H股较A股表现更优，重视港股红利资产投资机会

Investment Rating - The report maintains a recommendation for H-shares over A-shares, emphasizing the potential of Hong Kong dividend assets [1]. Core Insights - The report highlights that H-shares have outperformed A-shares, with significant gains in key dividend stocks during June 2025. The top performers include Anhui Wantuo Expressway (+18.66%), Jiangsu Ninghu Expressway (+14.71%), and COSCO Shipping Ports (+9.17%) [4][17]. - The report notes a low interest rate environment, with the 10-year government bond yield decreasing to 1.64% as of June 20, 2025, which supports the attractiveness of dividend assets [24]. - The report indicates a significant increase in average daily trading volume for ports, with a 213% year-on-year increase in June 2025 [25]. Monthly Market Performance - H-shares showed better performance compared to A-shares, with the transportation sector experiencing a cumulative decline of 0.80% from June 1 to June 20, 2025, underperforming the CSI 300 index by 0.96 percentage points [8][9]. - The report details that from June 1 to June 20, 2025, the cumulative performance of expressways, railways, and ports was -2.56%, -1.81%, and -1.01%, respectively, indicating a relative underperformance against the broader market [9][10]. Industry Data - In the expressway sector, passenger traffic in April 2025 reached 970 million, a year-on-year increase of 2.5%, while freight volume was 3.746 billion tons, up 4.1% year-on-year [35]. - The railway sector saw a passenger volume of 406 million in May 2025, reflecting a 12.6% year-on-year increase, while freight volume was 440 million tons, a 0.6% increase [51]. - Port throughput for monitored ports reached 1.054 billion tons in the four weeks from May 19 to June 15, 2025, marking a 2.2% year-on-year growth [58]. Investment Recommendations - The report suggests a continued positive outlook for transportation dividend assets, particularly in the expressway sector, where it recommends focusing on companies like Sichuan Chengyu Expressway and Anhui Wantuo Expressway due to their high dividend yields and stable growth potential [76][78]. - In the port sector, the report recommends companies like China Merchants Port, highlighting their overseas asset layout and potential for increased dividend payouts [79][80]. - For the railway sector, the report emphasizes the long-term value and reform benefits, recommending key assets like Beijing-Shanghai High-Speed Railway and Datong-Qinhuangdao Railway [78].