Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights a slowdown in holiday shipments and a decline in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded [3][14] - Shenzhen has introduced detailed policies to support low-altitude economic development, and international flight routes have resumed during the 2025 National Day and Mid-Autumn Festival holidays [3][16] - China's express delivery volume reached 150 billion packages ahead of schedule, with strategic cooperation agreements signed between YTO Express and Huizhou [3][23] Summary by Sections Industry Hotspot Events - Holiday shipments have slowed, leading to a drop in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded. The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points, down 26.2% from September 25 [3][14] - Shenzhen's transportation bureau released measures to support low-altitude economic development, effective from October 9, 2025, to December 31, 2026. During the holiday, civil aviation transported 19.138 million passengers, with an average of 2.392 million passengers per day, a year-on-year increase of 3.2% [3][16][18] - As of October 11, 2025, China's express delivery volume surpassed 150 billion packages, achieving this goal 37 days ahead of schedule compared to 2024. A strategic cooperation agreement was signed between the Huizhou government and YTO Express [3][23][24] Industry High-Frequency 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 reported at 4621.00 points, down 5.3% year-on-year but up 1.3% month-on-month [28] - In September 2025, domestic cargo flights increased by 3.05% year-on-year, while international flights rose by 15.86% year-on-year [33] - The SCFI index for container shipping was reported at 1160.42 points, up 4.12% week-on-week but down 43.74% year-on-year [40] Investment Recommendations - The report suggests focusing on the equipment and manufacturing industrial product export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It also highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report advises attention to the road and rail sector, recommending companies like Gansu Expressway, Beijing-Shanghai High-Speed Railway, and Anhui Expressway [4][5]

FF301 本月底法定/註冊股本總額： RMB 3,058,060,000 | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601107 | 說明 | | A股（上海證券交易所） | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,162,740,000 | RMB | | 1 | RMB | | 2,162,740,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,162,740,000 | RMB | | 1 | RMB | | 2,162,740,000 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | -- ...

Market Overview - On September 29, the railway and highway sector rose by 0.41% compared to the previous trading day, with Fulin Transportation leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Fulin Transportation (002357) with a closing price of 10.00, up 2.35% on a trading volume of 83,100 shares and a turnover of 82.01 million yuan [1] - Anhui Expressway (600012) closed at 13.57, up 1.95% with a trading volume of 151,300 shares and a turnover of 204 million yuan [1] - Dongguan Holdings (000828) closed at 11.33, up 1.80% with a trading volume of 84,900 shares and a turnover of 95.34 million yuan [1] Fund Flow Analysis - The railway and highway sector experienced a net outflow of 274 million yuan from institutional investors, while retail investors saw a net inflow of 178 million yuan [2] - The sector's overall fund flow indicated that retail investors were more active compared to institutional investors on that day [2] Individual Stock Fund Flow - Key stocks with significant fund flow included: - Haikou Group (603069) with a net inflow of 20.84 million yuan from institutional investors, but a net outflow of 19.49 million yuan from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 7.74 million yuan from institutional investors, while retail investors saw a net outflow of 612.25 million yuan [3] - Hainan Expressway (000886) recorded a net inflow of 11.83 million yuan from institutional investors, but retail investors had a net outflow of 660.90 million yuan [3]

Core Viewpoints - The shipping industry is experiencing high volatility in crude oil freight rates while container shipping rates on long-distance routes are declining [3] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for application by the Southwest Civil Aviation Administration, and a collaboration between Saudi Arabia and Ehang is set to launch autonomous flying vehicles and air taxi services [3] - China's first national standard for logistics enterprise digitization has been officially released, and the "parallel port" logistics model has achieved a throughput of over 76,000 tons in its first year of operation [3] Shipping Industry - As of September 25, the China Import Crude Oil Comprehensive Index (CTFI) was reported at 1908.03 points, a decrease of 3.4% from September 18 [3] - The VLCC market in the Middle East is seeing a slowdown in cargo availability, while the Atlantic and Gulf routes remain relatively calm [3] - The shipping rates from Shanghai to Europe and the U.S. have decreased, with rates to Europe at $971/TEU (down 7.7%) and to the U.S. West and East coasts at $1460/FEU (down 10.8%) and $2385/FEU (down 6.7%) respectively [3] Aviation Industry - The first hybrid tilt-rotor eVTOL model application has been accepted, marking a significant milestone in China's aviation sector [3] - Saudi Arabia's Front End and Cluster2Airports are collaborating with Ehang to introduce autonomous flying vehicles and air taxi services [3] Logistics and New Transportation Models - The national standard for logistics enterprise digitization was released on September 26, focusing on general requirements [3] - The "parallel port" logistics model has been operational for one year, achieving a throughput of 76.61 million tons and 37,000 standard containers [3] Investment Recommendations - Companies in the equipment and manufacturing export chain are recommended for attention, including COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [6] - Opportunities related to the construction of hydropower stations in the Yarlung Tsangpo River downstream are highlighted, with a focus on Sichuan Chengyu, Chongqing Port, and Fulmin Transportation [6] - The low-altitude economy and highway-railway sectors are also suggested for investment, with specific companies recommended for consideration [7]

