Investment Rating - The report maintains an "Overweight" rating for the transportation industry, indicating a positive outlook for the sector's performance relative to the overall market [12]. Core Insights - The shipping market is expected to see significant growth in Q4 2025, driven by strong VLCC freight rates and structural changes in trade dynamics, including new refinery capacities and geopolitical shifts [4]. - The aviation sector is projected to enter a golden era, with passenger transport expected to reach 770 million in 2025, marking a 5.5% increase from 2024 and a 16.7% increase from 2019 [4]. - The report highlights a shift in the shipping industry from supply-driven to demand-driven dynamics, particularly in shipbuilding, as older vessels are replaced [4]. - The logistics and freight forwarding sectors are facing challenges due to trade tensions, impacting profit margins and demand [4]. Summary by Sections Shipping - Q4 2025 VLCC freight rates are expected to average around $95,500 per day, with a projected demand increase of 1.7% from new refinery capacities and a 2.1% increase from compliance changes in Venezuelan oil [4]. - The dry bulk market is also showing strong performance, with Cape-sized vessel rates expected to rise by 20% to $27,600 per day [4]. - The report estimates that COSCO Shipping Energy's Q4 earnings will be approximately 1.9 billion RMB, while China Merchants Energy's will be around 2.9 billion RMB [4]. Shipbuilding - The shipbuilding sector is experiencing a tight supply-demand balance, with second-hand ship prices rising for 11 consecutive months, indicating a positive outlook for the industry [4]. Freight Forwarding - The freight forwarding sector is facing profit margin compression due to trade frictions, with the CCFI index expected to decline by 26% in Q4 2025 [4]. Aviation - The Chinese aviation market is expected to achieve a profit of 6.5 billion RMB in 2025, with major airlines like China Eastern Airlines anticipated to see significant performance improvements [4]. - The report emphasizes the importance of international routes as passenger volumes are expected to grow, driven by a recovery in outbound travel [4]. Express Delivery - The express delivery sector is projected to see a 5% year-on-year growth in Q4, driven by price increases and seasonal demand, despite challenges from trade policies [4]. Road and Rail - The report notes a slowdown in highway traffic growth, while rail passenger and freight volumes continue to increase, with recommendations for specific companies in the sector [4].

Core Viewpoint - Jiangsu Ninghu Expressway Co., Ltd. has announced the issuance of its first super short-term financing bond for 2026, with a total issuance scale not exceeding RMB 4 billion over two years, starting from December 4, 2025 [1] Group 1: Financing Bond Issuance - The company received the acceptance registration notice from the National Association of Financial Market Institutional Investors on December 2025, allowing it to issue super short-term financing bonds [1] - The first issuance occurred on January 6, 2026, as part of the approved financing plan [1] Group 2: Shareholding Increase by Controlling Shareholder - The controlling shareholder, Jiangsu Transportation Holding Co., Ltd., through its subsidiary Yunshan Capital Management Co., Ltd., has increased its shareholding in the company by 100,754,000 H shares from September 9, 2025, to January 6, 2026 [3][4] - This increase raised the total shareholding of Jiangsu Transportation Holding and its concerted actions to 2,843,862,825 shares, increasing the ownership percentage from approximately 54.4511% to 56.4511% [3][4] - The cumulative increase in shareholding reached 2% of the company's total equity [4] Group 3: Impact of Shareholding Changes - The increase in shareholding does not trigger a mandatory tender offer and will not lead to changes in the controlling shareholder or actual controller of the company [4][5] - The company’s total issued share capital is 5,037,747,500 shares, comprising 3,815,747,500 A shares and 1,222,000,000 H shares [4]

Core Viewpoint - Ninghu Expressway announced that its controlling shareholder, Jiangsu Expressway, along with its concerted party, Yunshan Capital, will increase their stake in the company through the Hong Kong Stock Connect from September 9, 2025, to January 6, 2026, acquiring a total of 100,754,000 H-shares, which represents an increase of 2% in their ownership [1] Summary by Category Shareholding Changes - After the share acquisition, Jiangsu Expressway and its concerted parties will hold a combined ownership of 56.4511%, up from 54.4511% [1] - The controlling shareholder and actual controller of the company remain unchanged following this transaction [1]

