Investment Rating - The report maintains a positive outlook on the shipping industry, particularly in light of recent developments in Venezuela and the increase in new ship prices [1][2]. Core Insights - Venezuela's political changes are expected to benefit compliant tanker markets, with a potential increase in oil exports leading to higher demand for Aframax tankers and VLCCs [3][4]. - New ship prices have shown an upward trend, with a 0.5% increase reported, particularly in gas carriers which rose by 1% [3]. - The report highlights a significant drop in VLCC freight rates, which fell by 36% week-on-week, while the Atlantic market remains relatively stable [3][4]. Summary by Sections Shipping Market - The report notes that the recent escalation in Venezuela's situation could lead to a 1.4% increase in compliant VLCC oil transport demand and a 4.0% increase for Aframax tankers [3][4]. - The average VLCC freight rate was reported at $43,895 per day, with Middle East to Far East rates dropping to $38,690 per day, a decrease of 45% from the previous week [3][4]. New Ship Prices - New ship prices have increased by 0.5% to 185.59 points, although they are down 1.85% compared to the beginning of 2025 [3][4]. Oil and Product Transport - The LR2-TC1 freight rate increased by 5% to $42,671 per day, supported by tight capacity in previous weeks [3]. - The report indicates a decline in MR average freight rates by 5% to $23,103 per day, with the Atlantic market remaining stable despite the holiday season [3][4]. Air Transport - The report anticipates significant improvements in airline profitability due to supply constraints and increasing passenger volumes, recommending several airlines for investment [3][4]. Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for future performance [3][4]. Rail and Road Transport - Rail freight volumes and highway truck traffic are expected to maintain steady growth, with recent data showing a slight decrease in volumes [3][4].

Core Viewpoint - China Merchants Highway (招商公路) is actively contributing to public welfare by donating 15 million yuan to the China Merchants Charity Foundation for various charitable activities, reflecting its commitment to social responsibility and corporate growth value [1] Group 1: Donation and Corporate Responsibility - The company plans to donate 15 million yuan to the China Merchants Charity Foundation for poverty alleviation, medical assistance, education support, and disaster relief [1] - The donation has been approved by the company's board and independent directors, emphasizing its alignment with corporate governance [1] - The company aims to fulfill its social responsibilities and give back to society in recognition of the support it has received [1] Group 2: Charity Foundation Overview - The China Merchants Charity Foundation, established on June 15, 2009, is a national non-public fundraising foundation initiated by China Merchants Group, focusing on public welfare and harmonious development [2] - From 2020 to 2024, the foundation received a total of 568 million yuan in donations, with 554 million yuan coming from China Merchants Group and its subsidiaries, and has conducted over 240 public welfare projects [2] Group 3: Educational Initiatives - In 2022, the company launched the "C Green Public Welfare Teaching Assistance Program" in collaboration with various teacher training colleges, focusing on environmental education and sustainable development [2] - The company plans to add three more supported schools in 2025 and continue its support for six existing institutions, promoting green initiatives among youth [3] Group 4: Community Support Activities - The company initiated the "Caring for Truck Drivers" campaign in 2022, which has evolved into a regular community support mechanism, and in 2023, it was upgraded to a broader industry public welfare initiative [3] - In the first half of 2025, the company conducted various community service activities, benefiting approximately 53,800 drivers and accumulating over 7,357 hours of volunteer service [3] Group 5: Poverty Alleviation and Rural Revitalization - In the first half of 2025, the company donated 13 million yuan through the charity foundation to support the development of characteristic industries in Xinjiang's Yecheng and Shache counties, aiming to create rural revitalization demonstration points [4]

Core Viewpoint - The rapid development of autonomous driving technology in China is expected to drive the digital transformation of highways, which is crucial for high-quality development [1] Group 1: Market Projections - By 2029, the sales of L2 and above intelligent driving vehicles in China are projected to reach 31.7 million units, with a penetration rate of 84.99% [1] - In 2024, the sales of vehicles equipped with L2 and above intelligent driving solutions are expected to reach 15.2 million units, with a penetration rate of 68.47% for intelligent driving passenger cars [2] Group 2: Infrastructure and Technology Development - The current total length of highways in China is 5.4909 million kilometers, connecting approximately 88% of county-level administrative regions and about 95% of the population [1] - The transition from manual inspections to systematic proactive monitoring is necessary to accommodate both human and machine recognition needs [2] - A virtual road operation platform is to be constructed on existing physical roads, promoting real-time interaction between various intelligent driving systems and traffic infrastructure [2] Group 3: Case Studies and Innovations - A smart highway case study by China Merchants Highway demonstrates the use of a traffic video event intelligent monitoring system, achieving over 95% accuracy in automatic identification of 12 types of events, with an average response time reduced from 5 minutes to under 15 seconds [3]

安徽皖通高速（600012）公路(00995)公布，2025 年 12 月 22 日，公司收到招商公路（001965）发来的 《关于对皖通高速股票减持情况的告知函》，告知招商公路在减持计划期间内通过集中竞价交易方式累 计减持公司 A 股股份约840.9万股，占公司总股本的 0.492%。本次减持计划时间区间已届满，减持计划 已实施完毕。 ...

