Core Viewpoint - The AI Fund Guojin Hongli Quantitative Stock Selection Mixed A (024385) reported a profit of 4.2903 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0116 yuan, indicating a stable performance in a challenging market environment [1] Fund Performance - The fund's net value growth rate for the reporting period was 0.74%, with a total fund size of 312 million yuan as of the end of Q4 [1] - As of January 23, the unit net value was 1.051 yuan, reflecting a positive trend in fund valuation [1] Fund Manager Insights - The fund manager, Ma Fang, oversees seven funds, with the Guojin Quantitative Multi-Factor A achieving the highest one-year cumulative net value growth rate of 70.06%, while the Guojin Quantitative Multi-Strategy A recorded the lowest at 49.44% [1] - The fund management indicated that during the reporting period, the fund was in a closed period at certain times, adhering to a steady investment rhythm driven by quantitative models based on market conditions [1] Top Holdings - As of the end of Q4 2025, the fund's top ten holdings included Agricultural Bank of China, Gree Electric Appliances, Nanjing Bank, Tangshan Port, Guangdong Expressway A, Shandong Expressway, Phoenix Media, Shanghai Electric, TBEA Co., and Anhui Expressway [1]

Group 1 - The core viewpoint of the news is that Anhui Wantuo Expressway Co., Ltd. has shown fluctuations in its stock price and financial performance, with a recent increase in stock price and a notable rise in revenue and net profit year-on-year [1][2][3] Group 2 - As of January 20, the stock price of Wantuo Expressway increased by 2.04% to 14.50 CNY per share, with a total market capitalization of 24.775 billion CNY [1] - The company has experienced a year-to-date stock price decline of 2.16%, with a 5-day drop of 1.56% and a 20-day increase of 0.55% [1] - For the period from January to September 2025, Wantuo Expressway achieved operating revenue of 5.386 billion CNY, representing a year-on-year growth of 6.78%, and a net profit attributable to shareholders of 1.477 billion CNY, up 20.98% year-on-year [2] Group 3 - The company has distributed a total of 10.189 billion CNY in dividends since its A-share listing, with 2.941 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 51.22% to 25,700, while the average circulating shares per person decreased by 33.95% to 45,545 shares [2][3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, indicating a diversified institutional holding [3]

Investment Rating - The report maintains a recommendation for the transportation industry, indicating a positive outlook for specific sectors such as shipping and logistics [2]. Core Insights - The shipping sector is experiencing a significant increase in oil transportation rates due to heightened sanctions from the US and EU against Iran and Venezuela, leading to strong market sentiment among shipowners [6][17]. - The infrastructure sector is advised to focus on individual stock selections, particularly in stable cash flow assets like ports, which are currently undervalued [19]. - The aviation industry is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026, marking a potential recovery year for profitability [25]. - The express delivery sector is projected to see a gradual improvement in competition and profitability, with a focus on major players like SF Express and Zhongtong Express [21]. Shipping Sector Summary - Oil transportation rates have surged significantly due to geopolitical tensions, with VLCC TD3C-TCE reaching $116,000 per day, a notable increase of 10.8% from the previous week [12][49]. - The dry bulk market is showing signs of seasonal decline, with the BDI index reporting a drop of 7.2% [16][48]. - Recommendations include focusing on oil tanker and dry bulk stocks such as COSCO Shipping Energy and China Merchants Energy [17]. Infrastructure Sector Summary - Weekly data indicates a 17.3% increase in truck traffic volume, while rail freight has seen a 10.3% increase week-on-week [19][18]. - The report suggests investing in highway assets like Anhui Expressway, which are expected to provide stable returns [19]. Express Delivery Sector Summary - The express delivery industry saw a 13.7% year-on-year growth in business volume for 2025, with December showing a slowdown to 2.6% [20][21]. - Major companies are expected to benefit from operational adjustments, with SF Express projected to achieve faster profit growth in 2026 [21]. Aviation Sector Summary - The aviation sector is currently in a transitional phase, with passenger volumes showing a 3.6% year-on-year decline, but a potential recovery is anticipated in 2026 due to improved market conditions [25][22]. - The report emphasizes monitoring the impact of the Spring Festival travel season and geopolitical factors on oil prices [25]. Logistics Sector Summary - The logistics sector is experiencing stable air freight prices, with the TAC Shanghai outbound air freight price index remaining flat week-on-week [26]. - The report highlights the importance of monitoring cross-border transport volumes and short-haul freight rates [26].

