证券之星消息，11月24日铁路公路板块较上一交易日下跌0.3%，海汽集团领跌。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。铁路公路板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603069 | 海汽集团 | 24.58 | -3.34% | 12.83万 | 3.17亿 | | 600020 | 中原高速 | 4.40 | -1.35% | 17.21万 | 7617.09万 | | 600368 | 五洲交通 | 3.93 | -1.26% | 28.27万 | 1.11亿 | | 601107 | 四川成渝 | 5.88 | -1.01% | 15.08万 | 8895.84万 | | 601188 | 龙江交通 | 3.49 | -0.85% | 22.01万 | 7712.65万 | | 000828 | 东莞控股 | 11.08 | -0.81% | 5.97万 | 6647.57万 | | 601816 ...

交通运输 | 证券研究报告 — 行业周报 2025 年 11 月 24 日 强于大市 交通运输行业周报 原油运价高位上行，长龙航空启动 IPO 航运方面，原油运价高位上行，远洋航线运价下行。航空方面，长龙航空启 动 IPO，VOLANT 沃兰特与自贡国投签署 VE25-100 天行的确认订单。物 流与交通新业态方面，中欧班列中通道年内通行量首次突破 3500 列， 日照公 交与顺丰携手开启"客货邮融合"新模式。 核心观点 ①原油运价高位上行，远洋航线运价下行。11 月 20 日，上海航运交易 所发布的中国进口原油综合指数（CTFI）报 2325.40 点，较 11 月 13 日 上涨 4.2%。本周 VLCC 市场中东航线 12 月上旬货盘基本收尾，周初市 场延续上周末的强势行情，中东航线出现集中放货，带动情绪快速升 温，成交运价在基本面的支撑与市场情绪推动下持续保持高位。临近周 末，市场整体活跃度有所下滑。目前，绝大部分 11 月底 12 月初工作窗 口的货盘已经完成，后续整体船位相对充足，若无实际货量支撑，市场 情绪或将有所降温。欧线方面，本周运输需求缺乏进一步增长的动能， 即期市场订舱价格出现回落。11 ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates initially declined but then increased, with a divergence in container shipping rates on long-distance routes. The China Import Crude Oil Composite Index (CTFI) rose to 2231.96 points, up 9.5% from November 6 [2][13] - Volant Aviation completed a multi-hundred million yuan Series B financing round, and the C919 aircraft made its debut at the Dubai Airshow [2][15] - Jitu Express reported over 100 million packages on "Double Eleven," marking a 9% year-on-year increase, with an average daily package volume of 94.59 million during the peak season [2][23] Summary by Sections Industry Hot Events - Crude oil freight rates fluctuated, with the CTFI at 2231.96 points, a 9.5% increase from November 6. The VLCC market is optimistic about future rates due to tight vessel availability [2][13] - Volant Aviation's Series B financing was led by Huaying Capital, with existing shareholders also increasing their investments. The C919 aircraft is set to showcase its capabilities at the 2025 Dubai Airshow [2][15] - Jitu Express achieved a record-breaking package volume during "Double Eleven," with a total of 1.3938 billion packages collected nationwide from October 21 to November 11, reflecting a 17.8% increase in daily average volume [2][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5356.00 points, down 2.5% year-on-year [27][28] - Domestic freight flights increased by 0.32% year-on-year, while international flights rose by 11.12% [28] - The SCFI index reported a decrease of 2.92% week-on-week, while the CCFI index increased by 3.39% week-on-week [35] Investment Recommendations - Focus on the equipment and manufacturing industrial products export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream [4] - Investment opportunities in the low-altitude economy, with a recommendation for CITIC Offshore Helicopter [4] - Recommendations for highway and railway sectors, including Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and Spring Airlines [4]

Investment Rating - The report recommends a positive outlook for the logistics and transportation sector, particularly highlighting opportunities in express delivery and aviation [2][4][6]. Core Views - The express delivery sector is expected to see a 7% year-on-year growth in business volume for October, with revenue projected to increase by 5% [2]. - The logistics sector is focusing on smart logistics, with companies like Haichen Co. being recommended due to improved demand [3]. - The aviation sector is experiencing a slight increase in flight volumes, with domestic airlines expected to benefit from supply-demand optimization leading to higher ticket prices [4]. - The shipping sector shows growth in oil and dry bulk transportation indices, with a notable increase in crude oil transportation rates [5]. Summary by Sections Transportation Index Review - The transportation index rose by 1.6% during the week of November 8-14, outperforming the Shanghai Composite Index by 2.7% [1][13]. Express Delivery - The express delivery business volume is projected to grow by 7% in October, with a revenue increase of 5% expected [2]. - The report recommends SF Holding due to its valuation and operational resilience [2]. Logistics - The chemical product price index shows a year-on-year decrease of 11.2%, while domestic shipping prices for liquid chemicals have increased by 3.29% year-on-year [3]. - Haichen Co. is recommended for its focus on smart logistics and improved demand [3]. Aviation - The average daily flight volume increased by 2.78% year-on-year, with international flights seeing a 12.55% increase [4]. - The report recommends China National Aviation and Southern Airlines due to expected profit growth from ticket price increases [4]. Shipping - The China Export Container Freight Index (CCFI) rose by 3.6% week-on-week, while the Shanghai Export Container Freight Index (SCFI) decreased by 3.6% [5]. - The Baltic Dry Index (BDI) increased by 3.1% year-on-year, indicating a positive trend in dry bulk shipping [5][40]. Road and Rail - The report notes a decline in truck traffic on highways, with a 2.07% decrease week-on-week [6]. - The overall performance of major highway operators is considered cost-effective, with dividend yields exceeding the ten-year government bond yield [6][84].

