Core Insights - The China Securities State-Owned Enterprises Dividend Index has shown a slight increase of 0.08% as of December 25, 2025, with notable gains in constituent stocks such as Xiamen International Trade (up 4.44%) and Luxi Chemical (up 3.30%) [1] - The National State-Owned Enterprises Dividend ETF (159515) has also increased by 0.26%, reflecting a growing interest in dividend-paying assets amid a favorable monetary policy environment [1][2] Market Performance - The trading volume for the National State-Owned Enterprises Dividend ETF reached 2.91% turnover with a transaction value of 1.489 million yuan, and the average daily trading volume over the past week was 4.2193 million yuan [1] - The latest scale of the National State-Owned Enterprises Dividend ETF stands at 51.0433 million yuan, with a total of 44.7866 million shares [1] Policy and Economic Environment - The People's Bank of China has reiterated its commitment to maintaining a moderately loose monetary policy, which is expected to positively influence market sentiment [1] - The decline in the risk-free interest rate is expected to enhance the attractiveness of dividend assets, supported by ongoing policy improvements aimed at strengthening the quality and market capitalization management of listed companies [2] Investment Outlook - According to Kaiyuan Securities, the performance of dividend stocks is anticipated to outperform in 2026 compared to 2025, driven by improved relative valuations, easing pressure on cyclical earnings, and a shift in funding preferences towards high-dividend assets [2] - The National State-Owned Enterprises Dividend Index reflects the overall performance of high-dividend securities selected from state-owned enterprises, focusing on those with stable dividends and significant liquidity [2][3]

安徽皖通高速（600012）公路(00995)公布，2025 年 12 月 22 日，公司收到招商公路（001965）发来的 《关于对皖通高速股票减持情况的告知函》，告知招商公路在减持计划期间内通过集中竞价交易方式累 计减持公司 A 股股份约840.9万股，占公司总股本的 0.492%。本次减持计划时间区间已届满，减持计划 已实施完毕。 ...

智通财经APP讯，安徽皖通高速公路(00995)公布，2025 年 12 月 22 日，公司收到招商公路发来的《关 于对皖通高速股票减持情况的告知函》，告知招商公路在减持计划期间内通过集中竞价交易方式累计减 持公司 A 股股份约840.9万股，占公司总股本的 0.492%。本次减持计划时间区间已届满，减持计划已实 施完毕。 ...

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。 關於持股5%以上股東減持股份結果公告 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 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。 | 证券代码：600012 | 证券简称：皖通高速 | 2025-058 | | --- | --- | --- | | 债券代码：242121 | 债券简称：24 皖通 01 | | | 债 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing high dividends and capital operations as dual engines for growth [1]. Core Insights - The transportation sector has shown mixed performance, with the overall industry ranking 8th among 31 sectors in terms of growth, having increased by 1.68% from December 1 to December 19, 2025, outperforming the CSI 300 index by 0.76 percentage points [12][13]. - The report highlights that the dividend yield for major segments within the transportation sector, including highways, railways, and ports, remains in the 3%-4% range, with coal and banking sectors leading in yield [27][21]. - The report identifies several high-dividend stocks in the A and H-share markets, recommending companies such as Sichuan Chengyu Expressway (6.0% yield) and China Merchants Port (5.8% yield) as attractive investment opportunities [21][22]. Monthly Market Performance - The report notes that the performance of dividend assets in December 2025 was generally underwhelming, with highway, railway, and port segments showing cumulative changes of -1.45%, +1.12%, and +1.21%, respectively [13][11]. - The average daily transaction volume for ports increased by 26.7% year-on-year, while highway and railway transaction volumes decreased by 5.5% and 34.8%, respectively [26][23]. - The report indicates that the low interest rate environment continues to support the market, with the 10-year government bond yield remaining stable around 1.83% [25][23]. Capital Operations - Sichuan Chengyu plans to acquire 85% of Hubei Jingyi Expressway for 2.409 billion yuan in cash, shifting from a stock issuance to a cash purchase to avoid equity dilution [32]. - Ninghu Expressway is increasing its investment in the Jiangsu Longtan Bridge project by 3.26964 billion yuan, enhancing its stake in the project [34]. - Qingdao Port has terminated its cash acquisition of the Rizhao Port oil terminal due to potential business impacts from legal issues, prioritizing shareholder interests [35]. Highway Sector Tracking - In October 2025, highway passenger traffic was reported at 975 million, a decrease of 3.7% year-on-year, while freight traffic showed a slight increase of 0.1% [36]. - The report highlights the revenue performance of key companies, such as Gansu Expressway, which reported a slight decline in toll revenue for November 2025 [44]. Railway Sector Tracking - Railway passenger volume reached 410 million in October 2025, marking a 10.1% increase year-on-year, while freight volume showed a modest increase of 0.6% [52]. - The report notes that the Daqin Railway achieved a freight volume of 37.22 million tons in November 2025, reflecting a year-on-year growth of 1.75% [59]. Port Sector Tracking - The report indicates that monitored port cargo throughput reached 1.078 billion tons over four weeks, with a year-on-year growth of 2.6% [63]. - Container throughput for the year-to-date reached 31.0469 million TEUs, reflecting a 7.7% increase compared to the previous year [63].