Group 1: Company Announcements - Hongsheng Co., Ltd. has not generated revenue in the data center liquid cooling sector [1][2] - Oriental Pearl does not directly engage in AI business, and AI applications do not directly generate revenue [1][2] - Tongda Hai's AI-driven revenue accounts for a low proportion of the company's overall operating income [2] Group 2: Project Investments - Beibu Gulf Port plans to invest 11.403 billion yuan in the construction of a 300,000-ton terminal project in Fangcheng Port [1][2] - LeKai Film's subsidiary plans to invest 97.6675 million yuan in a TAC functional film coating production line project [2] Group 3: Contract Awards - Aopt has won a bid for a 120 million yuan 2D vision solution project for GoerTek in 2026 [1][2] - Anhui Expressway has won a project worth 7.237 billion yuan [2] Group 4: Equity Transfers - Aidi Pharmaceutical intends to acquire a 22.2324% stake in Nanda Pharmaceutical for 130 million yuan [1][2] Group 5: Share Buybacks - Kaifa Electric plans to repurchase shares worth between 30 million and 60 million yuan [1][2] - Haojiang Intelligent plans to repurchase shares worth between 1.5 million and 3 million yuan [3] - Huazhi Jie plans to invest 30 million to 50 million yuan in share repurchases [3] Group 6: Shareholding Changes - New Work Group, a shareholder of China New Group, plans to reduce its stake by no more than 3% [3] - Zhejiang Yongqiang's shareholder plans to reduce his stake by no more than 1.13% [3] - Xiangyu Medical's shareholder plans to reduce his stake by no more than 3% [3]

Group 1 - Hangxiao Steel Structure announced that it does not have a "commercial aerospace" business, with its main operations focused on steel structure contracting and related services, and a recent project contributing less than 1% to its 2024 audited revenue [1] - Tianlong Group stated that it has not generated additional revenue from AI tools, which are currently used internally for advertising content creation, and that the overall business operations remain unaffected [1] - Wanxing Technology confirmed that there are no undisclosed significant matters affecting its operations, and its business environment remains stable [2] Group 2 - Yaxing Chemical announced the termination of a share issuance and cash purchase of assets due to market changes and disagreements on asset valuation [2] - Zhejiang Shuculture clarified that its subsidiaries do not engage in GEO business, which has been misreported by media [2] - Luxshare Precision terminated the acquisition of assets from Wintime Technology due to delivery restrictions, with a request for the return of 1.53 billion RMB [3] Group 3 - Jinyu Group reported that its subsidiaries' revenues from specific projects are minimal compared to its overall revenue, with a small contribution from recent contracts [4] - Tongyu Communication highlighted that its stock price has significantly outpaced its fundamentals, indicating potential risks of a price correction [4] - Dongfang Mingzhu noted that the listing process for its investment in Chaoguhuan has uncertainties but currently does not impact its performance [5] Group 4 - Luyin Investment warned of risks associated with its stock price surge, which has increased by 86.92% over the last ten trading days [5] - Puyuan Information stated that its AI software platform is in the early commercialization stage, with limited revenue impact expected [6] - Zhejiang Wenhu Intermediary reported that its GEO business has not yet generated revenue, reflecting uncertainties in market acceptance [6] Group 5 - Xinhua News confirmed that its GEO business lacks a mature profit model and has not generated income [7] - People's Daily stated that it does not engage in GEO business and has not been affected by market rumors [7] - China First Heavy Industries reported minimal involvement in controllable nuclear fusion projects, with no significant revenue generated [8] Group 6 - Xibu Mining announced an increase in copper resources at the Yulong Copper Mine, adding 131.42 million tons of copper metal resources [8] - Jiurui New Materials commenced trial production of a new photoinitiator project, expected to cater to mainstream markets [9] - Tongda Sea indicated that AI-related revenue is low and does not significantly impact overall business performance [10] Group 7 - Zhenai Meijia's stock price has deviated significantly from market indices, prompting caution for investors [11] - Guizhou Moutai approved a new marketing strategy to enhance its sales channels and adapt to consumer demands [12] - Shunhao Co. plans to increase its stake in a subsidiary, reflecting confidence in future business prospects [14] Group 8 - A number of companies, including TCL Technology and Dazhu CNC, forecast significant profit increases for 2025, driven by operational improvements and market demand [19][22] - Long Cable Technology expects a profit increase due to changes in its employee stock plan and market conditions [22] - Jiangsu Electric Power reported a profit increase attributed to higher sales and reduced financial costs [29]

