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]

报告要点 丨证券研究报告丨 [TaSummary] 今年以来，受资金风格切换等因素影响，交运板块核心红利资产标的均面临一定程度股价调整， 估值及股息率重回高性价比区间，显著领先十年期国债收益率，对于绝对收益资金吸引力逐步 提升。基于行业特征，我们重点推荐交运板块中具有低估值、高股息特征的垄断性资产，1）买 低波稳健+分红确定：优选高速公路龙头（招商公路以及宁沪高速等），以及大秦铁路与青岛港； 2）短期看，港股市场估值折价明显、股息率更具性价比，建议关注港股向上弹性。 行业研究丨行业周报丨运输 [Table_Title] 当前时点，如何看待交运红利资产配置价值？ 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 当前时点，如 ...

Group 1: Metal Sector - Zijin Mining's net profit forecast for 2025 is 475 million CNY, with a PE ratio of 15.46[12] - Luoyang Molybdenum's net profit forecast for 2025 is 168.65 million CNY, with a PE ratio of 17.35[12] - The copper production of Zijin Mining is expected to increase by 7% to 115,000 tons in 2025[20] Group 2: Chemical Sector - Wanhua Chemical's net profit forecast for 2025 is 141.75 million CNY, with a PE ratio of 0.00[12] - Longbai Group's net profit forecast for 2025 is 23.01 million CNY, with a PE ratio of 19.75[12] - The MDI market is expected to improve as supply and demand conditions stabilize[48] Group 3: Transportation Sector - China Merchants Highway's net profit forecast for 2025 is 55.01 million CNY, with a PE ratio of 12.10[12] - Haitong Development's net profit forecast for 2025 is 4.43 million CNY, with a PE ratio of 18.87[12] Group 4: Construction Sector - Sichuan Road and Bridge's net profit forecast for 2025 is 82.86 million CNY, with a PE ratio of 8.79[12] - Honglu Steel Structure's net profit forecast for 2025 is 7.96 million CNY, with a PE ratio of 15.35[12]

Core Insights - The report highlights a significant decline in pig prices, with the average price of live pigs dropping to 12.82 yuan/kg by September 19, marking a three-year low [5][6] - The report indicates that the supply side is experiencing pressure due to increased market supply, while demand remains weak, particularly affected by high temperatures in August [5][6] - The government is implementing stricter policies to control pig production capacity, aiming to stabilize prices and promote high-quality development in the industry [6] Industry Overview - In August 2025, the average prices for piglets, live pigs, and pork were 33.63 yuan/kg, 14.35 yuan/kg, and 24.98 yuan/kg, respectively, showing month-on-month declines of 5.87%, 3.77%, and 1.52% [5] - The report notes that the number of breeding sows in July was 40.42 million, with a slight decrease, indicating a trend of capacity reduction in the industry [5] - The report anticipates that the short-term pressure on pig prices will lead to a long-term upward trend as the government’s capacity reduction policies take effect [6] Company Insights - Major companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, reported significant declines in sales prices in August, with average sales prices of 13.51 yuan/kg and 13.90 yuan/kg, respectively [7] - The report suggests that companies with strong cost advantages are likely to maintain profitability despite the current market pressures [6] - The report recommends focusing on leading companies in the industry, such as Muyuan Foods and Wens Foodstuff Group, which are expected to perform well in the long term [6]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The highway sector has experienced a significant adjustment since June, driven by a decrease in risk aversion and a rise in government bond yields. Despite this, the sector is characterized by stable performance, strong cash flow, and high predictability, making it an attractive investment opportunity [4][13]. - The premium of A-shares over H-shares for highway stocks has decreased to its lowest level since 2023, suggesting a favorable valuation for A-shares compared to H-shares [5][19]. - Key highway stocks have seen their dividend yields recover to higher levels not seen since 2024, with several companies showing significant increases in their dividend rates [6][34]. Summary by Sections 1. Highway Sector Adjustment - The highway sector is traditionally known for high dividends and has shown strong performance in the past. However, it has undergone a deep adjustment since June due to market conditions and rising bond yields. The current state presents a strong absolute return potential for investors [4][13]. 2. A-H Share Premium - The A-H share premium for highway stocks has narrowed significantly, indicating a shift in valuation dynamics. This change is attributed to the differing impacts of domestic and U.S. bond yields on the respective markets [5][24]. 3. Dividend Yield Recovery - The dividend yields of key A-share highway stocks have increased significantly due to stock price corrections. Companies like Ninghu, Wantong, and Guangdong Expressway have returned to higher dividend yield levels, enhancing their attractiveness for investors [6][35]. 4. Investment Recommendations - The report suggests focusing on high-dividend stocks from the highway sector, particularly those with stable dividend payouts. Companies such as Wantong, Guangdong Expressway A, and China Merchants Highway are highlighted as having strong dividend potential, with some expected to yield over 5% [7][48].

