Core Insights - Tencent Holdings (00700), Southern Hang Seng Technology (03033), and Xiaomi Group-W (01810) ranked as the top three in net inflow of southbound funds, with net inflows of 1.792 billion, 0.571 billion, and 0.412 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Kuaishou-W (01024), with net outflows of -4.553 billion, -1.380 billion, and -0.576 billion respectively [1] - In terms of net inflow ratio, Huaxia Hang Seng Technology (03088), Southern East Selection (03441), and Anhui Wantuo Expressway (00995) led the market with ratios of 90.53%, 74.02%, and 68.27% respectively [1] - The top three in net outflow ratio were Southern Hong Kong Stock Connect (03432), Fuyao Glass (06865), and Baize Medical (02609) with ratios of -100.00%, -59.27%, and -53.09% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.792 billion, representing a 12.21% increase, closing at 560.000 (+2.28%) [2] - Southern Hang Seng Technology (03033) saw a net inflow of 0.571 billion, with a 6.77% increase, closing at 5.300 (+1.34%) [2] - Xiaomi Group-W (01810) recorded a net inflow of 0.412 billion, with a 9.45% increase, closing at 35.200 (+0.06%) [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -4.553 billion, with a -22.13% decrease, closing at 27.220 (+1.72%) [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.380 billion, representing an -11.37% decrease, closing at 93.940 (+1.56%) [2] - Kuaishou-W (01024) faced a net outflow of -0.576 billion, with a -10.25% decrease, closing at 69.300 (-2.74%) [2] Net Inflow Ratio Rankings - Huaxia Hang Seng Technology (03088) led with a net inflow ratio of 90.53%, with a net inflow of 47.6883 million, closing at 6.875 (+1.33%) [3] - Southern East Selection (03441) followed with a net inflow ratio of 74.02%, with a net inflow of 18.0421 million, closing at 11.600 (+1.13%) [3] - Anhui Wantuo Expressway (00995) had a net inflow ratio of 68.27%, with a net inflow of 5.6553 million, closing at 13.340 (-0.07%) [3]

Group 1 - Tencent Holdings (00700) had a net inflow of 4.316 billion, representing a 22.17% increase in net inflow ratio [2][3] - Alibaba-W (09988) experienced a net inflow of 1.658 billion, with a net inflow ratio of 13.70% [2][3] - Pop Mart (09992) saw a net inflow of 588 million, with a net inflow ratio of 17.52% [2][3] Group 2 - Kangfang Biotech (09926) faced a net outflow of -285 million, with a net outflow ratio of -33.89% [2][3] - Yingfu Fund (02800) had a net outflow of -248 million, with a net outflow ratio of -1.88% [2][3] - Yum China (09987) recorded a net outflow of -213 million, with a net outflow ratio of -30.90% [2][3] Group 3 - Huaxia Hang Seng Technology (03088) led in net inflow ratio at 89.30% with a net inflow of 54.532 million [2][3] - Southern East Selection (03441) followed with a net inflow ratio of 68.86% and a net inflow of 14.5209 million [2][3] - China Foods (00506) had a net inflow ratio of 59.26% with a net inflow of 4.9995 million [2][3] Group 4 - Jinyuan International (02232) had the highest net outflow ratio at -50.27% with a net outflow of -40.079 million [3] - iFlytek Medical Technology (02506) recorded a net outflow ratio of -49.63% with a net outflow of -15.2262 million [3] - Sinopec Crown (00934) had a net outflow ratio of -45.08% with a net outflow of -5.1472 million [3]

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting potential opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% year-on-year [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air freight rates at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - The VLCC freight rate rose by 2% week-on-week, while the BDI decreased by 10% [7][48]. - The report highlights the growth potential in the express logistics sector, particularly for leading companies like Zhongtong and Yuantong, as well as the promising outlook for instant retail leader SF Express [7][31]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends continued investment in the aviation sector due to expected low growth in aircraft supply and a projected 5% increase in passenger numbers [2][31]. - The report also emphasizes the importance of dividend assets, recommending companies like Sichuan Chengyu and China Merchants Port for their stable performance and potential for increased dividends [7][31].

Investment Announcements - Jinghe Integrated plans to invest 2 billion yuan to acquire 100% equity of Jingyi Integrated, which is the main body of its fourth phase project with a total investment of 35.5 billion yuan, focusing on 12-inch wafer manufacturing lines and targeting applications in OLED displays, AI smartphones, and smart vehicles [2] - Wantong Expressway intends to invest approximately 5.42 billion yuan in the renovation and expansion project of Lianhuo Expressway, with construction expected to start in 2026 and complete by 2029 [10] - Yiwang Yichuang plans to acquire 100% equity of Lianshi Legend, an AI algorithm-based intelligent marketing service provider, through a combination of share issuance and cash payment [4] Equity Investments - Lvtong Technology's industrial fund plans to invest 10 million yuan in Shenghao Optoelectronics, which specializes in optical communication chip testing equipment [3] - Dayu Water plans to transfer 28.5% equity of Huitu Technology for 192 million yuan, reducing its stake from 55.10% to 26.60% [6] - Xinzhi Group intends to invest in a factory project for rotor cores in Thailand, with a total investment of 40 million USD [8] Performance Reports - Huaren Sanjiu reported a net profit of 3.422 billion yuan for 2025, a year-on-year increase of 1.6%, with total revenue of 31.629 billion yuan, up 14.53% [17] - Longyuan Power achieved a power generation volume of 7.1627 million MWh in January 2026, a year-on-year increase of 12.05% [18] - Zhongchuan Special Gas reported a net profit of 347 million yuan for 2025, a year-on-year increase of 12.92% [19] Legal and Regulatory Updates - Aier Eye Hospital clarified that Xiangyang Hengtai Kang is not affiliated with it, addressing media reports linking the two [2] - Yihua Group announced that its subsidiary reached a settlement in a lawsuit involving over 2.314 billion yuan [11] - Tian Sheng New Materials received a notice from the China Securities Regulatory Commission regarding an investigation into information disclosure violations [13] Market Movements - Hu Silicon Industry's second-largest shareholder plans to reduce its stake by up to 3% [28] - Perfect World’s actual controller reduced his stake by 32.9793 million shares, accounting for 1.70% of the total share capital [29] - Dajiayikang's controlling shareholder plans to reduce its stake by up to 3% [32]

