申万宏源研究指出，安徽皖通高速公路核心路产立足长三角，外延内伸推动业绩高增。从行业角度，选 取深高速H、广深铁路H、港铁公司作为可比公司，2026年可比公司平均PE估值倍数为11x，前文提到 皖通高速资产优质，区位优势明显，主要经营区域位于中国最具经济活力的长三角地区，结合公司盈利 能力位居行业前列，具备较强的稳定性，该行认为皖通高速H 2026年合理估值应为11x，较H股2026年2 月24日204亿元人民币市值相比仍有5.13%的上涨空间，因此给予"增持"评级。 ...

智通财经APP获悉，申万宏源发布研报称，首次覆盖，给予安徽皖通高速公路(00995)"增持"评级。该行 预计皖通高速H 25-27E归母净利润分别为19.55、20.02、21.19亿元，分别同比增长17%、2%、6%，皖 通高速资产优质，区位优势明显，主要经营区域位于中国最具经济活力的长三角地区，结合公司盈利能 力位居行业前列，具备较强的稳定性，该行认为皖通高速H 2026年合理估值应为11x，较H股2026年2月 24日204亿元人民币市值相比仍有5.13%的上涨空间。 皖通高速H分红比例长期保持较高水平，持续为股东创造稳定丰厚的回报，2021年起公司分红比例提升 至60%左右，2022-2024年仍保持相同水平。公司2025-2027年股东回报规划表示在符合现金分红条件的 情况下，未来三年(2025-2027年)公司每年以现金形式分配的利润不少于当年实现的合并报表归属母公司 所有者净利润的百分之六十。公司以实打实的分红力度彰显对股东的高度重视与长期价值回报的坚定承 诺。 皖通高速H盈利能力及资本结构均位于行业领先地位，2025Q3公司ROE为11.45%，高于行业内其他公 司，20-24年其ROE水平均 ...

分红比例较高，盈利能力及资本结构行业领先 皖通高速H分红比例长期保持较高水平，持续为股东创造稳定丰厚的回报，2021年起公司分红比例提升 至60%左右，2022-2024年仍保持相同水平。公司2025-2027年股东回报规划表示在符合现金分红条件的 情况下，未来三年(2025-2027年)公司每年以现金形式分配的利润不少于当年实现的合并报表归属母公司 所有者净利润的百分之六十。公司以实打实的分红力度彰显对股东的高度重视与长期价值回报的坚定承 诺。 皖通高速H盈利能力及资本结构均位于行业领先地位，2025Q3公司ROE为11.45%，高于行业内其他公 司，20-24年其ROE水平均处于行业上游，盈利能力较强。资本结构看，20-24年皖通高速H资产负债率 均处于行业低位，为公司业务扩张与战略布局提供了充足的财务安全垫。 智通财经APP获悉，申万宏源发布研报称，首次覆盖，给予安徽皖通高速公路(00995)"增持"评级。该行 预计皖通高速H 25-27E归母净利润分别为19.55、20.02、21.19亿元，分别同比增长17%、2%、6%，皖 通高速资产优质，区位优势明显，主要经营区域位于中国最具经济活力的长三角地区 ...

上 市 公 司 交通运输 2026 年 02 月 25 日 安徽皖通高速公路 (00995) ——长三角一体化赋能流量增长，外延并购持续扩张 投资要点： | 单位：百万元，人民币 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 6,631 | 7,092 | 7,147 | 7,228 | 7,267 | | 收入增长率（%） | 27.4 | 6.9 | 0.8 | 1.1 | 0.5 | | 归属普通股东净利润 | 1,658 | 1,671 | 1,955 | 2,002 | 2,119 | | 归属普通股东净利润增 | 14.7 | 0.8 | 17.0 | 2.4 | 5.8 | | 长率（%） | | | | | | | 每股收益（元/股） | 1.00 | 1.01 | 1.14 | 1.17 | 1.24 | | 毛利率（%） | 39.1 | 34.1 | 37.9 | 38.1 | 39.4 | | ROE（%） | 13.1 | 12.5 | 14.6 | 1 ...

Group 1 - The stock price of Anhui Wantuo Expressway (00995.HK) has shown a downward trend over the past week, with a closing price of HKD 13.68 on February 13, down 0.87%, and further declining to HKD 13.51 on February 16, down 1.24% [1] - The trading volume decreased significantly, with a turnover of approximately HKD 16 million on February 13 and only about HKD 1.03 million on February 16, indicating low liquidity [1] - Technical indicators show a weakening short-term momentum, with the MACD histogram narrowing from 0.105 to 0.077 and the KDJ J-line dropping from 91.17 to 79.196 [1] Group 2 - The company announced that bonds "25 Wantuo V1" (code 242467.SH) and "25 Wantuo V2" (code 242468.SH) will pay interest on March 3, 2026, with coupon rates of 1.99% and 2.15% respectively, which is expected to have a limited impact on cash flow but may reinforce expectations for stable dividends with a current yield of 4.89% [2] Group 3 - A non-authoritative media article mentioned potential asset acquisitions (such as Fuzhou-Zhou Expressway and Si-Xu Expressway) and favorable policies (such as transportation infrastructure investment), but these claims have not been confirmed in recent official announcements and should be approached with caution [3]

安徽皖通高速（600012）公路(00995)发布公告，公司债券"25皖通V1"，债券代码:242467.SH，将于 2026年3月3日付息，本期债券票面利率(计息年利率)为1.99%，每手本期债券面值为1000元，派发利息 为19.90元(含税)。 公司债券"25皖通V2"，债券代码242468.SH，将于2026年3月3日付息，本期债券票面利率(计息年利率) 为2.15%，每手本期债券面值为1000元，派发利息为21.50元(含税)。 ...

