Core Viewpoint - The company announced that a significant shareholder, Shudao Capital Holding Group Co., Ltd., has pledged part of its shares, totaling 53,149,606 shares, through CITIC Securities Co., Ltd. [1] Group 1 - The company is known as China Merchants Highway Network Technology Holdings Co., Ltd. [1] - The shareholder involved holds more than 5% of the company's shares [1] - The announcement was made on the evening of November 20 [1]

Core Viewpoint - The announcement from China Merchants Highway indicates significant share pledges by Shudao Capital Holdings, which may impact the company's financial stability and investor confidence [1] Company Summary - As of the announcement date, Shudao Capital Holdings has pledged approximately 177 million shares, representing 45% of its total holdings [1] - For the first half of 2025, the revenue composition of China Merchants Highway is as follows: investment operation segment accounts for 79.07%, traffic technology segment for 16.15%, smart transportation segment for 2.68%, and ecological segment for 2.1% [1] - The current market capitalization of China Merchants Highway is 67.9 billion yuan [1]

1、本次股份质押基本情况 单位：股 | 是否为控 | 占其 | 占公 | 是否 | 股股东或 | 是否 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 本次质押 | 所持 | 司总 | 为补 | 质押起 | 质押到 | 质押 | 股东名称 | 第一大股 | 为限 | 质权人 | 数量 | 股份 | 股本 | 充质 | 始日 | 期日 | 用途 | | | | 东及其一 | 售股 | 比例 | 比例 | 押 | 致行动人 | | | | | | | | | | | | | | | | 蜀道资本 | 2025 | 年 | 2028 | 年 | 中信证券股 | 控股集团 | 否 | 53,149,606 | 13.5% | 0.78% | 否 | 否 | 11 | 月 | 20 | 11 | 月 | 19 | 融资 | | 份有限公司 | 有限公司 | 日 | ...

Core Viewpoint - The major shareholder, Shudao Capital Holding Group Co., Ltd., has pledged 53.1496 million shares to CITIC Securities, representing 13.5% of its holdings and 0.78% of the company's total share capital [1] Group 1 - The pledge period is from November 20, 2025, to November 19, 2028 [1] - As of the announcement date, the shareholder has cumulatively pledged 177 million shares, which accounts for 45% of its holdings and 2.61% of the company's total share capital [1] - Currently, the pledged shares do not pose any risk of forced liquidation and will not affect the company's operations [1]

Core Viewpoint - The report from Huachuang Securities indicates that the highway sector is expected to maintain resilience in 2026, with high dividend configurations being a preferred investment direction. The port industry is anticipated to shift from a single container-driven growth model to a dual-wheel structure of stable container growth (5%-8%) and a recovery in bulk cargo (2%-5%) by 2026, with stable pricing expected. There are strategic layout opportunities for leading companies in the bulk supply chain that focus on dividends and returning to growth expectations in the coming year [1]. Highway Sector - The highway sector is viewed as a preferred option for stable asset allocation due to low valuations and high dividends, with expected dividend yields around 5% for leading highway companies in 2026. Notable companies include Sichuan Chengyu (5.6%), Shandong Highway (5.0%), and Anhui Wantong Highway (5.0%), with higher yields for H-shares [2]. - The outlook for 2026 suggests strong performance driven by stable volume and pricing, alongside significant cost reduction opportunities. Key factors include potential optimization of toll policies and a favorable interest rate environment that could alleviate operational pressures for highway companies [2]. - High dividend characteristics are expected to remain stable in 2026, with clear three-year return plans from leading companies like Sichuan Chengyu and Wantong Highway [2]. Port Sector - The port sector is entering a strategic value era, transitioning from a perception of cyclical capacity assets to being recognized as global supply chain security hubs. This shift is driven by geopolitical factors and the need for strategic asset control [3]. - The industry is expected to see stable throughput and pricing in 2026, with a dual growth model of container stability and bulk cargo recovery. The average dividend payout ratio is projected to be 37.46%, indicating significant potential for increases [3]. Railway Sector - Passenger transport is expected to see steady growth, with flexible pricing mechanisms in place. Freight transport is also showing signs of improvement, particularly in coal and other cargo types [4][5]. Bulk Supply Chain - The bulk supply chain is poised for a new growth phase in 2026, with companies like Xiamen Xiangyu leading the way in transformation logic focused on profit margin enhancement and investor returns. The operational environment is recovering, with strong performance trends evident since 2025 [6][7]. - Strategic layout opportunities exist for leading companies in the bulk supply chain that emphasize dividends and growth expectations [7]. Investment Recommendations - The company continues to favor A/H share transportation assets, highlighting the importance of industry logic and valuation elasticity. Key recommendations include Sichuan Chengyu and Wantong Highway for their stable growth and high dividends, as well as other notable companies in the highway and port sectors [8].

