Investment Rating - The report maintains a "Recommended" rating for the transportation industry [1] Core Insights - The report highlights that U.S. sanctions against Iran are intensifying, and OPEC has reached a consensus to increase production, indicating upward potential for the oil tanker sector [2][7] - The express delivery business volume has shown significant year-on-year growth, with a reported increase of 21.5% in 2024 [3] Summary by Sections Weekly Focus - The U.S. government has announced additional sanctions against Iran, targeting several individuals, entities, and vessels involved in Iranian oil exports, including 10 VLCC supertankers, which constitutes about 20% of the global tanker fleet [7] - OPEC has agreed to gradually increase production starting April, aiming to release 2.2 million barrels per day [7] Industry Data Tracking (2025.03.09 – 03.15) Aviation Data - Domestic flight volume for the week was 84,029 flights, averaging 12,004 flights per day, a slight decrease of 0.10% week-on-week and 0.50% year-on-year [10] - Domestic passenger volume reached 11.43 million, a 0.05% increase week-on-week and a 2.12% increase year-on-year [11] - The average domestic ticket price decreased by 3.49% week-on-week and 6.31% year-on-year [11] Express Delivery Data - For the week of March 3-9, the average daily collection volume was approximately 555 million pieces, a 3.99% increase from the previous week [17] - Year-to-date, the average daily collection volume is about 495 million pieces, reflecting a 36.00% increase year-on-year [17] - In 2024, the express delivery business volume increased by 21.5% year-on-year, with revenue up by 13.8% [3] Shipping Data - The BDI index for dry bulk shipping was reported at 1,517 points, a 20% increase week-on-week [48] - The VLCC-TCE rate was $38,329 per day, a 3% decrease week-on-week [49] Recent Key Reports - The report recommends focusing on companies such as COSCO Shipping Energy, Shandong Highway, and China Eastern Airlines, among others, as part of the investment strategy [4]

Investment Rating - The report assigns an "Accumulate-A/Accumulate-H" rating to the company [4]. Core Views - The company benefits from its unique position as the only publicly listed highway operator in Anhui Province, leveraging local resources and cost advantages to maintain industry-leading profit margins and returns [10][18]. - The provincial road network expansion and inter-provincial connectivity are key growth drivers, with a projected CAGR of around 5% from 2023 to 2035 [10]. - The company is expected to see improved fundamentals in the short to medium term due to macroeconomic support and the ramp-up of new highway capacities [10]. - Long-term prospects are bolstered by the ongoing development of the provincial transportation network, which is anticipated to enhance traffic flow and revenue generation [10]. Financial Forecast - Revenue is projected to grow from 5,206 million RMB in 2022 to 6,631 million RMB in 2023, before declining to 4,208 million RMB in 2025 [2]. - Net profit is expected to fluctuate, with estimates of 1,445 million RMB in 2022, increasing to 1,660 million RMB in 2023, and then decreasing to 1,519 million RMB in 2024 [2]. - The company's EPS is forecasted to be 0.87 RMB in 2022, rising to 1.00 RMB in 2023, and then slightly declining to 0.92 RMB in 2024 [2]. Company Overview - The company was established in 1996 and is the first highway company listed in Hong Kong, focusing on the operation of toll roads in Anhui Province [18]. - It operates 10 toll roads, with a total operational mileage of 609 kilometers, primarily located in key traffic areas of Anhui [23]. - The average remaining toll collection period for its projects is approximately 10.8 years, which is in line with industry standards [29]. Cost and Profitability - The company enjoys a cost advantage due to lower construction costs in Anhui, attributed to favorable terrain and lower land acquisition costs [51]. - The average operating cost per kilometer is significantly lower than industry peers, contributing to its strong profitability metrics [52]. - The company has maintained a high gross margin, with a reported gross margin of 63% in 2023, and a net profit margin of 41% [33]. Dividend Policy - The company has increased its dividend payout ratio to 60% since 2021, reflecting its commitment to shareholder returns [52]. - This high dividend yield, combined with robust profit recovery, has led to a significant increase in the company's stock price, outperforming peers since 2020 [52].

