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） 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，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 須予披露交易 購入深高速股份 購入事項 董事會謹此宣佈，本公司於相關期間場內購入合共24,262,729股深高速A股及 31,010,000股深高速H股，總購買價分別為人民幣222,784,481.64元（折合約 252,064,266.88港元）及人民幣206,014,349.92元（折合約233,090,095.40港元） （不包括交易成本）。購買價以本公司內部資源的現金支付。 上市規則涵義 根據上市規則，由於購入事項均於十二個月內進行，故購入事項應合併計算為 一連串交易。 由於購入事項的一項或多項適用百分比率（定義見上市規則）高於5%但低於 25%，購入事項構成本公司之須予披露交易，因此須遵守上市規則第14章之申 報及公告規定。 – 1 ...

Core Insights - The highway industry shows resilient traffic demand, with stable dividends and predictable cash flows. The policy optimization consensus is widespread and imminent [2][3] - The report emphasizes the importance of five key policy trends that could significantly impact reinvestment returns and long-term investment value in highway projects [4][3] Investment Highlights - From 2020 to 2022, truck traffic demand on highways demonstrated strong resilience, while passenger vehicle demand is expected to recover in 2023 due to concentrated effects of upgrades and expansions. High profitability and attractive dividends are anticipated [4][3] - A forecast indicates that highway traffic volume will continue to face pressure from the second half of 2024 to the first half of 2025, primarily due to economic fluctuations affecting national road diversions and differentiated tolling [4][3] - By Q3 2025, highway traffic volume is expected to show a year-on-year increase, with a recovery trend continuing into 2026, suggesting that the impact of national road diversions may have been fully realized [4][3] - The report highlights that the "Highway Management Regulations" have been in place since 2004, and revisions are necessary to address rising construction costs and stagnant toll standards, which have led to declining returns on new and upgraded projects [4][3] - There is a broad consensus in the industry regarding four key points for the upcoming revisions: extending the duration for new roads, allowing delays for upgrades, introducing compensation mechanisms, and establishing a maintenance toll system [4][3] Policy Trends - The report identifies five significant trends in local-level upgrade and expansion policies that may influence national policy optimization: 1. Upgrade projects can reassess toll periods and standards 2. Upgrade projects may be treated as new projects for toll period and standard assessments 3. Upgrade projects will continue to adhere to the principle of "reasonable returns" 4. Toll periods for upgrade projects will not exceed the new regulations set in 2024, allowing for extensions in large-scale projects 5. Toll standards for upgrades may be adjusted based on investment per kilometer, with upper limits set by local standards [4][3] Strategy - The report maintains an "Overweight" rating for the highway sector, indicating it remains a preferred choice for transportation dividends. The anticipated policy optimizations are expected to mitigate reinvestment risks if effectively implemented [4][3] - Recommended stocks include Anhui Wantuo Highway, China Merchants Highway, Jiangsu Ninghu Highway, and Shenzhen International, with related stocks such as Sichuan Chengyu and Shandong Highway also highlighted [4][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，概不對因本公告全部或任何部分內容而產生或因倚賴該 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） 須予披露交易 購入深高速股份 購入事項 董事會謹此宣佈，本公司於相關期間場內購入合共24,262,729股深高速A股及 31,010,000股深高速H股，總購買價分別為人民幣222,784,481.64元（折合約 252,064,266.88港元）及人民幣206,014,349.92元（折合約233,090,095.40港元） （不包括交易成本）。購買價以本公司內部資源的現金支付。 上市規則涵義 根據上市規則，由於購入事項均於十二個月內進行，故購入事項應合併計算為 一連串交易。 由於購入事項的一項或多項適用百分比率（定義見上市規則）高於5%但低於 25%，購入事項構成本公司之須予披露交易，因此須遵守上市規則之申報及公告 規定。 – 1 – 購 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares [7]. Core Views - The company's revenue for 2025 is reported at 6.722 billion RMB, a decrease of 12.68% year-on-year, while the net profit attributable to shareholders is 1.877 billion RMB, a slight decrease of 1.57%. However, the net profit excluding non-recurring items increased by 6.69% to 1.789 billion RMB [1][2]. - The growth in net profit is primarily driven by the acquisition of the Fuzhou and Suxu expressways, optimization of truck toll rates starting from Q2, and favorable weather conditions that improved traffic [1][2]. - The company plans to distribute a tax-inclusive dividend of 0.66 RMB per share, maintaining a payout ratio of 60%, which corresponds to a dividend yield of 