Investment Rating - The report maintains a "Recommendation" rating for the transportation industry [3] Core Insights - The transportation industry is experiencing a recovery, with various segments showing potential for growth, particularly in shipping, infrastructure, aviation, and express delivery [7][19][22][20] Shipping - The shipping sector is seeing mixed price movements, with the SCFI for the US East route down 17.2% and the Southeast Asia route up 6.4% [11] - The report highlights the importance of monitoring the price increases in container shipping and the potential recovery in oil tanker rates due to improved US-China trade relations [16][12] Infrastructure - Key metrics indicate a decline in truck traffic and railway cargo, while port throughput has increased significantly, suggesting a shift in market dynamics [17][18] - The report emphasizes the potential for dividend stocks in the infrastructure sector, particularly in ports, which are currently undervalued [19] Aviation - The aviation sector shows a positive trend with a 7.2% year-on-year increase in passenger volume, driven by improved demand and a low base effect [22] - The report suggests that the industry is poised for profitability in 2026, with a focus on valuation recovery and potential investment opportunities in major airlines [22] Express Delivery - The express delivery sector is benefiting from a reduction in price competition, with a notable increase in business volume and revenue [20] - The report indicates that the "anti-involution" policies are helping to stabilize prices and improve profitability in the sector [20] Logistics - The logistics segment is experiencing stable performance, with cross-border air freight prices showing a week-on-week increase [23] - The report notes the importance of monitoring the daily traffic at key ports and the implications for logistics operations [23]

Group 1: Public REITs Basic Information - The strategic placement shares of the fund will be locked for 12 months from the listing date, with the release date set for November 21, 2025. A total of 278,900,000 shares will be released, accounting for 55.78% of the total fund shares [1] - Before the release of the strategic placement shares, the tradable shares in the secondary market amount to 81,810,000, which is 16.36% of the total fund shares. After the release, the total tradable shares will be 360,710,000, representing 72.14% of the total fund shares [1] Group 2: Infrastructure Project Performance - The infrastructure project is the Anhui Bo-Fu Expressway, managed by the Anhui Bo-Fu Expressway Co., Ltd. The project spans 101.3 kilometers with three toll stations and two service areas [4][5] - As of the announcement date, the project is operating stably, with a toll revenue (including tax) of 33,723 million yuan for the period from January to September 2025, reflecting a year-on-year growth of 7.1%. The average daily traffic volume is 15,637 vehicles, up 8.7% year-on-year [5] Group 3: Impact on Fund Shareholders' Rights - The closing price of the fund on November 6, 2025, was 7.401 yuan per share, representing a 5.85% increase from the issuance price. The predicted distributable amount for 2025 is 317,600,868.47 yuan [6] - The net cash flow distribution rate for an investor buying at the issuance price of 6.992 yuan per share is projected to be 9.08%, while for an investor buying at the market price of 7.401 yuan, it is projected to be 8.58% [6]

Core Points - The major shareholder, China Merchants Highway Network Technology Holdings Co., Ltd. (招商公路), has reduced its stake in Anhui Wantuo Expressway Co., Ltd. (安徽皖通高速公路股份有限公司) by selling 1,320,200 A-shares from October 31 to November 4, 2025 [1][2] - Following the reduction, China Merchants holds 402,871,301 A-shares, representing 23.58% of the total share capital, while its wholly-owned subsidiary, Cornerstone Holdings Limited (佳选控股), holds 92,396,000 H-shares, accounting for 5.41% [1][2] - The total shareholding of China Merchants and its subsidiary amounts to 495,267,301 shares, which is 28.99% of the total share capital [1][2] Shareholding Changes - The shareholding percentage of China Merchants and its concerted actions decreased from 29.06% to 28.99% due to the recent sale [2] - This reduction in stake does not lead to any changes in the controlling shareholder or actual controller of the company, nor does it significantly impact the corporate governance structure or ongoing operations [2] Future Plans - The share reduction is part of a previously disclosed plan, and it does not trigger a mandatory tender offer [2] - As of the announcement date, the share reduction plan has not been fully executed, and further sales will depend on market conditions [2]

Core Viewpoint - The announcement details a reduction in shareholding by a major shareholder,招商局公路网络科技控股股份有限公司, which has decreased its stake in 安徽皖通高速公路股份有限公司 from 29.06% to 28.99% through the sale of 1,320,200 A-shares between October 31 and November 4, 2025 [2][3]. Group 1: Shareholding Changes - 招商局公路 has reduced its direct holding of A-shares to 402,871,301, representing 23.58% of the total share capital [2]. - Through its wholly-owned subsidiary, 佳选控股有限公司, 招商局公路 holds an additional 92,396,000 H-shares, accounting for 5.41% of the total share capital [2]. - The total combined shareholding of 招商局公路 and 佳选控股 in 安徽皖通 is now 495,267,301 shares, which is 28.99% of the total share capital [2]. Group 2: Impact and Future Plans - The reduction in shareholding will not lead to changes in the controlling shareholder or the actual controller of the company, nor will it significantly impact the company's governance structure or ongoing operations [3]. - This share reduction is part of a previously disclosed plan and does not trigger a mandatory tender offer [3]. - 招商局公路's reduction plan is not yet complete, and future sales of A-shares will depend on market conditions [3].

