公铁港链7月投资策略：经营稳健红利资产仍然占优

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The report emphasizes that stable and dividend-paying assets remain advantageous in the current market environment, with a focus on companies that prioritize shareholder returns [2][25] - The transportation sector, particularly public and rail transport, shows mixed performance, while the port sector continues to exhibit growth [2][3] - The report highlights the importance of quality management and investor communication in enhancing company value [31][33] Summary by Sections Market Review - In June 2024, the transportation index fell by 4.4%, underperforming the CSI 300 index by 1.1 percentage points [7] - The best-performing stocks included Ninghu Expressway (7.3%), Beijing-Shanghai High-Speed Railway (8.4%), and Tangshan Port (14.1%) [9][10] Hotspot Tracking - The low-interest-rate environment is expected to persist, making dividend assets competitive [25] - In the first half of 2024, 41 new "dividend-themed funds" were established, surpassing the total for 2023 [25] Industry Tracking - Highway: Traffic volume showed a decline in April but a slight recovery in May, with toll revenue under pressure [2] - Railway: Passenger volume increased by 10.2% year-on-year, while freight volume saw a slight decline [2] - Port: National port cargo throughput grew by 3.2% year-on-year, with container throughput increasing by 7.2% [2] - Bulk Supply Chain: The commodity price index rose by 3% month-on-month and 5.9% year-on-year, indicating potential improvements in operational performance [2] Investment Recommendations - The report recommends focusing on companies with stable operations and consistent dividend policies, such as Shandong Expressway and Qingdao Port, while also considering undervalued firms like Xiamen International Trade and Xiamen Xiangyu [2][3]