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的買入 / 賣出或涉及的 每股的平均價 | | | | 持有樓益的股份數目 佔已發行的 有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | | | | (請參閱上述*註 | 有投票權股期(日 / 月 / 份權益 | | | | | | | | 份自分比 年) | | CS20250925E00218 | 易方达基金管理有限公司 | 1001(L) | 1,510,000(L) | HKD 4.4569 | 45.964.000(L) | 5.13(L)22/09/2025 | 格隆汇9月26日丨根据联交所最新权益披露资料显示，2025年9月22日，四川成渝高速公路(00107.HK)获易方达基金管理有限公司在场内以每股均价4.4569港 元增持151万股，涉资约672.99万港元。 增持后，易方达基金管理有限公司最新持股数目为4596.4万股，持股比例由4.97%上升至5.13%。 | 股份代號: | 00107 | | --- | --- | | 上市法國名稱: | ...

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in Sichuan Chengyu Expressway (00107.HK) by purchasing 1.51 million shares at an average price of HKD 4.4569 per share, totaling approximately HKD 6.73 million [1] - Following this transaction, E Fund's total shareholding in Sichuan Chengyu Expressway has risen to 45.964 million shares, increasing its ownership percentage from 4.97% to 5.13% [1]

香港联交所最新资料显示，9月22日，易方达基金增持四川成渝高速公路(00107)151万股，每股均价 4.4569港元，总金额约为672.99万港元。增持后最新持股数目为4596.4万股，最新持股比例为5.13%。 ...

Group 1 - The core point of the article is that E Fund Management has increased its stake in Sichuan Chengyu Highway (00107) by acquiring 1.51 million shares at an average price of HKD 4.4569 per share, totaling approximately HKD 6.7299 million [1] - After the acquisition, E Fund Management's total shareholding in Sichuan Chengyu Highway reached 45.964 million shares, representing a 5.13% ownership stake [1]

Core Viewpoint - Sichuan Chengyu's financial performance shows a mixed trend with a significant decrease in revenue but an increase in net profit, indicating potential operational efficiency improvements despite revenue challenges [2]. Group 1: Financial Performance - As of June 30, Sichuan Chengyu reported a revenue of 4.126 billion yuan, a year-on-year decrease of 23.14% [2]. - The net profit attributable to shareholders for the same period was 837 million yuan, reflecting a year-on-year increase of 19.93% [2]. - Cumulative cash dividends since the A-share listing amount to 5.905 billion yuan, with 1.927 billion yuan distributed over the last three years [3]. Group 2: Shareholder and Market Activity - As of June 30, the number of shareholders decreased by 28.67% to 35,600 [2]. - The financing balance for Sichuan Chengyu reached 149 million yuan, accounting for 1.22% of the circulating market value, indicating a high level of financing activity [1]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 4.5752 million shares, while new shareholders include Silver Hua Rich Theme Mixed A and Southern Industry Smart Selection Stock A [3]. Group 3: Business Operations - Sichuan Chengyu's main business segments include highway operations (71.29% of revenue), traffic services (24.83%), engineering construction (2.09%), new energy technology (1.20%), and traffic logistics (0.67%) [1].

机构：中金公司 研究员：Yuanfan GU/Wenjie ZHANG/Qibin FENG/Xin YANG Initial Coverage Investment positives We initiate coverage on Sichuan Expressway Company Limited (SichuanExpressway) with an OUTPERFORM rating and a target price of Rmb6.85for A-shares. We assign an OUTPERFORM rating and target price ofHK$5.61 for H-shares. Our valuations imply dividend yields of 4.5% and4.7% for A-shares in 2025 and 2026, and 6.0% and 6.4% for H-shares in2025 and 2026, based on the dividend yield valuation method. Thecompany is the on ...