Group 1 - The fund plans to distribute a cash dividend of RMB 147,000,000, which accounts for 99.8669% of the available distributable amount as of the distribution base date [1][2] - The cash dividend will be transferred from the fund's custodian account on November 26, 2025, with the distribution date set for November 27, 2025, for on-market transactions and November 26, 2025, for off-market transactions [3][4] - The fund's available distributable amount as of the distribution base date is RMB 147,195,878.09, consisting of amounts from two periods: RMB 287.30 from the previous period and RMB 147,195,590.79 from the current period [2] Group 2 - The infrastructure project associated with the fund is the Anhui Bo-Fu Expressway, which spans 101.3 kilometers and includes three toll stations and two service areas [8][19] - The project is managed by the China Merchants Highway Network Technology Holdings Co., Ltd. and its wholly-owned subsidiary [19] - As of October 2025, the project has shown good operational performance, with toll revenue sources being relatively diversified and no significant cash flow provider [9][20] Group 3 - In the first nine months of 2025, the project company achieved toll revenue of RMB 33,723,000, representing a year-on-year increase of 7.1% [20] - The average daily traffic volume for the project was 15,637 vehicles, with a year-on-year increase of 8.7%, including a 12.71% increase in passenger vehicle traffic [20] - The fund's total available distributable amount from October 17, 2024, to September 30, 2025, was RMB 462,055,871.97 [20] Group 4 - The fund will have 278,900,000 shares released from lock-up, which represents 55.78% of the total fund shares, effective November 21, 2025 [12] - After the release, the total tradable shares will increase to 360,710,000, accounting for 72.14% of the total fund shares [12] - The fund's market price as of November 19, 2025, was RMB 7.240 per share, reflecting a 3.55% increase from the issue price [21]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates initially declined but then increased, with a divergence in container shipping rates on long-distance routes. The China Import Crude Oil Composite Index (CTFI) rose to 2231.96 points, up 9.5% from November 6 [2][13] - Volant Aviation completed a multi-hundred million yuan Series B financing round, and the C919 aircraft made its debut at the Dubai Airshow [2][15] - Jitu Express reported over 100 million packages on "Double Eleven," marking a 9% year-on-year increase, with an average daily package volume of 94.59 million during the peak season [2][23] Summary by Sections Industry Hot Events - Crude oil freight rates fluctuated, with the CTFI at 2231.96 points, a 9.5% increase from November 6. The VLCC market is optimistic about future rates due to tight vessel availability [2][13] - Volant Aviation's Series B financing was led by Huaying Capital, with existing shareholders also increasing their investments. The C919 aircraft is set to showcase its capabilities at the 2025 Dubai Airshow [2][15] - Jitu Express achieved a record-breaking package volume during "Double Eleven," with a total of 1.3938 billion packages collected nationwide from October 21 to November 11, reflecting a 17.8% increase in daily average volume [2][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5356.00 points, down 2.5% year-on-year [27][28] - Domestic freight flights increased by 0.32% year-on-year, while international flights rose by 11.12% [28] - The SCFI index reported a decrease of 2.92% week-on-week, while the CCFI index increased by 3.39% week-on-week [35] Investment Recommendations - Focus on the equipment and manufacturing industrial products export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream [4] - Investment opportunities in the low-altitude economy, with a recommendation for CITIC Offshore Helicopter [4] - Recommendations for highway and railway sectors, including Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and Spring Airlines [4]