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，並明確表示概不就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） 安徽皖通高速公路股份有限公司（「本公司」）之董事會（「董事會」）謹此宣佈，定於 2025年3月28日（星期五）舉行董事會會議，以審議及批准（其中包括）本公司及其 附屬公司截至2024年12月31日止財政年度經審計之年度業績、利潤分配預案（如適 用）及其他相關事項。 承董事會命 安徽皖通高速公路股份有限公司 公司秘書 李忠成 中國安徽省合肥市 2025年3月14日 截至本公告日，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杜漸；以及獨立非執行董事章劍平、盧太平及趙建莉。 董事會召開日期 ...

ia[Table_Title] 皖通高速(600012.SH)/安徽皖通高 速公路(00995.HK) 核心红利深植皖地，引流拓流并举发力 [Table_Summary] 核心观点： 盈利预测： | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5206 | 6631 | 6181 | 4208 | 4332 | | 增长率（ % ） | 32.8% | 27.4% | -6.8% | -31.9% | 3.0% | | EBITDA（百万元） | 3015 | 3349 | 3369 | 3742 | 3907 | | 归母净利润（百万元） | 1445 | 1660 | 1519 | 1747 | 1828 | | 增长率（ % ） | -4.6% | 14.9% | -8.5% | 15.0% | 4.6% | | EPS（元/股） | 0.87 | 1.00 | 0.92 | 1.05 | 1.10 | | 市盈率（P/E） | ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]

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） 補充公告 (1) 持續關連交易－訂立服務框架協議；及 – 1 – 就服務框架協議及貨物採購框架協議的年度上限制訂，具體考慮的因素如下： (1) 本公司的發展規模及整體業務的以下潛在增長 | 公司名稱 | 管轄路段里程 | 收費站 | 員工人數 | | --- | --- | --- | --- | | 阜周公司阜陽分公司 | 61.92公里 | 阜陽東、袁寨、 | 78 | | | | 南照收費站 | | | 阜周公司六安分公司 | 21.65公里 | 周集收費站 | 26 | | 泗許公司 | 52.20公里 | 淮北南、濉溪、 | 109 | | | | 鐵佛收費站 | | (2) 持續關連交易－訂立貨物採購框架協議 茲提述本公司日期為20 ...

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13.10B條而作出。 茲載列安徽皖通高速公路股份有限公司（「本公司」）在上海證券交易所網站發佈的 安徽皖通高速公路股份有限公司2025年面向專業投資者公開發行鄉村振興公司債券 （第一期）發行結果公告，僅供參閱。 承董事會命 安徽皖通高速公路股份有限公司 公司秘書 李忠成 行乡村振兴公司债券（第一期） 发行结果公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并 对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 安徽皖通高速公路股份有限公司（以下简称"发行人"）发行不超过 50 亿 元公司债券已获得中国证券监督管理委员会证监许可[2024]1496 号文注册 ...

（股份編號： 995） 自願公告 完成於中國發行公司債券 本公告由安徽皖通高速公路股份有限公司（以下簡稱「本公司」）自願作出。 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。 本公告只可作參考用途，並不構成收購、購買或認購證券的邀請或要約，或就進行上述任何事宜 訂立協議的邀請，亦不得視作收購、購買或認購本公司任何證券的要約。 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） 茲提述本公司日期為2025年2月26日之公告（「該公告」），內容有關發行2025年面向 專業投資者公開發行鄉村振興公司債券（第一期）。除文義另有所指外，本公告所用 詞彙與該公告所界定者具有相同涵義。 董事會欣然宣佈，2025年第一期公司債券已於2025年3月3日完成發行。2025年 第一期公司債券品種一的最終發行規模為人民幣13億元，期限三年，票面利率為 1.99%。2025年第一期公司債券品 ...

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13.10B條而作出。 茲載列安徽皖通高速公路股份有限公司（「本公司」）在上海證券交易所網站發佈的 安徽皖通高速公路股份有限公司2025年面向專業投資者公開發行鄉村振興公司債券 （第一期）票面利率公告，僅供參閱。 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，并 对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 安徽皖通高速公路股份有限公司（以下简称"发行人"）发行不超过 50 亿 元公司债券已获得中国证券监督管理委员会证监许可[2024]1496 号文注册。安徽 皖通高速公路股份有限公司 2025 年面向专业投资者公开发行乡村振兴公司债券 （第一期）（以下简 ...

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2月27日舉行的 董事會欣然宣佈，於2025年2月27日舉行的臨時股東大會上，於該通告所提述的決 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1,658,610,000股（包括1,165,600,000 股A股及493,010,000股H股）。本公司並無持有任何庫存股份（包括由香港中央結算 有限公司成立及運作的中央結算系統持有或存放的任何庫存股份）。 安徽交控集團持有本公司524,644,220股A股，佔已發行股份約31.63%。鑒於安徽 交控集團在收購事項中的權益，安徽交控集團須根據上市規則於及已於臨時股東大 會上就有關收購事項的決議 ...