Group 1 - The core point of the article is that Sichuan Chengyu (601107.SH) clarified its non-participation in the Chengyu Expressway expansion project, which is being undertaken by other entities [1] - The project is being implemented by Sichuan Highway Construction Development Group Co., Ltd. and other winning bidders [1] - Sichuan Chengyu's statement was made through an investor interaction platform, emphasizing its lack of involvement in the project [1]

Investment Rating - The report maintains a "Recommended" rating, emphasizing the importance of defensive stability and timely investment opportunities in the transportation sector [1]. Core Insights - The transportation sector's performance in November 2025 was generally average, outperforming the CSI 300 index, with highways leading the performance among sub-sectors [4][10]. - The report highlights a low interest rate environment, with the 10-year government bond yield at 1.82% as of November 21, 2025, indicating a stable financial backdrop for investments [20]. - The report identifies high dividend yield opportunities in both A-shares and H-shares within the transportation sector, with specific recommendations for companies like Sichuan Chengyu and Anhui Wantong Highway [68][70]. Monthly Market Performance - The transportation sector saw a cumulative decline of 2.24% from November 1 to November 21, 2025, outperforming the CSI 300 index by 1.79 percentage points [9]. - The sub-sectors of highways, railways, and ports had cumulative declines of -2.11%, -2.47%, and -2.97% respectively during the same period, but all outperformed the CSI 300 index [10]. - Year-to-date performance showed highways down 11.11%, railways down 15.77%, and ports down 4.83%, indicating a challenging year overall [10]. Highway Sector Tracking - In September 2025, highway passenger traffic was 934 million, down 4.3% year-on-year, while freight traffic increased by 5.2% to 3.891 billion tons [28]. - The report notes that the highway sector is expected to see stable performance improvements in 2026, driven by policy optimizations and local state-owned enterprise actions [68]. Railway Sector Tracking - In October 2025, railway passenger volume reached 410 million, up 10.1% year-on-year, while freight volume was 4.58 million tons, a slight increase of 0.6% [40][43]. - The report emphasizes the potential for investment opportunities in the railway sector, particularly in high-quality assets like the Beijing-Shanghai High-Speed Railway [70]. Port Sector Tracking - The report indicates that port cargo throughput for the four weeks ending November 16, 2025, was 1.057 billion tons, reflecting a year-on-year growth of 4.6% [48]. - The report highlights the importance of long-term value in port assets, suggesting that leading ports are undervalued in terms of their earnings stability and potential for dividend growth [71][72].

Core Points - The railway and highway sector experienced a decline of 0.3% on November 24, with Haiqi Group leading the losses [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Sector Performance - Notable gainers in the railway and highway sector included: - Fulin Yuanye (002357) with a closing price of 9.79, up 3.49% and a trading volume of 118,200 shares [1] - Chongqing Road and Bridge (600106) closed at 6.02, up 2.38% with a trading volume of 160,000 shares [1] - Jiangxi Changyun (600561) closed at 6.84, up 2.09% with a trading volume of 69,100 shares [1] - Major decliners included: - Haiqi Group (603069) closed at 24.58, down 3.34% with a trading volume of 128,300 shares [2] - Zhongyuan Expressway (600020) closed at 4.40, down 1.35% with a trading volume of 172,100 shares [2] Capital Flow - The railway and highway sector saw a net outflow of 184 million yuan from institutional investors, while retail investors contributed a net inflow of 66.53 million yuan [2] - Key stocks with significant capital flow included: - Hainan Expressway (000886) with a net inflow of 20.94 million yuan from institutional investors [3] - Chutian Expressway (600035) with a net inflow of 14.72 million yuan from institutional investors [3] - Wuhu Expressway (600012) with a net inflow of 9.64 million yuan from institutional investors [3]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are rising while ocean freight rates are declining. The China Import Crude Oil Comprehensive Index (CTFI) reached 2325.40 points on November 20, up 4.2% from November 13. VLCC market activity remains strong, but overall market activity is expected to decline without actual cargo support [3][14] - Changlong Airlines has initiated its IPO process, and VOLANT has signed a confirmation order for the VE25-100 eVTOL aircraft with a state-owned investment group, with the order amount exceeding 100 million yuan [3][16] - The China-Europe Railway Express has surpassed 3500 trips this year, marking a historical high. A new "passenger-cargo-mail integration" model has been launched in cooperation between Rizhao Public Transport and SF Express [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates are high while ocean freight rates are declining. The Shanghai port export price to Europe was $1367/TEU, down 3.5%, and to the US West and East Coast was $1645/FEU and $2384/FEU, down 9.8% and 8.3% respectively [3][15] - Changlong Airlines is preparing for its IPO, with a focus on expanding its operational capacity and market reach [3][16] - The China-Europe Railway Express has achieved a record of over 3500 trips this year, with a focus on high-value goods transportation [3][23] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased both month-on-month and year-on-year, indicating a positive trend in air freight pricing [4][28] - Domestic express delivery volume increased by 7.90% year-on-year in October 2025, with total express delivery volume reaching 176 billion pieces [4][50] - The national highway freight truck traffic increased by 2.57% week-on-week, indicating a recovery in road logistics [4][18] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the low-altitude economy sector, with recommendations for CITIC Offshore Helicopter [5] - Investment opportunities in the road and rail sectors, recommending companies such as Gansu Expressway and Beijing-Shanghai High-Speed Railway [5]

