此乃要件 請即處理 如 閣下對本通函各方面或應採取之行動有任何疑問，應諮詢持牌證券交易商、股票經紀或 其他註冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 如 閣下已售出或轉讓名下所有之本公司股份，應立即將本通函及隨附之代表委任表格送交 買主或承讓人，或經手出售或轉讓之銀行、股票經紀或其他代理人，以便轉交買主或承讓人。 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，並明確表示概不就因本通函全部或任何部分內容而產生或因 依賴該等內容而引致之任何損失承擔任何責任。本通函僅供參考，並不構成收購、購買或認 購本公司證券之邀請或要約。 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） (1)主要交易 收購山東高速股份有限公司部分股份 及 (2)臨時股東會通告 董事會函件載於本通函第1頁至13頁。 本公司謹訂於2025年12月30日（星期二）下午二時三十分在中國安徽省合肥市望江西路520號 本公司會議室舉行臨時股東會，召開臨時股東會的通 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - Crude oil freight rates have declined from high levels, with mixed changes in ocean freight rates. The China Import Crude Oil Composite Index (CTFI) was reported at 2321.90 points on December 4, down 7.9% from November 27. The VLCC market has seen transactions at major loading ports, with shipowners trying to maintain price levels despite a cooling market [3][14] - China Eastern Airlines has launched the world's longest one-way flight route from Shanghai to Buenos Aires, reducing travel time by over 4 hours. Additionally, a ton-class eVTOL was included in urban firefighting drills for the first time [3][16] - In November, China's express delivery volume exceeded 180 billion items for the first time, marking a new record. The first full schedule China-Europe freight train departed from Shijiazhuang [3][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the Middle East route showing a 9.76% drop. The Shanghai port's export rates to Europe and the US have also seen declines of 0.3%, 5.0%, and 4.7% respectively [14][15] - The launch of the longest flight route by China Eastern Airlines connects Shanghai to Buenos Aires, significantly shortening travel time [16][17] - The express delivery volume in China reached a record high of 180 billion items in November, reflecting strong economic vitality [24][26] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 5721.00 points, up 2.4% year-on-year [28] - Domestic freight flight numbers decreased by 2.03% year-on-year in November, while international flights increased by 14.88% [30] - The SCFI index for container shipping was reported at 1397.63 points, down 0.39% week-on-week and down 38.06% year-on-year [37] 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 transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream [5] - Investment opportunities in low-altitude economy trends, recommending CITIC Offshore Helicopter [5] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [5] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [5] - Opportunities in the aviation sector, recommending Air China, China Southern Airlines, and others [5]

Core Insights - The article highlights the top and bottom AH share premium rates as of December 3, with Northeast Electric (00042) leading at a premium rate of 900.00% [1][2]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has the highest premium rate at 900.00% with H-share priced at 0.270 HKD and A-share at 2.25 CNY [2]. - Hongye Futures (03678) follows with a premium rate of 276.85%, H-share at 3.240 HKD and A-share at 10.19 CNY [2]. - Sinopec Oilfield Service (01033) ranks third with a premium rate of 265.79%, H-share at 0.760 HKD and A-share at 2.32 CNY [2]. Group 2: Bottom AH Share Premium Rates - Contemporary Amperex Technology (03750) has the lowest premium rate at -4.88%, with H-share priced at 473.600 HKD and A-share at 376.08 CNY [2]. - China Merchants Bank (03968) has a premium rate of -0.25%, H-share at 51.650 HKD and A-share at 43.01 CNY [2]. - Heng Rui Medicine (01276) follows with a premium rate of 1.71%, H-share at 71.800 HKD and A-share at 60.97 CNY [2]. Group 3: Premium Deviation Values - Guanghe Communication (00638) has the highest deviation value at 49.00% [1][3]. - Northeast Electric (00042) also features prominently with a deviation value of 36.60% [1][3]. - Chenming Paper (01812) ranks third with a deviation value of 26.74% [1][3]. Group 4: Bottom Premium Deviation Values - GAC Group (02238) has the lowest deviation value at -26.76% [1][3]. - Junsheng Electronics (00699) follows with a deviation value of -18.54% [1][3]. - Jiangsu Ninghu Highway (00177) has a deviation value of -15.01% [1][3].

策略研究 证 券 研 究 报 告 【策略月报】 从红利年化 10%看收益来源 ——多行业联合红利资产 11 月报 策略月报 2025 年 12 月 03 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：杨晖 证券分析师：马野 邮箱：maye@hcyjs.com 执业编号：S0360523040003 相关研究报告 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券 ...

