Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The easing of tensions in the Middle East has led to a decline in oil tanker rates, with the VLCC market experiencing a significant price drop of 14.31% compared to June 19, with current rates at WS59.88 [3][12] - In the shipping sector, the demand for European routes has improved, resulting in a 10.6% increase in spot market booking prices, while the US routes have seen a decline of 7.0% and 11.9% for the West and East coasts, respectively [3][14] - During the summer travel season, Hainan Airlines plans to operate nearly 2,500 flights daily, with domestic ticket bookings reaching 17.9 million, a 5% increase year-on-year [3][15] - The newly unveiled Zhuque eVTOL has a range of 600 kilometers, and from January to May, national railway freight volume increased by 3.1% year-on-year, totaling 1.641 billion tons [3][22] Summary by Sections 1. Industry Hot Events - The Middle East situation has calmed, leading to a reduction in oil tanker rates and a return to supply-demand fundamentals [12] - Hainan Airlines is set to launch 75 new domestic and international routes during the summer travel season, with a daily flight plan of nearly 2,500 [15] - The Zhuque eVTOL was showcased, achieving a range of 600 kilometers, while railway freight volume showed a year-on-year increase [22] 2. High-Frequency Data Tracking - Air logistics: The overall trend for routes to the Asia-Pacific remains stable, with air freight prices showing a decline [25] - Shipping ports: The domestic container shipping price index has decreased, while dry bulk freight rates have also fallen [43] - Express logistics: In May 2025, express delivery volume increased by 17.20% year-on-year, with revenue rising by 8.20% [54] - Air travel: The average daily international flights in the last week of June 2025 increased by 17.51% year-on-year [3] - Road and rail: The number of freight trucks on highways increased by 0.88% week-on-week [3] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the road and rail sector, recommending Sichuan Chengyu, Gansu Expressway, and others [4] - Interest in cruise and ferry investment opportunities, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and others [4]

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） 公告 關連交易：交安設施改造提升設計施工總承包協議 董事會宣佈，於2025年6月30日，本公司及本公司之附屬公司與設計總院、交控 工程及交控道路養護組成的聯合體簽訂下列交安設施改造提升設計施工總承包 協議（下稱「總承包協議」）： – 1 – • 根據總承包協議一，寧宣杭公司委託聯合體就寧宣杭公司所轄路段的交安 設施調整及精細化提升工程項目提供設計及施工總承包服務，包括標線施 劃、護欄等級提升、中分帶開口護欄等級提升、百米牌更換、橋樑反光板 更換、防眩屏更換、隔離柵更換、增設標誌標牌、維修與增設聲屏障等； • 根據總承包協議二，泗許公司委託聯合體就泗許公司所轄路段的交安設施 調整及精細化提升工程項目提供設計及施工總承包服務，包括標線施劃、 護欄 ...

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份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） 公告 持續關連交易： G50滬渝高速公路安慶鴿子墩至宿松段 及G30連霍高速公路安徽段改擴建工程服務合同 董事會宣佈，本公司已於2025年6月30日與研究院、勘察設計院及設計總院訂立 以下合同： – 1 – • 技術諮詢服務合同一，據此，本公司委託研究院為G50滬渝高速公路改擴 建工程上跨安慶線立交提供技術諮詢服務； • 技術諮詢服務合同二，據此，本公司委託研究院為G30連霍高速公路上跨 符夾鐵路及下穿淮蕭聯絡線段提供技術諮詢服務； • 不動產權證換證服務合同，據此，本公司委託勘察設計院為G50改擴建工 程提供不動產權證換證服務；及 • 勘察設計合同二，據此，本公司委託設計總院為G30改擴建工程提供勘察 設計服務。 截至本公告日期，安徽交控集團 ...

Core Viewpoint - Anhui Wantuo Expressway (00995.HK) has signed multiple design and construction contracts for traffic safety facility upgrades with a consortium, indicating a focus on enhancing road safety and infrastructure improvements [1][2]. Group 1: Contract Details - The company has entered into six total contracts for traffic safety facility adjustments and enhancements across various regions [1][2]. - Each contract includes services such as line marking, guardrail upgrades, replacement of signage, and installation of sound barriers [1][2]. - The projects aim to improve safety features on the roads managed by the company and its subsidiaries [1][2]. Group 2: Specific Projects - Contract one involves the Ningxuanhang company, focusing on detailed upgrades to traffic safety facilities [1]. - Contract two pertains to the Suxu company, with similar enhancement services as contract one [1]. - Contract three addresses the Chuzhou center, ensuring comprehensive safety facility improvements [1]. - Contract four is for the Xiaoxian branch, emphasizing the same range of safety upgrades [2]. - Contract five involves the Fuzhou company, which will also receive similar safety facility enhancements [2]. - Contract six is designated for the Hefei branch, focusing on specific upgrades like signage replacement and guardrail improvements [2].

