Investment Rating - The report maintains a recommendation for the transportation industry [2] Core Views - The shipping sector is experiencing high oil tanker rates and improving bulk freight rates, while the express delivery industry is expected to see a growth rate of 13.6% year-on-year in 2025 [1][6][19] Shipping - Oil tanker rates remain high, influenced by geopolitical tensions, with the market sentiment showing signs of volatility [6][12] - The dry bulk shipping market is showing signs of improvement, with increased inquiries from Australian miners and rising grain prices from South America [14][15] - Key stocks to focus on include COSCO Shipping Energy, China Merchants Energy, Haitong Development, and Pacific Shipping [6][15] Infrastructure - Weekly data shows a slight increase in truck traffic, with 56.12 million vehicles recorded, a 1.87% increase week-on-week, but a 1.6% decrease year-on-year [16][17] - Port throughput reached 261.318 million tons, a 6.2% increase year-on-year, while container throughput increased by 7.5% [16][17] - Recommended stocks include Anhui Expressway, which is seen as a stable cash flow asset with low current valuations [17] Express Delivery - The express delivery industry saw a total volume of 199 billion items in 2025, a 13.6% increase year-on-year, with December showing a 2.3% increase [18][19] - The competitive landscape is expected to stabilize, with major companies like SF Express and ZTO Express showing potential for profit growth in 2026 [19] - Recommended stocks include SF Express, ZTO Express, and YTO Express [19] Aviation - The aviation sector is currently in a transitional phase due to the Spring Festival timing, with passenger numbers showing a 9.9% year-on-year decrease [20][21] - The industry is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026 [21] - Key metrics to monitor include passenger volume and ticket pricing trends during the Spring Festival [21] Logistics - The logistics sector is seeing fluctuations in air freight prices, with a recent decrease of 2% week-on-week but a 7.4% increase year-on-year [22]

Group 1 - The core viewpoint of the news is that Anhui Wantuo Expressway Co., Ltd. has shown fluctuations in its stock price and financial performance, with a recent increase in stock price and a notable rise in revenue and net profit year-on-year [1][2][3] Group 2 - As of January 20, the stock price of Wantuo Expressway increased by 2.04% to 14.50 CNY per share, with a total market capitalization of 24.775 billion CNY [1] - The company has experienced a year-to-date stock price decline of 2.16%, with a 5-day drop of 1.56% and a 20-day increase of 0.55% [1] - For the period from January to September 2025, Wantuo Expressway achieved operating revenue of 5.386 billion CNY, representing a year-on-year growth of 6.78%, and a net profit attributable to shareholders of 1.477 billion CNY, up 20.98% year-on-year [2] Group 3 - The company has distributed a total of 10.189 billion CNY in dividends since its A-share listing, with 2.941 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 51.22% to 25,700, while the average circulating shares per person decreased by 33.95% to 45,545 shares [2][3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, indicating a diversified institutional holding [3]

Investment Rating - The report maintains a recommendation for the transportation industry, indicating a positive outlook for specific sectors such as shipping and logistics [2]. Core Insights - The shipping sector is experiencing a significant increase in oil transportation rates due to heightened sanctions from the US and EU against Iran and Venezuela, leading to strong market sentiment among shipowners [6][17]. - The infrastructure sector is advised to focus on individual stock selections, particularly in stable cash flow assets like ports, which are currently undervalued [19]. - The aviation industry is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026, marking a potential recovery year for profitability [25]. - The express delivery sector is projected to see a gradual improvement in competition and profitability, with a focus on major players like SF Express and Zhongtong Express [21]. Shipping Sector Summary - Oil transportation rates have surged significantly due to geopolitical tensions, with VLCC TD3C-TCE reaching $116,000 per day, a notable increase of 10.8% from the previous week [12][49]. - The dry bulk market is showing signs of seasonal decline, with the BDI index reporting a drop of 7.2% [16][48]. - Recommendations include focusing on oil tanker and dry bulk stocks such as COSCO Shipping Energy and China Merchants Energy [17]. Infrastructure Sector Summary - Weekly data indicates a 17.3% increase in truck traffic volume, while rail freight has seen a 10.3% increase week-on-week [19][18]. - The report suggests investing in highway assets like Anhui Expressway, which are expected to provide stable returns [19]. Express Delivery Sector Summary - The express delivery industry saw a 13.7% year-on-year growth in business volume for 2025, with December showing a slowdown to 2.6% [20][21]. - Major companies are expected to benefit from operational adjustments, with SF Express projected to achieve faster profit growth in 2026 [21]. Aviation Sector Summary - The aviation sector is currently in a transitional phase, with passenger volumes showing a 3.6% year-on-year decline, but a potential recovery is anticipated in 2026 due to improved market conditions [25][22]. - The report emphasizes monitoring the impact of the Spring Festival travel season and geopolitical factors on oil prices [25]. Logistics Sector Summary - The logistics sector is experiencing stable air freight prices, with the TAC Shanghai outbound air freight price index remaining flat week-on-week [26]. - The report highlights the importance of monitoring cross-border transport volumes and short-haul freight rates [26].

