Meeting Information - The first temporary shareholders' meeting of 2025 will be held on December 18, 2025, at 15:00 [2] - The meeting will take place at the company's conference room located at No. 6, Xianlin Avenue, Nanjing [2] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [2][3] Voting Procedures - Online voting will be available on December 18, 2025, during trading hours: 9:15-9:25, 9:30-11:30, and 13:00-15:00 [3] - Shareholders can vote via the trading system or the internet voting platform, with identity verification required for first-time users [6][7] - Duplicate votes through different methods will be counted based on the first vote cast [7] Attendance and Registration - Shareholders registered by the close of trading on December 10, 2025, are eligible to attend the meeting [9] - Shareholders may appoint a proxy to attend and vote on their behalf, with each share granting one vote [12] - Registration must be completed by submitting a receipt by December 13, 2025 [12] Meeting Agenda - The meeting will review specific proposals, with details disclosed in prior announcements [6] - Special resolutions will include the first three proposals, while there will be no separate voting for minority investors or related party abstentions [6] Additional Information - The meeting will last half a day, and attendees are responsible for their own travel and accommodation expenses [13] - Contact information for the company is provided for any inquiries related to the meeting [14]

此乃要件 請即處理 閣下如對本通函的任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註 冊證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將所屬的江蘇寧滬高速公路股份有限公司的股份全部售出，應立即將本通函及隨附 的代表委任表格及股東回執送交買主，或經手買賣的銀行、股票經紀或其他代理商，以便轉 交買主。 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通函之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或 因依賴該等內容而引致之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） (1) 建議修改《公司章程》《股東大會議事規則》《董事會議事規則》及 《獨立董事工作細則》 及 (2) 2025年第一次臨時股東會通知 茲定於2025年12月18日（星期四）下午3時正在中國南京市仙林大道6號舉行2025年第一次臨時 股東會，會議通知載於本通函第162頁至第167頁，董事會函件載於本通函第1頁至 ...

证券代码：600377 证券简称：宁沪高速 公告编号：2025-054 江苏宁沪高速公路股份有限公司 关于召开2025年第一次临时股东会的通知 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法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第一次临时股东会 召开的日期时间：2025 年 12 月 18 日 15 点 00 分 召开地点：南京市仙林大道 6 号公司会议室 (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年12月18日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 | 序号 | 议案名称 | | 投票股东类型 | | --- | --- | --- | --- | | | | A 股股东 | H 股股东 | | 非累积投票议案 | | | | | 1 | 关于取消监事会暨修订《公司章程》的 | √ ...

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通告的內 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 不對因本通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） 2025年第一次臨時股東會通知 重 要 內 容 提 示： 茲通告江蘇寧滬高速公路股份有限公司（「本公司」）於2025年12月18日（星期四） 下午3時正召開2025年第一次臨時股東會，會議召集人為本公司董事（「董事」） 會（「董事會」），會 議 地 點 在 中 國 江 蘇 省 南 京 市 仙 林 大 道6號。現 將 有 關 事 項 通 知 如 下： 一、召開會議的基本情況 （四）現 場 會 議 召 開 的 日 期、時 間 和 地 點 （五）網 絡 投 票 的 系 統、起 止 日 期 和 投 票 時 間 網 絡 投 票 系 統： 上海證券交易所股東會網絡投票系統 通過互聯 ...

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） 姓名 持股情況 H股股數 身份證號碼： 電話號碼： 地址： 日期： 股東簽名： 附註： 1. 股權登記日定為2025年12月10日下午4:30時，於是日登記在冊的股東有權填寫此回執並參加臨時股東會。 2. 請用正楷填寫此回執。此表可複印使用。 3. 請提供身份證（或護照）複印件。 4. 請提供可證明 閣下持股情況的文件副本。 5. 此表可採用來人、來函或傳真的形式，於2025年12月13日或之前送達本公司。 6. (1) 如此表採用來人或來函形式，請送遞至下述地址： 中華人民共和國 江蘇省南京市仙林大道6號 江蘇寧滬高速公路股份有限公司 董事會秘書室 郵政編號：210049 (2) 如此表採用傳真形式，請傳至： 江蘇寧滬高速公路股份有限公司 董事會秘書室 傳真號碼：(86) 25-8420 7788 有關參加2025年12月18日舉行之 2025年第一次臨時股東會H股股東回執 根據本公司章程和有關規定，所有欲參加江蘇寧滬高速公路股份有限公司 ...

