Investment Rating - The report maintains a "Recommendation" rating for the transportation industry [2] Core Insights - The report highlights a significant growth in express delivery business volume, with a 19.3% increase in the first half of 2025, and anticipates a double-digit growth for the entire year [6][20] - The shipping sector shows improved market conditions, particularly in the dry bulk market, with rising freight rates and a positive outlook due to extended tariff grace periods between the US and China [6][16] - Infrastructure assets in Hong Kong are expected to see valuation improvements, with stable performance from leading highway assets and a focus on port assets as stable cash flow investments [6][18] - The aviation sector is experiencing a steady increase in passenger volume, although revenue performance remains under pressure due to competitive pricing [6][21] Summary by Sections Shipping - The dry bulk market is experiencing a rebound, with significant increases in freight rates for Panamax vessels and improved cargo volumes from Australia and South America [6][15] - The container shipping sector is facing mixed results, with some routes seeing rate declines while others remain stable due to port congestion [6][11] - The oil shipping market is expected to improve in Q3, with OPEC+ increasing production [6][14] Infrastructure - As of May 2025, national port cargo throughput reached 1.59 billion tons, a year-on-year increase of 4.4%, while container throughput grew by 5.4% [6][51] - The CR450 high-speed train is set to enter commercial operation by the end of 2026, promising enhanced operational efficiency and energy savings [6][17] - The report suggests that leading highway assets are entering a favorable investment zone with stable dividend expectations [6][18] Express Delivery - The express delivery sector is projected to grow over 20% in 2024, with a 15.8% year-on-year increase in June 2025 [6][19] - The report emphasizes the importance of regulatory changes to combat excessive price competition in the industry [6][20] - Major players in the express delivery market are showing varied growth rates, with SF Express leading in volume growth [6][19] Aviation - Passenger volume in civil aviation increased by 1.8% week-on-week and 3% year-on-year, indicating a recovery trend [6][21] - The report notes that while passenger numbers are rising, revenue performance is pressured by competitive pricing strategies [6][21] - Recommendations include focusing on major airlines like China Southern Airlines and Air China for potential investment opportunities [6][21] Logistics - The logistics sector is seeing fluctuations in cross-border air freight prices, with a 4% week-on-week increase in the TAC Shanghai outbound air freight price index [6][23] - The report highlights the potential for significant non-operating income for China National Foreign Trade Transportation Group in 2025 [6][23]

通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 AI基金长盛量化红利混合A（080005）披露2025年二季报，第二季度基金利润2843.09万元，加权平均基金份额本期利润0.0715元。报告期内，基金净值增长 率为3.27%，截至二季度末，基金规模为8.49亿元。 该基金属于偏股混合型基金。截至7月18日，单位净值为2.259元。基金经理是王宁，目前管理2只基金近一年均为正收益。其中，截至7月18日，长盛量化红 利混合A近一年复权单位净值增长率最高，达6.47%；长盛成长价值混合A最低，为2.22%。 基金管理人在二季报中表示，长盛量化红利基金2025年第二季度单位净值基本保持在低波状态下的稳健回升状态，组合根据2024 年年度分红数据以及2025 年红利股息支付率变化以及盈利预期变化，积极调整组合，增配低估值和具有一定分红水平的公司，低配2025年预期业绩下降可能股息支付率下降的公司， 持续保持组合具有一定的弹性。 截至7月18日，长盛量化红利混合A近三个月复权单位净值增长率为4.76%，位于同类可比基金165/182 ...

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 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **aviation industry** and its investment strategies for the mid-term outlook towards 2025, along with insights into the **highway industry**. Core Insights and Arguments - **Domestic Passenger Load Factor**: As of May 2025, the domestic passenger load factor reached **85%-86%**, nearing historical peaks, indicating a potential for stronger sustained growth in the aviation sector [1][2] - **Profitability Improvement**: The aviation industry is expected to see improved profitability due to enhanced revenue management and rational pricing strategies, which have been positively influenced since May 2023 [2][3] - **Challenges Faced**: The aviation sector has faced challenges such as increased price sensitivity among business travelers, slower-than-expected recovery of international routes, and limited collaboration among airlines, which have pressured overall revenue levels [1][4] - **Supply-Side Challenges**: The global aviation industry is experiencing supply-side challenges, including engine issues leading to approximately **5%** of capacity being grounded and slow delivery of new aircraft, with Airbus and Boeing recovering to **65%** and **70%** of pre-pandemic delivery capabilities, respectively [9][11] - **Profitability Turning Point**: The second quarter of 2025 marks a turning point for profitability in the aviation sector, with major airlines nearing breakeven, reducing losses from **2 billion** to under **500 million** compared to the previous year [12][13] Investment Opportunities - **Investment Outlook for 2025**: The second half of 2025 is expected to present significant investment opportunities in the aviation sector, driven by a critical supply-demand balance and improved load factors [2][3] - **Recommended Companies**: Companies with strong earnings certainty such as **Spring Airlines**, **Juneyao Airlines**, and **China Eastern Airlines** are recommended for investment [3][13] - **Highway Industry Stability**: The highway sector is characterized by stable profitability and is recommended for long-term investment due to its defensive nature and clear dividend commitments from companies like **Yuexiu Transport** and **Wuhu Port** [15][16] Additional Important Insights - **Future Supply Growth**: The average supply growth in the aviation industry is projected to be around **1.8%** from 2025 to 2028, with a notable decline in growth rates expected in subsequent years due to ongoing supply chain issues and rising manufacturing costs [11][12] - **Airport Capacity Expansion**: The airport industry is entering a capacity expansion phase starting in 2025, with significant projects planned for major airports, which may enhance long-term investment value despite short-term cost pressures [14] - **Macro Economic Context**: The Japanese aviation market has shown resilience with a **4.2%** compound growth rate in passenger volume, significantly outpacing GDP growth, indicating strong travel demand despite economic slowdowns [6][7] This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the aviation and highway industries, their challenges, opportunities, and future outlooks.

