1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes the bond market in August 2025 from multiple perspectives, including the central bank's balance sheet and custody volume, institutional leverage, institutional behavior by type, and bond types. It presents the latest trends in central bank monetary policy and institutional investment strategies, and predicts short - term investment opportunities and risks in the bond market [8]. - In the short term, due to the approaching of the end - of - September to early - October period to achieve the annual 5% growth target, with the implementation of growth - stabilizing policies and cross - quarter capital fluctuations, institutional sentiment remains cautious, and there may be redemption disturbances. The remaining issuance quota of bonds is relatively low, indicating that there is still room for fiscal stimulus [7][9]. 3. Summary by Directory 3.1 August Central Bank Balance Sheet and Custody Volume Interpretation - **Balance Sheet Changes**: In August 2025, the central bank's balance sheet size increased from 45.9 trillion yuan to 46.3 trillion yuan. On the asset side, the main increase was in "claims on other depository corporations", and the main decrease was in "claims on other financial corporations". On the liability side, the main increase was in "government deposits", and the main decrease was in "deposits of other depository corporations" [14]. - **Impact on Custody Volume**: The net investment of the central bank's innovative tools in August was 2608 billion yuan, which was close to the monthly increase of 2754 billion yuan in the "ChinaBond - Other" (central bank) account. The main incremental bond types were local government bonds and policy - bank bonds [32]. 3.2 Leverage Ratio - In August, the overall capital market was stable, but the bond market was in a head - wind period. The average monthly leverage ratio dropped to 107.4%. The stock - bond seesaw effect continued to suppress the bond market performance, and institutional leverage willingness weakened. The average monthly trading volume of pledged repurchase remained at 7.6 trillion yuan [37]. 3.3 By Institution Type - **Banks**: Large banks reduced their allocation of 7 - 15y local government bonds and extended the maturity of their Treasury bond purchases. Rural commercial banks' entry - point expectations rose, and their secondary - market trading demand weakened [52][54]. - **Insurance**: Since August, under the influence of "rush to stop sales", insurance companies have increased their bond purchases at high prices, mainly increasing their holdings of local government bonds and Treasury bonds [67]. - **General Funds**: In August, the custody volume of general funds decreased again this year, mainly reducing their holdings of certificates of deposit and commercial bank financial bonds. Fund redemptions occurred repeatedly, while bank wealth management's bond allocation was in line with the seasonal level [76][80][84]. - **Foreign Investors**: The decline in the comprehensive return of foreign investors' investment in certificates of deposit narrowed, and the net outflow speed slowed down. They mainly reduced their holdings of certificates of deposit, Treasury bonds, and policy - bank bonds [93]. 3.4 By Bond Type - In August, the incremental increase in the bond market's custody volume decreased month - on - month. Interest - rate bonds were the main supporting factor, with increments of 8261 billion yuan, 5172 billion yuan, and 4616 billion yuan for Treasury bonds, local government bonds, and policy - bank bonds respectively. Certificates of deposit were the main reduction item, with a reduction of 3556 billion yuan [94].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 109.08 [2][8] Core Insights - The company achieved a revenue of HKD 2.59 billion in the first half of 2025, representing a year-on-year increase of 27.0%. Operating profit reached HKD 380 million, up 28.0% year-on-year, while adjusted EBITDA was HKD 320 million, reflecting a 38.3% increase. Adjusted net profit surged by 79.6% to HKD 90 million [2][4] - The company opened 190 new stores, bringing the total to 1,198, with a net increase of 6 stores in first-tier cities and 184 in emerging markets. Same-store sales declined by 1.0%, with first-tier cities showing positive growth. The average daily sales per store decreased by 4.4% to HKD 12,915, while the store operating profit margin increased to 14.6% [2][4] Financial Performance Summary - For 2024A, total revenue is projected at HKD 4.314 billion, with a staggering year-on-year growth rate of 307.5%. Adjusted net profit is expected to be HKD 550 million, with a growth