Core Viewpoint - Anhui Wantong Expressway (600012) has approved an investment of approximately RMB 5.42 billion for the expansion and reconstruction of the G30 Lianhuo Expressway in Anhui Province, which is expected to enhance the road's capacity and revenue potential [1] Investment Project Summary - The total estimated investment for the project is about RMB 5.42 billion [1] - The Lianhuo Expressway in Anhui spans approximately 54 kilometers, featuring a dual four-lane design with a speed limit of 120 km/h [1] - The toll operation period is from July 1, 2002, to June 30, 2032, lasting 30 years [1] - The project will expand the existing dual four-lane highway to a dual eight-lane configuration, primarily through widening on both sides and partially through single-side expansion [1] - The construction period for the project is set at 36 months [1] Strategic Importance - The Lianhuo Expressway in Anhui is considered a valuable asset and a core resource for the company [1] - The expansion project is expected to extend the operational rights of the expressway, improve traffic capacity, and increase toll revenue, thereby enhancing the company's competitive edge [1] - Early commencement of the project is aimed at controlling construction costs amid rising labor and land acquisition expenses, which could positively impact the company's financial status and operational results in the long term [1] - The project is anticipated to bolster the company's performance and strengthen its profitability [1]

智通财经APP讯，安徽皖通高速公路(00995)发布公告，于2026年2月6日审议通过关于投资G30连霍高速 公路安徽段改扩建工程项目的议案。本项目估算总投资金额约为人民币54.2亿元。 连霍高速安徽段全长约54公里，双向4车道，设计速度120km/h。收费经营期限自2002年7月1日至2032 年6月30日，为期30年。路线起于宿州市萧县白土镇皖苏省界，终于宿州市萧县张庄寨镇皖豫省界，设 张庄寨、萧县南、萧县东3个收费站和王寨1个服务区。 改扩建项目全线采用既有高速公路两侧拼宽为主、局部单侧分离加宽为辅的原址改扩建方案，由双向四 车道改扩建为双向八车道。本项目建设地点为安徽省宿州市萧县，建设期为36个月。 连霍高速安徽段是公司的优质路产资源，也是公司核心的公路资产之一，本次改扩建有助于延长连霍高 速安徽段经营权期限，提升路段通行能力和通行费收入，增强公司核心竞争力，促进公司可持续发展。 另一方面，尽早开展改扩建，可以在人工、征地等成本逐年增加的大趋势下有效控制建设成本，从长期 看也可对公司的财务状况、经营成果产生积极作用，有助于增厚公司业绩，巩固提升公司盈利水平。 ...

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」）在中國大陸報章刊登及上海證 券交易所網站發佈的公告如下，僅供參閱。 （1）第十屆董事會第二十三次會議決議公告 （2）關於投資G30連霍高速公路安徽段改擴建工程的公告 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 2026年2月6日 安徽皖通高速公路股份有限公司 第十届董事会第二十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （一）安徽皖通高速公路股份有限公司（以下简称 ...

（股份編號： 995） 自願公告 關於投資G30連霍高速公路安徽段改擴建工程 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 就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任 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） 本公司對本項目的資本金約為人民幣10.84億元，由 本公司自有資金 提 供， 其餘人民幣43.36億 元 將 通 過 銀 行 貸 款 等 方 式 解 決。預 計2026年投資金額 為人民幣4.4億 元。根 據 安 徽 省 高 速 公 路 建 設 相 關 案 例，實 際 投 資 金 額 較 項 目 估 算 投 資 金 額 有 所 節 省。 投資本項目的原因及好處 本 公 告 由 安 徽 皖 通 高 速 公 路 股 份 有 限 公 司（以 下 簡 稱「本公司」）自 願 作 出。 本公司董事會（「董事會」）欣 然 宣 佈，於20 ...

每经头条（nbdtoutiao）——基金经理个人炒股合法吗？我们调查了多家头部公募，答案出人意料 （记者 曾健辉） 每经AI快讯，皖通高速2月6日晚间发布公告称，公司第十届第二十三次董事会会议于2026年2月6日在 合肥市望江西路520号公司会议室以现场会议和视频会议相结合的方式召开。会议审议了《关于公司 2026年度投资计划的议案》等文件。 ...

格隆汇2月6日丨皖通高速(600012.SH)公布，为满足区域交通运输发展需求，提升道路通行效率与服务 水平，增强G30连霍高速公路安徽段（下称"连霍高速"）在路网中的竞争能力，促进沿线地区经济社会 高质量发展和本公司健康可持续发展，公司拟投资连霍高速改扩建工程项目。本项目估算总投资金额约 为人民币54.2亿元，其中资本金约为人民币10.84亿元，占总投资的20%，为公司自有资金，其余43.36 亿元由公司通过国内银行贷款等方式解决。 ...