Core Viewpoint - The railway and highway sector experienced a rise of 0.88% on October 10, with Dongguan Holdings leading the gains, while the overall stock market indices saw declines [1][3]. Group 1: Market Performance - On October 10, the Shanghai Composite Index closed at 3897.03, down 0.94%, and the Shenzhen Component Index closed at 13355.42, down 2.7% [1]. - The railway and highway sector stocks showed varied performance, with Dongguan Holdings closing at 12.01, up 5.35%, and other notable gainers including Ninghu Highway and Fulian Yuanye [1]. Group 2: Stock Details - Key stocks in the railway and highway sector included: - Dongguan Holdings (000828): Closed at 12.01, up 5.35%, with a trading volume of 243,600 shares and a transaction value of 291 million yuan [1]. - Ninghu Highway (600377): Closed at 12.92, up 3.19%, with a trading volume of 142,300 shares and a transaction value of 182 million yuan [1]. - Fulian Yuanye (002357): Closed at 10.28, up 2.80%, with a trading volume of 280,900 shares and a transaction value of 299 million yuan [1]. Group 3: Capital Flow - The railway and highway sector saw a net inflow of 42.37 million yuan from main funds, while retail funds experienced a net outflow of 73.74 million yuan, and individual investors contributed a net inflow of 31.37 million yuan [3].

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分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。 董事會宣佈，於2025年10月10日，本公司、寧宣杭公司、安慶大橋公司及泗許公 司分別與設計總院、交控工程及交控信息產業組成的聯合體簽訂機電專項改造設計 施工總承包合同及機電系統維護維修總承包合同。 安徽交控集團現持有本公司總已發行股份約33.63%，按照上市規則定義為本公司的 控股股東及關連人士。設計總院及交控信息產業均為安徽交控集團之附屬公司，交 控工程為安徽交控集團之全資附屬公司。根據上市規則第14A章，設計總院、交控 工程及交控信息產業均為安徽交控集團之聯繫人，亦屬本公司之關連人士。因此， 機電專項改造設計施工總承包合同及機電系統維護維修總承包合同下進行的交易構 成本公司之持續關連交易。 由於機電專項改造設計施工總承包合同及機電系統維護維修總承包合同下的持續關 連交易乃與相同關連人士（即聯合體）進行，故根據上市規則第14A.83條的規定， 上述持續關連交易可被合併計算並被視為一項事務處理。 – 1 ...

Core Insights - The report highlights the significant growth potential in the cesium and rubidium industry, driven by their unique physical and chemical properties and diverse applications in electronics, catalysis, and medical diagnostics [5][6][9] - The global supply of cesium and rubidium is highly concentrated, with Canada’s Tanco mine being the only active cesium mine, indicating a strong oligopolistic market structure [6][7] - The report identifies key companies in the sector, specifically Zhongmin Resources and Jinyinhe, which are positioned to benefit from the increasing demand and supply constraints in the cesium and rubidium markets [11][12] Industry Overview - Cesium and rubidium resources are rare, with cesium being the least abundant alkali metal in the Earth's crust, and rubidium being even scarcer due to its production primarily as a byproduct of lithium and cesium extraction [5][6] - The global cesium resource is estimated at approximately 220,000 tons, with significant reserves located in Canada, Zimbabwe, Namibia, and Australia [6] - The cesium and rubidium market has shown a stable price increase, with cesium prices rising from 775 RMB per gram in 2020 to 900 RMB per gram in 2024, reflecting a compound annual growth rate (CAGR) of 3.8% [8] Company Insights - Zhongmin Resources has increased its market share in cesium and rubidium salts from 45% to approximately 50% despite a decline in overall production due to resource scarcity [7] - Jinyinhe has developed advanced extraction technologies that enhance the efficiency of cesium and rubidium production, positioning the company for significant growth in output and profitability [10][11] - The report anticipates that the expansion of cesium and rubidium supply will meet the rising demand from high-tech applications, including quantum communication and advanced battery technologies [11][12]

FF301 本月底法定/註冊股本總額： RMB 1,708,591,889 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00995 說明 法定/註冊股份數目 面值 法定/註冊股本 增加 / 減少 (-) RMB I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 第 1 頁 共 10 頁 v 1.1.1 上月底結存 1,165,600,000 RMB 1 RMB 1,165,600,000 增加 / 減少 (-) RMB | 上月底結存 | | | 542,991,889 | RMB | | 1 RMB | | 542,991,889 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 542,991,889 | RMB | | 1 RMB | | 542,991,889 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交 ...