rate of 72.9% [4] - The company anticipates continued strong growth in net profit, with projections of HKD 1.41 billion, HKD 2.47 billion, and HKD 3.45 billion for 2025-2027, respectively. Adjusted net profit is forecasted at HKD 1.91 billion, HKD 2.92 billion, and HKD 3.85 billion for the same period [2][4] Market Expansion Strategy - The company estimates that the Chinese pizza industry has around 40,000 stores, with annual growth in store numbers. Currently, the company operates 1,198 stores across 48 cities, significantly lower than its competitor, Pizza Hut, which has 3,864 stores in 900 cities. The company plans to open approximately 300 new stores in 2025, focusing on both existing and new markets [2][8] - The same-store sales decline of 1% reflects the resilience of the store model, with new stores in high-quality cities achieving strong initial sales. The company has seen a rapid cash recovery from new stores, with an average payback period of just 11 months [2][8] Profitability and Cost Management - The company benefits from operational leverage, with a decrease in overhead costs as it scales. The ratio of headquarters personnel costs to revenue has dropped to 5.1%, and the depreciation and amortization expense ratio has fallen to 1.1%. The adjusted net profit margin increased to 3.5% year-on-year [2][8] - The report anticipates that as the company continues to expand its store network and revenue, it will benefit from economies of scale, leading to a faster growth rate in net profit compared to revenue growth [2][8]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 20.3 yuan [2][8]. Core Insights - The company demonstrated stable revenue growth with a 1.3% year-on-year increase in revenue to 13.52 billion yuan in the first half of 2025, while net profit attributable to shareholders rose by 21.4% to 800 million yuan [2][8]. - The growth in revenue is attributed to the performance of existing stores and contributions from newly opened and franchised stores, while profit growth is driven by revenue increase, improved management efficiency, and effective control of total operating costs [2][8]. - The company is focusing on high-quality development and expanding its presence in Southern China while dynamically optimizing its store network [2][8]. Financial Performance - In the first half of 2025, the company had a total of 16,833 stores, a 4.2% increase year-on-year, with a decrease in direct-operated stores by 3.7% and a 20.2% increase in franchised stores [2][8]. - The retail pharmacy business generated revenue of 11 billion yuan, a slight decline of 0.5% year-on-year, while the gross margin improved by 0.4 percentage points to 37.6% [2][8]. - The company’s net profit margin increased to 6.3%, up by 1.0 percentage points year-on-year, indicating effective cost control measures [2][8]. Future Projections - The report adjusts the company's net profit forecasts for 2025-2027 to 1.16 billion yuan, 1.33 billion yuan, and 1.53 billion yuan, respectively, with year-on-year growth rates of 27%, 15%, and 15% [2][8]. - The projected earnings per share (EPS) for 2025 is 1.02 yuan, with a price-to-earnings (P/E) ratio of 20 times [2][8].

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [12]. Core Insights - The company achieved a revenue of 7.877 billion yuan in the first half of 2025, representing a year-on-year growth of 10.5%. The gross profit was 1.982 billion yuan, with a gross margin of 25.2%, slightly down from the previous year [1][7]. - Adjusted net profit reached 410 million yuan, reflecting a year-on-year increase of 14.6%. The growth in revenue is attributed to the expansion of the store network and the contribution from high-growth segments such as new energy and quick repair services [7]. - The company has expanded its new energy service ecosystem, with 3.4 million users of electric vehicles, a year-on-year increase of 83.5%, and a penetration rate exceeding 12% [7]. - The report highlights the company's operational efficiency improvements, with total operating expense ratio decreasing year-on-year, and AI technology reducing customer service labor costs by 18% [7]. - The company is expected to achieve adjusted net profits of 809 million yuan, 992 million yuan, and 1.203 billion yuan for the years 2025, 2026, and 2027, respectively [7]. Financial Summary - For 2025, the company is projected to have total revenue of 16.478 billion yuan, with a year-on-year growth rate of 11.7% [3]. - The adjusted net profit for 2025 is estimated at 809 million yuan, with a growth rate of 31.6% compared to the previous year [3]. - The earnings per share (EPS) is forecasted to be 0.74 yuan for 2025, with a