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 - Sichuan Chengyu (601107) reported on November 18 that as of October 31, 2025, the total number of shareholders is 37,213, with 36,980 in A-shares and 233 in H-shares [1] Summary by Category - **Shareholder Information** - Total number of shareholders is 37,213 as of October 31, 2025 [1] - A-shares account for 36,980 shareholders, while H-shares have 233 shareholders [1]

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]

Group 1 - ST Er Ya (600107) closed at 7.62 yuan on November 14, 2025, with a 4.96% increase and a trading volume of 155,300 shares, amounting to a total transaction value of 118 million yuan [1] - On November 14, 2025, ST Er Ya was listed on the "Dragon and Tiger List" due to a cumulative price deviation of 12% over three consecutive trading days, marking the second appearance in five days [2] - The company reported a net profit of -35.68 million yuan for the first three quarters of 2025, and if the annual revenue falls below 300 million yuan and continues to incur losses, it may trigger financial delisting risk warnings [3][4] Group 2 - The company and its chairman, Zheng Jiping, are currently under investigation by the China Securities Regulatory Commission [3][4] - If the internal control audit report for 2025 continues to receive a negative opinion or cannot express an opinion, it may trigger regulatory delisting risk warnings [3][4]

Core Viewpoint - ST Er Ya (600107) has experienced significant stock price fluctuations, with a recent increase of 4.53% to 7.62 CNY, while facing potential delisting risks due to financial performance issues [1][2][3] Trading Information Summary - ST Er Ya's stock was listed on the "Dragon and Tiger List" twice within a week due to a cumulative price deviation of over 12% in both downward and upward directions [1][3] - The stock reached a high of 7.62 CNY and a low of 6.37 CNY during the week [1] Company Announcement Summary - For the first three quarters of 2025, ST Er Ya reported revenue of 172 million CNY and a net loss of 35.68 million CNY [1][3] - The company is at risk of financial delisting if annual revenue falls below 300 million CNY and continues to incur losses [1] - The 2024 annual report received a qualified opinion, and if the internal control report for 2025 is also negative or unable to express an opinion, it may trigger regulatory delisting warnings [1] - The company and its actual controller, Zheng Jiping, are currently under investigation by the China Securities Regulatory Commission [1][2][3]

Core Viewpoint - ST Er Ya (600107) experienced a significant stock price increase, raising concerns about potential financial risks and ongoing investigations by regulatory authorities [1] Group 1: Stock Performance - As of November 14, 2025, ST Er Ya closed at 7.62 yuan, up 4.96% from the previous trading day, with a total market capitalization of 2.743 billion yuan [1] - The stock opened at 7.59 yuan, reached a high of 7.62 yuan, and a low of 7.37 yuan, with a trading volume of 1.18 billion yuan and a turnover rate of 4.31% [1] Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 172 million yuan and a net loss of 35.68 million yuan [1] - If the annual revenue falls below 300 million yuan and losses continue, the company may face financial delisting risk warnings [1] Group 3: Regulatory Issues - The 2024 financial report received a qualified audit opinion, and the internal control audit report received a negative opinion [1] - If the internal control report for 2025 also receives a negative or unable to express an opinion, it may trigger regulatory delisting risk warnings [1] - The company and its chairman, Zheng Jiping, are currently under investigation by the China Securities Regulatory Commission [1]