Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on February 3, with a total transaction value of 2.236 billion yuan, highlighting notable trading in specific stocks such as Shanghai Airport, Zijin Mining, and Longjing Environmental Protection [1]. Group 1: Block Trading Activity - A total of 80 stocks underwent block trading, with Shanghai Airport leading at 349 million yuan, followed by Zijin Mining at 274 million yuan and Longjing Environmental Protection at 161 million yuan [1]. - Among the stocks traded, 7 were sold at par value, 2 at a premium, and 71 at a discount, indicating a predominance of discounted trades [1]. Group 2: Premium and Discount Rates - The stocks with the highest premium rates were DeMa Technology at 5.67% and Shen High-Speed at 2.01% [1]. - The stocks with the highest discount rates included Kai Fa Technology at 29.94%, New Wave Shares at 23.56%, and Ai Meike at 23.43% [1]. Group 3: Institutional Buying and Selling - The top institutional buying positions included Shanghai Airport at 349 million yuan, Longxin Zhongke at 116 million yuan, and Xinyuan Shares at 60.575 million yuan [2]. - The leading institutional selling positions were Nanxin Technology at 8.4 million yuan and Guobo Electronics at 4.1784 million yuan [2].

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].

[Table_ReportInfo] 2026 年 01 月 28 日 证券研究报告•金融工程报告 机器学习金融工程月报 请务必阅读正文后的重要声明部分 机器学习因子选股月报（2026 年 2 月） 截至 2026年 1月 28日，1月当期多头组合超额收益最高的五个行业（除综合） 分别为国防军工、通信、农林牧渔、家电、电力设备及新能源，多头组合相对 行业指数超额收益分别为 11.41%、8.40%、7.85%、6.01%以及 4.98%。 近一年来看，多头组合月平均超额收益最高的五个行业（除综合）分别为房地 产、家电、商贸零售、建筑、国防军工，超额收益分别为 2.17%、2.09%、1.69%、 1.69%以及 1.58%。且 29 个中信一级行业（除综合）中， GAN_GRU 因子 多头组合近一年有 6个行业未跑赢对应中信一级行业指数（电子、煤炭、非银 金融、传媒、有色、通信）。 摘要 西南证券研究院 [Table_Author] 分析师：郑琳琳 执业证号：S1250522110001 邮箱：zhengll@swsc.com.cn 分析师：祝晨宇 执业证号：S1250525100004 邮箱：zhcy@sw ...

Investment Rating - The report assigns an "Overweight" rating to the highway industry [6]. Core Insights - The comprehensive revision of the "Regulations on the Management of Toll Roads" has been in preparation for years, with broad consensus on four key amendments. The anticipated policy optimization is expected to accelerate, with the amendment of the Highway Law serving as an important signal that could improve long-term returns in the industry [3][6]. - The demand for highway tolls is recovering, and the certainty of dividends remains prominent. The highway industry is experiencing a release of suppressed demand and expansion effects, driving significant growth in traffic volume and profitability. From the second half of 2024 to the first half of 2025, traffic volume in the highway industry is expected to remain under pressure, particularly with a year-on-year reduction in truck traffic, which contrasts with the steady growth trend in highway freight volume [6]. - The report highlights that highway companies are actively optimizing their debt structures in response to the continuous decline in the Loan Prime Rate (LPR), which is expected to further reduce financial costs and support profitability growth. The stability of the highway dividend policy and manageable capital expenditure pressures for expansion and reconstruction projects position the industry as a preferred choice for dividends in the transportation sector [6]. Summary by Sections Policy Revision - The "Regulations on the Management of Toll Roads" is the most important policy for the highway industry, originally enacted in 2004. It has effectively supported the rapid construction of China's highway network over the past forty years. However, rising construction costs and unchanged toll standards have led to declining returns on new and expanded projects, increasing financing difficulties and accumulating debt risks [6]. - The Ministry of Transport has previously released draft amendments in 2013, 2015, and 2018, with the revision consistently appearing in annual legislative work plans. The report suggests that as a batch of highways approaches the end of their tolling period, policy optimization may accelerate [6]. - Key amendments include extending the operating period for new projects from 25 years to 30 years, allowing for extensions on reconstruction projects, introducing compensation mechanisms for reductions, and establishing a maintenance fee system based on the "user pays" principle [6]. Investment Recommendations - The report maintains an "Overweight" rating for the highway sector, suggesting that policy optimization may catalyze optimistic expectations. The industry faces reinvestment pressures due to limited operating years and ongoing business needs, making reinvestment a necessary choice. The report anticipates that policy optimization will systematically improve reinvestment risks and ensure reasonable returns on reinvestment [6]. - Recommended stocks include China Merchants Highway, Nanjing-Hangzhou Expressway, Anhui Wantuo Expressway, and Shenzhen International, with additional mentions of Sichuan Chengyu, Guangdong Expressway, Shandong Expressway, and Zhongyuan Expressway as related targets [6].