Core Viewpoint - Jiangsu Ninghu Expressway (00177.HK) announced that its controlling shareholder, Jiangsu Jiaokong, through its wholly-owned subsidiary Yunsong Capital, will increase its stake in the company by acquiring 100,754,000 H-shares from September 9, 2025, to January 6, 2026, which will raise the total shareholding percentage from approximately 54.4511% to about 56.4511% [1] Group 1 - Jiangsu Jiaokong's wholly-owned subsidiary Yunsong Capital will use its own funds to participate in the Hong Kong Stock Exchange's trading system to acquire H-shares [1] - After the acquisition, Jiangsu Jiaokong and its concert parties, including Yunsong Capital, Jiangsu Yangtze Bridge Co., Ltd., Jiangsu Jiaokong Asset Management Co., Ltd., and Suzhou Jinling Nanlin Hotel Co., Ltd., will collectively hold 2,843,862,825 shares [1] - The total increase in shareholding will account for 2.0000% of the company's total share capital [1]

Core Viewpoint - Jiangsu Ninghu Highway Co., Ltd. has received a registration acceptance notice from the China Interbank Market Dealers Association, allowing the company to issue up to RMB 4 billion in short-term financing bonds over a two-year period starting from December 4, 2025 [1] Group 1 - The company plans to issue short-term financing bonds in phases, with a total issuance limit of RMB 4 billion [1] - On January 6, 2026, the company issued its first short-term financing bond for 2026, with a total issuance amount of RMB 590 million [1]

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份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。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 海外監管公告 2026年度第一期超短期融資券發行情況公告 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 規 定 作 出。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 及 中 國 報 章 刊 登 的 公 告。 特 此 公 告。 Δ 執行董事 # 非執行董事 * 獨立非執行董事 ^ 職 工 代 表 董 事 股票代码：600377 股票简称：宁沪高速 编号：临2026-002 江苏宁沪高速公路股份有限公司 2026 年度第一期超短期融资券发行情况公告 承董事會命 汪 鋒 執行董事 中 國‧南 京，2026年1月8日 於 本 公 告 日 期 ...

（股份代號：00177） 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份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。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 海外監管公告 江蘇泰和律師事務所關於江蘇寧滬高速公路股份有限公司 控股股東及其一致行動人增持股份的法律意見書 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 規 定 作 出。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 及 中 國 報 章 刊 登 的 公 告。 特 此 公 告。 承董事會命 汪 鋒 執行董事 中 國‧南 京，2026年1月8日 於 本 公 告 日 期，本 公 司 董 事 為： 陳雲江#、王 穎 健#、謝 蒙 萌#、汪 鋒 Δ 、張 新 宇#^、楊 少 軍#、楊 建 國#、馬 忠 禮#、徐 光 華 * 、葛 揚 * 、顧 ...

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份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。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速公路股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00177） 關於控股股東 及 其 一致行動人累計 增持公司股份達到2%的 提示性公告 本 公 司 董 事 會 及 全 體 董 事 保 證 本 公 告 內 容 不 存 在 任 何 虛 假 記 載、誤 導 性 陳 述 或 者 重 大 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 法 律 責 任。 重 要 內 容 提 示： • 本 次 增 持 屬 於 控 股 股 東 增 持，增 持 主 體 為 江 蘇 寧 滬 高 速 公 路 股 份 有 限 公 司（以 下 簡 稱「本公司」或「公 司」）控 股 股 東 江 蘇 交 通 控 股 有 限 公 司（以 下 簡 ...

Core Viewpoint - Jiangsu Expressway (宁沪高速) announced that its controlling shareholder, Jiangsu Communications Control, will increase its stake in the company by acquiring 100,754,000 H-shares through the Hong Kong Stock Exchange from September 9, 2025, to January 6, 2026, raising its total shareholding from approximately 54.4511% to about 56.4511% [1] Group 1 - Jiangsu Communications Control's wholly-owned subsidiary, Yunshan Capital, will use its own funds for the share purchase [1] - The total number of shares held by Jiangsu Communications Control and its concerted parties will reach 2,843,862,825 shares after the acquisition [1] - The increase in shareholding represents a cumulative increase of 2% of the company's total share capital [1]

Core Viewpoint - Jiangsu Expressway (宁沪高速) announced that its controlling shareholder, Jiangsu Communications Control (江苏交控), will increase its stake in the company by acquiring 100,754,000 H-shares through the Hong Kong Stock Connect from September 9, 2025, to January 6, 2026, raising its total shareholding from approximately 54.4511% to about 56.4511% [1] Group 1 - Jiangsu Communications Control's wholly-owned subsidiary, Yunshan Capital, will use its own funds for the share purchase [1] - The total number of shares held by Jiangsu Communications Control and its concerted parties will reach 2,843,862,825 shares after the acquisition [1] - The increase in shareholding represents a cumulative increase of 2% of the company's total share capital [1]