Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting potential opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% year-on-year [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air freight rates at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - The VLCC freight rate rose by 2% week-on-week, while the BDI decreased by 10% [7][48]. - The report highlights the growth potential in the express logistics sector, particularly for leading companies like Zhongtong and Yuantong, as well as the promising outlook for instant retail leader SF Express [7][31]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends continued investment in the aviation sector due to expected low growth in aircraft supply and a projected 5% increase in passenger numbers [2][31]. - The report also emphasizes the importance of dividend assets, recommending companies like Sichuan Chengyu and China Merchants Port for their stable performance and potential for increased dividends [7][31].

Investment Rating - The report indicates a positive outlook for the transportation sector, with specific recommendations for companies such as SF Holding and China Southern Airlines [2][4]. Core Insights - The express delivery sector experienced a year-on-year growth of 2.3% in December, with major companies benefiting from price increases due to reduced competition. The total express business revenue for 2025 reached 1.5 trillion yuan, a 6.5% increase year-on-year [2]. - The logistics sector is seeing improvements with DSV's integration of DB Schenker progressing ahead of schedule, and a focus on smart logistics is recommended for Hai Chen Co. [3]. - The aviation sector is witnessing a slight decrease in flight volumes, but ticket prices are expected to rise due to supply constraints from manufacturers. Recommendations include China National Aviation and China Southern Airlines [4]. - The shipping sector shows a mixed performance, with container shipping rates declining while oil transport indices are on the rise, indicating a potential increase in oil transport demand [5]. - The road and rail sectors are showing stable growth, with significant increases in truck traffic on highways and a notable rise in the dividend yield of major public road operators [6][79]. Summary by Sections 1. Transportation Market Review - The transportation index rose by 1.8% during the week of January 31 to February 6, 2026, outperforming the Shanghai Composite Index by 3.2% [1][13]. 2. Industry Fundamentals Tracking 2.1 Shipping Ports - The export container shipping index (CCFI) was reported at 1122.15 points, down 4.5% week-on-week and down 20.7% year-on-year. The Shanghai export container shipping index (SCFI) was at 1266.56 points, down 3.8% week-on-week and down 33.2% year-on-year [21]. 2.2 Aviation Airports - In December 2025, civil aviation passenger volume reached 60.6 million, a 6% increase year-on-year, with domestic routes showing a 6% increase and international routes a 9% increase [56]. 2.3 Rail and Road - In December 2025, national railway passenger volume was 323 million, up 8.52% year-on-year, while road freight volume was 3.797 billion tons, up 0.62% year-on-year [77][79].

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」）在中國大陸報章刊登及上海證 券交易所網站發佈的公告如下，僅供參閱。 （1）第十屆董事會第二十三次會議決議公告 （2）關於投資G30連霍高速公路安徽段改擴建工程的公告 承董事會命 安徽皖通高速公路股份有限公司 公司秘書 簡雪艮 2026年2月6日 安徽皖通高速公路股份有限公司 第十届董事会第二十三次会议决议公告 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法律责任。 一、董事会会议召开情况 （一）安徽皖通高速公路股份有限公司（以下简称 ...

（股份編號： 995） 自願公告 關於投資G30連霍高速公路安徽段改擴建工程 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） 本公司對本項目的資本金約為人民幣10.84億元，由 本公司自有資金 提 供， 其餘人民幣43.36億 元 將 通 過 銀 行 貸 款 等 方 式 解 決。預 計2026年投資金額 為人民幣4.4億 元。根 據 安 徽 省 高 速 公 路 建 設 相 關 案 例，實 際 投 資 金 額 較 項 目 估 算 投 資 金 額 有 所 節 省。 投資本項目的原因及好處 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，於20 ...

Investment Rating - The report maintains a stable outlook for the Chinese toll road industry, reflecting the expectation that the overall credit quality of the industry will not undergo significant changes in the next 12 to 18 months [3][32]. Core Insights - The toll road industry in 2025 is characterized by stable overall performance, with passenger transport experiencing a "total decline, slight increase in turnover" due to competition from other transportation modes, while freight transport continues to grow under macroeconomic support [4][31]. - The fixed asset investment scale in the toll road sector has been on a downward trend, with future construction tasks primarily concentrated in the western regions, which may face greater investment pressures [4][12]. - The overall profitability of toll road operators has shown slight recovery, with debt repayment capabilities slightly declining but remaining at a good level, and financial leverage levels appearing relatively stable [4][31]. Summary by Sections Analysis Approach - The report analyzes the overall fundamentals of the toll road industry from the perspectives of demand changes, investment pressures, and industry policies, while summarizing the current credit situation and future credit trends for the next 12 to 18 months [5]. Industry Fundamentals - The toll road industry in 2025 shows stable performance, with passenger transport volume slightly declining by 2.4% to 11.492 billion passengers, while freight transport volume increased by 3.4% to 43.288 billion tons [6][7]. - The construction of a smart transportation system is expected to bring new opportunities and challenges to the toll road industry [6][11]. - The proportion of road transport turnover in the total transport industry is expected to decline slightly, with road passenger turnover accounting for 14.35% and freight turnover for 29.81% [8]. Financial Performance - The net profit of toll road operators has shown slight growth due to diversified business development and a decrease in financial expenses, with a net profit increase of 4.29% in 2025 [22][30]. - The overall financial performance remains stable, with the total debt of sample enterprises maintaining a low growth rate, and the financial leverage continuing to decline [24][30]. - The cash flow from operating activities for sample enterprises has increased, with net cash flow from operations growing by 10.33% and 8.62% in 2024 and the first three quarters of 2025, respectively [26][30]. Conclusion - The toll road industry is expected to maintain stable performance, with the overall credit level remaining stable due to manageable capital expenditure pressures and ongoing consolidation within the industry [31][32].