Core Viewpoint - Anhui Wantong Expressway (00995) announced that its major shareholder, China Merchants Highway Network Technology Holdings Co., Ltd. (referred to as "China Merchants Highway"), reduced its stake in the company by selling 1.3202 million A-shares between October 31, 2025, and November 4, 2025 [1] Summary by Relevant Sections - **Shareholding Changes** - China Merchants Highway reduced its holdings by 1.3202 million A-shares during the specified period [1] - As of November 4, 2025, China Merchants Highway directly held 402,871,301 A-shares, representing 23.58% of the total share capital [1] - Through its wholly-owned subsidiary, Cornerstone Holdings Limited, China Merchants Highway held 92,396,000 H-shares, accounting for 5.41% of the total share capital [1] - The combined holdings of China Merchants Highway and Cornerstone Holdings amounted to 495,267,301 shares, which is 28.99% of the total share capital [1]

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2257.45 points, down 0.32%, with a trading volume of 24.053 billion yuan and a turnover rate of 0.97% [1] - Among the index constituents, 27 stocks rose while 22 stocks fell, with Beixin Building Materials leading the gainers at 2.45% and Yun Aluminum leading the decliners at 3.0% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 4.00 yuan, market cap 149.656 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 31.50 yuan, market cap 288.693 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 116.18 yuan, market cap 450.965 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 132.17 yuan, market cap 194.548 billion yuan) in the food and beverage sector - Xugong Machinery (5.75% weight, latest price 10.79 yuan, market cap 126.815 billion yuan) in the machinery equipment sector - Changan Automobile (3.88% weight, latest price 12.28 yuan, market cap 121.745 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.45 yuan, market cap 136.468 billion yuan) in the non-banking financial sector - Yun Aluminum (3.81% weight, latest price 22.96 yuan, market cap 79.624 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 69.81 yuan, market cap 105.165 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.11 yuan, market cap 68.522 billion yuan) in the non-ferrous metals sector [1] Capital Flow Summary - The net outflow of main funds from the index constituents totaled 1.125 billion yuan, while speculative funds saw a net inflow of 243 million yuan and retail investors saw a net inflow of 882 million yuan [3] - Detailed capital flow for selected stocks includes: - Tongling Nonferrous Metals: main net inflow of 88.024 million yuan, speculative net outflow of 53.924 million yuan, retail net outflow of 34.100 million yuan - Luzhou Laojiao: main net inflow of 57.790 million yuan, speculative net outflow of 22.566 million yuan, retail net outflow of 35.224 million yuan - Beixin Building Materials: main net inflow of 56.578 million yuan, speculative net outflow of 24.593 million yuan, retail net outflow of 31.985 million yuan [3]

Group 1 - Shenzhen Expressway Company Limited (00548.HK) received an increase in shareholding from China Merchants Highway Network Technology Holdings Company Limited, acquiring 228,000 shares at an average price of HKD 7.195 per share, totaling approximately HKD 1.6405 million [1] - Following this transaction, China Merchants Highway Network Technology Holdings Company Limited's total shareholding increased to 142,052,000 shares, raising its ownership percentage from 18.97% to 19.00% [1]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].

Group 1 - The core point of the article is that China Merchants Highway Network Technology Holdings Company Limited has increased its stake in Shenzhen Expressway Company Limited by purchasing 228,000 shares at approximately HKD 7.195 per share, totaling around HKD 1.6405 million [1] - After the purchase, the total number of shares held by China Merchants Highway is approximately 142 million, representing a 19% ownership stake in Shenzhen Expressway [1]

证券代码：001965 证券简称：招商公路 公告编号：2025-71 招商局公路网络科技控股股份有限公司 2023 年度第一期中期票据兑付公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 | 发行人名称 | 招商局公路网络科技控股股份有限公司 | | --- | --- | | 债项名称 | 招商局公路网络科技控股股份有限公司 2023 年度 第一期中期票据 | | 债项简称 23 | 招商公路 MTN001 | | 债项代码 | 102382960.IB | | 发行总额(亿) 5 | | | 起息日 | 2023-11-02 | | 发行期限（年） | 2+N | | 债券余额(亿) 5 | | | 最新评级情况 | AAA | | 偿还类别 | 本息兑付 | | 本计息期债项利率 | 3.18% | | 本息兑付日 | 2025-11-02(如遇节假日顺延至下一工作日) | | 本期应偿付本息金额(万元) | 51,590.00 | | 主承销商 | 招商银行股份有限公司 | | 存续期管理机构 | 招商银行股份有限公司 | | 登记托管机构 | 银 ...