| 证券代码：600012 | 证券简称：皖通高速 | 公告编号：临2025-054 | | --- | --- | --- | | 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 2025 年度第一期超短期融资券发行结果公告 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。 安徽皖通高速公路股份有限公司（以下简称"公司"）已于近日收到中国银 行间市场交易商协会出具的超短期融资券《接受注册通知书》（中市协注〔2025〕 SCP338 号），同意接受公司超短期融资券的注册申请，注册金额为 8 亿元，详情 请参见公司《关于收到中国银行间市场交易商协会〈接受注册通知书〉的公告》 （临 2025-052）。 公司于 2025 年 11 月 27 日完成了 2025 年度第一期超短期融资券的簿记工作， 该募集资金于 2025 年 11 月 28 日到达公司指定账户，现将发 ...

国浩律师（合肥）事务所 关于安徽皖通高速公路股份有限公司 地址：安徽省合肥市政务区怀宁路 200 号置地·栢悦中心 12 楼 2025 年第四次临时股东大会 法律意见书 电话：（0551）65633326 传真：（0551）65633323 国浩律师（合肥）事务所 关于安徽皖通高速公路股份有限公司 2025 年第四次临时股东大会 法律意见书 致：安徽皖通高速公路股份有限公司 正文 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会 规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》和 《安徽皖通高速公路股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，国浩律师（合肥）事务所接受安徽皖通高速公路股份有限公 司（以下简称"公司"）的委托，指派本所王飞、方俊华律师出席公司 2025 年第四次临时股东大会（以下简称"本次股东大会"），对本次股东大会 相关事项进行见证并出具法律意见书。 为出具本法律意见书，本所律师列席了公司本次股东大会，审查了公 司提供的本次股东大会的有关文件的原件及复印件，包括但不限于公司召 开本次 ...

安徽皖通高速公路股份有限公司 2025年第四次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | | | | 1、出席会议的股东和代理人人数 | 137 | | --- | --- | | 其中：A 股股东人数 | 135 | | 境外上市外资股股东人数（H 股） | 2 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,190,484,237 | | 其中：A 股股东持有股份总数 | 936,933,094 | | 境外上市外资股股东持有股份总数（H 股） | 253,551,143 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 69.68 | | 其中：A 股股东持股占股份总数的比例（%） | 54.84 | | 境外上市外资股股东持股占股份总数的比例（%） | 14.84 | | 证券代码：600012 | 证券简称：皖通高速 | | | 公告编号：临 | 2025 ...

Core Viewpoint - CICC initiates coverage on Anhui Wantuo Expressway (600012) with an "Outperform" rating and a target price of HKD 15.12, indicating an 8% upside potential from the current price [1] Group 1: Company Overview - The company's road assets are strategically located at provincial borders, facilitating significant passenger and freight transport demand due to the developed local automotive industry [1] - The core road assets have a high average gross margin of 59.5% from 2014 to 2024, with extended toll collection periods following upgrades and expansions [1] Group 2: Growth Prospects - Short-term growth is expected from the acquisition of the Anhui sections of Fuzhou-Zhou and Suxu Expressways, as well as the completion of the Xuanguang and Guangci expansions, contributing to profit increments [1] - The acquisition of a 7% stake in Shandong Expressway (600350) is projected to enhance investment income by approximately RMB 300 million in 2026 [1] - Long-term growth is supported by the expansion of the Gaijie Expressway and participation in new road construction projects, indicating sustained growth potential [1] Group 3: Dividend and Earnings Forecast - The company plans to maintain a dividend payout ratio of no less than 60% from 2025 to 2027, with estimated dividend yields of 5.4% and 6% for 2025 and 2026, respectively, positioning it among the top in H-share highways [1] - CICC forecasts the company's earnings to be RMB 1.97 billion and RMB 2.17 billion for 2025 and 2026, respectively, with a compound annual growth rate of 14% from 2024 to 2026 [1] - The average dividend yield for H-share highways is currently 5.9%, and given Wantuo's focus on highways and strong asset quality, a valuation premium is warranted, leading to a target price of HKD 15.12 for 2025, corresponding to price-to-earnings ratios of 12x and 10.8x for 2025 and 2026, respectively [1]

