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） 於2025年11月28日舉行的臨時股東大會投票結果 董事會欣然宣佈，於2025年11月28日舉行的臨時股東大會上，臨時股東大會通告 所述決議案已獲股東正式投票通過。 茲提述安徽皖通高速公路股份有限公司（「本公司」）日期皆為2025年11月10日之通 函（「該通函」）以及臨時股東大會（「臨時股東大會」）通告（「臨時股東大會通告」）， 除另有所指外，本公告所用詞彙與該通函所界定者具有相同涵義。 臨時股東大會結果 董事會欣然宣佈，於2025年11月28日舉行的臨時股東大會上，於臨時股東大會通 告所提述的決議案已獲股東正式投票通過。安永會計師事務所（本公司之核數師） 於臨時股東大會出任點票程序監票人。 於臨時股東大會日期，本公司已發行股份總數為1,7 ...

| 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]

Core Viewpoint - CICC initiates coverage on Anhui Wantuo Expressway (00995) with an "Outperform" rating and a target price of HKD 15.12, indicating an 8% upside 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 Xuan-Guan and Guangci expansions, contributing to profit increments [1] - The acquisition of a 7% stake in Shandong Expressway is projected to enhance investment income by approximately RMB 300 million in 2026 [1] - Long-term growth is anticipated from the upgrades of the Gaojie Expressway and participation in the construction of new road assets, reflecting 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-shares [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-shares is currently 5.9%, and given Wantuo's focus on expressways and strong asset quality, a valuation premium is warranted, leading to a target price of HKD 15.12 for 2025, corresponding to a price-to-earnings ratio of 12x and 10.8x for 2025 and 2026, respectively [1]

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]

Market Overview - The railway and highway sector experienced a decline of 0.28% on November 26, with Fujian Expressway leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Notable gainers in the railway and highway sector included Sichuan Chengyu, which rose by 1.35% to a closing price of 6.00, and Hainan Airlines, which increased by 1.30% to 10.11 [1] - Fujian Expressway saw the largest decline, dropping 3.02% to a closing price of 3.85 [2] Trading Volume and Value - The trading volume for Sichuan Chengyu was 121,600 shares, with a transaction value of approximately 72.87 million yuan [1] - Fujian Expressway had a trading volume of 1,772,400 shares, with a transaction value of about 6.95 million yuan [2] Capital Flow - The railway and highway sector saw a net outflow of 174 million yuan from institutional investors, while retail investors contributed a net inflow of 43 million yuan [2] - Major stocks like Hainan Expressway and Iron Dragon Logistics attracted significant net inflows from retail investors, indicating varied investor sentiment across the sector [3]

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].

Market Performance - The Anhui state-owned enterprise reform sector increased by 1.18% compared to the previous trading day, with Guofeng New Materials leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guofeng New Materials (000859) closed at 9.55, up 10.02% with a trading volume of 2.0204 million shares and a transaction value of 1.887 billion [1] - Great Wall Military Industry (601606) closed at 57.43, up 10.00% with a trading volume of 1.0685 million shares and a transaction value of 5.869 billion [1] - Tongguan Copper Foil (301217) closed at 30.50, up 7.66% with a trading volume of 421,000 shares and a transaction value of 1.257 billion [1] Top Losers - Hefei Urban Construction (002208) closed at 11.16, down 10.00% with a trading volume of 897,600 shares and a transaction value of 1.023 billion [2] - HeBai Group (000417) closed at 6.51, down 7.53% with a trading volume of 698,000 shares and a transaction value of 460 million [2] - HuaiBei Mining (600985) closed at 12.45, down 1.50% with a trading volume of 139,700 shares and a transaction value of 175 million [2] Capital Flow - The Anhui state-owned enterprise reform sector saw a net inflow of 671 million from main funds, while retail funds experienced a net outflow of 212 million [2] - The main funds showed a significant net inflow in Great Wall Military Industry (601606) amounting to 84.2 million, while retail funds had a net outflow of 38 million [3] - Overall, the sector's capital flow indicates a mixed sentiment among institutional and retail investors [2][3]