交通运输产业行业研究：加快建设统一开放的交通运输市场，铁路公路等多个板块有望受益

Investment Rating - Maintain "Buy" rating for the transportation industry, expecting an increase of over 15% in the next 3-6 months [7]. Core Insights - The report emphasizes the necessity of railway reform and the support for moderate competition, highlighting the need for market-oriented reforms in competitive sectors [7]. - It points out that the public transport sector, particularly in railways, may see a clearer distinction in service types, with government subsidies likely increasing for public services [7]. - The report anticipates optimization in highway policies, particularly regarding toll road systems and maintenance, which could lead to valuation recovery in the highway sector [7]. - It notes the importance of enhancing safety regulations for hazardous materials transportation, suggesting that leading logistics companies in this sector may gain market share due to increased safety demands [7]. - The report discusses the significance of protecting the rights of couriers in the express delivery industry, which is crucial for efficient material circulation and social stability [7]. - It highlights the potential for growth in general aviation and low-altitude economy, driven by ongoing reforms in airspace management [7]. Summary by Sections Railway Sector - The report indicates that the railway industry is dominated by the state-owned China Railway Group, which had a net profit margin of only 0.27% in 2023, partly due to its public service obligations [7]. - Future differentiation in passenger transport is expected, with public rail services receiving more government support [7]. Highway Sector - The report anticipates the introduction of new regulations for toll roads and maintenance systems, which could alleviate debt pressures and extend toll periods [7]. - The potential for a new toll management regulation is highlighted, which may allow for the re-evaluation of toll standards post-expiration [7]. Hazardous Materials Logistics - The report emphasizes the need for improved safety regulations in hazardous materials transport, with a focus on eliminating smaller, less compliant companies [7]. - Leading companies in this sector are expected to benefit from increased demand for safe and efficient logistics solutions [7]. Express Delivery Industry - The report stresses the importance of safeguarding the rights of couriers, which is essential for maintaining service quality and efficiency in the express delivery sector [7]. - The express delivery volume is projected to exceed 1.5 trillion items in 2024, underscoring the industry's significance [7]. General Aviation and Low-altitude Economy - The report notes that the low-altitude economy is rapidly developing, with 29 provinces incorporating it into their government work reports in 2024 [7]. - Ongoing reforms in air traffic management are expected to facilitate further growth in this sector [7]. Investment Recommendations - The report recommends investments in companies such as Beijing-Shanghai High-Speed Railway, Milky Way Logistics, Xingtong Co., Ninghu Expressway, and Zhongtong Express [7].