智通财经APP获悉，中金发布研报称，首次覆盖安徽皖通高速公路(00995)，给予"优于大市"评级，目标 价15.12港元，较现价有8%上行空间。公司路产多位于省际交界处，承东启西、连南接北、沿江通海， 当地汽车产业发达，区域客货运需求大。公司核心路产开通时间早，2014-24年平均毛利率高达59.5%， 改扩建后收费年限长。 该行预计，短期公司收购阜周和泗许高速安徽段、宣广和广祠改扩建完成贡献盈利增量，另收购山东高 速7%股权有望增厚2026年投资收益约3亿元人民币;中长期看，高界高速改扩建和参股修建新路产体现 持续成长性。 报告提到，公司2025-27年规划分红比例不低于60%，据该行测算，H股现价对应2025-26年股息率为 5.4%/6%，均位于H股高速前列。中金预计公司2025/26年盈利分别为19.7/21.7亿元人民币，2024-26年复 合增长率为14%。当前H股高速平均股息率为5.9%，考虑皖通聚焦高速、资产优异且成长性好，市场应 给予一定估值溢价，以5%股息率对应H股2025年目标价15.12港元，对应2025/26年12/10.8倍市盈率。 ...

Core Viewpoint - Anhui Expressway (AHE) is initiated with an OUTPERFORM rating, targeting Rmb17.32 for A-shares and HK$15.12 for H-shares, indicating attractive dividend yields for 2025 and 2026 [1][7] Investment Positives - AHE's road assets are strategically located on key interprovincial routes, ensuring strong profitability and extended toll collection periods, with an average gross margin of 59.5% from 2014 to 2024 [2] - The company is expected to benefit from the acquisition of the Anhui section of the Fuzhou and Sixu Expressways and the completion of renovations on existing expressways, potentially increasing earnings [3] - AHE's dividend payout ratio is projected to be at least 60% for 2025-2027, with A-shares yielding 4.5% and H-shares yielding 5.4% for 2025, both among the highest in their respective sectors [4][7] Financials and Valuation - Expected EPS for AHE is Rmb1.15 in 2025 and Rmb1.27 in 2026, reflecting a CAGR of 14.0% from 2024 to 2026, justifying a valuation premium due to high-quality assets and growth potential [6] - Target price for A-shares is set at Rmb17.32 based on a 4% dividend yield, implying a P/E of 15.0x for 2025 and 13.6x for 2026, with an upside of 12.0% [6] - Target price for H-shares is set at HK$15.12 based on a 5% dividend yield, implying a P/E of 12.0x for 2025 and 10.8x for 2026, with an upside of 8.0% [7] Market Differentiation - While the market expresses concerns regarding AHE's debt-to-asset ratio and cash flow, the company anticipates increased vehicle traffic on renovated roads and has solid financing options [5]

Investment Rating - The report maintains a "Recommended" rating, emphasizing the importance of defensive stability and timely investment opportunities in the transportation sector [1]. Core Insights - The transportation sector's performance in November 2025 was generally average, outperforming the CSI 300 index, with highways leading the performance among sub-sectors [4][10]. - The report highlights a low interest rate environment, with the 10-year government bond yield at 1.82% as of November 21, 2025, indicating a stable financial backdrop for investments [20]. - The report identifies high dividend yield opportunities in both A-shares and H-shares within the transportation sector, with specific recommendations for companies like Sichuan Chengyu and Anhui Wantong Highway [68][70]. Monthly Market Performance - The transportation sector saw a cumulative decline of 2.24% from November 1 to November 21, 2025, outperforming the CSI 300 index by 1.79 percentage points [9]. - The sub-sectors of highways, railways, and ports had cumulative declines of -2.11%, -2.47%, and -2.97% respectively during the same period, but all outperformed the CSI 300 index [10]. - Year-to-date performance showed highways down 11.11%, railways down 15.77%, and ports down 4.83%, indicating a challenging year overall [10]. Highway Sector Tracking - In September 2025, highway passenger traffic was 934 million, down 4.3% year-on-year, while freight traffic increased by 5.2% to 3.891 billion tons [28]. - The report notes that the highway sector is expected to see stable performance improvements in 2026, driven by policy optimizations and local state-owned enterprise actions [68]. Railway Sector Tracking - In October 2025, railway passenger volume reached 410 million, up 10.1% year-on-year, while freight volume was 4.58 million tons, a slight increase of 0.6% [40][43]. - The report emphasizes the potential for investment opportunities in the railway sector, particularly in high-quality assets like the Beijing-Shanghai High-Speed Railway [70]. Port Sector Tracking - The report indicates that port cargo throughput for the four weeks ending November 16, 2025, was 1.057 billion tons, reflecting a year-on-year growth of 4.6% [48]. - The report highlights the importance of long-term value in port assets, suggesting that leading ports are undervalued in terms of their earnings stability and potential for dividend growth [71][72].