Core Insights - The railway and highway sector experienced a decline of 0.59% on November 17, with Chongqing Road and Bridge leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Sector Performance - Notable gainers in the railway and highway sector included: - Fujian Expressway (600033) with a closing price of 3.95, up 3.13% and a trading volume of 1.0689 million shares, totaling 420 million yuan in transaction value [1] - Fulin Yuantong (002357) closed at 11.10, up 1.46% with a trading volume of 270,200 shares, amounting to 307 million yuan [1] - Hunan Investment (000548) closed at 6.01, up 1.01% with a trading volume of 128,600 shares, totaling 76.9436 million yuan [1] - Major decliners included: - Chongqing Road and Bridge (600106) closed at 6.29, down 2.78% with a trading volume of 284,000 shares [2] - Dongguan Holdings (000828) closed at 11.62, down 2.02% with a trading volume of 90,900 shares [2] - Anhui Expressway (600012) closed at 15.00, down 1.64% with a trading volume of 90,800 shares [2] Capital Flow - The railway and highway sector saw a net outflow of 286 million yuan from major funds, while retail investors contributed a net inflow of 184 million yuan [2]

Core Viewpoint - The railway and highway sector experienced a decline of 0.68% on November 13, with major stocks like China Merchants Highway leading the drop, while the overall market indices showed positive movements with the Shanghai Composite Index rising by 0.73% and the Shenzhen Component Index increasing by 1.78% [1] Group 1: Market Performance - The railway and highway sector closed down by 0.68% on the previous trading day [1] - The Shanghai Composite Index closed at 4029.5, up by 0.73% [1] - The Shenzhen Component Index closed at 13476.52, up by 1.78% [1] Group 2: Individual Stock Performance - Hainan Highway (000886) saw a closing price of 7.67, with an increase of 2.40% and a trading volume of 449,900 shares [1] - Western Entrepreneurship (000557) closed at 5.39, up by 1.51% with a trading volume of 128,400 shares [1] - Longjiang Transportation (601188) closed at 3.71, up by 0.82% with a trading volume of 227,500 shares [1] - Fujian Highway (600033) closed at 3.75, up by 0.81% with a trading volume of 547,000 shares [1] - Shentong Metro (600834) closed at 66.8, up by 0.78% with a trading volume of 51,800 shares [1] Group 3: Capital Flow Analysis - The railway and highway sector experienced a net outflow of 98.53 million yuan from institutional investors, while retail investors saw a net inflow of 35.44 million yuan [2] - Major stocks like Tielong Logistics (600125) had a net inflow of 16.86 million yuan from institutional investors, but a net outflow of 17.06 million yuan from retail investors [2] - Guangdong Highway A (000429) had a net inflow of 14.99 million yuan from institutional investors, but a significant net outflow of 17.23 million yuan from retail investors [2]

Core Points - The company held its third extraordinary general meeting of shareholders for 2025 on October 27, 2025, with a combination of on-site and online voting methods [2] - A total of 270 shareholders and representatives attended the meeting, holding 5,263,557,682 shares, which is 77.4611% of the total shares [3] - Several proposals were reviewed and approved during the meeting, including the reappointment of KPMG Huazhen as the company's auditor for the 2025 fiscal year [4][5] Meeting Details - The meeting was convened by the board of directors and presided over by Yang Xudong, the general manager [2] - The meeting took place on November 11, 2025, at 14:50 in the company's conference room on the 11th floor [2] - Legal opinions were provided by lawyers from Beijing Beidou Dingming Law Firm, confirming the legality and validity of the meeting [19] Voting Results - The proposal to reappoint KPMG Huazhen received 5,262,343,959 votes in favor, accounting for 99.9769% of the votes cast [4] - The proposal to amend the company's shareholder meeting rules received 5,206,267,608 votes in favor, representing 98.9116% of the votes [6] - Other proposals, including amendments to the board meeting rules, independent director work system, information disclosure management system, fundraising management system, and external guarantee management system, were also approved with similar high approval rates [8][10][12][14][16]