据悉，有关S19淮南至桐城高速公路舒城至桐城段的项目是由六安市人民政府负责推进，采用特许经营 模式(BOT)建设的一个项目。S19淮南至桐城高速公路舒城至桐城段起于起点顺接S19淮桐高速合肥段终 点，位于六安合肥市界，终点衔接德上高速合肥至枞阳段，位于桐城市大关镇龙头村，依次途经六安市 舒城县、安庆市桐城市，全长约44.07公里。S19项目建设期约为3年，预计于2026年开工，2029年建 成。 预期S19项目投资总额将为人民币 72.37亿元，联合体对S19合资公司的出资总额将为人民币14.47亿元， 其中：安徽交控集团以现金出资人民币123,036万元，持股85%;公司以现金出资人民币14,475万元，持 股10%;交控工程以现金出资人民币4,342万元，持股3%;交控建工以现金出资人民币1,447万元，持股1%; 交控信息产业以现金出资人民币724万元，持股0.5%;及迅捷物流以现金出资人民币724万元，持股 0.5%。 S19淮南至桐城高速公路舒城至桐城段是连接S19淮南段、合肥段及衔接合枞高速的重要通道。与S19联 合体其他成员成立S19合资公司将使公司能够参与S19项目。通过参与S19项目，公司将 ...

据悉，有关S19淮南至桐城高速公路舒城至桐城段的项目是由六安市人民政府负责推进，采用特许经营 模式(BOT)建设的一个项目。S19淮南至桐城高速公路舒城至桐城段起于起点顺接S19淮桐高速合肥段终 点，位于六安合肥市界，终点衔接德上高速合肥至枞阳段，位于桐城市大关镇龙头村，依次途经六安市 舒城县、安庆市桐城市，全长约44.07公里。S19项目建设期约为3年，预计于2026年开工，2029年建 成。 预期S19项目投资总额将为人民币 72.37亿元，联合体对S19合资公司的出资总额将为人民币14.47亿元， 其中：安徽交控集团以现金出资人民币123,036万元，持股85%;公司以现金出资人民币14,475万元，持 股10%;交控工程以现金出资人民币4,342万元，持股3%;交控建工以现金出资人民币1,447万元，持股1%; 交控信息产业以现金出资人民币724万元，持股0.5%;及迅捷物流以现金出资人民币724万元，持股 0.5%。 于接获S19项目的中标确认书后，公司拟与S19联合体其他成员成立S19合资公司以实施S19项目(须就 S19项目订立正式投资协议)。 智通财经APP讯，安徽皖通高速公路(00995)公 ...

