智通财经APP获悉，香港联交所最新资料显示，2月13日，小摩减持江苏宁沪高速公路(00177)1097.5537 万股，每股作价10.3288港元，总金额约为1.13亿港元。减持后最新持股数目约为7122.56万股，最新持 股比例为5.82%。 ...

香港联交所最新资料显示，2月13日，小摩减持江苏宁沪高速（600377）公路(00177)1097.5537万股，每 股作价10.3288港元，总金额约为1.13亿港元。减持后最新持股数目约为7122.56万股，最新持股比例为 5.82%。 ...

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly focusing on oil transportation and shipbuilding sectors, recommending stocks such as ST Songfa and China Merchants Energy [4]. Core Insights - The report highlights a strong performance in oil shipping, with VLCC TCE rates rising by 24% to $146,385 per day, and a significant increase in demand leading to higher freight rates [4]. - The global energy chain's valuation is on the rise, driven by long-term capacity utilization and mid-cycle profit expectations, suggesting a favorable environment for shipping rates [4]. - The report emphasizes the resilience of the dry bulk market, with the BDI index recording a slight increase of 1.19% to 2,043 points, indicating stable demand despite seasonal fluctuations [5]. Summary by Sections Shipping Market Performance - The shipping index decreased by 1.41%, underperforming the CSI 300 index by 1.77 percentage points, with the aviation sector experiencing the largest decline at -5.16% [5]. - The report notes that the coastal dry bulk freight index in China fell by 1.76%, while the Baltic Dry Index increased by 1.19% [5]. Oil Transportation - VLCC rates reached a new high of approximately $160,000 per day during the Spring Festival, with expectations for continued strength in the coming weeks [4]. - The report indicates that the average VLCC freight rate increased by 23% week-on-week, reaching $149,564 per day, reflecting tight capacity and strong demand [4]. Dry Bulk Market - The report mentions that the Capesize freight rate decreased by 4.1%, while the Panamax index showed resilience with a 3.5% increase [4]. - The report anticipates that post-holiday demand recovery will be crucial for the dry bulk market, particularly in iron ore shipments [4]. Air Transportation - The report suggests that the airline industry is at a turning point, with potential for significant profit growth due to increased passenger volumes and operational efficiencies [4]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch in this sector [4]. Express Delivery - The report notes uncertainties in the express delivery sector due to fluctuating demand and competitive pressures, but highlights the strong market position of leading companies like ZTO Express and YTO Express [4]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are reported to be resilient, with the Ministry of Transport data showing a slight decrease in freight volume but overall stability [4]. - The report identifies two main investment themes in the highway sector: high dividend yields and potential value recovery in undervalued stocks [4].

Group 1 - The company plans to disclose its 2025 annual report and profit distribution plan on March 30, 2026 [1] - The controlling shareholder, Jiangsu Transportation Holding Co., Ltd., increased its stake in the company's H shares from 56.45% to 57.01% between January 9 and January 21, 2026, reaching a 1% equity change threshold [1]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to benefit from the Spring Festival travel peak, leading to a positive outlook for airline stocks. The report highlights a significant increase in flight operations and passenger volumes during this period, indicating a recovery in demand [4][6] - The report emphasizes the potential for oil transportation to rise, driven by geopolitical factors and structural demand growth, suggesting a favorable investment environment in the shipping sector [6][7] Summary by Sections Investment Highlights - The report identifies key investment opportunities in the aviation sector, particularly focusing on major airlines and low-cost carriers that are expected to benefit from rising ticket prices and improved operational performance [4][6] - It also highlights the logistics and express delivery sectors, noting the positive earnings forecast for companies like SF Express, which is capitalizing on the growth of instant delivery services [6] Aviation Data Tracking - Daily flight operations from February 2 to February 6 showed significant increases for major airlines, with Eastern Airlines and Southern Airlines leading the growth [4] - The average aircraft utilization rates also improved, indicating a recovery in operational efficiency across the sector [4] Shipping Data Tracking - The report tracks various shipping indices, noting a mixed performance in container shipping but a positive trend in oil transportation indices, suggesting a potential upturn in the oil shipping market [6][7] - The report recommends focusing on companies in the oil shipping sector due to limited supply and structural demand growth [6][7] Logistics Data Tracking - The report provides data on logistics performance, indicating a substantial increase in express delivery volumes, which is expected to continue benefiting from the growth in e-commerce and instant delivery services [6] - It highlights the importance of addressing industry challenges such as competition and regulatory changes to maintain profitability [6] Company Performance Tracking - The report includes performance metrics for key companies in the aviation and logistics sectors, showcasing their earnings forecasts and operational improvements [4][6] - It emphasizes the strategic positioning of companies like Spring Airlines and China Eastern Airlines, which are expected to leverage their market positions for growth [4][6]

Core Viewpoint - Jiangsu Ninghu Highway Co., Ltd. has received approval to issue short-term financing bonds totaling up to RMB 40 billion over a two-year period, indicating a strategic move to enhance liquidity and financial flexibility [1]. Group 1: Financing Details - The company received the first acceptance notice from the China Interbank Market Dealers Association on December 30, 2024, allowing for the issuance of up to RMB 40 billion in short-term financing bonds [1]. - A second acceptance notice was received on December 4, 2025, for an additional issuance of up to RMB 40 billion in short-term financing bonds [1]. - The company issued the third, fourth, fifth, and sixth phases of short-term financing bonds on February 3, 2026, although specific details on the amounts and terms of these issuances were not disclosed in the announcement [1].

Group 1 - The core viewpoint of the article indicates that Ninghu Expressway expects to have over 4,000 employees by the end of 2025, including subsidiaries [1] - The company states that its operations and management are currently normal, and the stock price performance in the secondary market is influenced by multiple factors [1] - An increase in automobile sales is expected to lead to higher traffic demand, which typically benefits the potential traffic volume on highways [1]

Group 1 - The company has not yet established a financial shared service center but has plans to do so in the future [1] - The establishment of the financial shared service center will align with the company's digital transformation and refined management needs [1] - The company intends to advance the construction of the center at an appropriate time [1]

Core Viewpoint - Jiangsu Ninghu Highway (00177) has received approval from the China Interbank Market Dealers Association to issue short-term financing bonds totaling up to RMB 40 billion over the next two years, starting from December 30, 2024 [1] Group 1 - The company can issue short-term financing bonds in two phases: the first phase allows for issuance up to RMB 40 billion starting from December 30, 2024 [1] - The second phase permits the company to issue another RMB 40 billion starting from December 4, 2025 [1] - On February 3, 2026, the company issued its third, fourth, fifth, and sixth phases of short-term financing bonds for the year 2026 [1]

Core Viewpoint - Jiangsu Ninghu Expressway Co., Ltd. has received approval to issue short-term financing bonds totaling up to RMB 80 billion over the next two years [1] Group 1: Financing Details - The company received a registration notice from the China Interbank Market Dealers Association allowing it to issue up to RMB 40 billion in short-term financing bonds starting from December 30, 2024, for a period of two years [1] - Additionally, the company received another registration notice permitting it to issue up to RMB 40 billion in short-term financing bonds starting from December 4, 2025, also for a two-year period [1] - On February 3, 2026, the company issued its third, fourth, fifth, and sixth phases of short-term financing bonds for the year 2026 [1]