每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 （记者 王瀚黎） 2025年1至6月份，皖通高速的营业收入构成为：通行费收入占比66.26%，建造期收入/成本占比 32.69%，其他业务占比1.05%。 截至发稿，皖通高速市值为243亿元。 每经AI快讯，皖通高速（SH 600012，收盘价：14.24元）12月22日晚间发布公告称，2025年12月22日， 公司收到招商公路发来的《关于对皖通高速股票减持情况的告知函》，告知招商公路在减持计划期间内 通过集中竞价交易方式累计减持公司A股股份约841万股，占公司总股本的0.492%。本次减持计划实施 完毕。 ...

安徽皖通高速公路股份有限公司 关于持股 5%以上股东减持股份结果公告 本公司董事会、全体董事及相关股东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： ● 持股 5%以上股东的基本情况 本次减持计划实施前，安徽皖通高速公路股份有限公司（以下简称"公司"） 股东招商局公路网络科技控股股份有限公司（以下简称"招商公路"）持有公司股 份 496,587,501 股，占公司总股本的 29.064%，其中 A 股 404,191,501 股，H 股 92,396,000 股。以上股份，通过行政划转取得 347,019,000 股，通过集中交易竞 价取得 149,568,501 股。目前所有股份已解除限售并上市流通。 | 证券代码：600012 | 证券简称：皖通高速 | | | 公告编号：临 | 2025-058 | | --- | --- | --- | --- | --- | --- | | 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 | | ...

格隆汇12月22日丨皖通高速(600012.SH)公布，2025年12月22日，公司收到招商公路发来的《关于对皖 通高速股票减持情况的告知函》，告知招商公路在减持计划期间内通过集中竞价交易方式累计减持公司 A股股份840.90万股，占公司总股本的0.492%。本次减持计划时间区间已届满，减持计划已实施完毕。 ...

格隆汇12月22日｜皖通高速公告，股东招商局公路网络科技控股股份有限公司在2025年9月22日至2025 年12月21日期间通过集中竞价减持公司A股840.9万股，占公司总股本的0.492%，减持价格区间为15～ 15.79元/股，减持总金额为1.3亿元。减持后，招商公路持有公司股份4.88亿股，占公司总股本的 28.572%。 ...

证券之星消息，12月22日铁路公路板块较上一交易日下跌0.36%，皖通高速领跌。当日上证指数报收于 3917.36，上涨0.69%。深证成指报收于13332.73，上涨1.47%。铁路公路板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日铁路公路板块主力资金净流出1.08亿元，游资资金净流出1231.71万元，散户资 金净流入1.2亿元。铁路公路板块个股资金流向见下表： ...