交运一周天地汇：关注国央企高股息交运港股，铁路公路多式联运2025年策略

Investment Rating - The report maintains a "Buy" rating for companies with high dividend yields and strong cash flow, particularly focusing on state-owned enterprises in the transportation sector [1][5][19]. Core Insights - The report emphasizes the importance of state-owned enterprises' "market value management" in a low-interest-rate environment, highlighting high dividend stocks such as China Shipbuilding Leasing and Shenzhen International [1][5]. - It outlines a strategy for 2025 focusing on the value reassessment of multimodal transport, particularly rail and road integration, driven by physical network traffic value and institutional innovation [5][6]. - The report suggests that high dividend assets remain a remedy for "asset scarcity" and the "low-interest-rate era," with infrastructure asset securitization driving non-linear growth in EPS [5][6]. Summary by Sections Transportation Industry Performance - The transportation industry index decreased by 0.06%, outperforming the CSI 300 index by 0.95 percentage points [4][24]. - The coastal dry bulk freight index fell by 1.72%, while the Shanghai export container freight index rose by 5.67% [4][24]. Recommendations - Recommended stocks include China Shipbuilding, China National Aviation, and various airlines such as Spring Airlines and Cathay Pacific, focusing on post-pandemic recovery and improved supply-demand dynamics [4][5][19]. - For highways, the report recommends China Merchants Highway and Daqin Railway, with a focus on the potential for value recovery in provincial highway enterprises [5][19]. Logistics and Express Delivery - The express delivery sector showed robust growth, with November volumes reaching 17.21 billion packages, a year-on-year increase of 14.9% [17]. - The report suggests focusing on direct logistics companies like SF Express and JD Logistics for potential recovery opportunities [17]. Aviation Sector Insights - The IATA predicts a significant backlog of aircraft deliveries, with 17,000 unfulfilled orders, indicating a strong demand for leasing narrow-body aircraft [18]. - The report recommends investing in the aviation sector, highlighting companies like China Eastern Airlines and Spring Airlines due to their strong recovery potential [18]. Rail and Road Transport - The report highlights the importance of fixed asset investment in railways, which reached 711.7 billion yuan, a year-on-year increase of 11.1% [19]. - It recommends focusing on companies like China Merchants Highway and Daqin Railway, emphasizing the growth potential in multimodal transport [19].