路股份有限公司 2025 年第三次临时股东大会会议资料 2025 年 9 月 1 安徽皖通高速公路股份有限公司 2025 年第三次临时股东大会会议资料 目 录 非累积投票议案 2 一、会议须知 二、会议议程 三、会议议案 1、关于选举杨建国先生为本公司第十届董事会非执行董事的议案； （普通决议案） 2、关于本公司申请注册发行非金融企业债务融资工具的议案；（特 别决议案） 3、关于提请公司股东大会授权董事会办理本次非金融企业债务融资 工具的议案。（特别决议案） 安徽皖通高速公路股份有限公司 2025 年第三次临时股东大会会议资料 安徽皖通高速公路股份有限公司 2025 年第三次临时股东大会会议须知 1、A 股法人股东的法定代表人出席会议的，应出示加盖单位公章的法人营 业执照复印件、法人股东账户卡、本人身份证明文件；委托代理人出席会议的， 代理人还应出示法人股东的法定代表人依法签署的书面授权委托书和本人身份 证明文件。 2、A 股个人股东亲自出席会议的，应出示股东账户卡、本人身份证明文件； 委托代理人出席会议的，代理人还应出示股东 ...

Core Viewpoint - The company has significantly enhanced its performance through the acquisition of group road assets and is experiencing steady growth in comparable performance metrics following the expansion of the Xuanguang Expressway [1][2]. Group 1: Performance and Financials - The company completed the acquisition of group road assets in Q1 2025, which has notably boosted its performance [2]. - In the first half of 2025, the company's net profit attributable to shareholders reached 960 million yuan, representing a 4% year-on-year growth in comparable terms [2]. - Toll revenue has seen a significant increase, recovering to 90% of the pre-expansion levels from 2022, with a year-on-year growth of 13% in toll fees [2]. - Financial expenses have risen due to interest costs associated with the acquisition of road assets and loans from the Xuanguang expansion [2]. Group 2: Market Sentiment and Shareholder Actions - The company's stock price has been under pressure due to a shareholder's plan to reduce their stake by up to 3%, alongside changes in market risk appetite [3]. - The shareholder,招商公路, holds a 29.06% stake and plans to reduce their holdings through both centralized bidding and block trading [3]. - Despite the stock price pressure, the company maintains a strong long-term value proposition, supported by stable return on equity (ROE) in the range of 10-13% [3]. Group 3: Dividend Policy - The company has committed to a high dividend policy, ensuring that the cash dividend ratio will not be less than 60% of net profit attributable to shareholders from 2025 to 2027 [3]. - The estimated dividend yields for 2025-2027 are projected to be 4.9%, 4.9%, and 4.7%, respectively, reflecting a stable cash flow and confirmed dividends [3].

Summary of Wantuo Expressway Conference Call Company Overview - **Company**: Wantuo Expressway - **Industry**: Expressway and Infrastructure Key Financial Performance - **Revenue Growth**: In the first half of 2025, Wantuo Expressway achieved a revenue of 3.741 billion yuan, representing a year-on-year increase of 11.72% [3] - **Net Profit**: The net profit attributable to shareholders was 960 million yuan, up 4% year-on-year [3] - **Earnings Per Share**: Basic earnings per share increased by 3.65% to 0.577 yuan [3] - **Total Assets**: Total assets reached 30.138 billion yuan, a growth of 9.59% [3] Capital Operations - **Acquisitions**: Successfully acquired the Fuzhou Suxu Expressway project and completed an H-share issuance, setting a precedent for financing in the industry [4] - **Revenue Impact**: The cancellation of the 85% discount policy in Anhui province is expected to increase monthly revenue by over 10 million yuan [4][12] - **REIT Contributions**: The contribution from the traffic control REIT was approximately 50 million yuan in the first half of 2025 [15] Operational Efficiency - **Congestion Management**: Enhanced congestion management led to an average network smoothness rate of 99.6% during major holidays, ranking among the best in the country [6] - **Dynamic Guidance Systems**: The emergency lane dynamic guidance system was recognized as a typical case by the Ministry of Transport [6] Project Developments - **S62 Project**: The S62 Handan Expressway Bozhou section project is progressing smoothly [5] - **Highway Upgrades**: The Gaijie Expressway upgrade project has commenced, with expected toll reductions of no more than 20% in 2026 and 30% in 2027 [17] Future Dividend Plans - **Dividend Policy**: Wantuo Expressway plans to distribute at least 60% of the net profit attributable to the parent company as cash dividends annually from 2025 to 2027 [9][22] Cost Management - **Cost Control**: The company has maintained its maintenance costs below industry standards, implementing various measures to reduce expenses [21] Market Conditions - **Impact of Policy Changes**: The adjustment of the toll discount policy in Anhui province is expected to positively impact the company's revenue [12] - **Market Sentiment**: The recent share reduction by the second-largest shareholder, China Merchants Expressway, has put pressure on the stock price, but the long-term outlook remains positive due to attractive dividend yields [26][27] Additional Insights - **Traffic Flow Projections**: Post-construction of the Guangci and Guanghua expressways, traffic flow is expected to increase significantly [8] - **Regulatory Developments**: The ongoing development of the toll road management regulations is being closely monitored by the industry [25]

