Investment Rating - The report maintains a "Buy" rating for high dividend and stable performance assets in the transportation sector, indicating that it is an opportune time for allocation in transportation dividend assets [2]. Core Insights - The transportation sector has shown strong performance in October 2025, outperforming the CSI 300 index, with highways and ports leading the gains [5][11]. - The low interest rate environment continues to support the sector, with stable government bond yields [21]. - The report highlights the potential for high dividend yields in A/H shares, with specific recommendations for companies like Sichuan Chengyu and Wutong Expressway [5][18]. Monthly Market Performance - In October 2025, the transportation sector rose by 1.46%, outperforming the CSI 300 index by 4.18 percentage points, ranking 5th among 31 sectors [10]. - The performance of dividend assets (highways, railways, ports) was particularly strong, with highways up 4.48%, railways up 0.33%, and ports up 3.05% from October 1 to October 17 [11][14]. Industry Data - Highway passenger volume in August 2025 was 950 million, down 5.1% year-on-year, while freight volume increased by 3.9% [29]. - Railway passenger volume in September 2025 was 341 million, a slight decrease of 0.2% year-on-year, but cumulative volume for the year increased by 6% [40]. - Port cargo throughput for the first eight months of 2025 reached 1.2 billion tons, up 4.4% year-on-year, with container throughput also showing strong growth [49][51]. Investment Recommendations - The report suggests focusing on high dividend yield stocks in the transportation sector, particularly in highways and ports, with specific companies highlighted for their strong performance and dividend potential [5][18]. - Key recommendations include Sichuan Chengyu (6.3% dividend yield), China Merchants Port (5.9%), and Anhui Wantong Expressway (5.2%) [20].
华创交运|红利资产月报（2025年10月）：高股息+稳业绩双驱动，交运红利配置正当时-20251020
Huachuang Securities·2025-10-20 14:45