Title: Can GNNs Learn Heuristic Information for Link Prediction?. Abstract: Graph Neural Networks (GNNs) have shown superior performance in Link Prediction (LP). Especially, SEAL and its successors address the LP problem by classifying the subgraphs extracted specifically for candidate links, gaining state-of-the-art results. Nevertheless, we question whether these methods can effectively learn the information equivalent to link heuristics such as Common Neighbors, Katz index, etc. (we refer to such information as heuristic information in this work). We show that link heuristics and GNNs capture different information. Link heuristics usually collect pair-specific information by counting the involved neighbors or paths between two nodes in a candidate link, while GNNs learn node-wise representations through a neighborhood aggregation algorithm in which two nodes in the candidate link do not pay special attention to each other. Our further analysis shows that SEAL-type methods only use a GNN to model the pair-specific subgraphs and also cannot effectively capture heuristic information. To verify our analysis, a straightforward way is to compare the LP performance between existing methods and a model that learns heuristic information independently of the GNN learning. To this end, we present a simple yet light framework ComHG by directly Combining the embeddings of link Heuristics and the representations produced by a GNN. Experiments on OGB LP benchmarks show that ComHG outperforms all top competitors by a large margin, empirically confirming our propositions. Our experimental study also indicates that the contributions of link heuristics and the GNN to LP are sensitive to the graph degree, where the former is powerful on sparse graphs while the latter becomes dominant on dense graphs.