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 等內容而引致之任何損失承擔任何責任。 安徽皖通高速公路股份有限公司 ANHUI EXPRESSWAY COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份編號： 995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10(B)條而作出。 茲載列安徽皖通高速公路股份有限公司（「本公司」）在中國大陸報章及上海證券交 易所網站發佈的公告如下，僅供參閱。 公司秘書 簡雪艮 2025年9月10日 中國安徽省合肥市 截止本公告日，本公司董事會成員包括執行董事汪小文（主席）、余泳、陳季平及吳長明；非執行 董事楊旭東；以及獨立非執行董事章劍平、盧太平及趙建莉。 | 证券代码：600012 | 证券简称：皖通高速 | 公告编号：临2025-039 | | --- | --- | --- | | 债券代码：242121 | 债券简称：24皖通01 | | | 债券代码：242467 | 债券简称：25皖通V ...

| 证券代码：600012 | 证券简称：皖通高速 | 公告编号：临2025-039 | | --- | --- | --- | | 债券代码：242121 | 债券简称：24皖通01 | | | 债券代码：242467 | 债券简称：25皖通V1 | | | 债券代码：242468 | 债券简称：25皖通V2 | | 安徽皖通高速公路股份有限公司 关于业绩说明会召开情况的公告 安徽皖通高速公路股份有限公司（以下简称"公司"或 "本公司"）于2025年9 月10日15:00-16:00通过电话视频会议的方式召开了2025年中期业绩说明会。关 于本次说明会的召开事项，公司已于2025年9月3日在《上海证券报》《中国证 券报》及上海证券交易所网站上披露了《关于召开业绩说明会的公告》（临 2025-037）。现将有关事项公告如下： 一、本次说明会召开情况 2025年9月10日，本公司副董事长、总经理余泳先生，董事、常务副总经理 吴长明先生，独立董事章剑平先生，财务总监黄宇先生、董事会秘书丁瑜女士 及相关人员出席了本次业绩说明会。公司与投资者进行了互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行了回 ...

皖通高速主营安徽省内收费公路，截至 2024 年底运营里程 609 公里， 并托管 5,411 公里。2025 年 3 月并表复州、四许公司后，收费里程增 至 745 公里，通行费收入显著提升，2025 年上半年通行费收入达 24.5 亿元，同比增速 13.59%，位居行业首位。 2024 年皖通高速收入 70.92 亿元，同比增长 7%，通行费收入 38.9 亿 元。毛利率维持在 60%左右，2023 年达 63.18%。2016-2024 年归 母净利润复合增速 7.54%。2025 年上半年归母净利润 9.6 亿元，同比 增速 4%。 皖通高速财务结构稳健，2024 年底资产负债率仅 39.13%，ROE 为 12.84%，盈利质量高。单公里通行费收入 628.9 万元，高于行业平均 水平，仅次于东部沿海地区。 合宁高速、高界高速、宣宁高速为公司主要路产，收入和利润占比高。 这些核心路产已完成或正在进行改扩建，不存在到期影响后续收益的问 题。 Q&A 皖通高速的基本情况及其主营业务是什么？ 皖通高速成立于 1996 年 8 月，并在同年于香港联交所上市，2003 年在上交 所上市，是中国第一家在香港上市 ...