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 ...

Group 1 - The core point of the news is that a block trade of 360,000 shares of China Merchants Highway occurred on September 22, with a transaction value of 3.4776 million yuan and a transaction price of 9.66 yuan, executed by institutional special seats on both the buy and sell sides [2][3] - The closing price of China Merchants Highway on the same day was 9.66 yuan, reflecting a decrease of 0.82%, with a daily turnover rate of 0.38% and a total transaction amount of 253 million yuan, indicating a net outflow of 645,200 yuan in main funds [2] - Over the past five days, the stock has cumulatively decreased by 3.78%, while the total net inflow of funds during this period was 6.7534 million yuan [2] Group 2 - The latest margin financing balance for China Merchants Highway is 234 million yuan, which has increased by 11.8407 million yuan over the past five days, representing a growth rate of 5.33% [2]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [13] Core Insights - The transportation industry is expected to see improvements in profitability across various sub-sectors in Q3 2025, driven by domestic demand recovery and resilient international demand [2][6][7][8][9][10][11][12] Summary by Sub-Sector Aviation - The aviation sector is experiencing subdued demand but is benefiting from reduced costs, leading to an overall improvement in profitability for Q3 2025. The international flight recovery remains strong, and oil prices have significantly decreased [6][19][24] Airports - Domestic airport traffic is recovering, with international flights also increasing. Revenue is expected to improve steadily, with key airports benefiting from both domestic and international demand growth [2][6][24][26] Express Delivery - The "anti-involution" policy is driving price increases in the express delivery sector, leading to improved profitability for e-commerce deliveries. However, operational costs are temporarily pressuring profit margins [2][6][28][30] Logistics - The logistics sector is stabilizing, with major players expected to see profit growth due to improved supply chain performance and resilient cross-border logistics profitability [2][6][7][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different shipping types. While container shipping faces challenges, oil tanker profits are improving due to favorable market conditions [2][6][8][33][37] Ports - Port operations are expected to see improved profitability in bulk cargo handling, while container throughput remains resilient despite external pressures [2][6][9][39] Highways - Highway traffic is relatively stable, with a slight increase in profitability anticipated for Q3 2025, supported by steady freight and passenger traffic [2][10][41] Railways - Railway passenger and freight volumes are showing mixed trends, with a focus on opportunities arising from high-speed rail transformations. Overall, passenger transport is expected to grow, while freight transport is improving [2][11][43][44]

Group 1 - The company, China Merchants Highway Network Technology Holdings Co., Ltd., has convened its 33rd meeting of the third board of directors on July 15, 2025, where it approved the proposal for the registration and issuance of debt financing instruments [1] - The proposal has been submitted for approval at the company's second extraordinary general meeting of shareholders in 2025 [1] - The company has received a registration acceptance notice from the China Interbank Market Dealers Association, which is valid for two years from the date of the notice [1] Group 2 - During the registration validity period, the company can issue various debt financing products, including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing instruments [2] - The company will determine the lead underwriter, issuance product, issuance scale, and issuance term for each issuance based on market conditions and funding needs [2] - The company is committed to timely information disclosure in accordance with relevant laws and regulations [2]