证 券 研 究 报 告 【策略月报】 红利内部轮动模型：迈向周期与制造 ——多行业联合红利资产 1 月报 策略研究 策略月报 2026 年 02 月 01 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：马野 邮箱：maye@hcyjs.com 执业编号：S0360523040003 相关研究报告 《【华创策略】杠杆&ETF 资金分化趋势逆转—— 流动性&交易拥挤度&投资者温度计周报》 2025-12-01 《【华创策略】自媒体 A 股搜索热度重回高位— —流动性&交易拥挤度&投资者温度计周报》 2025-11-25 《【华创策略】60 日均线的机遇挑战——策略周 聚焦》 2025-11-23 《【华创策略】股票型 ETF 为当前流入主力—— 流动性&交易拥挤度&投资者温度计周报》 2025-11-1 ...

Investment Rating - The report rates the railway and highway industry as "Overweight" [2][4]. Core Insights - The freight volume in China is projected to reach 58.7 billion tons in 2025, with a year-on-year growth of 3.2%. The growth rates for railway, highway, waterway, and civil aviation freight volumes are expected to be 2%, 3.4%, 3.2%, and 13.3% respectively [4]. - Fixed asset investment in transportation is expected to remain high, with an estimated completion of over 3.6 trillion yuan in 2025. The inter-regional personnel flow is projected to reach 66.86 billion person-times, growing by 3.5% year-on-year [4]. - Railway passenger and freight volumes are expected to maintain steady growth, with passenger volume reaching 4.601 billion people and freight volume reaching 5.277 billion tons in 2025, representing year-on-year growth of 6.7% and 2% respectively [4]. - The highway sector is anticipated to improve in 2026 after a slowdown in growth in 2025, with freight volume growth of 3.4% in 2025 [4]. - Investment recommendations include focusing on high dividend stocks and potential market value management catalysts in the highway sector, with specific companies such as Anhui Expressway, Shandong Expressway, and Zhejiang Expressway being highlighted [4]. Summary by Sections Railway Transportation - In 2025, the total passenger turnover is expected to reach 1,639.556 billion person-kilometers, with a year-on-year growth of 3.8%. The total freight turnover is projected to be 3,686.909 billion ton-kilometers, growing by 2.8% [4]. - The investment in railway fixed assets is expected to reach 901.5 billion yuan in 2025, with a year-on-year increase of 6% [4]. Highway Transportation - The growth rate of highway freight volume is expected to slow down in 2025 but is projected to improve in 2026 due to stable demand in highway logistics [4]. Investment Analysis - The report suggests that the highway sector has two main investment themes for the year: traditional high dividend investments and potential market value management catalysts. Recommended companies include Wanhua Expressway, Shandong Expressway, and others [4].

证券代码：600350 证券简称：山东高速 公告编号：2026-004 山东高速股份有限公司 第六届董事会第八十二次会议决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性承担法律责任。 山东高速股份有限公司（以下简称"公司"）第六届董事会第八十二次会议于2026年1月30日在公司22楼 会议室以现场会议与通讯表决结合的方式召开，会议通知于2026年1月20日以专人送达及电子邮件方式 发出。 本次会议应到董事11人，实到董事11人。会议由副董事长王昊主持，公司高级管理人员以及相关部门负 责人列席了会议。会议的召开符合《公司法》和《公司章程》的规定。 会议审议并通过了以下决议： 一、会议以11票同意、0票反对、0票弃权，审议通过了关于《2025年合规管理报告》的议案。 二、会议以11票同意、0票反对、0票弃权，审议通过了关于2025年度董事会决议及重要投资项目跟踪落 实情况的议案。 三、会议以11票同意、0票反对、0票弃权，审议通过了关于《2026年审计工作计划》的议案。 本议案经公司董事会审计委员会审议通过，同意提交公司董事会审议。 四、 ...

