Group 1 - Jiangsu Ninghu Expressway (00177.HK) was increased by Jiangsu Communications Holding Co., Ltd. by 10.588 million shares at an average price of HKD 9.8947 per share, involving approximately HKD 105 million [1] - After the increase, Jiangsu Communications Holding Co., Ltd. holds a total of 49.024 million shares, raising its ownership percentage from 3.15% to 4.01% [1]

Group 1 - Jiangsu Transportation Holding Co., Ltd. increased its stake in Jiangsu Ninghu Expressway (600377) by acquiring 10.588 million shares at a price of HKD 9.8947 per share, totaling approximately HKD 105 million [1] - After the acquisition, the total number of shares held by Jiangsu Transportation is 49.024 million, representing a holding percentage of 4.01% [1]

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 831.03% and Ningde Times (03750) at -4.55% [1][2][3] Premium Rate Rankings - The top three AH share premium rates are: - Northeast Electric (00042): 831.03% - Hongye Futures (03678): 270.00% - Sinopec Oilfield Service (01033): 268.92% [1][2] - The bottom three AH share premium rates are: - Ningde Times (03750): -4.55% - China Merchants Bank (03968): -1.71% - Heng Rui Medicine (01276): 3.65% [1][3] Deviation Value Rankings - The top three stocks with the highest deviation values are: - China Shipbuilding Defense (00317): 53.01% - Guanghetong (00638): 25.36% - GAC Group (02238): 22.12% [1][4] - The bottom three stocks with the lowest deviation values are: - Longpan Technology (02465): -31.76% - Northeast Electric (00042): -23.74% - Ganfeng Lithium (01772): -14.15% [1][5]

Core Insights - The report highlights a significant increase in VLCC (Very Large Crude Carrier) freight rates, reaching a new high, driven by a notable decline in Russian oil exports, which has created additional demand for oil transportation from the Middle East to India and China [3][4] - The report suggests a positive outlook for the transportation sector, particularly in shipping and aviation, with recommendations for specific companies such as China Merchants Energy and COSCO Shipping Energy [3][4] - The report emphasizes the importance of monitoring seasonal trends in freight rates, particularly the potential for a "not-so-dull" off-season from December to February [3] Industry Overview - The transportation index has decreased by 5.00%, underperforming the CSI 300 index by 1.23 percentage points, with the express delivery sector showing the smallest decline at -2.75% and the public transport sector experiencing the largest drop at -9.35% [4][11] - The shipping sector has shown mixed performance, with the Baltic Dry Index increasing by 5.67% while the coastal dry bulk freight index fell by 3.47% [4][11] - The report notes that the average freight rate for VLCCs has risen by 5% week-on-week, reaching $126,371 per day, with the Middle East to Far East route hitting a new high of $138,144 per day [3][4] Shipping Sector Insights - The report indicates that the average freight rate for the fourth quarter is approaching $99,000 per day, marking it as one of the highest quarterly averages in history [3] - The decline in Russian oil exports has been significant, dropping from nearly 4 million barrels per day to around 3 million barrels per day, which has increased demand for oil from the Middle East [3][4] - The report also highlights the recovery of chartering activities following the Bahri conference, with shipowners beginning to control capacity due to tightening supply [3] Aviation Sector Insights - The report discusses the unprecedented challenges in the aircraft manufacturing supply chain, with an aging fleet expected to persist over the next 5-10 years, leading to constrained supply [3] - It anticipates a significant improvement in airline profitability as capacity is allocated to international routes, suggesting a potential golden era for airlines [3] - Recommendations include major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from these trends [3] Express Delivery Sector Insights - The express delivery industry is entering a new phase of competition, with three potential scenarios outlined: price recovery leading to utility-like profitability, continued competitive pressure, or higher-level consolidation [3] - Companies such as Shentong Express and YTO Express are highlighted as having strong potential due to their competitive advantages and market positioning [3] High Dividend Stocks in Transportation - The report lists high dividend yield stocks in the transportation sector, including Bohai Ferry with a yield of 8.08% and China Railway with a yield of 3.95% [21] - The focus on high dividend stocks is seen as a stable investment strategy amidst market fluctuations [21]