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份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。 （於中華人民共和國註冊成立的股份有限公司） G50滬渝高速公路安慶鴿子墩至宿松段 及G30連霍高速公路安徽段改擴建工程服務合同 董事會宣佈，本公司已於2025年6月30日與研究院、勘察設計院及設計總院訂立 以下合同： – 1 – • 技術諮詢服務合同一，據此，本公司委託研究院為G50滬渝高速公路改擴 建工程上跨安慶線立交提供技術諮詢服務； • 技術諮詢服務合同二，據此，本公司委託研究院為G30連霍高速公路上跨 符夾鐵路及下穿淮蕭聯絡線段提供技術諮詢服務； • 不動產權證換證服務合同，據此，本公司委託勘察設計院為G50改擴建工 程提供不動產權證換證服務；及 • 勘察設計合同二，據此，本公司委託設計總院為G30改擴建工程提供勘察 設計服務。 截至本公告日期，安徽交控集團持有本公司已發行股份總數約33.63%，按照上 ...

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） 公告 關連交易：交安設施改造提升設計施工總承包協議 董事會宣佈，於2025年6月30日，本公司及本公司之附屬公司與設計總院、交控 工程及交控道路養護組成的聯合體簽訂下列交安設施改造提升設計施工總承包 協議（下稱「總承包協議」）： – 1 – • 根據總承包協議一，寧宣杭公司委託聯合體就寧宣杭公司所轄路段的交安 設施調整及精細化提升工程項目提供設計及施工總承包服務，包括標線施 劃、護欄等級提升、中分帶開口護欄等級提升、百米牌更換、橋樑反光板 更換、防眩屏更換、隔離柵更換、增設標誌標牌、維修與增設聲屏障等； • 根據總承包協議二，泗許公司委託聯合體就泗許公司所轄路段的交安設施 調整及精細化提升工程項目提供設計及施工總承包服務，包括標線施劃、 護欄 ...

Summary of Key Points Core Viewpoint - Wanhua Highway (皖通高速) has experienced a decline in stock price, with a current market capitalization of 29.217 billion RMB, ranking 6th in the railway and highway sector and 519th in the overall A-share market [1]. Company Announcements - The 2024 Annual General Meeting of Wanhua Highway was held on June 24, 2025, in Hefei, Anhui Province, with 118 shareholders present, representing 70.67% of the voting shares [1]. - Several resolutions were approved during the meeting, including the distribution of a cash dividend of 0.604 RMB per share, totaling approximately 1.032 billion RMB [1]. - Other approved items included the annual board report, supervisory board report, audited financial report, budget for 2025, expected related party transactions for 2025, reappointment of auditors for 2025, and general authorization for the board to allocate or issue new A-shares and/or H-shares [1].

Group 1 - The board of directors of Anhui Wantuo Expressway Co., Ltd. held its 13th meeting of the 10th session on June 27, 2025, via telecommunication [2][4] - All 9 directors attended the meeting, confirming full participation [3] - The meeting was chaired by Chairman Wang Xiaowen, with supervisory board members and senior management present [4] Group 2 - The board approved the resignation of company secretary Li Zhongcheng due to work changes, effective immediately upon delivery of the resignation [6][23] - Jian Xuegen was appointed as the new company secretary, with a term lasting until the current board's term ends [6][24] - The board confirmed that Jian Xuegen meets the qualifications required by relevant laws and regulations [7][25] Group 3 - The board approved the establishment of a "Market Value Management System" to enhance market value management practices [9][10] - The board also approved the performance assessment indicators for the management team for 2025 and plans to sign performance responsibility agreements [12][14] Group 4 - The board approved a related party transaction to provide entrusted management services for several highway sections, with a total fee of RMB 5.0993 million [15][18] - The board also approved a related party transaction for the cost-sharing agreement for ETC card issuance, with an estimated total cost of RMB 6.05 million [18][20]

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。 (1)第十屆董事會第十三次會議決議公告 (2)關於公司秘書離任及聘任的公告 安徽皖通高速公路股份有限公司 第十届董事会第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相应的法律 责任。 承董事會命 安徽皖通高速公路股份有限公司 公司秘書 李忠成 2025年6月27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 ...

| 证券代码：600012 | 证券简称：皖通高速 | | | 公告编号：临 | 2025-027 | | --- | --- | --- | --- | --- | --- | | 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 | | | 李忠成先生已确认其与董事会及本公司无分歧，亦无其他事宜须提请本公司 股东注意。李忠成先生已按照公司离职管理相关制度做好交接工作，其离任不会 对公司相关工作及生产经营带来影响。 二、高级管理人员聘任情况 根据联交所《证券上市规则》第 8.17 条，上市发行人必须委任一位符合上 市规则第 3.28 条规定之公司秘书。本公司于 2025 年 6 月 27 日召开第十届董事 会第十三次会议，审议通过了《关于聘任公司秘书的议案》。经董事长提名，董 事会同意聘任简雪艮女士为公司秘书、联交所《证券上市规则》第 3.05 条所述 之本公司授权代表及香港法例第 622 章公司条例第 16 部所界定代表本公司于香 港 ...