公铁港链11月投资策略：经营分化，稳健占优

Investment Rating - The report maintains a "Buy" rating for Qingdao Port and Shandong Expressway, with a "Hold" rating for other companies in the sector [3][41]. Core Viewpoints - The infrastructure sector remains attractive due to stable assets that provide strong cash flow and high dividend capabilities. The report emphasizes the importance of policy changes and market conditions affecting toll revenues and operational performance across different segments [41][42]. Summary by Sections 1. Investment Recommendations - The report highlights the resilience of infrastructure assets and suggests that stable assets will continue to attract investment due to their cash flow and dividend potential. It recommends Shandong Expressway and Qingdao Port as key investment targets, while also suggesting attention to other companies in the sector [41][43]. 2. Market Performance Review - In October 2024, the transportation index fell by 3.9%, underperforming the CSI 300 index by 0.8 percentage points. Various sub-sectors showed different performance levels, with the logistics sector declining by 3.2% and the shipping and port sector declining by 5.0% [4][44]. 3. Performance of Key Companies - The report notes that Shandong Expressway's toll revenue is expected to improve in Q4 2024 due to policy support and reduced construction impacts. Qingdao Port's cargo throughput increased by 5.7% year-on-year, indicating strong operational performance [5][41]. 4. Sector Trends - The report identifies a divergence in performance across different segments, with highway and port sectors facing challenges but showing signs of recovery. The railway sector is expected to see better profitability in passenger transport compared to freight [41][42]. 5. Hotspot Tracking - The report discusses the rise of dividend-themed funds, indicating a growing interest in high-dividend stocks. It notes that the establishment of new funds in 2024 has already surpassed the total for 2023, reflecting a trend towards stable income investments [49][50].