| 路段 | 通行费收入 | 交通量 | | --- | --- | --- | | | （元） | （折算数，台次） | | 京港澳高速公路郑州至漯河段 | 141,378,547.45 | 3,148,174 | | 京港澳高速公路漯河至驻马店段 | 32,285,641.10 | 1,610,295 | | 郑栾高速公路郑州至尧山段 | 50,582,386.44 | 805,237 | | 郑州至民权高速公路 | 36,548,035.99 | 1,081,268 | | 德上高速公路永城段 | 7,045,537.67 | 520,983 | | 商丘至登封高速公路 | 44,368,372.06 | 619,415 | 董事会谨此提醒投资者，上述数据系河南省高速公路联网监控收费通信服务 有限公司拆分数据，未经审计。自执行"营改增"政策后，该通行费收入中未含 增值税。因此，本公告所涉及数据仅作为阶段性数据供投资者参考，请广大投资 者审慎使用该等数据。 特此公告。 河南中原高速公路股份有限公司董事会 2025 年 11 月 13 日 证券代码：600020 证券简称：中原高速 公告编号：临 2025－ ...

中原高速（600020）(600020.SH)发布公告，公司2025年10月份通行费收入为3.12亿元。 ...

智通财经APP讯，中原高速(600020.SH)发布公告，公司2025年10月份通行费收入为3.12亿元。 ...

Core Viewpoint - The company is focusing on optimizing its resource allocation and enhancing operational efficiency while addressing the challenges posed by its real estate assets and external economic factors [2][5][6]. Group 1: Financial Performance - As of November 7, 2025, the stock price of Zhongyuan Expressway reached 4.8 yuan, reflecting a 5.49% increase from the previous week [1]. - The company has a total market capitalization of 10.787 billion yuan, ranking 15th in the railway and highway sector and 1766th in the A-share market [1]. Group 2: Business Strategy and Resource Allocation - The company evaluates the growth potential of different regional businesses based on traffic volume, revenue growth, asset quality, and regional economic advantages [2]. - The company plans to optimize resource allocation by focusing on its core business, disposing of non-core assets, and pursuing quality acquisitions [2]. - A strategic shift is underway to divest real estate assets, which are seen as a burden to the company's health and growth [2][5]. Group 3: Project Development and Returns - The Zhenglu Expressway is expected to be completed by the end of 2026, with a post-tax internal rate of return (IRR) of 6.12%, indicating profitability [3][6]. - The company aims to maintain a dividend payout ratio of no less than 40% over the next three years to enhance investor returns [3][6]. Group 4: Innovation and Sustainability - The company is expanding its business layout while reinforcing its core operations, focusing on technological innovation and increasing R&D investment [4]. - Specific initiatives include promoting green development and integrating climate change responses into strategic planning [6]. Group 5: Risk Management and Policy Response - The company is closely monitoring macroeconomic conditions and policy impacts to manage asset quality and financial stability [5][6]. - Strategies to address policy changes include enhancing macroeconomic analysis, extending the industrial chain, and improving communication with government entities [6].

Group 1 - Shanxi Expressway has achieved a consecutive two-day increase in stock price [1] - Other companies such as Sichuan Chengyu, Chutian Expressway, Jilin Expressway, Zhongyuan Expressway, Wuzhou Transportation, and Gan Guangdong Expressway have also seen stock price rises [1]

Core Viewpoint - Zhongyuan Expressway's stock price has shown significant growth this year, with a notable increase in both revenue and net profit, indicating a positive trend in the company's financial performance [2][3]. Group 1: Stock Performance - As of November 6, Zhongyuan Expressway's stock price increased by 2.13%, reaching 4.79 CNY per share, with a trading volume of 72.24 million CNY and a turnover rate of 0.68% [1]. - The stock has risen by 18.27% year-to-date, with a 5.51% increase over the last five trading days, 12.71% over the last 20 days, and 4.36% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Zhongyuan Expressway reported a revenue of 4.888 billion CNY, reflecting a year-on-year growth of 3.89%, and a net profit attributable to shareholders of 961 million CNY, which is a 16.78% increase compared to the previous year [2]. - The company's main revenue sources include toll fees (70.63%), construction services (26.31%), and other income (1.97%) [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 52,400, up by 9.06%, while the average number of circulating shares per person decreased by 8.31% to 42,922 shares [2]. - The company has distributed a total of 4.233 billion CNY in dividends since its A-share listing, with 760 million CNY distributed over the last three years [3].