公司债券"25皖通V2"，债券代码242468.SH，将于2026年3月3日付息，本期债券票面利率(计息年利率) 为2.15%，每手本期债券面值为1000元，派发利息为21.50元(含税)。 智通财经APP讯，安徽皖通高速公路(00995)发布公告，公司债券"25皖通V1"，债券代码:242467.SH，将 于2026年3月3日付息，本期债券票面利率(计息年利率)为1.99%，每手本期债券面值为1000元，派发利 息为19.90元(含税)。 （原标题：安徽皖通高速公路(00995)："25皖通V1"及"25皖通V2"将于3月3日付息） ...

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」）在上海證券交易所網站發佈的 公告如下，僅供參閱。 （1）公司債券「25皖通V1」2026年付息公告 （2）公司債券「25皖通V2」2026年付息公告 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12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）、余泳及陳季平；非 執行董事楊旭東及楊建國；獨立非執行董事章劍平、盧太平及趙建莉；以及職工董 事吳長明。 债券代码:242467.SH 本期债券付息情况如下: 1、债券代码:242467.SH 2、债券简称 ...

Project Progress - The company plans to invest approximately 54.2 billion yuan in the reconstruction and expansion of the Lianhuo Expressway, with construction expected to start in 2026 and completion in 2029 [2] - The company participated in a consortium that won the bid for the Shucheng to Tongcheng section of the S19 Huainan to Tongcheng Expressway project, with a bid amount of about 72.37 billion yuan and a planned construction period of 3 years, starting in 2026 [2] Strategic Initiatives - The company completed the acquisition of a 7% stake in Shandong Highway Co., Ltd., aiming to expand its main business layout and enhance future investment returns, with the acquisition approved by the shareholders' meeting on December 30, 2025 [3] Financial Movements - The company was approved to register a total of 50 billion yuan in diversified debt financing tools and completed the issuance of the first phase of short-term financing bonds with a coupon rate of 1.59% [4] - A shareholder, China Merchants Highway, reduced its holdings by selling 8.409 million A-shares (0.492% of total share capital) between September 22 and December 21, 2025, reducing its ownership to 28.572% [4] Business Developments - The company is advancing the "Anhui Beautiful Highway Brain" platform and has piloted tidal lanes on the Huning Expressway, promoting smart toll stations to enhance traffic efficiency [5] - In Q3 2025, the company reported revenue of 5.386 billion yuan and a net profit of 1.502 billion yuan, with an expected annual net profit of 1.669 billion yuan for 2024 [5] Institutional Insights - In January 2026, the company was recognized as one of the "potential stocks for 2026" by Securities Times Data Treasure, classified as an undervalued dividend stock, with institutional holdings (excluding general legal persons) exceeding 10% [6]

Industry Overview - The China Chemical Products Price Index (CCPI) is reported at 4120 points this week, showing a year-on-year decrease of 5.0% and a month-on-month increase of 1.1% [1] - The CCPI for the previous week was 4066 points, reflecting a year-on-year decline of 6.6% and a month-on-month decrease of 1.0% [1] - The domestic maritime shipping price for liquid chemicals was 168 RMB/ton, down 8.51% year-on-year and 0.62% month-on-month [1] Express Delivery - In December, the express delivery business volume increased by 2.3% year-on-year, with some companies benefiting from price increases due to reduced competition [2] - The total collection volume for postal express from January 26 to February 1 was approximately 4.541 billion pieces, up 60.8% year-on-year and 5.5% month-on-month [2] - The total delivery volume during the same period was about 4.477 billion pieces, reflecting a year-on-year increase of 18.7% and a month-on-month increase of 5.8% [2] - The State Post Bureau forecasts that by 2025, express delivery revenue will reach 1.5 trillion RMB, growing by 6.5% year-on-year [2] Logistics - DSV's integration of DB Schenker is progressing ahead of expectations, with completion anticipated by the end of 2026 [3] - The company is focusing on smart logistics, benefiting from improved demand [3] Aviation and Airports - The average daily flights nationwide decreased by 1.08% year-on-year, with domestic flights down 1.28% [4] - Brent crude oil futures settled at 67.55 USD/barrel, down 4.47% month-on-month and 11.07% year-on-year [4] - The domestic aviation kerosene ex-factory price (including tax) is 5334 RMB/ton, down 4.3% month-on-month and 12.7% year-on-year [4] - The airline sector is expected to see profit elasticity due to supply constraints from aircraft manufacturers and upstream component suppliers [4] Shipping - The container shipping price index (CCFI) is at 1122.15 points, down 4.5% month-on-month and 20.7% year-on-year [5] - The Shanghai Export Container Freight Index (SCFI) is at 1266.56 points, down 3.8% month-on-month and 33.2% year-on-year [5] - The crude oil transportation index (BDTI) increased by 2.1% month-on-month and 88.5% year-on-year, indicating a growing demand for oil transportation [5] - A recent agreement between the U.S. and India to halt Russian oil purchases is expected to boost oil transportation demand [5] Road and Rail Ports - Anhui Expressway completed the acquisition of Shandong Expressway, acquiring 7% of its total share capital at a price of 8.92 RMB/share, totaling 3.019 billion RMB [5] - The total number of freight vehicles on national highways reached 56.83 million, up 4.75% month-on-month and 506.12% year-on-year [5]