红利资产月报（2026年2月）：基本面韧性强，建议重视业绩窗口期交运红利配置机会

Investment Rating - The report maintains a "Buy" recommendation for the transportation sector, emphasizing the importance of performance during the earnings window [1]. Core Insights - The transportation industry shows strong resilience in fundamentals, with a focus on high dividend yield quality assets in the sector [1]. - The report highlights that the performance of dividend assets (highways, railways, ports) has been generally underwhelming, lagging behind the transportation index [4][10]. - The low interest rate environment continues to support market conditions, with a notable increase in port transaction volumes [18][21]. Monthly Market Performance - The performance of dividend assets was generally poor, underperforming the transportation index [4][10]. - From February 1 to February 27, 2026, the cumulative performance of highways, railways, and ports was +0.56%, +1.15%, and +3.33%, respectively, with only ports outperforming the Shanghai and Shenzhen 300 index [10]. - Year-to-date, highways, railways, and ports have seen cumulative performance of -0.56%, -1.87%, and +7.45%, respectively [10]. Market Environment - The interest rate environment remains low, with the 10-year government bond yield at 1.79% as of February 27, 2026, down from 1.81% at the end of January [20]. - Port daily average transaction volumes have increased significantly, with railways up 37.3% year-on-year and ports up 92.9% [21]. Capital Operations - Anhui Wantuo Highway plans to invest CNY 5.42 billion in the expansion of the G30 Lianhuo Expressway in Anhui [26][27]. Highway Sector Tracking - In December 2025, highway passenger volume was 961 million, down 2.6% year-on-year, while freight volume was 3.797 billion tons, up 0.6% [28][29]. Railway Sector Tracking - In January 2026, railway passenger volume was 349 million, down 5.2% year-on-year, while freight volume was 438 million tons, up 3.6% [47]. Port Sector Tracking - Key monitored ports reported a total cargo throughput of 9.62 billion tons from January 26 to February 22, 2026, up 15.1% year-on-year [56].