Market Overview - The railway and highway sector experienced a decline of 1.21% on November 21, with Jiangxi Changyun leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Jiangxi Changyun saw a significant drop of 7.33%, closing at 6.70, with a trading volume of 89,100 shares and a transaction value of 61.79 million [2] - Other notable declines included Wuzhou Transportation down 7.01% to 3.98, and Fulian Yuanshan down 5.68% to 9.46 [2] - The highest trading volume was recorded for Jinghu High-speed Railway, with 1.5171 million shares traded, closing at 5.11, down 0.58% [1] Capital Flow Analysis - The railway and highway sector saw a net outflow of 404 million from institutional investors, while retail investors contributed a net inflow of 371 million [2][3] - The main stocks with significant capital inflows included Jinghu High-speed Railway with a net inflow of 21.17 million from institutional investors [3] - Conversely, stocks like Ningshu High-speed experienced a net outflow of 834,400 from institutional investors [3]

Core Viewpoint - The launch of the first scheduled China-Europe freight train route from Jinan to Budapest marks a significant step in enhancing international logistics and trade cooperation between Shandong and Europe, with a focus on efficiency and reliability in transportation [1][2]. Group 1: Launch and Operations - The first scheduled China-Europe freight train, operated by Shandong High-speed Group, departed with 104 standard containers loaded with diverse goods, including home appliance parts and chemicals, and is expected to reach Budapest in approximately 12 days [1][2]. - The new route is part of the fourth batch of scheduled China-Europe freight trains announced by China Railway Group, which includes seven new routes, enhancing the connectivity and operational efficiency of freight services [1][2]. Group 2: Efficiency and Benefits - The "high-end version" of the China-Europe freight train enjoys a "three-priority" guarantee mechanism, which includes priority in train assembly, loading, and departure, significantly reducing waiting times at key operational points [2]. - The full transportation time from Jinan to Budapest is controlled at 12 days and 3 hours, which is over 7 days faster than regular freight trains, providing a more reliable and efficient logistics option for import and export businesses [2]. Group 3: Economic Impact - In the first ten months of the year, Shandong's imports and exports to the EU reached 271.74 billion yuan, reflecting a year-on-year growth of 6%, indicating a growing demand for international logistics services [2]. - The operation of the scheduled freight train is expected to support Shandong enterprises in expanding their overseas markets, enhancing production planning, and reducing overall costs [3]. Group 4: Future Developments - The scheduled freight train from Jinan to Budapest will operate bi-weekly, aiming to expand door-to-door services and overseas regulatory warehouses for businesses [3]. - The establishment of a fixed schedule for the freight train network is anticipated to improve Jinan's status as a logistics hub, facilitating quick distribution of goods to neighboring countries through Budapest's extensive transport network [3][4].

Core Viewpoint - The launch of the "high-spec" China-Europe freight train from Jinan to Budapest significantly reduces transportation time and enhances logistics efficiency for enterprises in Shandong province [2][3]. Group 1: Train Operation and Efficiency - The first train, X8182/1, departed on November 20, 2023, carrying 104 standard containers and is expected to reach Budapest in approximately 12 days, which is over 7 days faster than regular trains [2]. - The new service operates under a full timetable system, ensuring precise scheduling and coordination across different railway segments, which compresses the overall transport time by about 30% compared to standard services [3]. - The full timetable freight train enjoys a "three priority" guarantee mechanism, which includes priority in train assembly, loading, and departure, thus minimizing waiting times at key transfer points [3]. Group 2: Impact on Trade and Logistics - The operation of the full timetable train is expected to provide more reliable and efficient logistics services for Shandong's import and export enterprises, facilitating better planning and faster turnover of goods and capital [3][4]. - The regular operation of this service, scheduled to run every two weeks, will enhance the logistics network between Shandong and Europe, solidifying Jinan's position as a logistics hub [4]. - The connection to Budapest's extensive road and rail network will enable quick distribution of goods to neighboring countries, supporting domestic and international trade [4].

Market Overview - On November 20, the railway and highway sector rose by 0.34% compared to the previous trading day, with Shandong Expressway leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Key stocks in the railway and highway sector showed varied performance, with Shandong Expressway (600350) closing at 9.53, up 1.06%, and Deep Expressway (600548) closing at 10.10, up 0.80% [1] - Other notable performers included Dazhong Transportation (600611) at 5.63, up 0.72%, and China Merchants Highway (001965) at 66.6, up 0.71% [1] Trading Volume and Value - The trading volume for Shandong Expressway was 67,500 shares, with a transaction value of approximately 64.19 million yuan [1] - The total trading volume for the railway and highway sector indicated significant activity, with Dazhong Transportation recording a volume of 214,600 shares and a transaction value of around 120 million yuan [1] Capital Flow - The railway and highway sector experienced a net outflow of 147 million yuan from institutional investors, while retail investors saw a net inflow of 135 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Key stocks like Beijing-Shanghai High-Speed Railway (601816) saw a net outflow of 23.34 million yuan from institutional investors, while Haikou Group (603069) had a net inflow of 16.19 million yuan [3] - Shandong Expressway (600350) recorded a net inflow of 4.70 million yuan from retail investors, indicating strong interest from this segment [3]

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].