price-to-earnings (P/E) ratio of 23.8 [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 93.92 CNY [2][9]. Core Views - The company is experiencing high growth driven by overseas energy storage demand and new opportunities in commercial storage [2][9]. - The company achieved a revenue of 5.535 billion CNY in H1 2025, representing a year-on-year increase of 16.58%, and a net profit of 1.522 billion CNY, up 23.18% year-on-year [9]. - The report highlights the company's strategic participation in international energy storage exhibitions to enhance its global brand presence [9]. Financial Summary - **Revenue Forecast**: - 2024A: 11,206 million CNY - 2025E: 13,593 million CNY (49.8% growth) - 2026E: 17,264 million CNY (21.3% growth) - 2027E: 21,125 million CNY (27.0% growth) [4][10] - **Net Profit Forecast**: - 2024A: 2,960 million CNY - 2025E: 3,539 million CNY (65.3% growth) - 2026E: 4,498 million CNY (19.6% growth) - 2027E: 5,467 million CNY (27.1% growth) [4][10] - **Earnings Per Share (EPS)**: - 2024A: 3.27 CNY - 2025E: 3.91 CNY - 2026E: 4.97 CNY - 2027E: 6.04 CNY [4][10] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E: 19 times - Price-to-Book (P/B) ratio for 2025E: 5.9 times [4][10]. Market Dynamics - The report notes that the European market for energy storage is recovering as inventory depletion nears completion, with significant policy support from countries like Germany and the UK [9]. - The global energy storage market is projected to grow at a compound annual growth rate (CAGR) of over 15% from 2025 to 2028 [9].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 204.57 CNY, indicating a potential upside of 43% [2][9]. Core Insights - The launch of the upgraded Aito M7 on September 23 is expected to elevate the company's sales and pricing strategy, with the extended range version priced between 279,800 to 359,800 CNY and the pure electric version priced between 319,800 to 379,800 CNY [2][9]. - The upgraded M7 features significant enhancements in space, range, cabin technology, and driving assistance, which are anticipated to boost sales performance, with initial orders exceeding 30,000 units within the first hour of launch [9]. - The report forecasts steady monthly sales of around 20,000 units for the M7, leading to an improvement in gross margins by 2-3 percentage points due to increased average selling price (ASP) and scale effects [9]. Financial Projections - Total revenue is projected to grow from 145.176 billion CNY in 2024 to 289.895 billion CNY in 2027, with year-on-year growth rates of 305.0%, 27.4%, 35.4%, and 15.8% respectively [5][10]. - Net profit attributable to the parent company is expected to rise from 5.946 billion CNY in 2024 to 16.506 billion CNY in 2027, with growth rates of 342.7%, 60.5%, 40.1%, and 23.5% respectively [5][10]. - Earnings per share (EPS) are projected to increase from 3.64 CNY in 2024 to 10.11 CNY in 2027, reflecting a strong growth trajectory [5][10]. Market Positioning - The upgraded M7 is positioned to become a market leader in the mid-to-large SUV segment, further establishing the Aito brand as a premium SUV player [9]. - The report anticipates that the company's sales volume will reach 560,000, 820,000, and 950,000 units in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14%, 46%, and 16% [9].

Investment Rating - The report maintains a "Recommended" rating for Tongwei Co., Ltd. (600438) [1] Core Views - The company is experiencing a reduction in losses, with cost reduction and overseas expansion forming the foundation for recovery [1] - The company achieved a revenue of 40.509 billion yuan in the first half of 2025, a year-on-year decrease of 7.51%, while the net profit attributable to shareholders was -4.955 billion yuan, indicating an expanded loss [7] - The report highlights the company's leading position in the industry, with a focus on cost reduction and efficiency improvement, as well as successful overseas market expansion [7] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 91.994 billion, 94.447 billion, 116.194 billion, and 130.164 billion yuan respectively, with year-on-year growth rates of -33.9%, 2.7%, 23.0%, and 12.0% [3] - The net profit attributable to shareholders is projected to be -7.039 billion, -5.808 billion, 2.785 billion, and 5.211 billion yuan for the same years, with growth rates of -151.9%, 17.5%, 148.0%, and 87.1% respectively [3] - The earnings per share (EPS) is expected to be -1.56, -1.29, 0.62, and 1.16 yuan for 2024A, 2025E, 2026E, and 2027E respectively [3] Operational Highlights - The company has achieved a 90% shipment ratio of N-type products in the polysilicon segment, with silicon consumption reduced