策略研究 证 券 研 究 报 告 【策略月报】 从红利年化 10%看收益来源 ——多行业联合红利资产 11 月报 策略月报 2025 年 12 月 03 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：杨晖 证券分析师：马野 邮箱：maye@hcyjs.com 执业编号：S0360523040003 相关研究报告 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券 ...

在深圳证券交易所上市的公告 招商局公路网络科技控股股份有限公司 2025 年面向专业投 资者公开发行科技创新可续期公司债券（第二期） （以下无正文） (本页无正文，为《招商局公路网络科技控股股份有限公司 2025 年面向专业投 资者公开发行科技创新可续期公司债券 (第二期)在深圳证券交易所上市的公告》 之签章页) 招商局公路网络科技控股股份有 2. 日 年 (2月 根据深圳证券交易所债券上市的有关规定，招商局公路网络科技控股股份有 限公司 2025 年面向专业投资者公开发行科技创新可续期公司债券（第二期）符 合深圳证券交易所债券上市条件，将于 2025 年 12 月 3 日起在深圳证券交易所上 市，并面向专业投资者中的机构投资者交易，交易方式包括匹配成交、点击成交、 询价成交、竞买成交和协商成交。债券相关要素如下： | 债券名称 | 招商局公路网络科技控股股份有限公司 2025 年面向专业投资 | | | | --- | --- | --- | --- | | | 者公开发行科技创新可续期公司债券（第二期） | | | | 债券简称 | 25 招路 KY02 | | | | 债券代码 | 524557.SZ ...

Core Points - The 20th "Golden Roundtable Award" ceremony for Chinese listed companies was held in Jiangyin, attended by over 200 guests including executives, scholars, and media representatives, highlighting achievements in corporate governance [1][2][3] - The event recognized over 100 listed companies with a total market value exceeding 10 trillion, including 16 companies with market values over 100 billion [1][2] Group 1 - The opening speech by Li Zhenqiang emphasized the importance of the "Golden Roundtable Award" as a platform for consensus and wisdom, aiming to support the transformation and upgrading of Chinese listed companies [2][3] - Jiangyin's Vice Mayor Ji Zhen highlighted the city's achievements as a manufacturing hub, with 66 listed companies and a total market value exceeding 300 billion, positioning Jiangyin as a leader among county-level cities [5][6] Group 2 - Liu Yunhong, a professor, discussed the development of corporate governance rules in China, identifying six key issues in current practices and advocating for a shift from "formal compliance" to "substantive effectiveness" [12] - Zhu Zhengyi shared insights from Longji Technology's acquisition of Xingke Jinpeng, emphasizing the strategic role of corporate secretaries in governance [12][13] - Su Mei analyzed the trends in the A-share market under the registration system, stressing the importance of value management for high-quality development [15] Group 3 - The award ceremony recognized outstanding companies and individuals in various categories, including "Most Influential Independent Director" and "Excellent Board of Directors," showcasing achievements in governance and value creation [18][20][33] - The "Best Board of Directors" award was presented to leading companies such as Weichai Power and China Ping An, reflecting their exemplary governance practices and strategic foresight [33][36]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Investment Rating - The report suggests a focus on high dividend assets in the coal and highway sectors, indicating a favorable investment environment for these industries due to their stable cash flows and defensive characteristics [2][12]. Core Insights - The coal industry is highlighted as a high dividend sector with significant cash flow improvements due to supply constraints and long-term contract policies, making leading companies particularly attractive for investment [4][45]. - The highway sector is characterized by stable cash flows and nearing completion of expansion projects, which will enhance future cash flow releases, thus making these companies appealing for dividends [4][50]. Summary by Sections Investment Highlights - The report emphasizes the importance of the stock-bond yield spread, noting that high dividend assets are increasingly valued in a low-interest-rate environment, with bank wealth management products yielding between 1.8%-3.2% and 10-year government bonds yielding 1.6%-1.9% [2][12]. Excess Returns and Stock Price Influences - Coal sector excess returns are closely tied to coal prices, suggesting that investments in coal dividend assets are advisable during periods of rising coal prices and positive stock-bond yield spreads [3][39]. - The highway sector's excess returns are more sensitive to market downturns and bond yield changes, indicating that investments in highway dividend assets are preferable during market declines [3][42]. High Dividend Drivers - In the coal sector, high dividends are driven by supply constraints and improved cash flows from long-term contracts, with leading companies benefiting from higher industry concentration and robust financial health [4][45]. - For the highway sector, high dividends stem from stable cash flows and the completion of expansion projects, which will allow for increased shareholder returns [4][50]. Company-Specific Recommendations - In the coal industry, companies such as China Shenhua and Shaanxi Coal are recommended for their high dividend levels and strong market positions, while Yanzhou Coal is noted for its growth potential alongside high dividends [5][56]. - In the highway sector, companies like Shandong Highway and Anhui Expressway are highlighted for their nearing completion of expansion projects and high dividend levels, with China Merchants Highway recognized for its strong cash flow and profitability [5][60].

