Core Viewpoint - Dongguan Holdings (000828) is currently upgrading the Guanshen Expressway to enhance traffic capacity and efficiency, with a focus on minimizing disruption to traffic flow [1] Group 1: Project Details - The main line of the Guanshen Expressway is currently operating under a dual six-lane standard, with the expansion project advancing to a dual ten-lane standard, and some sections will adopt a dual twelve-lane standard [1] - The construction of the upgrade began in 2022 and is expected to be completed by the end of 2028 [1] Group 2: Construction Approach - The project prioritizes minimizing interference with traffic flow, focusing construction efforts on peripheral sections [1] - During the construction period, only temporary closures of specific stations, such as Dongguan Station and Management Center Station, have occurred, without implementing unilateral closures on the main line [1]

Investment Rating - The report maintains a "Buy" rating for major airlines including China Southern Airlines, China Eastern Airlines, Spring Airlines, and others, while recommending "Hold" for YTO Express and Shentong Express [2]. Core Insights - The report highlights a positive outlook for the aviation sector driven by multiple factors, including the upcoming Spring Festival travel peak, the appreciation of the RMB easing cost pressures, and the increase in visa-free countries for Chinese citizens, which is expected to boost international travel demand [4][7]. - The anticipated passenger transport volume during the 2026 Spring Festival is projected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, reflecting a year-on-year growth of approximately 5.3% [4]. - The report emphasizes the cyclical recovery of the civil aviation market, with expectations of rising passenger load factors and ticket prices, driven by a gradual recovery in demand and limited capacity growth [4][7]. Summary by Sections Aviation and Airports - Daily flight operations from January 19 to January 23 showed slight fluctuations, with Eastern Airlines and Southern Airlines operating 2,245.80 and 2,221.80 flights respectively, while year-on-year comparisons indicate a decrease in operations [4]. - The average aircraft utilization rates during the same period were reported, with Spring Airlines achieving the highest at 9.20 hours per day, although all airlines showed a decline compared to the previous year [4]. - The report suggests that the upcoming Spring Festival will significantly enhance market demand, particularly from student travelers, as the holiday season approaches [4][7]. Logistics and Express Delivery - The report notes a divergence in the growth rates of express delivery companies, with a total of approximately 4.073 billion packages collected from January 12 to January 18, reflecting a year-on-year decline of 11.82% [7]. - It highlights the ongoing high-quality development of the express delivery industry, with policies aimed at reducing competition ("anti-involution") expected to improve profitability [7]. - The report recommends focusing on express companies with significant profit elasticity, such as Shentong Express and YTO Express, as well as those with strong growth potential in overseas markets like Jitu Express [7]. Infrastructure - The report tracks various transportation metrics, including highway and railway freight volumes, indicating a mixed performance across sectors [7]. - It suggests that the low-interest-rate environment will continue to support investment in infrastructure, with a focus on high-quality assets [7]. - Specific recommendations include investing in highway companies like Shandong Highway and Anhui Expressway, as well as railway companies like Daqin Railway and Beijing-Shanghai High-Speed Railway [7]. Shipping and Trade - The report indicates a mixed performance in shipping rates, with the SCFI index showing a decline of 7.39% week-on-week and a year-on-year drop of 28.73% [7]. - It emphasizes the potential for investment opportunities in oil and bulk shipping due to geopolitical factors and structural demand growth [7]. - Recommendations include focusing on companies like COSCO Shipping Energy and COSCO Shipping Holdings for oil shipping investments, as well as Hai Tong Development for bulk shipping [7].

Group 1 - The company Dongguan Holdings (000828) reported that as of January 20, 2026, the number of shareholders is 26,271 [1]

Group 1 - The core point of the article is that Dongguan Holdings has reported its shareholder count as of January 9, 2026, which stands at 26,025 households [2]

Group 1 - The company Dongguan Holdings (000828) stated that it will fulfill its information disclosure obligations in accordance with the Shenzhen Stock Exchange's listing rules and relevant regulations [1]

Core Viewpoint - Dongguan Holdings announced a collaboration between its subsidiary Dongneng Company and Kangyichuang Company to engage in the electric vehicle charging and swapping business, achieving a revenue of 73.98 million yuan from January to September 2025 [1] Group 1 - The partnership focuses on the electric vehicle charging and swapping sector, indicating a strategic move towards renewable energy solutions [1] - The reported revenue of 73.98 million yuan reflects the initial financial performance of the collaboration [1]

Core Viewpoint - Dongguan Holdings announced progress in the development of HECN30227, a siRNA drug targeting hepatitis B virus, and advancements in the small nucleic acid platform research [1] Group 1 - Dongguan Holdings responded to investor inquiries on its interactive platform [1] - Dongyangguang Pharmaceutical has made certain advancements in the clinical phase I of HECN30227 [1] - Further details can be found in the relevant announcements released by Dongyangguang Pharmaceutical [1]

Group 1 - The company stated that the book value of its holdings in Dongguan Securities is related to historical investment costs, net assets, and shareholding ratio [1] - The book value does not directly reflect market valuation levels and should be assessed in conjunction with market valuation indicators such as price-to-book ratio (PB) [1]

Group 1 - The core point of the article is that Dongguan Holdings (000828) reported a total of 26,025 shareholders as of January 9 [1]

Core Viewpoint - Dongguan Holdings (000828) holds 40.65 million shares of Dongguan Securities, with a book value of 2.884 billion yuan as of June 2025 [1] Group 1 - The company currently possesses 40.65 million shares of Dongguan Securities [1] - The book value of these shares is projected to be 2.884 billion yuan by June 2025 [1]