to below 1.04 kg/kg.si [7] - In the battery segment, the company continues to lead in key competitive indicators such as A-grade rate and conversion efficiency, with a focus on the mass production of new technologies [7] - The company sold 16.13 million tons of polysilicon, maintaining a global market share of approximately 30%, and achieved a battery sales volume of 49.89 GW, continuing to hold the global first position [7] Investment Recommendations - The company is recognized as a dual leader in silicon materials and battery cells, with successful overseas market expansion in the component business [7] - The report adjusts profit forecasts, expecting net profits of -5.808 billion, 2.785 billion, and 5.211 billion yuan for 2025-2027, with corresponding PE ratios of -17, 35, and 19 times [7] - The target price is set at 27.84 yuan, based on a 45x PE for 2026 [7]

1. Report Industry Investment Rating There is no information provided in the content about the report's industry investment rating. 2. Core Viewpoints of the Report In September 2025, multiple employment data in the US indicated a cooling labor market, and the cost - pressure transmission of tariff adjustments was still slow. The economic recovery momentum in the Eurozone, Japan, etc., increased. In terms of monetary policy, the Fed's restart of interest rate cuts was fulfilled as expected, which was defined as a "risk - management - style" cut by Powell and was somewhat hawkish. The European and British central banks remained on hold, waiting for the tariff impact to become clearer. In October, attention should be paid to the fundamental performance of major countries, and the intensification of capital market volatility risks should be vigilant [7]. 3. Summary by Relevant Catalogs 3.1 Overseas Economy: Divergent Monetary Policy Trends and Overall Controllable Inflation Pressure 3.1.1 Global Economy: Resilient Economy and Manufacturing PMI Back in Expansion Zone The global economy remained resilient, and the manufacturing PMI returned to the expansion zone. In August, the J.P. Morgan Global Manufacturing PMI index was 50.9%, up 1.2 percentage points from 49.7% in July. Only the Eurozone's manufacturing PMI was above the 50 boom - bust line among major overseas countries. The global services PMI index decreased by 0.1 percentage points to 53.4% in August, maintaining high - level prosperity. In trade, the Baltic Dry Index fluctuated upward, and South Korea's exports in the first 20 days of September increased by 13.5% year - on - year. The Fed cut interest rates as expected, the European and British central banks remained on hold, and the Bank of Japan sent hawkish signals. The US Treasury Secretary considered "all stabilization options" to support Argentina [8]. 3.1.2 Developed Economies: Resilient Economies in Major Countries and Potentially Controllable Inflation Pressure - **US: Slowing Fundamental Growth Momentum and Cooling Labor Market** - Economic growth showed a divergence in prosperity. Manufacturing continued to contract, while the service industry expanded faster. In August, the US ISM manufacturing PMI rose to 48.7%, and the non - manufacturing PMI rose to 52.0%. - Newly added employment was far below expectations, and the unemployment rate reached a new high. In August, the non - farm payrolls increased by 22,000, and the unemployment rate rose to 4.3%. - The inflation level was relatively moderate, and the pressure on commodity prices from tariffs was limited. In August, the US CPI increased by 2.9% year - on - year. - Retail sales remained resilient, and the sustainability of consumption momentum needed attention. In August, US retail sales increased by 0.62% month - on - month. - The real estate market was restricted by high mortgage rates and rising housing prices [21][22][23]. - **Eurozone: Strengthening Recovery Momentum, Divergent Prosperity in the UK and Japan, and Unstable Manufacturing Recovery Foundation** - The Eurozone's recovery momentum increased. In August, the composite PMI rose to 51.0%, and the manufacturing PMI rose to 50.7%. - The UK's manufacturing continued to contract, while business activities in the service industry accelerated expansion. In August, the UK's manufacturing PMI fell to 47.0%, and the service industry PMI rose to 54.2%. - Japan's economic prosperity was divergent. In August, the composite PMI rose to 52.0%, and the manufacturing PMI rose to 49.7%. - In terms of inflation, the Eurozone's inflation remained stable month - on - month, the UK faced greater pressure, and Japan's inflation remained high [35][37][39]. 