Core Viewpoint - The company has received approval from its shareholders to apply for a unified registration of non-financial corporate debt financing instruments in accordance with the regulations of the China Interbank Market Dealers Association [1] Group 1 - The company plans to issue various types of debt instruments, including ultra-short-term financing bonds, short-term financing bonds, medium-term notes (including long-term and contingent medium-term notes), PPN (private placement notes), and ABN (asset-backed notes) [1] - The registration for these instruments will be valid for a specified period, allowing for issuance either in one go or in phases [1] Group 2 - On November 19, 2025, the company successfully completed the issuance of its sixth ultra-short-term financing bond for the year 2025, amounting to 1 billion yuan [1] - The raised funds have been deposited into the company's designated account [1]

| 有效申购家数 | 3 | 有效申购金额 | 93,000 万元 | | --- | --- | --- | --- | | 簿记管理人 | | 中国工商银行股份有限公司 | | | 主承销商 | | 中国工商银行股份有限公司 | | | 联席主承销商 | | 中国银行股份有限公司 | | 证券代码：600350 证券简称：山东高速 编号：2025-077 山东高速股份有限公司 2025 年度第六期超短期融资券发行情况公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经 2024 年 5 月 9 日召开的公司 2023 年年度股东大会审议批准，公司按照中 国银行间市场交易商协会（下称"交易商协会"）的相关规定，向交易商协会申 请统一注册非金融企业债务融资工具，具体包括超短期融资券、短期融资券、中 期票据（含长期限含权中期票据）、PPN（非公开定向债务融资工具）和 ABN（资 产支持票据）等，在中国银行间市场交易商协会注册有效期内一次或择机分期发 行。（相关决议公告详见《中国证券报》《上海证券报》《证券时报》《证券日 报》及 ...

Group 1 - The company has applied for a unified registration of non-financial corporate debt financing instruments, which was approved by the shareholders' meeting on May 9, 2024 [1] - On November 19, 2025, the company completed the issuance of the sixth phase of super short-term financing bonds for 2025, amounting to 1 billion yuan, with funds already received [1] - The bond, referred to as "25鲁高速股SCP006," has a term of 77 days, with an interest start date of November 19, 2025, and a maturity date of February 4, 2026, at an issuance interest rate of 1.63% [1] Group 2 - The number of compliant and valid subscriptions for the bond issuance was 3, with a total subscription amount of 930 million yuan [1] - The highest and lowest subscription rates were 1.63% and 1.52%, respectively [1] - The book manager and lead underwriter for the bond issuance was the Industrial and Commercial Bank of China, with the Bank of China serving as a joint lead underwriter [1]

Group 1: Key Points on Jiachi Technology - Jiachi Technology is positioned as a core supplier of stealth materials for aerospace, with expected continuous growth in performance driven by the accelerated demand for stealth materials due to the ramp-up of aerospace equipment [1][2] - The projected net profit for Jiachi Technology from 2025 to 2027 is estimated at 5.35 billion, 7.73 billion, and 9.94 billion yuan, with corresponding EPS of 1.34, 1.93, and 2.48 yuan [1][2] - A target price of 83.68 yuan has been set for Jiachi Technology, with a recommendation to "increase holdings" [1][2] Group 2: Key Points on Public Utilities - Recent policies in Jiangsu and Guangdong provinces aim to reduce vicious competition in electricity trading, which is expected to enhance market valuation [5][31] - The electricity market is gradually improving, with encouragement for private enterprises to enter the nuclear power sector, indicating a trend towards marketization [5][31] - The guidance on promoting renewable energy consumption includes a commitment to add at least 200 million kilowatts of new renewable energy installations annually to meet increasing electricity demand [31][32] Group 3: Key Points on Transportation - Anhui Expressway's acquisition of group road assets is expected to significantly enhance performance, with the completion of expansion projects driving accelerated profit growth [9][10] - The projected net profit for Anhui Expressway in 2025 has been revised upwards to 20 billion yuan, with a target price adjustment to 19.66 yuan [9][10] - The company is expected to benefit from a proposed acquisition of a 7% stake in Shandong Expressway, which could add approximately 200 million yuan to annual investment income [10][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]