地址為 持有江蘇寧滬高速公路股份有限公司（「本公司」） H股 委任 （附註3） 會議主席，或 （附註2） 的登記股東，謹此 的 為 我╱我們的代理人，參加於2025年12月18日（星期四）下午3時正在中華人民共和國南京市仙林大道6號召開的二零二五年第一次 臨時股東會（或其任何續會）（「臨時股東會」），為我╱我們行使表決權，並根據法律及法規及本公司章程的規定在臨時股東會上行 使所賦予的權利審議任何其他事項。並代表我╱我們在臨時股東會上提呈的議題，表達如下意見，或如果下述之投票代理委託 書未有填寫，則我╱我們的代理人可按自己認為合適的意見投票。 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） 二零二五年第一次臨時股東會及其任何延會H股股東投票代理委託 我╱我們 （附註1） 日期：2025年 月 日 簽字 附註： 1. 請用正楷填寫姓名地址。 2. 請填入以您的名字登記的本公司的H股數量以及代理委託書所代表的數量。如未填入該等數字，則該投票代理委託書會被視為代表以 您的名字登記的全部本公司H股 ...

Group 1 - Jiangsu Ninghu Expressway (00177.HK) was increased by Jiangsu Communications Holding Co., Ltd. by 10.588 million shares at an average price of HKD 9.8947 per share, involving approximately HKD 105 million [1] - After the increase, Jiangsu Communications Holding Co., Ltd. holds a total of 49.024 million shares, raising its ownership percentage from 3.15% to 4.01% [1]

Group 1 - Jiangsu Transportation Holding Co., Ltd. increased its stake in Jiangsu Ninghu Expressway (600377) by acquiring 10.588 million shares at a price of HKD 9.8947 per share, totaling approximately HKD 105 million [1] - After the acquisition, the total number of shares held by Jiangsu Transportation is 49.024 million, representing a holding percentage of 4.01% [1]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]

Core Insights - The report highlights a significant increase in VLCC (Very Large Crude Carrier) freight rates, reaching a new high, driven by a notable decline in Russian oil exports, which has created additional demand for oil transportation from the Middle East to India and China [3][4] - The report suggests a positive outlook for the transportation sector, particularly in shipping and aviation, with recommendations for specific companies such as China Merchants Energy and COSCO Shipping Energy [3][4] - The report emphasizes the importance of monitoring seasonal trends in freight rates, particularly the potential for a "not-so-dull" off-season from December to February [3] Industry Overview - The transportation index has decreased by 5.00%, underperforming the CSI 300 index by 1.23 percentage points, with the express delivery sector showing the smallest decline at -2.75% and the public transport sector experiencing the largest drop at -9.35% [4][11] - The shipping sector has shown mixed performance, with the Baltic Dry Index increasing by 5.67% while the coastal dry bulk freight index fell by 3.47% [4][11] - The report notes that the average freight rate for VLCCs has risen by 5% week-on-week, reaching $126,371 per day, with the Middle East to Far East route hitting a new high of $138,144 per day [3][4] Shipping Sector Insights - The report indicates that the average freight rate for the fourth quarter is approaching $99,000 per day, marking it as one of the highest quarterly averages in history [3] - The decline in Russian oil exports has been significant, dropping from nearly 4 million barrels per day to around 3 million barrels per day, which has increased demand for oil from the Middle East [3][4] - The report also highlights the recovery of chartering activities following the Bahri conference, with shipowners beginning to control capacity due to tightening supply [3] Aviation Sector Insights - The report discusses the unprecedented challenges in the aircraft manufacturing supply chain, with an aging fleet expected to persist over the next 5-10 years, leading to constrained supply [3] - It anticipates a significant improvement in airline profitability as capacity is allocated to international routes, suggesting a potential golden era for airlines [3] - Recommendations include major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from these trends [3] Express Delivery Sector Insights - The express delivery industry is entering a new phase of competition, with three potential scenarios outlined: price recovery leading to utility-like profitability, continued competitive pressure, or higher-level consolidation [3] - Companies such as Shentong Express and YTO Express are highlighted as having strong potential due to their competitive advantages and market positioning [3] High Dividend Stocks in Transportation - The report lists high dividend yield stocks in the transportation sector, including Bohai Ferry with a yield of 8.08% and China Railway with a yield of 3.95% [21] - The focus on high dividend stocks is seen as a stable investment strategy amidst market fluctuations [21]