Core Viewpoint - The report from Huachuang Securities indicates that the highway sector is expected to maintain resilience in 2026, with high dividend configurations being a preferred investment direction. The port industry is anticipated to shift from a single container-driven growth model to a dual-wheel structure of stable container growth (5%-8%) and a recovery in bulk cargo (2%-5%) by 2026, with stable pricing expected. There are strategic layout opportunities for leading companies in the bulk supply chain that focus on dividends and returning to growth expectations in the coming year [1]. Highway Sector - The highway sector is viewed as a preferred option for stable asset allocation due to low valuations and high dividends, with expected dividend yields around 5% for leading highway companies in 2026. Notable companies include Sichuan Chengyu (5.6%), Shandong Highway (5.0%), and Anhui Wantong Highway (5.0%), with higher yields for H-shares [2]. - The outlook for 2026 suggests strong performance driven by stable volume and pricing, alongside significant cost reduction opportunities. Key factors include potential optimization of toll policies and a favorable interest rate environment that could alleviate operational pressures for highway companies [2]. - High dividend characteristics are expected to remain stable in 2026, with clear three-year return plans from leading companies like Sichuan Chengyu and Wantong Highway [2]. Port Sector - The port sector is entering a strategic value era, transitioning from a perception of cyclical capacity assets to being recognized as global supply chain security hubs. This shift is driven by geopolitical factors and the need for strategic asset control [3]. - The industry is expected to see stable throughput and pricing in 2026, with a dual growth model of container stability and bulk cargo recovery. The average dividend payout ratio is projected to be 37.46%, indicating significant potential for increases [3]. Railway Sector - Passenger transport is expected to see steady growth, with flexible pricing mechanisms in place. Freight transport is also showing signs of improvement, particularly in coal and other cargo types [4][5]. Bulk Supply Chain - The bulk supply chain is poised for a new growth phase in 2026, with companies like Xiamen Xiangyu leading the way in transformation logic focused on profit margin enhancement and investor returns. The operational environment is recovering, with strong performance trends evident since 2025 [6][7]. - Strategic layout opportunities exist for leading companies in the bulk supply chain that emphasize dividends and growth expectations [7]. Investment Recommendations - The company continues to favor A/H share transportation assets, highlighting the importance of industry logic and valuation elasticity. Key recommendations include Sichuan Chengyu and Wantong Highway for their stable growth and high dividends, as well as other notable companies in the highway and port sectors [8].

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。 2025年第四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 ANHUI EXPRESSWAY COMPANY LIMITED 安徽皖通高速公路股份有限公司 公司秘書 簡雪艮 2025年11月19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；非執行董事楊旭東及楊建國；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 年第四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 年第四次临时股东大会会议资料 2025 ...

安徽皖通高速公路股份有限公司 2025 年第四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 年第四次临时股东大会会议资料 2025 年 11 月 1 安徽皖通高速公路股份有限公司 2025 年第四次临时股东大会会议资料 目 录 非累积投票议案 1、关于取消监事会、废止《监事会工作条例》、变更公司注册资本 并修订《公司章程》的议案；（特别决议案） 2 一、会议须知 二、会议议程 三、会议议案 2、关于修订《股东大会议事规则》的议案；（特别决议案） 3、关于修订《董事会工作条例》的议案；（特别决议案） 4、关于修订《独立董事工作制度》的议案。（普通决议案） 安徽皖通高速公路股份有限公司 2025 年第四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 年第四次临时股东大会会议须知 为维护全体股东的合法权益，确保安徽皖通高速公路股份有限公司（以下简 称"本公司"或"公司"）股东大会顺利进行，根据《中华人民共和国公司法》 等法律、法规和《公司章程》的规定，特制订本须知： 一、全体参会人员应以维护全体股东的合法权益、保障会议的正常秩序和议 事效率为原则，自觉履行法定义务。 二、为保证股东 ...