Core Viewpoint - Shandong High-Speed Group's subsidiary plans to transfer a 9.68% stake in Guangdong Provincial Highway Development Co., Ltd. for 2.435 billion yuan, reflecting a 49.1% premium over book value, but the market response has been lukewarm with stock price declines following the announcement [2] Group 1: Stake Transfer Details - The transfer of the 9.68% stake in Guangdong Provincial Highway Development Co., Ltd. is valued at 2.435 billion yuan [2] - The transaction represents a 49.1% premium over the book cost of the stake [2] Group 2: Market Reaction - Following the announcement of the stake transfer, the stock price of Shandong High-Speed experienced declines over the next two trading days [2] Group 3: Strategic Implications - Shandong High-Speed's controlling shareholder, Shandong High-Speed Group, is also planning to transfer 7% of its shares to Anhui Expressway, indicating potential significant changes in ownership structure [2] - The recent capital maneuvers by Shandong High-Speed Group and its holding company suggest underlying strategic intentions [2]

Group 1 - The company Shandong High-Speed announced that its wholly-owned subsidiary plans to transfer a 9.68% stake in Guangdong Provincial Highway Development Co., Ltd. for 2.435 billion yuan, representing a 49.1% premium over the book cost [1] - The market reaction to the announcement has been tepid, with the stock price declining in the two trading days following the announcement [1] - There are potential significant changes in the company's own shareholding structure, as the controlling shareholder intends to transfer 7% of its shares to Anhui Expressway [1] Group 2 - The recent capital maneuvers by the controlling shareholder and its parent company raise questions about their strategic intentions [1]

致：香港交易及結算所有限公司 FF301 本月底法定/註冊股本總額： RMB 1,708,591,889 | 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 | 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） 呈交日期: 2025年12月1日 截至月份: 2025年11月30日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 2. 股份分 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of December 1, with Northeast Electric (00042) leading with a premium rate of 881.82% [1] - The article also lists the stocks with the highest and lowest deviation values, indicating significant discrepancies between their A-shares and H-shares [1] Summary of Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 881.82%, followed by Hongye Futures (03678) at 274.55% and Sinopec Oilfield Service (01033) at 269.74% [1] - The top ten stocks with high premium rates include Zhejiang Shibao (01057) at 261.98% and Chenming Paper (01812) at 245.83% [1] Summary of Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -5.03%, China Merchants Bank (03968) at -1.36%, and Heng Rui Medicine (01276) at 1.50% [1] - Other notable mentions in the bottom list include Weichai Power (02338) at 6.45% and Midea Group (00300) at 7.66% [1] Summary of Deviation Values - The stocks with the highest deviation values are Guanghe Communication (00638) at 31.56%, Dazhong Public Utilities (01635) at 23.38%, and Beijing Jingcheng Machinery Electric (00187) at 20.11% [1] - Conversely, the stocks with the lowest deviation values include Jiangsu Ninghu Expressway (00177) at -13.73%, Junsheng Electronics (00699) at -12.81%, and China Life (02628) at -11.45% [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)2025年第四次臨時股東大會決議公告 (2)2025年度第一期超短期融資券發行結果公告 承董事會命 | 证券代码：600012 | 证券简称：皖通高速 | | | 公告编号：临 | 2025-053 | | --- | --- | --- | --- | --- | --- | | 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 | | | ...

安徽皖通高速公路股份有限公司 獨立董事工作制度 （經2025年第四次臨時股東大會審議通過） 第一章 總則 第一條 為進一步完善安徽皖通高速公路股份有限公司（以下簡稱「皖通 公司」或「公司」）治理結構，規範獨立董事行為，充分發揮獨立 董事在公司治理中的作用，根據《上市公司治理準則》《上市公 司獨立董事管理辦法》《上市公司獨立董事履職指引》《上海證券 交易所上市公司自律監管指引第1號－規範運作》等有關法律法 規和《安徽皖通高速公路股份有限公司章程》（以下簡稱「《公司 章程》」）的規定，制定本制度。 第二條 獨立董事是指不在公司擔任除董事外的其他職務，並與公司及 其主要股東、實際控制人不存在直接或者間接利害關係，或者 其他可能影響其進行獨立客觀判斷關係的董事。 獨立董事應當獨立履行職責，不受公司及其主要股東、實際控 制人等單位或者個人的影響。如發現所審議事項存在影響其獨 立性的情況，應當向公司申明並實行迴避。任職期間出現明顯 影響獨立性情形的，應當及時通知公司，提出解決措施，必要 時應當提出辭任。 第三條 獨立董事對公司及全體股東負有忠實與勤勉義務。獨立董事應 當按照相關法律、法規和《公司章程》的要求，認真履行職責 ...