Core Viewpoint - Investing in high-dividend companies may be a direction to outperform the index in the short term, with a focus on state-owned enterprise dividend ETFs showing slight upward movement [1][2]. Group 1: ETF Performance - As of March 26, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.05%, with component stocks showing mixed performance [1]. - The State-Owned Enterprises Dividend ETF (159515) increased by 0.09%, with the latest price reported at 1.09 yuan [1]. - The latest scale of the State-Owned Enterprises Dividend ETF reached 51.1486 million yuan, marking a one-month high [2]. Group 2: Component Stocks - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with notable stocks including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [3]. - The performance of key stocks varied, with COSCO Shipping Holdings down by 0.68% and Shanxi Coal International up by 1.07% [5]. Group 3: Investment Strategy - East Asia Securities suggests that focusing on high-dividend companies based on fundamentals may lead to short-term outperformance [2]. - The report emphasizes the importance of monitoring market rhythm and industry progress, particularly in sectors like artificial intelligence and robotics, which are expected to see growth [2]. - Short-term investment opportunities are highlighted in marine economy, military industry, and consumer sectors with clear policy expectations [2].

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」）在中國大陸報章刊登及在上海 證券交易所網站發佈的公告如下，僅供參閱。 關於參與深圳高速公路集團股份有限公司向特定對象 發行A股股票認購結果暨關聯交易的公告 承董事會命 安徽皖通高速公路股份有限公司 | 证券代码：600012 | 证券简称：皖通高速 | 公告编号：2025-006 | | --- | --- | --- | | 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 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。 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） 自願公告 認購深圳高速A股股份 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。 本公司董事會（「董事會」）欣然宣佈，本公司已與深圳高速公路集團股份有限公司 （「深圳高速」）訂立深圳高速公路集團股份有限公司與安徽皖通高速公路股份有限 公司關於深圳高速公路集團股份有限公司向特定對象發行A股股票之認購協議（「認 購協議」）。根據認購協議，本公司同意認購而深圳高速同意配發及發行38,179,196 股深圳高速A股股份（「認購股份」）（「本次交易」），每股認購股份的認購價為人民幣 1 ...

| 证券代码：600012 | 证券简称：皖通高速 | 公告编号：2025-006 | | --- | --- | --- | | 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 | | 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个别及连带责任。 交易概述：安徽皖通高速公路股份有限公司（下称"本公司"或"公司"） 于近期与深圳高速公路集团股份有限公司（下称"深高速"）签署《深圳高速公路 集团股份有限公司与安徽皖通高速公路股份有限公司关于深圳高速公路集团股份 有限公司向特定对象发行A股股票之认购协议》（下称"认购协议"），确认本次 认购深高速向特定对象发行A股股票相关事宜。本次认购价为人民币13.17元/ 股，认购金额为人民币502,820,011.32元，认购股份数量为38,179,196股，占深高 速本次发行后总股本的1.50%。 1、同意本公司参与认购深高速 A 股定增，认购金额不超过人民币 37 ...

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 ...