公铁港链10月投资策略：政策红利提振市场信心，优质标的开启价值重估

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Viewpoints - The infrastructure sector continues to hold investment value due to stable cash flows and high dividend capabilities. The report highlights the potential for value reassessment in the transportation sector driven by policy support and market confidence [2][10] - The report emphasizes the importance of high-dividend companies benefiting from new financial tools introduced by the central bank, which could lead to increased stock buybacks and shareholder returns [2][25] Summary by Sections 1. Investment Recommendations - The report recommends focusing on stable assets in the infrastructure sector, particularly in highways, railways, and ports, with specific companies highlighted for their strong fundamentals and dividend policies [10][11] - Key recommended companies include Qingdao Port, Shandong Expressway, Xiamen Guomao, and Xiamen Xiangyu, which are expected to benefit from ongoing market reforms and policy support [11][12] 2. Market Review - In September 2024, the transportation sector index rose by 16.4%, underperforming the CSI 300 index by 4.6 percentage points. The logistics sector led the gains with a 22.8% increase [13][15] - Notable individual stock performances included Chongqing Road and Bridge with a 42.4% increase and Nanjing Port with a 21.3% increase [15] 3. Hotspot Tracking - The report discusses the creation of new financial tools aimed at supporting high-dividend companies, which could enhance their attractiveness to investors seeking stable returns [25][27] - The ongoing policy adjustments regarding market capitalization management are expected to lead to a reassessment of undervalued companies within the sector [2][10] 4. Industry Tracking - The report provides insights into the performance of various segments within the transportation industry, including highways, railways, ports, and bulk supply chains, highlighting the expected growth in cargo throughput and the potential for operational improvements [10][11] - The report notes that the bulk supply chain sector is poised for recovery as demand is anticipated to improve, particularly for leading companies like Xiamen Guomao and Xiamen Xiangyu [10][12]