Group 1 - The company, China Merchants Highway Network Technology Holdings Co., Ltd., has announced the payment of its third phase of medium-term notes for the year 2022, ensuring the accuracy and completeness of the information disclosed [1][4] - The payment process involves transferring funds to a designated account at the Central Clearing Corporation before the payment date, with adjustments made for public holidays [2] - The company and its board members commit to the authenticity and timeliness of the disclosed information, adhering to self-regulatory rules of the interbank bond market [3][5] Group 2 - The company has also announced the exercise of the redemption option for its first phase of medium-term notes for the year 2023, following the relevant terms in the issuance documents [5] - Contact information for the issuer, management institution, and registration and custody institution is provided for stakeholders [3][5] - The company reiterates its commitment to accurate and timely information disclosure in accordance with market regulations [3][5]

Group 1 - The core point of the article is that China Merchants Highway Network Technology Holdings Co., Ltd. announced the issuance of its first medium-term note for 2023, which includes an issuer redemption option [1] Group 2 - The bond is referred to as "23招商公路MTN001" with the bond code "102382960.IB" [1] - The announcement was made on the evening of September 23 [1] - The issuance is in accordance with the relevant terms specified in the issuance documents [1]

Core Viewpoint - The announcement details the repayment of the third phase of medium-term notes issued by China Merchants Highway Network Technology Holdings Co., Ltd., highlighting the total issuance amount and repayment terms [1] Group 1: Issuance Details - The total issuance amount of the medium-term notes (22招商公路MTN003) is 1.55 billion [1] - The interest commencement date is October 14, 2022, with a term of 3+N years [1] - The latest rating for the notes is AAA, indicating a high credit quality [1] Group 2: Financial Terms - The interest rate for this period is set at 2.85% [1] - The total principal and interest repayment amount due on October 14, 2025, is 1,594.175 million [1] Group 3: Repayment Process - The announcement outlines the repayment procedures, including fund transfer processes and holiday adjustment rules [1] - Contact information for the issuer, management institution, and registration and custody institution is provided [1] - The company commits to ensuring that information disclosure is truthful, accurate, complete, and timely [1]

证券代码：001965 证券简称：招商公路 公告编号：2025-58 二、本次权利行使基本情况 发行人赎回选择权行使安排如下： | 赎回价格（元/百元面值） | 100 | | | | | --- | --- | --- | --- | --- | | 发行人赎回面额（亿元） 行权日 | 5 2025 | 年 11 | 月 | 02 日 | 三、本次权利行使相关机构 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发行人赎回选择权行权公告 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。 根据发行文件中相关条款规定，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（债券简称：23 招商公路 MTN001，债券代码： 102382960.IB）设有发行人赎回选择权。为保证行权工作顺利进行，现将有关事 宜公告如下。 一、本期债券基本情况 | 发行人名称 | 招商局公路网络科技控股股份有限公司 | | --- | --- | | 债券名称 | 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 | | 债券简称 ...

证券代码：001965 证券简称：招商公路 公告编号：2025-57 招商局公路网络科技控股股份有限公司 2022 年度第三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。 为保证招商局公路网络科技控股股份有限公司 2022 年度第三期中期票据 （债券简称：22 招商公路 MTN003，债券代码：102282248.IB）兑付工作的顺利 进行，现将有关事宜公告如下。 | 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 | | | 2022 年度第三期中期票据 | | 债项简称 | 22 招商公路 MTN003 | | 债项代码 | 102282248.IB | | 发行总额(亿) | 15.5 | | 起息日 | 2022 年 10 月 14 日 | | 发行期限（年） | 3+N | | 债券余额(亿) | 15.5 | | 最新评级情况 | AAA | | 偿还类别 | 本息兑付 | | 本计息期债项利率 | 2.85% | | 本息兑付日 | 20 ...