3.2 Monetary Policy: US Restarts Rate Cuts, Europe and UK are Cautious, and Japan Sends More Hawkish Signals 3.2.1 Fed: "Risk - Management - Style" Rate Cut Implemented, Focus on Downward Employment Risks On September 18, the Fed cut interest rates for the first time this year, lowering the federal funds rate target range by 25BP to 4.0% - 4.25%. The policy balance shifted from focusing on inflation rebound to employment stall risks. The dot - plot predicted two more rate cuts in October and December. Whether to cut rates again in October depends on the performance of September's non - farm data, and the Fed's independence and the composition of the new council members have increased the uncertainty of future rate - cut prospects [54]. 3.2.2 ECB: ECB Continues to Hold Rates Steady, Inflation Risks are Roughly Balanced On September 11, the ECB held rates steady, maintaining the main refinancing rate at 2.15%. It believed that manufacturing and services were growing, and previous rate cuts would further boost consumption and investment. It raised inflation expectations for 2025 and 2026 and lowered those for 2027. In the future, it may continue to make data - dependent and meeting - by - meeting decisions [58]. 3.2.3 BoJ: Increased Probability of Interest Rate Hike, Planned Reduction of ETF and Other Assets On September 19, the BoJ kept the benchmark interest rate at 0.5% and decided to gradually sell ETF and J - REITs in the market. Two officials voted against and supported a 25 - basis - point rate hike. If economic and price forecasts are realized, the BoJ may continue to raise interest rates, increasing the possibility of restarting rate hikes this year [61]. 3.2.4 BoE: BoE Maintains Interest Rates, Slows Down Quantitative Tightening, and Reduces Expectations of Rate Cuts This Year On September 18, the Monetary Policy Committee voted to keep the policy rate at 4% and announced a reduction in the scale of central bank balance - sheet contraction from October. Concerns about inflation rebound made the market cautious about further rate cuts by the BoE this year [64]. 3.3 Financial Markets: US Treasury Yields First Declined and Then Rose, the US Dollar Index Weakened, and International Oil Prices Fluctuated 3.3.1 US Bond Market: Cooling Labor Market and Fed Rate Cut Implementation Led to Fluctuations in US Treasury Yields In September, the US bond market focused on the weakening labor market and the Fed's rate cut. In the first and middle of the month, the yield dropped from 4.28% to around 4%. In the late month, it rebounded to around 4.15%. Overall, the 2 - year US Treasury yield rose 2BP to 3.61%, and the 10 - year yield fell 8BP to 4.15% [67][68]. 3.3.2 Exchange - Rate Market: Weakening US Dollar Index, Fluctuating Japanese Yen, and Strengthening Euro and Pound - The US dollar index was overall weak. In early September, the downward risks in the labor market increased rate - cut expectations and pressured the US dollar. In the middle and late months, the Fed's rate cut was less dovish than expected, and the US dollar index rebounded. - The Japanese yen fluctuated in a narrow range between 146 - 148 due to the US dollar index and domestic political uncertainties. - The euro and pound strengthened overall. In the first and middle of the month, the Eurozone's economic indicators were positive, and the pound was supported by the UK's fiscal policy and the BoE's stance [69][70]. 3.3.3 International Crude Oil: Geopolitical Frictions and Oil - Demand Outlook Caused Volatility in Crude Oil Prices In September, international oil prices fluctuated around $63 per barrel. In early September, concerns about OPEC + production increases and US economic recession led to a price drop. Then, geopolitical tensions and reduced concerns about supply surpluses pushed prices up. In the middle and late months, the Fed's statement on employment risks and EU sanctions on Russia caused prices to fall again [74].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The convertible bond market rose following the underlying stocks today, with valuations increasing month - on - month. The small - cap growth style was relatively dominant, and trading sentiment in the convertible bond market heated up [1]. - Convertible bond prices and their central values increased, and the proportion of high - priced bonds rose. Valuations also increased, with the proportion of high - priced bonds over 130 yuan reaching 50.59%, a 3.52 - percentage - point increase from the previous day [2]. - Most industries in the underlying stocks rose today, with the top three gainers being the power equipment, electronics, and media sectors. All convertible bond industries rose, with the top three gainers being non - ferrous metals, communications, and national defense and military industries [3]. 