交通运输：交运破净公司梳理-市值管理大背景下，看交运板块投资机会

Investment Rating - The report maintains a positive outlook on the transportation sector, indicating an "Overweight" investment rating [1]. Core Insights - The report highlights the potential for valuation improvement in companies with long-term negative net asset values, particularly focusing on their asset-liability management, profitability, and dividend planning [1][2]. - A total of 38 companies in the transportation sector are identified as having negative net asset values, with significant opportunities in highways, ports, rail transport, shipping, and raw material supply chain services [1][2]. Summary by Category Highways - There are 10 companies with negative net asset values, including Modern Investment and Gansu Expressway, with PB(LF) ratios ranging from 0.49 to 0.99 and TTM dividend yields from 2.10% to 5.06% [1][2]. - The highway sector is expected to benefit from policy optimizations in toll road management, with specific stocks like Gansu Expressway and Central Plains Expressway recommended for attention [1]. Ports - Eight companies are identified, including Tianjin Port and China Merchants Port, with PB(LF) ratios from 0.67 to 0.97 and TTM dividend yields from 1.22% to 2.91% [1][2]. - The report suggests that some port stocks have the potential to increase their dividend payout ratios, with a focus on China Merchants Port and Tianjin Port [1]. Rail Transport - Four companies are noted, including Daqin Railway and Guangzhou-Shenzhen Railway, with PB(LF) ratios from 0.76 to 0.97 and TTM dividend yields from 1.51% to 6.11% [1][2]. - The ongoing market-oriented reforms in the railway sector are expected to enhance operational efficiency, with Daqin Railway recommended for investment [1]. Shipping and Cross-Border Logistics - Six companies are listed, including China Foreign Trade and COSCO Shipping, with PB(LF) ratios from 0.81 to 1.05 and TTM dividend yields from 0% to 7.07% [1][2]. - China Foreign Trade is recommended, along with a focus on COSCO Shipping and Bohai Ferry [1]. Raw Material Supply Chain Services - Eight companies are identified, including Jianfa Co. and Xiamen Guomao, with PB(LF) ratios from 0.40 to 0.96 and TTM dividend yields from 0% to 9.21% [1][2]. - The report indicates potential for improvement in these companies' valuations and dividend policies [1].