Strategy - The report constructs a macroeconomic state-based dividend rotation portfolio, achieving an annualized return of 15%. The rotation focuses on four categories: cyclical, consumer, stable, and manufacturing dividends, using indicators such as M1 year-on-year growth, PPI index, and 10Y government bond yield to define macro states [15][35][39]. Financial Sector - In June, the banking sector rose by 5.37%, with valuations continuing to recover. The report suggests a diversified investment strategy focusing on state-owned banks and quality regional banks, highlighting the long-term investment value of major banks like China Merchants Bank and CITIC Bank [13][39]. Transportation and Utilities - H-shares outperformed A-shares, emphasizing investment opportunities in Hong Kong dividend assets. Recommendations include Sichuan Chengyu and Anhui Expressway for highways, and China Merchants Port for ports, which are expected to benefit from long-term value and dividend increases [13][39]. Energy and Chemicals - With the arrival of the driving season in Europe and the US, the report highlights investment opportunities in the energy sector. It recommends focusing on major oil and gas companies like China National Petroleum and China Petroleum & Chemical, as well as coal companies like China Shenhua Energy [13][39]. Food and Beverage - The sector is entering a performance verification period, with a focus on improving dividend quality. Recommendations include leading liquor brands like Kweichow Moutai and Wuliangye, as well as dairy companies like Yili [13][39]. Home Appliances - The report emphasizes investment opportunities in leading companies within the home appliance sector, particularly those benefiting from government policies and improving domestic sales. Key recommendations include Midea Group and Haier Smart Home [13][39]. Real Estate - With a decline in residential property sales, the report suggests focusing on commercial real estate. Recommended companies include Swire Properties and China Resources Land, which are expected to maintain stable cash flows and dividends [13][39]. Publishing - The education publishing sector is highlighted for its stability and potential for high dividends. Recommendations include Southern Publishing and Media Group, which is expected to maintain strong performance and dividend payouts [13][39]. Selected Dividend Assets - The report identifies a selection of stable and quality dividend assets, including Shanghai Rural Commercial Bank, Sichuan Chengyu, Kweichow Moutai, and Gree Electric Appliances, among others [12][39].

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 ...

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13.10(B)條而作出。 茲載列安徽皖通高速公路股份有限公司（「本公司」）在中國大陸報章及上海證券交 易所網站發佈的公告如下，僅供參閱。 (1)第十屆董事會第十三次會議決議公告 (2)關於公司秘書離任及聘任的公告 安徽皖通高速公路股份有限公司 第十届董事会第十三次会议决议公告 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相应的法律 责任。 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 2025年6月27日 中國安徽省合肥市 截止本公告日，本公司董事會成員包括執行董事汪小文（主席）、余泳、陳季 ...

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。 董 事 會 亦 宣 佈，何 耀 棣 律 師 事 務 所 不 再 擔 任 香 港 法 例 第622章公司條例 第16部所界定代表本公司於香港接受法律程序之文件或通知的授權代表（「法 律程序代理人」），自2025年6月27日 起 生 效。 變更公司秘書、授權代表 及法律程序代理人及 變更香港主要營業地點 安 徽 皖 通 高 速 公 路 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）宣 佈，本 公 司 收 到 李 忠 成 先 生（「李先生」）的 書 面 辭 職，因工作變動原因 李 先生申 請辭去本公司之公司秘書及香港聯合交易所有限公司證券上市規則第3.05 條 所 述 之 本 公 司 授 權 代 表（「授權代表」）之 職 務，自202 ...

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） 持續關連交易： 2025年ETC分攤協議 ETC卡成本分攤方式 交通數科產生的ETC卡發行費用按照每套ETC卡人民幣100元計算，由安徽省內各 高速公路經營單位按季度分攤，分攤比例及金額按照該季度ETC卡實際發行數量及 該季度各高速公路經營單位經拆分後通行費收入比例計算。 定價基準及支付條款 上述ETC卡發行費用標準乃按照管委會之要求而釐定。根據2025年ETC分攤協議的 條款，交通數科負責統計各高速公路經營單位須支付的金額並於每季首15天內以函 件通知，而各高速公路經營單位須在收到函件後30個工作日內向交通數科支付相 關分攤費用（惟2025年第一及第二季度的分攤費用須在簽訂2025年ETC分攤協議後 30個工作日內支付）。前述費用將以本公司、 ...