Core Insights - The report highlights the robust growth and diversification of the cultural and tourism industry, with the cultural industry expected to achieve a revenue of 19.14 trillion yuan in 2024, a 37.7% increase from 2020 [3] - The report emphasizes the strategic partnerships and expansions in the mining sector, particularly focusing on the lithium, cesium, and copper resources, which are expected to enhance the company's growth potential [6][7][9] - The semiconductor testing sector is experiencing rapid growth, with significant orders and revenue increases, indicating a strong market demand for advanced testing equipment [14][18] Economic Policies and Developments - The National Development and Reform Commission announced a new policy tool with a total scale of 500 billion yuan to support project capital, particularly in AI and smart terminal applications [2] - The Ministry of Industry and Information Technology has granted satellite mobile communication licenses to major telecom operators, enhancing communication capabilities in remote areas [2] - The Ministry of Culture and Tourism reported a significant recovery in the tourism sector, with domestic travel and spending showing high growth rates post-pandemic [3] Company-Specific Developments - Zhongwei Co. signed a strategic cooperation framework agreement with Xiamen Tungsten New Energy Materials, focusing on key battery materials for emerging sectors [5] - Huayou Cobalt's subsidiary signed a supply agreement with LGES for a total of approximately 76,000 tons of ternary precursor products from 2026 to 2030 [5] - The report indicates that the company has successfully acquired significant mining rights in Zambia and Namibia, enhancing its resource base and production capabilities [8][9] Industry Trends - The report notes a shift in the highway sector towards high dividend stocks, with several companies experiencing significant stock price adjustments, making them attractive for investors seeking stable returns [21][22] - The semiconductor testing equipment market is expanding rapidly, driven by demand from the AI and storage sectors, with the company achieving substantial revenue growth in this area [14][15][18] - The mining industry is diversifying into multi-metal resources, with a focus on copper and other metals, which are expected to provide new growth avenues for the company [9][10]

Core Viewpoint - The railway and highway sector experienced a decline of 1.07% on September 30, with Wan Tong Expressway leading the losses, while the Shanghai Composite Index rose by 0.52% and the Shenzhen Component Index increased by 0.35% [1][2]. Group 1: Market Performance - The railway and highway sector saw a net outflow of 341 million yuan from major funds, while retail investors contributed a net inflow of 154 million yuan [2][3]. - Key stocks in the sector included Jiangxi Changyun, which rose by 4.02%, and Hainan Expressway, which fell by 1.35% [1][2]. Group 2: Stock Details - Wan Tong Expressway closed at 13.33 yuan, down 1.77%, with a trading volume of 96,900 shares and a transaction value of 130 million yuan [2]. - Jiangxi Changyun had a closing price of 6.99 yuan, up 4.02%, with a trading volume of 230,400 shares and a transaction value of 163 million yuan [1][2]. Group 3: Fund Flow Analysis - Major funds showed a net inflow in stocks like Hainan Expressway and Jiangxi Changyun, while retail investors had mixed results across various stocks [3]. - The net inflow for Jiangxi Changyun from major funds was 20.76 million yuan, while retail investors showed a net outflow of 18.04 million yuan [3].

Market Overview - On September 29, the railway and highway sector rose by 0.41% compared to the previous trading day, with Fulin Transportation leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Fulin Transportation (002357) with a closing price of 10.00, up 2.35% on a trading volume of 83,100 shares and a turnover of 82.01 million yuan [1] - Anhui Expressway (600012) closed at 13.57, up 1.95% with a trading volume of 151,300 shares and a turnover of 204 million yuan [1] - Dongguan Holdings (000828) closed at 11.33, up 1.80% with a trading volume of 84,900 shares and a turnover of 95.34 million yuan [1] Fund Flow Analysis - The railway and highway sector experienced a net outflow of 274 million yuan from institutional investors, while retail investors saw a net inflow of 178 million yuan [2] - The sector's overall fund flow indicated that retail investors were more active compared to institutional investors on that day [2] Individual Stock Fund Flow - Key stocks with significant fund flow included: - Haikou Group (603069) with a net inflow of 20.84 million yuan from institutional investors, but a net outflow of 19.49 million yuan from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 7.74 million yuan from institutional investors, while retail investors saw a net outflow of 612.25 million yuan [3] - Hainan Expressway (000886) recorded a net inflow of 11.83 million yuan from institutional investors, but retail investors had a net outflow of 660.90 million yuan [3]

Core Viewpoints - The shipping industry is experiencing high volatility in crude oil freight rates while container shipping rates on long-distance routes are declining [3] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for application by the Southwest Civil Aviation Administration, and a collaboration between Saudi Arabia and Ehang is set to launch autonomous flying vehicles and air taxi services [3] - China's first national standard for logistics enterprise digitization has been officially released, and the "parallel port" logistics model has achieved a throughput of over 76,000 tons in its first year of operation [3] Shipping Industry - As of September 25, the China Import Crude Oil Comprehensive Index (CTFI) was reported at 1908.03 points, a decrease of 3.4% from September 18 [3] - The VLCC market in the Middle East is seeing a slowdown in cargo availability, while the Atlantic and Gulf routes remain relatively calm [3] - The shipping rates from Shanghai to Europe and the U.S. have decreased, with rates to Europe at $971/TEU (down 7.7%) and to the U.S. West and East coasts at $1460/FEU (down 10.8%) and $2385/FEU (down 6.7%) respectively [3] Aviation Industry - The first hybrid tilt-rotor eVTOL model application has been accepted, marking a significant milestone in China's aviation sector [3] - Saudi Arabia's Front End and Cluster2Airports are collaborating with Ehang to introduce autonomous flying vehicles and air taxi services [3] Logistics and New Transportation Models - The national standard for logistics enterprise digitization was released on September 26, focusing on general requirements [3] - The "parallel port" logistics model has been operational for one year, achieving a throughput of 76.61 million tons and 37,000 standard containers [3] Investment Recommendations - Companies in the equipment and manufacturing export chain are recommended for attention, including COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [6] - Opportunities related to the construction of hydropower stations in the Yarlung Tsangpo River downstream are highlighted, with a focus on Sichuan Chengyu, Chongqing Port, and Fulmin Transportation [6] - The low-altitude economy and highway-railway sectors are also suggested for investment, with specific companies recommended for consideration [7]