4.3% for A-shares and 5.2% for H-shares [1]. Revenue and Profit Growth - The company's toll revenue for 2025 increased by 31% (non-revised basis), mainly due to the acquisition of the Fuzhou and Suxu expressways. On a comparable basis, toll revenue grew by 13.3% [2]. - The completion of the Xuan-Guan project expansion led to a 181% increase in toll revenue for the Xuan-Guan, Guan-Ci, and Guan-De North sections. Other sections saw a 4.0% increase in toll revenue [2]. Cost and Profitability - The company's gross profit increased by 544 million RMB (non-revised basis), with the newly acquired expressways contributing approximately 66% to this increase. However, the growth rate of gross profit (7.8%) was lower than that of toll revenue (13.3%) due to rising depreciation and maintenance costs [3]. - Financial expenses increased by 160 million RMB year-on-year, primarily due to expanded debt from external investments and increased interest expenses following the completion of the Xuan-Guan project [4]. Financial Forecast and Valuation - The forecast for net profit attributable to shareholders has been raised by 13% and 16% for 2026 and 2027, respectively, to 2.164 billion RMB and 2.004 billion RMB. A forecast for 2028 has also been introduced at 1.865 billion RMB [5]. - The target prices based on DCF valuation are set at 18.7 RMB for A-shares and 17.0 HKD for H-shares, with a WACC of 4.8% for A-shares and 6.2% for H-shares [5].

Macro Insights - The balance between growth and inflation in the US has worsened due to high oil prices from the US-Iran conflict, impacting economic growth and raising inflation expectations [3][4] - March economic growth in the US showed slight weakness, with declines in consumer spending and business investment, alongside a weak real estate market [3] - The US labor market is showing signs of cooling, with February non-farm payrolls and broad employment data indicating a slowdown [3] Oil Market Impact - High oil prices are beginning to drag on global demand, with March composite PMIs for the US, Europe, and Japan falling short of expectations [4] - The geopolitical situation in the Middle East remains uncertain, with ongoing concerns about the long-term risks of the US-Iran conflict [4] Investment Strategy - Investors are advised to maintain a cautious approach, reducing exposure to sectors heavily reliant on external demand, particularly in Europe and Asia [4] - There is a recommendation to increase allocations in domestic consumption sectors, particularly essential and service consumption, which show resilience [4] Energy Sector Analysis - The report highlights the potential for the lithium battery supply chain to improve in April, with production expected to increase across various components [10] - The demand for lithium batteries is supported by the rapid increase in domestic passenger vehicle battery capacity and strong commercial vehicle penetration [10] Nuclear Energy Outlook - The ongoing Middle East conflict is expected to positively influence global nuclear power policies, with countries likely to accelerate nuclear power station restarts to mitigate LNG supply chain disruptions [11] - The dual reinforcement of supply and demand logic for natural uranium is anticipated due to the conflict, highlighting the importance of monitoring supply chain dynamics [11] Company Performance Highlights - Rongchang Bio reported a revenue of 3.251 billion yuan for 2025, a year-on-year increase of 89.4%, with a return to profitability [17] - Sutech reported a revenue of 1.941 billion yuan for 2025, a year-on-year increase of 17.7%, with a significant reduction in losses compared to the previous year [18] - Muyuan Foods achieved a revenue of 144.145 billion yuan in 2025, a 4.49% increase, despite a decline in net profit due to falling pig prices [19] Market Trends - The report indicates a cautious outlook for the fixed income market, with expectations of continued volatility due to geopolitical tensions and inflation concerns [7][14] - The energy sector remains a focal point for investment, with recommendations to focus on companies with strong pricing power in the context of high oil prices [5]