Core Viewpoint - The AI Fund Guojin Hongli Quantitative Stock Selection Mixed A (024385) reported a profit of 4.2903 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0116 yuan, indicating a stable performance in a challenging market environment [1] Fund Performance - The fund's net value growth rate for the reporting period was 0.74%, with a total fund size of 312 million yuan as of the end of Q4 [1] - As of January 23, the unit net value was 1.051 yuan, reflecting a positive trend in fund valuation [1] Fund Manager Insights - The fund manager, Ma Fang, oversees seven funds, with the Guojin Quantitative Multi-Factor A achieving the highest one-year cumulative net value growth rate of 70.06%, while the Guojin Quantitative Multi-Strategy A recorded the lowest at 49.44% [1] - The fund management indicated that during the reporting period, the fund was in a closed period at certain times, adhering to a steady investment rhythm driven by quantitative models based on market conditions [1] Top Holdings - As of the end of Q4 2025, the fund's top ten holdings included Agricultural Bank of China, Gree Electric Appliances, Nanjing Bank, Tangshan Port, Guangdong Expressway A, Shandong Expressway, Phoenix Media, Shanghai Electric, TBEA Co., and Anhui Expressway [1]

证券日报网讯 1月23日，粤高速A发布2025年度业绩快报称，公司2025年实现营业总收入4，468，780， 063.73元，同比下降2.21%；归属于上市公司股东的净利润为1，800，619，042.34元，同比增长 15.27%。 （文章来源：证券日报） ...

据悉，影响本期经营业绩的主要因素包括：根据政府有关文件，广佛公司代垫的管养支出资金来源明 确，转回已计提的坏账准备;公司控股路段京珠高速公路广珠段和佛开高速受区域路网变化影响，通行 费收入同比减少。 智通财经APP讯，粤高速A(000429.SZ)披露2025年度业绩快报，公司实现归属于上市公司股东的净利润 18.01亿元，同比增加2.38亿元，增幅15.27%;实现归属于上市公司股东的扣除非经常性损益的净利润 15.22亿元，同比减少1.22亿元，减幅7.44%。 ...

格隆汇1月23日丨粤高速Ａ(000429.SZ)公布2025年度业绩快报，截至2025年12月31日，公司合并报表资 产总额268.12亿元，比期初增加43.70亿元，增幅19.47%；公司负债总额125.87亿元，比期初增加33.41 亿元，增幅36.14%；归属于上市公司股东的所有者权益合计111.37亿元，比期初增加6.69亿元，增幅 6.39%。公司本年实现归属于上市公司股东的净利润18.01亿元，同比增加2.38亿元，增幅15.27%；公司 本年实现归属于上市公司股东的扣除非经常性损益的净利润15.22亿元，同比减少1.22亿元，减幅 7.44%。影响本期经营业绩的主要因素包括：1.根据政府有关文件，广佛公司代垫的管养支出资金来源 明确，转回已计提的坏账准备；2.公司控股路段京珠高速公路广珠段和佛开高速受区域路网变化影响， 通行费收入同比减少。 ...

南财智讯1月23日电，粤高速Ａ发布2025年度业绩快报，报告期内公司实现营业收入44.69亿元，同比下 降2.21%；归属于上市公司股东的净利润18.01亿元，同比增长15.27%；基本每股收益0.86元，同比增长 14.67%。 ...

Financial Performance - Total operating revenue for 2025 was RMB 4.47 billion, a decrease of 2.21% compared to RMB 4.57 billion in the previous year[4] - Operating profit increased by 14.02% to RMB 3.17 billion from RMB 2.78 billion year-on-year[4] - Net profit attributable to shareholders reached RMB 1.80 billion, reflecting a 15.27% increase from RMB 1.56 billion in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1.52 billion, a decrease of 7.44% from RMB 1.64 billion year-on-year[4] - Basic earnings per share rose to RMB 0.86, an increase of 14.67% compared to RMB 0.75 in the previous year[4] - The weighted average return on equity improved by 1.29 percentage points to 16.81% from 15.52%[4] Assets and Liabilities - The company's total assets as of December 31, 2025, amounted to RMB 26.81 billion, an increase of 19.47% from RMB 22.44 billion at the beginning of the year[5] - Total liabilities increased by 36.14% to RMB 12.59 billion, up from RMB 9.18 billion at the start of the year[5] - Shareholders' equity attributable to the company increased by 6.39% to RMB 11.14 billion from RMB 10.47 billion at the beginning of the year[5] Operational Challenges - The company faced challenges in toll revenue due to changes in regional road networks affecting key highway segments[5]