Summary of China Expressway Equities Conference Call Industry Overview - The conference call focused on the **China Expressway sector**, discussing potential investment opportunities and challenges in the upcoming quarters, particularly in **4Q25** [1] Key Points and Arguments Market Performance - Since July 2025, sector share prices have fluctuated between **-16% to +1%**, while the Hang Seng Index (HSI) increased by **+9%** [2] - The sell-off was attributed to: 1. Soft toll growth 2. Investors' risk-on sentiment 3. Company-specific risks, including major shareholder sell-offs and earnings revisions [2][4] Investment Opportunities - There is a potential opportunity in **4Q25** as dividend yields are expected to return to an attractive range of **6-7%** [2] - The expressway sector saw a share price rally of **5-15%** in **4Q24** [2] Catalysts for Growth - Expected catalysts include: 1. Stable dividend policies leading to attractive yields [3] 2. Potential revisions to the Toll Road Ordinance 3. Asset injections, particularly from Jiangsu Expressway's Suxichang South Expressway, which has shown strong traffic growth [3] Toll Growth Projections - Despite soft toll growth in **2H25**, projections for toll growth are as follows: - **Zhejiang Expressway**: -2% - **Jiangsu Expressway**: +1% - **Anhui Expressway**: +10% [4][11] Company Ratings and Preferences - The preferred companies in the sector are: - **Anhui Expressway**: Rated as **Buy** for better-than-peer toll income growth and high dividend yield - **Zhejiang Expressway**: Rated as **Buy** due to potential upside from its securities business and upcoming A-share listing - **Jiangsu Expressway**: Rated as **Hold** due to concerns over road expansion projects and uncertain returns from greenfield projects [5][8] Financial Metrics and Valuations - Current and target prices for key companies are as follows: - **Anhui Expressway - H**: Current price **HKD 11.35**, Target price **HKD 15.70** (Buy, +38.3% upside) - **Anhui Expressway - A**: Current price **RMB 12.92**, Target price **RMB 19.70** (Buy, +52.5% upside) - **Zhejiang Expressway**: Current price **HKD 7.26**, Target price **HKD 7.70** (Buy, +6.1% upside) - **Jiangsu Expressway - H**: Current price **HKD 9.27**, Target price **HKD 10.50** (Hold, +13.3% upside) [6][11] Dividend Policies - Companies are expected to maintain stable dividend payouts: - **Anhui Expressway**: Minimum **60%** payout ratio for 2025-27 - **Zhejiang Expressway**: Expected stable dividends of **RMB 0.49** for 2025-27 - **Jiangsu Expressway**: Expected stable absolute dividends [11][30] Risks and Challenges - Key risks include: - Slower-than-expected traffic volume growth - Uncertainties related to government policies affecting toll income and logistics costs - Potential negative impacts from road expansion projects [30][21] Conclusion - The China Expressway sector presents both opportunities and risks, with a focus on stable dividends and potential growth catalysts in the near future. Investors are advised to consider the specific company ratings and market conditions when making investment decisions [21][30]

中证智能财讯安徽皖通高速公路（00995）9月26日披露2025年中期报告。报告期内，公司实现营业收入37.41亿元，同比增长11.72%；归母净利润9.61亿 元，同比增长4.14%；经营活动产生的现金流量净额为14.07亿元，同比下降6.84%；据报告显示，安徽皖通高速公路基本每股收益为0.5776元，平均净资产 收益率为7.65%。 以9月26日收盘价计算，安徽皖通高速公路目前市盈率（TTM）约10.56倍，市净率（TTM）约1.51倍，市销率（TTM）约2.41倍。 近年来市盈率变化情况（倍） 12 週 10 do3 00 6.52 6.22 6 4 2 0 2020-06-30 | 2027-06-30 2020-12-37 2022-06-30 ' 2019-12-37 2021-12-37 2022-12-37 2023-06-30 203 100 ଛି 90 80 70 60 55 46 50 40 30 28.3 23d8 20 16:88 13x62 10 4.84 8 46 0 2020-12-37 I 2021-06-30 | 2019-12-37 1 2020-06-30 ' 202 ...