交通运输行业周报：市值管理深入推进，持续看好高股息板块长期价值

Investment Rating - The report maintains an "Overweight" rating for the transportation and warehousing sector [5]. Core Insights - The ongoing advancement of state-owned enterprise (SOE) reforms and market value management is expected to enhance the capital market recognition and value of central SOEs, particularly in the high-dividend sector [1][2]. - The low interest rate environment anticipated for 2024 is likely to sustain market interest in high-dividend stocks, especially in sub-sectors such as highways, railways, ports, and bulk supply chains [2]. - The report highlights that despite the underperformance of certain indices, high-dividend stocks have shown strong absolute returns, driven by expectations of interest rate cuts and dividend yields [2]. Summary by Sections Market Performance - Over the past five trading days, the A-share market has generally declined, with the Shanghai Composite Index down by 1.91% and the Shenzhen Component Index down by 2.89%. The transportation sector's index fell by 1.2%, ranking 13th among all sectors [3][13]. Investment Recommendations - The report suggests focusing on high-dividend central SOEs in the transportation sector, including companies like Deep Expressway and Jilin Expressway in highways, Daqin Railway and Guangzhou-Shenzhen Railway in railways, and Shanghai Port Group in ports [4]. - It also recommends monitoring companies in the oil and shipping sectors due to geopolitical tensions and slow long-term capacity growth, such as COSCO Shipping Holdings and COSCO Shipping Energy [4]. - The recovery in air transport demand is expected to benefit airlines like Air China and China Southern Airlines, while the express delivery sector is showing signs of recovery, with companies like SF Express and ZTO Express highlighted [4]. Industry Fundamentals - The report tracks key industry metrics, noting that as of November 21, 2024, the BDTI index for oil shipping was at 914 points, reflecting a week-on-week increase of 2.8% [21]. - The SCFI index for container shipping averaged 2160.1 points, down 4.1% week-on-week, with significant declines in freight rates across various routes [36]. - In the railway sector, freight turnover for October 2024 was reported at 3194.46 billion ton-kilometers, a year-on-year increase of 0.2% [88]. Company Earnings Forecasts - The report provides earnings forecasts and valuations for key companies in the transportation sector, emphasizing the importance of maintaining high dividend policies and improving operational quality to attract investor interest [4][90].