Investment Rating - The report maintains a positive investment outlook for the shipping and logistics industry, recommending specific companies such as China Merchants Energy, COSCO Shipping Energy, and others [5][6]. Core Insights - Dry bulk freight rates have exceeded expectations, with the Baltic Dry Index (BDI) reaching a two-year high, indicating strong market conditions [5]. - The report highlights the ongoing increase in new ship prices and the high demand for second-hand vessels, suggesting a potential turning point in the shipbuilding market [5]. - The report emphasizes the resilience of rail freight and highway truck traffic, projecting steady growth in these sectors [5][6]. Summary by Sections Shipping Market - The report notes that VLCC (Very Large Crude Carrier) rates have reached historical highs, with a current average of $122,078 per day, despite a slight week-on-week decline of 3% [5]. - The report indicates that the BDI closed at 2,560 points, reflecting a 12.5% increase week-on-week, driven by strong Capesize performance [5][6]. Air Transport - The report discusses the unprecedented challenges in the aircraft manufacturing supply chain and the aging fleet, predicting significant improvements in airline profitability as demand for international flights increases [5]. Express Delivery - The report outlines three scenarios for the express delivery sector, focusing on potential price recovery and industry consolidation [5]. Rail and Highway - The report provides data showing that national railway freight volume was 81.5 million tons, with a slight week-on-week decline of 0.34%, while highway truck traffic was 56.58 million vehicles, down 2.16% [5][6]. High Dividend Stocks - The report lists high dividend stocks in the transportation sector, including companies like Bohai Ferry and Daqin Railway, with expected dividend yields ranging from 2.96% to 11.89% [21].

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly highlighting the strong performance of dry bulk freight rates and VLCC (Very Large Crude Carrier) rates, while also noting the recent increase in new ship prices for oil and bulk carriers [5][6]. Core Insights - Dry bulk freight rates have exceeded expectations, with the Baltic Dry Index (BDI) reaching 2560 points, a 12.5% increase week-on-week. Capesize rates have surged by 22.7%, marking the highest levels in nearly two years [5][6]. - The VLCC market remains robust, with current charter rates at $57,000 per day, significantly higher than the spot market rate of $140,000 per day. The report suggests that if spot rates decline, charter rates may rise, indicating a potential seasonal trading phase [5]. - Newbuilding prices for oil and bulk carriers have seen consecutive increases over the past three weeks, with second-hand ship prices also reaching new highs, suggesting a turning point in the newbuilding market [5]. - The report emphasizes the importance of monitoring the seasonal decline in freight rates from Christmas to the Spring Festival, which could impact market dynamics [5]. Summary by Sections Shipping Market Performance - The shipping index has shown a decline of 0.47%, underperforming the CSI 300 index, which rose by 1.64%. Among the sub-sectors, the intermediate products and consumer goods supply chain services saw the largest increase of 4.20%, while the airline transportation sector experienced the most significant drop of 2.05% [6][13]. Freight Rates and Trends - The report highlights that the dry bulk freight rates have reached a two-year high, driven by increased shipments from major exporters like Australia and Brazil. The Capesize rates have particularly benefited from tight capacity and favorable weather conditions affecting vessel turnover [5][6]. - The report also notes fluctuations in oil tanker rates, with VLCC rates experiencing a slight decline of 3% week-on-week, while Suezmax rates decreased by 2% [5]. Airline and Logistics Sector - The airline industry is poised for significant improvement due to a combination of rising passenger demand and constrained supply, with recommendations to focus on major airlines such as China Eastern Airlines and China Southern Airlines [5]. - The express delivery sector is entering a new phase of competition, with potential for price recovery and improved profitability, particularly for companies like Shentong Express and YTO Express [5]. Investment Recommendations - The report recommends continued investment in companies such as China Merchants Energy Shipping, COSCO Shipping Energy Transportation, and China Shipbuilding Industry Corporation, while also suggesting a watch on companies like SITC International Holdings and Pacific Basin Shipping [5].