据悉，有关S19淮南至桐城高速公路舒城至桐城段的项目是由六安市人民政府负责推进，采用特许经营 模式(BOT)建设的一个项目。S19淮南至桐城高速公路舒城至桐城段起于起点顺接S19淮桐高速合肥段终 点，位于六安合肥市界，终点衔接德上高速合肥至枞阳段，位于桐城市大关镇龙头村，依次途经六安市 舒城县、安庆市桐城市，全长约44.07公里。S19项目建设期约为3年，预计于2026年开工，2029年建 成。 预期S19项目投资总额将为人民币 72.37亿元，联合体对S19合资公司的出资总额将为人民币14.47亿元， 其中：安徽交控集团以现金出资人民币123,036万元，持股85%;公司以现金出资人民币14,475万元，持 股10%;交控工程以现金出资人民币4,342万元，持股3%;交控建工以现金出资人民币1,447万元，持股1%; 交控信息产业以现金出资人民币724万元，持股0.5%;及迅捷物流以现金出资人民币724万元，持股 0.5%。 S19淮南至桐城高速公路舒城至桐城段是连接S19淮南段、合肥段及衔接合枞高速的重要通道。与S19联 合体其他成员成立S19合资公司将使公司能够参与S19项目。通过参与S19项目，公司将 ...

据悉，有关S19淮南至桐城高速公路舒城至桐城段的项目是由六安市人民政府负责推进，采用特许经营 模式(BOT)建设的一个项目。S19淮南至桐城高速公路舒城至桐城段起于起点顺接S19淮桐高速合肥段终 点，位于六安合肥市界，终点衔接德上高速合肥至枞阳段，位于桐城市大关镇龙头村，依次途经六安市 舒城县、安庆市桐城市，全长约44.07公里。S19项目建设期约为3年，预计于2026年开工，2029年建 成。 预期S19项目投资总额将为人民币 72.37亿元，联合体对S19合资公司的出资总额将为人民币14.47亿元， 其中：安徽交控集团以现金出资人民币123,036万元，持股85%;公司以现金出资人民币14,475万元，持 股10%;交控工程以现金出资人民币4,342万元，持股3%;交控建工以现金出资人民币1,447万元，持股1%; 交控信息产业以现金出资人民币724万元，持股0.5%;及迅捷物流以现金出资人民币724万元，持股 0.5%。 于接获S19项目的中标确认书后，公司拟与S19联合体其他成员成立S19合资公司以实施S19项目(须就 S19项目订立正式投资协议)。 智通财经APP讯，安徽皖通高速公路(00995)公 ...

S19淮南至桐城高速公路舒城至桐城段是连接S19淮南段、合肥段及衔接合枞高速的重要通道。与S19联 合体其他成员成立S19合资公司将使本公司能够参与S19项目。通过参与S19项目，公司将进一步拓展及 提升高速公路业务布局，提升区域交通运输能力，增强公司整体盈利水平并强化其在区域道路网络中的 竞争力。S19项目亦能使公司进一步发挥其在收费公路营运方面的经验与优势，持续优化高速公路资产 布局，此举符合公司的发展战略。 于接获S19项目中标确认书后，S19联合体(包括公司)预计将与S19联合体其他成员成立S19合资公司以实 施S19项目(须就S19项目订立正式投资协议)。根据上市规则，预计成立S19合资公司(倘落实)将构成本公 司的关连交易。 格隆汇1月13日丨安徽皖通高速公路(00995.HK)公告，公司已加入由安徽交控集团牵头S19联合体，并与 交控工程、交控建工、交控信息产业及迅捷物流共同参与有关S19淮南至桐城高速公路舒城至桐城段特 许经营者项目"S19项目"公开招投标，并于本公告日期接获S19项目中标确认书。 ...

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 關於項目中標暨關聯交易的公告 承董事會命 安徽皖通高速公路股份有限公司 公司秘書 （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。 ● 本次投资事项构成关联交易，但未构成《上市公司重大资产重组管理办法》 规定的重大资产重组。已经公司第十届董事会第二十一次会议审议通过，无需提 交股东会审议。 ● 关于本次投资事项的后续安排，公司将继续跟进进展情况，及时履行信息 披露义务。 ● 过去12个月，本公司与安徽交控集团及其相关子公司出资并设立项目公司 2次，与安徽交控集团共同对参股公司增资1次，与本 ...

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） 潛在關連交易 擬與S19聯合體其他成員成立合資公司以實施有關 S19淮南至桐城高速公路舒城至桐城段的項目 董事會宣佈，本公司已加入由安徽交控集團牽頭之S19聯合體，並與交控工程、 交控建工、交控信息產業及迅捷物流共同參與有關S19淮南至桐城高速公路舒城 至桐城段特許經營者項目「S19項目」之公開招投標，並於本公告日期接獲S19項 目之中標確認書。 於接獲S19項目之中標確認書後，S19聯合體（包括本公司）預計將與S19聯合體其 他成員成立S19合資公司以實施S19項目（須就S19項目訂立正式投資協議）。根據 上市規則，預計成立S19合資公司（倘落實）將構成本公司的關連交易。 安徽交控集團作為本公司之控股股東，持有本公司已發行股份總數約33.63 ...