Core Viewpoint - Daqin Railway (601006.SH) has announced a share repurchase program, indicating a commitment to enhancing shareholder value through buybacks [1] Summary by Categories Share Repurchase Details - As of January 31, 2026, the company has repurchased a total of 83.8138 million shares, which represents 0.4160% of the total share capital [1] - The highest price paid for the repurchased shares was RMB 5.78 per share, while the lowest price was RMB 4.96 per share [1] - The total amount spent on the share repurchase was RMB 448 million, excluding transaction fees [1]

大秦铁路股份有限公司（以下简称"公司"或"大秦铁路"）分别于 2025 年 8 月 27 日、2025 年 9 月 23 日召开第七届董事会第十三次会议、2025 年第一次临时 股东会审议通过了《关于以集中竞价方式回购公司股份的议案》，同意公司使用自 有资金，通过上海证券交易所交易系统以集中竞价交易方式回购公司发行的人民 币普通股 A 股股份，回购金额为人民币 10 亿元至 15 亿元，回购价格上限为 8.19 元/股，回购股份用于注销并减少公司注册资本，回购股份的实施期限自公司股东 会审议通过本次回购方案之日起 12 个月内。 以上具体内容详见公司分别于 2025 年 8 月 29 日、2025 年 9 月 24 日披露的《大 秦铁路第七届董事会第十三次会议决议公告》《大秦铁路关于以集中竞价交易方式 回购公司股份方案的公告》以及《大秦铁路 2025 年第一次临时股东会决议公告》。 公司已于 2025 年 10 月 24 日实施完成 2025 年中期利润分配（每股派发现金 证券代码：601006 证券简称：大秦铁路 公告编号：2026-004 大秦铁路股份有限公司 关于以集中竞价方式回购公司股份的进展公告 本 ...

Group 1 - Daqin Railway announced that as of January 31, 2026, it has repurchased approximately 83.81 million shares through the Shanghai Stock Exchange, accounting for 0.416% of the total share capital of approximately 20.147 billion shares [1] - The highest repurchase price was RMB 5.78 per share, while the lowest was RMB 4.96 per share, with a total expenditure of approximately RMB 448 million [1] Group 2 - Baolide, a major automotive sales company known for selling luxury cars like Rolls-Royce and Porsche, is now undergoing bankruptcy liquidation, with its headquarters in Hangzhou reportedly abandoned and its subsidiary in Yiwu sealed [1]

Investment Rating - The report rates the railway and highway industry as "Overweight" [2][4]. Core Insights - The freight volume in China is projected to reach 58.7 billion tons in 2025, with a year-on-year growth of 3.2%. The growth rates for railway, highway, waterway, and civil aviation freight volumes are expected to be 2%, 3.4%, 3.2%, and 13.3% respectively [4]. - Fixed asset investment in transportation is expected to remain high, with an estimated completion of over 3.6 trillion yuan in 2025. The inter-regional personnel flow is projected to reach 66.86 billion person-times, growing by 3.5% year-on-year [4]. - Railway passenger and freight volumes are expected to maintain steady growth, with passenger volume reaching 4.601 billion people and freight volume reaching 5.277 billion tons in 2025, representing year-on-year growth of 6.7% and 2% respectively [4]. - The highway sector is anticipated to improve in 2026 after a slowdown in growth in 2025, with freight volume growth of 3.4% in 2025 [4]. - Investment recommendations include focusing on high dividend stocks and potential market value management catalysts in the highway sector, with specific companies such as Anhui Expressway, Shandong Expressway, and Zhejiang Expressway being highlighted [4]. Summary by Sections Railway Transportation - In 2025, the total passenger turnover is expected to reach 1,639.556 billion person-kilometers, with a year-on-year growth of 3.8%. The total freight turnover is projected to be 3,686.909 billion ton-kilometers, growing by 2.8% [4]. - The investment in railway fixed assets is expected to reach 901.5 billion yuan in 2025, with a year-on-year increase of 6% [4]. Highway Transportation - The growth rate of highway freight volume is expected to slow down in 2025 but is projected to improve in 2026 due to stable demand in highway logistics [4]. Investment Analysis - The report suggests that the highway sector has two main investment themes for the year: traditional high dividend investments and potential market value management catalysts. Recommended companies include Wanhua Expressway, Shandong Expressway, and others [4].