Core Viewpoint - The report from Huachuang Securities indicates that the highway sector is expected to maintain resilience in 2026, with high dividend configurations being a preferred investment direction. The port industry is anticipated to shift from a single container-driven growth model to a dual-wheel structure of stable container growth (5%-8%) and a recovery in bulk cargo (2%-5%) by 2026, with stable pricing expected. There are strategic layout opportunities for leading companies in the bulk supply chain that focus on dividends and returning to growth expectations in the coming year [1]. Highway Sector - The highway sector is viewed as a preferred option for stable asset allocation due to low valuations and high dividends, with expected dividend yields around 5% for leading highway companies in 2026. Notable companies include Sichuan Chengyu (5.6%), Shandong Highway (5.0%), and Anhui Wantong Highway (5.0%), with higher yields for H-shares [2]. - The outlook for 2026 suggests strong performance driven by stable volume and pricing, alongside significant cost reduction opportunities. Key factors include potential optimization of toll policies and a favorable interest rate environment that could alleviate operational pressures for highway companies [2]. - High dividend characteristics are expected to remain stable in 2026, with clear three-year return plans from leading companies like Sichuan Chengyu and Wantong Highway [2]. Port Sector - The port sector is entering a strategic value era, transitioning from a perception of cyclical capacity assets to being recognized as global supply chain security hubs. This shift is driven by geopolitical factors and the need for strategic asset control [3]. - The industry is expected to see stable throughput and pricing in 2026, with a dual growth model of container stability and bulk cargo recovery. The average dividend payout ratio is projected to be 37.46%, indicating significant potential for increases [3]. Railway Sector - Passenger transport is expected to see steady growth, with flexible pricing mechanisms in place. Freight transport is also showing signs of improvement, particularly in coal and other cargo types [4][5]. Bulk Supply Chain - The bulk supply chain is poised for a new growth phase in 2026, with companies like Xiamen Xiangyu leading the way in transformation logic focused on profit margin enhancement and investor returns. The operational environment is recovering, with strong performance trends evident since 2025 [6][7]. - Strategic layout opportunities exist for leading companies in the bulk supply chain that emphasize dividends and growth expectations [7]. Investment Recommendations - The company continues to favor A/H share transportation assets, highlighting the importance of industry logic and valuation elasticity. Key recommendations include Sichuan Chengyu and Wantong Highway for their stable growth and high dividends, as well as other notable companies in the highway and port sectors [8].

Group 1 - Jiangsu Ninhuhighway Company (00177.HK) was increased by Jiangsu Transportation Holding Co., Ltd. by 10.784 million shares at an average price of HKD 10.0313 per share, involving approximately HKD 108 million [1] - After the increase, Jiangsu Transportation Holding Co., Ltd. holds a total of 38.436 million shares, raising its ownership percentage from 2.26% to 3.15% [1]

Core Insights - Jiangsu Communications Holding Co., Ltd. increased its stake in Jiangsu Ninghu Expressway (600377) by acquiring 10.784 million shares at a price of HKD 10.0313 per share, totaling approximately HKD 108 million [1] - Following the acquisition, Jiangsu Communications Holding's total shareholding in Jiangsu Ninghu Expressway reached approximately 38.436 million shares, representing a 3.15% ownership stake [1] - The combined holdings of Jiangsu Communications Holding and its controlled enterprises in Jiangsu Ninghu Expressway's A-shares amount to 2,743,108,825 shares, accounting for 54.4511% of the total shares of Jiangsu Ninghu Expressway [1]

Core Viewpoint - Jiangsu Communications Holding Co., Ltd. has increased its stake in Jiangsu Ninhuhighway Co., Ltd. by acquiring 10.784 million shares at a price of HKD 10.0313 per share, totaling approximately HKD 108 million, resulting in a new holding of about 38.436 million shares, representing 3.15% of the company [1] Group 1 - Jiangsu Communications Holding Co., Ltd. now holds approximately 38.436 million shares of Jiangsu Ninhuhighway Co., Ltd. after the recent purchase [1] - The total amount spent on the acquisition was around HKD 108 million [1] - The new holding represents a 3.15% ownership stake in Jiangsu Ninhuhighway Co., Ltd. [1] Group 2 - Jiangsu Communications Holding Co., Ltd. and its controlled enterprises collectively hold 2,743,108,825 A-shares of Jiangsu Ninhuhighway Co., Ltd. [1] - The total A-share equity held by these enterprises accounts for 54.4511% of Jiangsu Ninhuhighway Co., Ltd.'s total shares [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的 任 何 損 失 承 擔 任 何 責 任。 承董事會命 汪 鋒 執行董事 暫停辦理H股股份過戶登記手續 2025年第一次臨時股東會 本公司2025年第一次臨時股東會將於2025年12月18日 舉 行。 本公司將於2025年11月28日 至2025年12月18日（首 尾 兩 天 包 括 在 內）暫 停 辦 理H股 股 份 過 戶 登 記 手 續。持 有 本 公 司H股 股 東，如 欲 有 權 參 加2025年 第一次臨時股東會並於會上表決，須 於2025年11月27日（星 期 四）下 午4:30 之 前 將過戶文件連同有關之股票交回本公司之H股股份過戶登記處香 港 中 央 證 券 登 記 有 限 公 司，地 址 為 香 港 灣 仔 皇 后 大 道 東183號合和中心 17樓1712–1716號 舖。 JIANGSU EXPRESSWAY COMPANY LIMITED 江蘇寧滬高速 ...

Core Viewpoint - Jiangsu Ninghu Expressway's stock transfer from HSBC to Citibank indicates a significant shift in shareholder structure, with a market value of HKD 538 million, representing 4.49% of the total shares [1] Financial Performance - For the first three quarters of 2025, Jiangsu Ninghu Expressway reported revenue of approximately CNY 12.981 billion, a year-on-year decrease of 7.66% [1] - The net profit attributable to shareholders of the listed company was about CNY 3.837 billion, reflecting a year-on-year decline of 6.86% [1] - The basic earnings per share stood at CNY 0.7617 [1]