智通财经APP讯，安徽皖通高速公路(00995)公布，2025 年 12 月 22 日，公司收到招商公路发来的《关 于对皖通高速股票减持情况的告知函》，告知招商公路在减持计划期间内通过集中竞价交易方式累计减 持公司 A 股股份约840.9万股，占公司总股本的 0.492%。本次减持计划时间区间已届满，减持计划已实 施完毕。 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing high dividends and capital operations as dual engines for growth [1]. Core Insights - The transportation sector has shown mixed performance, with the overall industry ranking 8th among 31 sectors in terms of growth, having increased by 1.68% from December 1 to December 19, 2025, outperforming the CSI 300 index by 0.76 percentage points [12][13]. - The report highlights that the dividend yield for major segments within the transportation sector, including highways, railways, and ports, remains in the 3%-4% range, with coal and banking sectors leading in yield [27][21]. - The report identifies several high-dividend stocks in the A and H-share markets, recommending companies such as Sichuan Chengyu Expressway (6.0% yield) and China Merchants Port (5.8% yield) as attractive investment opportunities [21][22]. Monthly Market Performance - The report notes that the performance of dividend assets in December 2025 was generally underwhelming, with highway, railway, and port segments showing cumulative changes of -1.45%, +1.12%, and +1.21%, respectively [13][11]. - The average daily transaction volume for ports increased by 26.7% year-on-year, while highway and railway transaction volumes decreased by 5.5% and 34.8%, respectively [26][23]. - The report indicates that the low interest rate environment continues to support the market, with the 10-year government bond yield remaining stable around 1.83% [25][23]. Capital Operations - Sichuan Chengyu plans to acquire 85% of Hubei Jingyi Expressway for 2.409 billion yuan in cash, shifting from a stock issuance to a cash purchase to avoid equity dilution [32]. - Ninghu Expressway is increasing its investment in the Jiangsu Longtan Bridge project by 3.26964 billion yuan, enhancing its stake in the project [34]. - Qingdao Port has terminated its cash acquisition of the Rizhao Port oil terminal due to potential business impacts from legal issues, prioritizing shareholder interests [35]. Highway Sector Tracking - In October 2025, highway passenger traffic was reported at 975 million, a decrease of 3.7% year-on-year, while freight traffic showed a slight increase of 0.1% [36]. - The report highlights the revenue performance of key companies, such as Gansu Expressway, which reported a slight decline in toll revenue for November 2025 [44]. Railway Sector Tracking - Railway passenger volume reached 410 million in October 2025, marking a 10.1% increase year-on-year, while freight volume showed a modest increase of 0.6% [52]. - The report notes that the Daqin Railway achieved a freight volume of 37.22 million tons in November 2025, reflecting a year-on-year growth of 1.75% [59]. Port Sector Tracking - The report indicates that monitored port cargo throughput reached 1.078 billion tons over four weeks, with a year-on-year growth of 2.6% [63]. - Container throughput for the year-to-date reached 31.0469 million TEUs, reflecting a 7.7% increase compared to the previous year [63].

格隆汇12月22日｜皖通高速公告，股东招商局公路网络科技控股股份有限公司在2025年9月22日至2025 年12月21日期间通过集中竞价减持公司A股840.9万股，占公司总股本的0.492%，减持价格区间为15～ 15.79元/股，减持总金额为1.3亿元。减持后，招商公路持有公司股份4.88亿股，占公司总股本的 28.572%。 ...

| 要植序鼓 | 大股票/董事/霞嘉行政人員名稱 作出按露的 廣入 / 齊出或涉及的股 每股的平均價 | | 持有權益的股份數目 佔已發行的 角關事件的日期 相關法國股份 價權證據益 | | --- | --- | --- | --- | | | 原因 ◎ 7日 | | ( 時多関上述* 註解 ) 淘投票權股 (日 / 月 / 年) 權益 | | | | | 倒圍分比 | | | | | ( % ) | | CS20251218E00445 | 招商局公路网络科技控股股份 1101(L) | 1,886,000(L) | HKD 4.6110 250,975,000(L) 15.00(L)18/12/2025 G # # # | | | 有限公司 | | | 增持后，招商局公路网络科技控股股份有限公司最新持股数目为250,975,000股，持股比例由14.89%上 升至15.00%。 | 股份代號: | 01052 | | --- | --- | | 上市法國名稱: | 越秀交通基建有限公司 | | 日期(日/月/年): | 22/11/2025 - 22/12/2025 | 格隆汇12月22日丨根据联交所最 ...

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly recommending stocks such as China Shipbuilding, China Power, and Sumec [4]. Core Insights - The report highlights the launch of the first shipping industry index fund on December 19, 2025, and notes a continued increase in second-hand ship prices, with a 5-year-old VLCC price rising by $2 million to $120 million [4]. - Seasonal fluctuations are observed in freight rates, with oil and bulk carrier second-hand prices increasing. The report recommends stocks like COSCO Shipping and China Merchants Energy [4]. - The report anticipates a significant improvement in airline profitability due to supply constraints and increasing passenger demand, recommending stocks such as China Eastern Airlines and Spring Airlines [4]. Summary by Sections Shipping Industry - The second-hand ship price index increased by 0.38% to 194.32 points, with a recommendation for COSCO Shipping and China Merchants Energy [4]. - VLCC freight rates decreased by 11% to $101,623 per day, while Suezmax rates increased by 9% to $78,107 per day [4]. Airline Sector - The report indicates that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet and supply constraints expected to continue [4]. - Airlines are projected to experience significant profitability improvements, with recommendations for stocks such as China Eastern Airlines and China Southern Airlines [4]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for industry performance [4]. - Recommended stocks include Shentong Express and Yunda Holdings, with a focus on companies benefiting from Southeast Asian e-commerce growth [4]. Rail and Road Transport - Rail freight volume and highway truck traffic are expected to maintain steady growth, with data showing a slight decrease in freight volume [4]. - The report suggests that traditional high-dividend investment themes and potential value management catalysts will be key investment lines through 2025 [4].