Market Overview - The Hong Kong stock market opened lower on February 5, with the Hang Seng Index down 219.37 points, a decline of 0.82%, closing at 26,627.95 points [1] - The Hang Seng Tech Index fell by 70.55 points, down 1.31%, to 5,295.89 points [1] - The China Enterprises Index decreased by 69.92 points, a drop of 0.77%, to 8,978.46 points [1] - The Red Chip Index declined by 8.89 points, down 0.2%, to 4,363.4 points [1] - The previous day saw mixed performance among the three major indices, with the Hang Seng Index closing in the green while the Hang Seng Tech Index experienced a drop of over 2% at one point [1] Company Performance - Xinda Biologics (01801.HK) reported a projected total product revenue of approximately RMB 11.9 billion for 2025, reflecting a year-on-year growth of about 45% [2] - Lee & Man Paper Manufacturing (02314.HK) anticipates a profit of approximately HKD 1.88 billion to HKD 2.00 billion for 2025, representing a year-on-year increase of 38% to 47% [2] - ZTO Express (02057.HK) expects total revenue for 2025 to be between RMB 48.5 billion and RMB 50 billion, with a year-on-year growth of about 9.5% to 12.9% due to increased parcel volume [2] - China Resources Cement (01313.HK) forecasts a year-on-year profit increase of approximately 115% to 135% for 2025, driven by cost reductions and decreased impairment losses [2] - Gemdale Corporation (00535.HK) reported a total contract sales amount of approximately RMB 239 million in January, a year-on-year decrease of 61.82% [3] - Fosun International (00656.HK) plans to subscribe to additional registered capital of Shangan Technology for RMB 105 million, acquiring a 51.0879% stake post-capital increase [3] - Shanghai Pharmaceuticals (02607.HK) intends to transfer its 30% stake in Amgen for a minimum listing price of approximately RMB 1.023 billion [3] Corporate Actions - Caocao Travel (02643.HK) completed a placement of 12 million shares at HKD 32.46 per share, raising approximately HKD 383 million [4] - Kingsoft (03888.HK) repurchased 1.0886 million shares for HKD 29.99 million, with repurchase prices ranging from HKD 27.18 to HKD 28 [5] - Xiaomi Group (01810.HK) spent HKD 146 million to repurchase 4.3 million shares at prices between HKD 33.94 and HKD 34.02 [6] - Kingdee International (00268.HK) repurchased 1 million shares for HKD 11.0597 million, with prices between HKD 11.05 and HKD 11.1 [7] Industry Insights - Guosen Securities remains optimistic about the spring market, suggesting a focus on performance-based investments despite potential negative impacts from the rebound of the US dollar index and rising US Treasury yields [8] - CICC noted advancements in global large model technology capabilities, particularly in reasoning and programming, while highlighting ongoing limitations in general capabilities [9] - Xinda Securities pointed out the continuous improvement of regulations in the domestic intelligent connected vehicle sector, with an expected market size of RMB 270 billion for Robo-taxis by 2030 and a projected increase in the logistics vehicle industry value to RMB 594.8 billion by 2030 [9]

Group 1 - The core point of the article is that Shandong Expressway announced the transfer of approximately 338 million unrestricted circulating shares, representing 7% of the company's total share capital, from its controlling shareholder, Gaosu Group, to Anhui Expressway through a private agreement [1] - The share transfer agreement was signed on October 21, 2025, and has received compliance confirmation from the Shanghai Stock Exchange [1] - The transfer was officially registered on February 4, 2026, with the transfer date set for February 3, 2026, and all registration procedures have been completed [1]

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） 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。 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）、余泳及陳季平；非 執行董事楊旭東及楊建國；獨立非執行董事章劍平、盧太平及趙建莉；以及職工董 事吳長明。 | 证券代码：600012 | 证券简称：皖通高速 | | | 公告编号：临 | 2026-003 | | --- | --- | --- | --- | --- | --- | | 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 | | | 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. ...

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） 完成主要交易 收購山東高速股份有限公司部分股份 截至本公告日，本公司董事會成員包括執行董事汪小文（主席）、余泳及陳季平；非 執行董事楊旭東及楊建國；獨立非執行董事章劍平、盧太平及趙建莉；以及職工董 事吳長明。 * 僅供識別 董事會欣然宣佈，股份轉讓協議的所有先決條件均已達成，主要交易已於本公告日 期根據股份轉讓協議的生效條款完成。完成後，本公司持有目標公司已發行股份的 約7%。 – 1 – 目標公司主要從事對交通基礎設施的投資運營，以及高速公路產業鏈上下游相關行 業等領域的股權投資。 承董事會命 安徽皖通高速公路股份有限公司 簡雪艮 公司秘書 中國安徽省合肥市 2026年2月4日 茲提述安徽皖通高速公路股份有限公司（「本公司」）日期為2025年 ...

FF301 截至月份: 2026年1月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.2.0 致：香港交易及結算所有限公司 公司名稱: 安徽皖通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） 本月底法定/註冊股本總額： RMB 1,708,591,889 2. 股份分類 普通股 股份類別 A 於香港聯交所上市 (註1) 否 證券代號 (如上市) 600012 說明 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 1,165,600,000 RMB 1 RMB 1,165,600,000 增加 / 減少 (-) RMB 本月底結存 1,165,600,000 RMB 1 RMB 1,165,600,000 I. 法定/註冊股本變動 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00995 說明 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 542,991,889 RMB 1 RMB 542,991,889 增加 / 減少 (-) RMB 本月底結存 542,991,889 RMB 1 RMB 542,991,889 股份發行人 ...