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。 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 合同事項 根據設計施工總承包合同，安慶大橋公司委託聯合體為安慶大橋公司所轄G4221滬 武高速岳武段新建隧道之隧道應急管理站的施工提供設計施工服務。該等服務主要 包括：施工圖紙及設計、房屋與建築工程、道路工程、交通安全設施、綠化及相關 配套設施建設。 董事會宣佈，於2025年7月11日，本公司附屬公司安慶大橋公司與設計總院、交 控工程及交控建工組成的聯合體就G4221滬武高速岳武段新建隧道之隧道應急管 理站設計施工簽訂施工總承包協議（下稱「設計施工總承包合同」）。根據設計施 工總承包合同，安慶大橋公司委託聯合體為安慶大橋公司所轄路段提供設計施 工服務。 截至本公告日期，安徽交控集團現持有本公司已發行股份總數約33.63%，按照 上市規則定 ...

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Core Viewpoint - The article emphasizes the importance of long-term investment in quality stocks, suggesting that despite market fluctuations, holding onto these stocks can yield significant returns over time [1][3][5]. Group 1: Market Trends and Historical Performance - Recent bank stocks have reached new highs, with some, like Industrial and Commercial Bank of China, increasing by over 10% in the first half of the year [1]. - Between 2001 and 2005, despite a significant market downturn, quality stocks like Wuhu Port and Shanghai Airport saw their prices double [1][2]. - Wuhu Port experienced a 223% increase during the bear market, despite facing monthly declines exceeding 7% multiple times [2]. Group 2: Investment Strategies - Long-term holding of stocks is advocated, with successful investors often maintaining a full position in their portfolios, except during extreme market bubbles [3][4]. - The article highlights the strategy of using leverage cautiously, with a maximum of 30%, focusing on companies with strong liquidity and stable cash flows [3]. - Historical data suggests that long-term stock market returns average around 10% annually, primarily driven by the intrinsic value created by companies rather than speculative gains [6][7]. Group 3: Psychological Aspects of Investing - Investors are encouraged to remain calm during market downturns, as temporary price fluctuations should not deter them from holding quality stocks [5][7]. - The analogy of a flight journey is used to illustrate that while there may be turbulence (market volatility), a well-structured investment portfolio will ultimately reach its destination [6].

Core Viewpoint - Anhui Wantuo Expressway Co., Ltd. has engaged in significant related transactions involving safety facility upgrades and highway expansion projects, indicating ongoing infrastructure development and collaboration with its controlling shareholder, Anhui Jiaokong Group [1][3]. Company Announcements Summary - The company signed six related-party contracts for safety facility upgrades totaling RMB 47,073,318.28, involving various road sections under its subsidiaries [1][3]. - Ongoing related transactions include service contracts for the G50 and G30 highway expansion projects, with annual caps reaching RMB 6,000,000 by 2028 [1][3].

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 ...

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 ...

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 ...