Investment Rating - The report maintains a "Positive" outlook on the shipping industry, highlighting strong performance in the sector despite seasonal challenges [4]. Core Insights - The shipbuilding sector is expected to show significant earnings growth, with Su Mei Da's Q4 net profit forecasted at 2.5 billion, a year-on-year increase of 71%, driven by strong contributions from shipbuilding and power generation [5]. - The shipping market continues to experience robust demand, with one-year charter rates for VLCCs rising by 2.8% to $64,000 per day, and Cape rates increasing by 8.4% to $28,700 per day [5]. - The report emphasizes the ongoing volatility in oil transportation rates, with VLCC rates experiencing a 62% increase in a single day due to supply-demand imbalances and geopolitical tensions [5]. - The dry bulk shipping market is also showing resilience, with the BDI index rising by 21.9% week-on-week, driven by strong demand from Australia and Brazil [5]. Summary by Sections Shipbuilding Sector - Su Mei Da's Q4 net profit is projected at 2.5 billion, up 71% year-on-year, exceeding expectations [5]. - ST Songfa's Q4 net profit is estimated between 11-14 million, with a net profit margin of 14%, reflecting a 1.6 percentage point increase from Q3 [5]. - Attention is drawn to China Shipbuilding's upcoming full consolidation of assets and the release of high-priced orders in Q1 2026 [5]. Shipping Market - The report notes a continued upward trend in shipping rates, with VLCC rates increasing by 2.8% and Cape rates by 8.4% [5]. - The VLCC average rate rose by 16% week-on-week, reaching $122,326 per day, with Middle East to Far East rates dropping by 25% [5]. - The report highlights the impact of geopolitical tensions on oil transportation, particularly in the context of the Ukraine conflict [5]. Dry Bulk Shipping - The BDI index recorded a 21.9% increase, with Capesize rates rising by 35.8% to $31,809 per day [5]. - Strong demand from Australia and Brazil is noted, with limited supply contributing to higher rates [5]. Air Transportation - The report indicates a significant opportunity for airlines due to rising passenger volumes and historical high load factors, suggesting a potential "golden era" for the industry [5]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch [5]. Express Delivery - The report anticipates uncertainty in the express delivery sector due to fluctuating demand and industry self-regulation policies, but notes that leading companies like Zhongtong Express and YTO Express are expected to maintain their market share and profitability [5]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are showing resilience, with recent data indicating a slight decline in volumes but overall stability [5]. - The report suggests that high dividend investment themes and potential value management catalysts in the highway sector are worth monitoring [5].

Investment Rating - The report maintains a "Recommend" rating for the transportation sector, emphasizing the value of transportation assets [1]. Core Insights - The port container sector shows relatively good market conditions, with only the port segment outperforming the CSI 300 and transportation indices [4][10]. - The overall performance of transportation assets is average, with highway and railway sectors underperforming [10][11]. - The report highlights a low interest rate environment, which is conducive to capital operations and market activity [20][21]. Monthly Market Performance - In January 2026, the performance of transportation assets was generally average, with only the port sector showing positive growth [4][8]. - The cumulative performance from January 1 to January 27, 2026, showed highways down by 1.50%, railways down by 3.14%, and ports up by 2.96% [10][11]. - The average daily transaction volume for ports increased significantly, while highway transaction volumes decreased [22]. Industry Data - Highway passenger traffic in November 2025 was 961 million, down 2.4% year-on-year, while freight traffic increased by 3.6% [33]. - Railway passenger volume in December 2025 was 323 million, up 8.5% year-on-year, while freight volume decreased by 2.6% [51]. - Port cargo throughput for the four weeks from December 29, 2025, to January 25, 2026, was 1.036 billion tons, up 4.3% year-on-year [60]. Investment Recommendations - The report identifies high-dividend quality stocks in the transportation sector, recommending companies like Sichuan Chengyu and Daqin Railway for their stable growth and high dividend yields [4][19]. - It emphasizes the importance of capital operations and strategic investments in the highway and port sectors to enhance overall performance [29][30].

Group 1 - The core point of the article is that the chairman of Daqin Railway (601006) has not received any salary from the listed company [1] Group 2 - Daqin Railway responded to investor inquiries on its interactive platform [1]

Core Viewpoint - Daqin Railway (601006) emphasizes its stable operations and commitment to enhancing market value through various management strategies [1] Group 1: Company Operations - The company reported that it is operating safely and steadily, with no undisclosed information [1] - Daqin Railway is actively responding to challenges in the traditional energy transportation sector while striving to improve operational efficiency [1] Group 2: Value Management Initiatives - The company has established a "Market Value Management System" and a "Valuation Enhancement Plan" to actively manage its market value [1] - Measures include improving information disclosure quality, managing investor relations, optimizing cash dividend policies, and steadily advancing share buybacks to convey company value to the market [1]

Group 1 - The core viewpoint of the article is that Daqin Railway has clarified that it does not have a policy of rejecting foreign calls [2] Group 2 - The company responded to investor inquiries on its interactive platform [2] - The clarification aims to address concerns from investors regarding communication policies [2]

证券日报网讯 1月27日，大秦铁路在互动平台回答投资者提问时表示，公司应对经营环境变化、行业周 期波动，加大货运增运增量攻坚力度，通过物流总包、物流辅助、量价互保、"以白补黑"等举措，优化 货运结构，开展多元运输，努力培育市场并稳固铁路货运市场竞争力。 （文章来源：证券日报） ...