证券代码：001965 证券简称：招商公路 证券代码：524557 证券简称：25 招路 KY02 招商局公路网络科技控股股份有限公司 2025 年面向专业投资者公开 发行科技创新可续期公司债券（第二期）票面利率公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚假记 载、误导性陈述或者重大遗漏承担责任。 招商局公路网络科技控股股份有限公司（以下简称"发行人"）发行不超过 人民币 100 亿元公司债券已获得中国证券监督管理委员会证监许可〔2024〕1948 号文注册。招商局公路网络科技控股股份有限公司 2025 年面向专业投资者公开 发行科技创新可续期公司债券（第二期）（以下简称"本期债券"）发行规模为不 超过 17.50 亿元（含 17.50 亿元）。 2025 年 11 月 25 日，发行人和主承销商在网下向机构投资者进行了票面利 率询价，利率询价区间为 1.60%-2.40%。根据网下向机构投资者询价结果，经发 行人与主承销商协商一致，最终确定本次债券票面利率为 1.90%。 招商局公路网络科技控股股份有限公 日 月 >> l ( 中 20VS (本页无正文,为《招商局公路网络科技控 ...

关于延长招商局公路网络科技控股股份有限公司 2025 年面向专业投 资者公开发行科技创新可续期公司债券（第二期）簿记建档时间的公 告 招商局公路网络科技控股股份有限公司（以下简称"发行人"）发行不超过 人民币 100 亿元公司债券已获得中国证券监督管理委员会证监许可〔2024〕1948 号文注册。招商局公路网络科技控股股份有限公司 2025 年面向专业投资者公开 发行科技创新可续期公司债券（第二期）（以下简称"本期债券"）发行规模为不 超过 17.50 亿元（含 17.50 亿元）。 根据《招商局公路网络科技控股股份有限公司 2025 年面向专业投资者公开 发行科技创新可续期公司债券（第二期）发行公告》，发行人、簿记管理人将于 2025 年 11 月 25 日 15:00 至 18:00 以簿记建档的方式向网下投资者进行利率询价， 并根据簿记建档结果在预设的利率区间内确定本期债券的最终票面利率。 (本页无正文,为《关于延长招商局公路网络科技控股股份有限公司 2025 年面 向专业投资者公开发行科技创新可续期公司债券(第二期)簿记建档时间的公告》 之盖章页) 中信 本页无正文，为《关于延长招商局公路网络科技控股 ...

招商局公路网络科技控股股份有限公 司 2025 年面向专业投资者公开发行 科技创新可续期公司债券（第二期） 信用评级报告 编号：CCXI-20254457D-01 招商局公路网络科技控股股份有限公司 2025 年面向专业投资者公开发行 科技创新可续期公司债券（第二期）信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 11 月 17 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策 ...