回购增持彰显信心，央企担当回报股东

Investment Rating - The report maintains an investment recommendation of "Outperform the Market" for the transportation industry [6]. Core Insights - On October 14, 2024, eight listed companies under China Merchants Group announced share repurchase or increase plans, with a total repurchase amount exceeding 3.3 billion yuan, reflecting confidence in future development [3][6]. - The report highlights that the repurchase and increase plans align with the "924" financial policy and are beneficial for maintaining investor confidence [3][6]. - Recommended companies include China Merchants Highway, China Merchants Energy, and China Merchants Jinling [3][6]. Summary by Sections Industry Events - The report discusses the announcement of share repurchase plans by eight listed companies under China Merchants Group, with a total amount exceeding 3.3 billion yuan [6]. - The group achieved a net profit of 191.1 billion yuan in 2023, a year-on-year increase of 6.4%, and total assets of approximately 13.5 trillion yuan, up 8.2% year-on-year [6]. Company Analysis - China Merchants Highway (001965.SZ): The company is a leading comprehensive highway investment and operation service provider, promising a cash distribution of no less than 55% of the net profit for 2022-2024 [6]. - China Merchants Energy (601872.SH): The company plans to repurchase shares worth 2.22-4.43 billion yuan, with an expected dividend yield of 3.43% for 2024 [6]. - China Merchants Jinling (601598.SH): The company ranks second globally in sea freight and fifth in air freight forwarding, with a planned repurchase of shares worth 2.71-5.42 billion yuan and an expected dividend yield of 5.6% for 2024 [6].