3. Summary by Directory Market Main Index Performance - The CSI Convertible Bond Index rose 1.30% month - on - month, the Shanghai Composite Index rose 0.83%, the Shenzhen Component Index rose 1.80%, the ChiNext Index rose 2.28%, the SSE 50 Index rose 0.68%, and the CSI 1000 Index rose 1.70%. The small - cap growth style was relatively dominant, with small - cap growth rising 2.67% [1]. - The convertible bond equal - weighted index rose 1.41%, the convertible bond index rose 1.65%, and the convertible bond pre - plan index rose 1.90% [6]. Market Fund Performance - The trading volume of the convertible bond market was 88.173 billion yuan, a 5.48% increase month - on - month. The total trading volume of the Wind All - A was 2.347154 trillion yuan, a 6.80% decrease month - on - month. The net outflow of main funds in the Shanghai and Shenzhen stock markets was 279 million yuan, and the yield of the 10 - year treasury bond rose 2.52bp to 1.90% [1]. Convertible Bond Valuation - The weighted average closing price of convertible bonds was 130.16 yuan, a 1.34% increase from the previous day. The closing price of equity - biased convertible bonds was 179.14 yuan, a 1.72% increase; the closing price of bond - biased convertible bonds was 117.32 yuan, a 0.69% increase; the closing price of balanced convertible bonds was 126.13 yuan, a 1.15% increase [2]. - The fitted conversion premium rate of 100 - yuan parity was 28.42%, a 0.87 - percentage - point increase from the previous day. The overall weighted parity was 100.70 yuan, a 1.31% increase from the previous day [2]. Industry Rotation - In the A - share market, the top three gainers were the power equipment (+2.88%), electronics (+2.76%), and media (+2.59%) sectors; the top three losers were the banking (-0.36%), coal (-0.29%), and communications (-0.01%) sectors [3]. - All convertible bond industries rose, with the top three gainers being non - ferrous metals (+4.39%), communications (+3.15%), and national defense and military industries (+2.64%) [3].

Investment Rating - The report maintains a "Buy" recommendation for transportation dividend assets, highlighting the presence of quality stocks with a dividend yield of over 5% [1]. Core Viewpoints - The transportation sector has underperformed relative to the CSI 300 index and the transportation index, with a cumulative decline of 0.3% from September 1 to September 22, 2025 [4][8]. - The report emphasizes the importance of dividend assets in the transportation sector, particularly in a low-interest-rate environment, which has led to a significant increase in trading volumes for ports [25][28]. - The report identifies several high-quality stocks with attractive dividend yields, such as Sichuan Chengyu (5.3%) and Tangshan Port (5.2%) [4][73]. Monthly Market Performance - The transportation sector's performance from September 1 to September 22, 2025, shows declines in highway, railway, and port segments, with cumulative changes of -5.25%, -2.76%, and -0.86%, respectively [4][9]. - Year-to-date performance indicates that highway, railway, and port segments have also underperformed, with cumulative changes of -14.95%, -11.4%, and -3.56% [9]. Market Environment - The report notes a continued low-interest-rate environment, with the 10-year government bond yield at 1.86% as of September 22, 2025, reflecting a slight increase from the previous month [25][28]. - Trading volumes for transportation assets have seen significant growth, with average daily transaction values for highways, railways, and ports increasing by 8.4%, 25.6%, and 104%, respectively [28]. Industry Data - Highway passenger volume in July 2025 was 950 million, a year-on-year decrease of 4.6%, while freight volume increased by 3.3% to 3.699 billion tons [34]. - Railway passenger volume in July 2025 reached 455 million, a year-on-year increase of 6.6%, with freight volume at 45.2 million tons, up 4.5% [46]. - Port cargo throughput for the four weeks ending September 21, 2025, was 1.063 billion tons, a year-on-year increase of 7.0% [54]. Investment Recommendations - The report suggests focusing on high-dividend stocks in the highway sector, particularly Sichuan Chengyu and Anhui Wantong, which have shown stable performance and growth potential [73]. - In the port sector, the report recommends companies like China Merchants Port and Tangshan Port for their high dividend yields and growth prospects [73]. - For the railway sector, it highlights the potential of assets like the Beijing-Shanghai High-Speed Railway and the Daqin Railway, which are expected to benefit from long-term reforms and dividend growth [73].