Investment Rating - The report maintains a recommendation for the express delivery industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The express delivery industry is experiencing price increases due to rising oil prices and a trend against excessive competition, with multiple regions implementing price hikes [1][10]. - The industry is entering a new phase of high-quality development, focusing on improving service quality and maintaining stable pricing, which is expected to benefit leading companies [3][84]. - The volume growth in the express delivery sector is gradually recovering, with a notable increase in the growth rate of delivery volumes in early 2026 compared to the previous year [2][12]. Summary by Sections Price Adjustments - Multiple express delivery companies have raised prices in response to increased transportation costs due to rising oil prices, with adjustments starting from March 23, 2026, in various provinces [1][10]. - The price adjustments reflect a broader trend of stabilizing prices in the industry, with significant increases in single-package revenue reported by major companies [2][11]. Volume Growth - The growth rate of express delivery volumes has shown signs of recovery, with January and February 2026 reporting a 7.1% increase compared to previous months [2][12]. - Major companies like YTO and ZTO have outperformed the market in terms of volume growth, indicating a strengthening competitive position [15][16]. Market Positioning - Leading companies in the express delivery sector are expected to gain market share as they benefit from improved volume structures and pricing strategies [3][13]. - ZTO is highlighted as a key player with a commitment to enhancing investor returns, while YTO continues to show strong performance metrics [18][19][86]. Investment Recommendations - The report suggests continued investment in leading express delivery companies such as ZTO, YTO, and Shentong, emphasizing their potential for growth in the evolving market landscape [3][20][21]. - The report also highlights the importance of maintaining a focus on performance elasticity and dividend value in the transportation sector, particularly in shipping and express delivery [7][82].

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 易所網站發佈的的公告如下，僅供參閱。 (1)第十屆董事會第二十四次會議決議公告 (2)2025年年度利潤分配方案公告 (3)關於續聘2026年度境內審計師的公告 (4)關於預計2026年度日常關聯交易的公告 (5)關於與安徽交控集團財務有限公司簽訂《金融服務協議》暨關聯交易的公告 (6)關於對安徽交控集團財務有限公司風險評估報告的公告 (7)在安徽交控集團財務有限公司開展金融業務的風險處置預案 (8)2025年年度報告摘要 (9)2025年年度報告 (10)2025年度審計報告 ...

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [4]. Core Insights - The aviation sector is expected to benefit from the spring holiday travel, with domestic fuel surcharges and rising ticket prices in the China-Europe routes aiding oil price transmission. The report suggests taking advantage of the geopolitical oil price opportunities [3][4]. - The oil shipping trade remains chaotic, with expectations that Chinese shipping companies' profits may exceed forecasts due to the high demand and strategic value of oil shipping [4]. - The highway sector is seeing a recovery in traffic demand, with various regions initiating expansion projects that could significantly impact long-term investment returns [4]. Summary by Sections Aviation - The spring holiday is anticipated to boost travel during the Qingming Festival, with high passenger load factors supporting a continued increase in domestic ticket prices. The average domestic aviation fuel price is expected to rise by over 4% year-on-year, while the gross profit margin for airlines is projected to improve significantly [4]. - The report highlights that the Chinese aviation supply has entered a low growth phase, and demand is expected to benefit from increased consumer spending, ensuring that the impact of oil prices is less than market concerns [4]. Oil Shipping - The oil shipping sector has entered a high prosperity phase, with the geopolitical situation in the Middle East providing unexpected opportunities for supply and demand dynamics. The report notes that the average daily earnings for Very Large Crude Carriers (VLCC) are currently over $10,000 [4]. - Short-term disruptions in the Strait of Hormuz and ongoing trade chaos are expected to keep shipping rates high, with Chinese shipowners adapting to maximize profits [4]. Highways - The report identifies five key policy trends in highway expansion that could significantly influence investment returns. These include the ability to reassess toll periods and standards, treating expansion projects as new constructions, and extending operational periods from 30 to 40 years [4]. - The stable cash flow and dividends from highway companies make them attractive for investment, with recommendations for specific companies in this sector [4].