S19淮南至桐城高速公路舒城至桐城段是连接S19淮南段、合肥段及衔接合枞高速的重要通道。与S19联 合体其他成员成立S19合资公司将使本公司能够参与S19项目。通过参与S19项目，公司将进一步拓展及 提升高速公路业务布局，提升区域交通运输能力，增强公司整体盈利水平并强化其在区域道路网络中的 竞争力。S19项目亦能使公司进一步发挥其在收费公路营运方面的经验与优势，持续优化高速公路资产 布局，此举符合公司的发展战略。 于接获S19项目中标确认书后，S19联合体(包括公司)预计将与S19联合体其他成员成立S19合资公司以实 施S19项目(须就S19项目订立正式投资协议)。根据上市规则，预计成立S19合资公司(倘落实)将构成本公 司的关连交易。 格隆汇1月13日丨安徽皖通高速公路(00995.HK)公告，公司已加入由安徽交控集团牵头S19联合体，并与 交控工程、交控建工、交控信息产业及迅捷物流共同参与有关S19淮南至桐城高速公路舒城至桐城段特 许经营者项目"S19项目"公开招投标，并于本公告日期接获S19项目中标确认书。 ...

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 關於項目中標暨關聯交易的公告 承董事會命 安徽皖通高速公路股份有限公司 公司秘書 （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。 ● 本次投资事项构成关联交易，但未构成《上市公司重大资产重组管理办法》 规定的重大资产重组。已经公司第十届董事会第二十一次会议审议通过，无需提 交股东会审议。 ● 关于本次投资事项的后续安排，公司将继续跟进进展情况，及时履行信息 披露义务。 ● 过去12个月，本公司与安徽交控集团及其相关子公司出资并设立项目公司 2次，与安徽交控集团共同对参股公司增资1次，与本 ...

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） （股份編號： 995） 潛在關連交易 擬與S19聯合體其他成員成立合資公司以實施有關 S19淮南至桐城高速公路舒城至桐城段的項目 董事會宣佈，本公司已加入由安徽交控集團牽頭之S19聯合體，並與交控工程、 交控建工、交控信息產業及迅捷物流共同參與有關S19淮南至桐城高速公路舒城 至桐城段特許經營者項目「S19項目」之公開招投標，並於本公告日期接獲S19項 目之中標確認書。 於接獲S19項目之中標確認書後，S19聯合體（包括本公司）預計將與S19聯合體其 他成員成立S19合資公司以實施S19項目（須就S19項目訂立正式投資協議）。根據 上市規則，預計成立S19合資公司（倘落實）將構成本公司的關連交易。 安徽交控集團作為本公司之控股股東，持有本公司已發行股份總數約33.63 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——"春节也要加班，抢在4月1日前交货"！有光伏企业在抢出口，也有企业很 纠结：白银等原材料成本激增，决策困难 每经AI快讯，皖通高速1月13日晚间发布公告称，2026年1月13日，本公司收到招标人六安市交通运输 局发来的《安徽省建设工程招标投标中标通知书》，确定联合体为S19淮南至桐城高速公路舒城至桐城 段特许经营者项目的中标人。中标金额约72.37亿元。 ...

S19淮南至桐城高速公路舒城至桐城段是《安徽省高速公路网规划修编(2020-2035年)》规划的54条联络 线之一，不仅是S19淮南至桐城高速的重要组成路段，也是国家公路网规划中新增的合肥都市圈环线 G9912(12条都市圈环线之一)西环与国高网G0321德上高速的连接路段，区域位置优越，未来预测盈利 情况较好。本次中标项目建成通车后，公司高速公路主营业务规模将得到进一步扩张，有助于完善公司 在现有高速公路网络的路产布局，提升公司在区域路网的竞争力，公司拥有的高速公路权益里程也将进 一步增加。同时，本次中标收费期限为354个月，可有效延长公司道路资产的平均收费期限。本次交易 将促进公司更好地发挥其于道路收费运营的经验及优势，不断完善公司在现有高速公路网络的路产布 局，符合本公司发展战略。从长期来看，预计会有利于提升公司整体经营业绩，增强公司综合盈利能力 和可持续发展能力，不存在损害中小投资者利益的情形。 格隆汇1月13日丨皖通高速(600012.SH)公布，安徽皖通高速公路股份有限公司加入安徽省交通控股集团 有限公司牵头组建的联合体，以公开招标的方式中标S19淮南至桐城高速公路舒城至桐城段特许经营者 项目，中 ...