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Views - The report highlights the ongoing price increases in the express delivery sector, with regions like Sichuan, Yiwu, Yunnan, and Jiangxi leading the way in implementing price hikes. This trend is expected to improve the profitability of leading companies in the industry [6] - The logistics and express delivery sectors are experiencing a shift towards high-quality development, driven by policies aimed at reducing internal competition and enhancing service quality. The report suggests that the "anti-involution" policies will boost industry profitability [6] - The aviation sector is anticipated to benefit from a recovery in demand, with expectations of improved performance for major airlines as they navigate high oil prices and operational challenges [4][6] Summary by Sections Investment Highlights - The report emphasizes the potential for significant returns in the aviation sector, particularly for major airlines like China Southern Airlines, China Eastern Airlines, and Hainan Airlines, which are expected to see improved profitability due to a recovery in travel demand and operational efficiencies [4][6] - The express delivery sector is highlighted for its resilience and growth potential, with companies like ZTO Express, YTO Express, and Shentong Express recommended for investment due to their strong market positions and expected benefits from rising prices [6] Operational Tracking - Data from March 16 to March 22 indicates a total of 54.58 million truck passages on highways, reflecting a week-on-week increase of 3.38% [6] - The report tracks the performance of major airlines, noting that Eastern Airlines and Southern Airlines have seen increases in their average daily flights and aircraft utilization rates, indicating a recovery in operational capacity [4][6] Logistics Data Tracking - The express delivery sector reported a total of approximately 3.845 billion packages collected and 3.891 billion delivered during the week of March 16 to March 22, with year-on-year increases of 4.43% and 5.53%, respectively [6] - The report notes that the logistics infrastructure, particularly highways, is expected to benefit from increased demand as the economy stabilizes and consumer spending rises [6] Market Comparison - The report compares the performance of the transportation sector against broader market trends, indicating that the sector is poised for growth as economic conditions improve and consumer confidence returns [2][6]

Core Viewpoint - Multiple listed companies have announced substantial cash dividends for the fiscal year 2025, reflecting strong financial performance and a commitment to returning value to shareholders [2][3][4]. Financial Performance Summary - Farah Electronics reported a revenue of 5.327 billion yuan, an increase of 11.64% year-on-year, and a net profit of 1.192 billion yuan, up 14.72% [2]. - The company plans to distribute a cash dividend of 23 yuan per 10 shares, totaling 517.5 million yuan, which represents 43.41% of its net profit [2]. - Xinhua Insurance plans to distribute a cash dividend of 2.06 yuan per share, totaling 6.426 billion yuan, based on a total share count of 3.1195 billion [3]. - New Hope Co. intends to distribute 9.60 yuan per 10 shares, amounting to 2.97 billion yuan [4]. - Transsion Holdings will distribute 9.00 yuan per 10 shares, totaling 1.036 billion yuan, which is 40.15% of its net profit [4]. Dividend Distribution Plans - Jiepte plans to distribute 8.90 yuan per 10 shares, totaling approximately 84.37 million yuan, which is 30.26% of its net profit [4]. - Hualan Biological plans to distribute 8.00 yuan per 10 shares, totaling 476 million yuan [4]. - Donghang Logistics will distribute 6.77 yuan per 10 shares, totaling 1.075 billion yuan, which is 40% of its net profit [5]. - Jiangling Motors plans to distribute 5.5581 yuan per 10 shares, totaling 475 million yuan [7]. - Huazhong Heavy Industry plans to distribute 5.12 yuan per 10 shares, totaling 599 million yuan [8]. Additional Companies Announcing Dividends - Jingwang Electronics plans to distribute 5.50 yuan per 10 shares [8]. - China Southern Airlines plans to distribute 5.10 yuan per 10 shares, totaling 544 million yuan, which is 58.76% of its net profit [8]. - Galaxy Magnetics plans to distribute 4.00 yuan per 10 shares, totaling 129 million yuan [9]. - Xidian New Energy plans to distribute 4.00 yuan per 10 shares [9].