冬日的匈牙利首都布达佩斯，静谧的多瑙河穿城而过，映衬着两岸覆雪的古典建筑。这里约有3万多名华人生活，是中东欧地区最大的华人社区之一，未 来几年，一片总建筑面积约5.2万平方米的商业区将在布达佩斯诞生，为当地华人华侨提供一处高品质生活聚集地。 近期，山东高速集团成功中标匈牙利布达佩斯唐人街·启元项目，正式进入欧盟工程建设市场。据介绍，该项目将融合中匈文化元素，塑造兼具东方韵味 与欧洲风情的城市新地标，建成后，有望成为布达佩斯重要的文旅打卡地，将进一步促进中匈民间交往、经贸合作与文明互鉴。 项目建设所需的设备、物资，离不开稳定的国际物流通道保障。布达佩斯一直以来是山东中欧班列的常设"终点站"，作为山东中欧班列的统筹运营方，山 东高速集团去年协调开通"济南—布达佩斯"全程时刻表中欧班列，项目建设所需的部分国产大型设备、专用建材以及关键施工物资，可以更加及时、稳定 地抵达布达佩斯。 "我们正以匈牙利为支点，积极跟踪欧盟的潜在基础设施项目，并在绿色能源、智慧城市等领域与相关方接洽，推动形成可持续的项目集群。" 山东高速 集团国际合作公司欧洲公司三级业务总监阎伟表示。 以基础设施建设为核心牵引、以中欧班列物流通道为战略纽 ...

证券代码：600350 证券简称：山东高速 公告编号：2026-005 山东高速股份有限公司 关于全资子公司注册发行资产支持票据的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 为盘活存量资产，拓宽融资渠道，优化资产结构，山东高速股份有限公司（以 下简称"公司"）全资子公司山高云创（山东）商业保理有限公司（以下简称"云 创保理"）以展业过程中取得的保理债权及附属权益（如有）为基础资产拟注册发 行规模总额不超过人民币 10 亿元（含 10 亿元）储架式资产支持票据（以中国银行 间市场交易商协会批复的规模为准）。 本次资产支持票据注册发行已经公司第六届董事会第八十二次会议审议通过， 尚需取得中国银行间市场交易商协会（以下简称"交易商协会"）批复，最终方案 以交易商协会审核为准。 一、资产支持票据概况 云创保理为盘活存量资产，优化资产结构，拟在中国银行间市场交易商协会注 册发行资产支持票据，储架式资产支持票据发行规模不超过人民币 10 亿元（含 10 亿元，以中国银行间市场交易商协会批复的规模为准）。 二、资产支 ...

证券代码：600350 证券简称：山东高速 公告编号：2026-003 山东高速股份有限公司 关于公司及子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | | | 实际为其提供的担 | 是 | 否 | 在 | 前 | 本 | 次 担 | 保 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 被担保人名称 | 本次担保 | 金额 | 保余额（不含本次担 | 期 | 预 | 计 | 额 | 是 | 否 有 | 反 | | | | | 保金额） | 度内 | | | | 担保 | | | | 山高云创（山东） 商业保理有限公 | 15,000.00 | | 285,000.00 万元 | | 是 | | | | 否 | | | 司 | | 万元 | | | | | | | | | 累计担保情况 （二）内部决策程序 公司于 2025 年 4 月 2 日召开第六届董事会第七十一次 ...

证券代码：600350 证券简称：山东高速 公告编号：2026-004 山东高速股份有限公司 第六届董事会第八十二次会议决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 山东高速股份有限公司（以下简称"公司"）第六届董事会第八十二次会议 于 2026 年 1 月 30 日在公司 22楼会议室以现场会议与通讯表决结合的方式召开， 会议通知于 2026 年 1 月 20 日以专人送达及电子邮件方式发出。 四、会议以 11 票同意、0 票反对、0 票弃权，审议通过了关于子公司注册 发行资产支持票据及相关授权的议案。 具体内容详见公司同日披露的《山东高速股份有限公司关于全资子公司注册 发行资产支持票据的公告》，公告编号：2026-005。 五、会议以 11 票同意、0 票反对、0 票弃权，审议通过了关于修订《投资 1 管理办法》的议案，并决定将议案提交公司股东会审议批准。 本次会议应到董事 11 人，实到董事 11 人。会议由副董事长王昊主持，公司 高级管理人员以及相关部门负责人列席了会议。会议的召开符合《公司法》和《公 司章程 ...

2025年度，公司实现中标额1040.41亿元。其中第四季度订单情况如下： ■ 注1数据为截至报告期末公司累计已签约但尚未完工订单合同总额中未完工部分的金额。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 山东高速路桥集团股份有限公司（以下简称"公司"、"本公司"）根据《深圳证券交易所上市公司自律监 管指引第3号一一行业信息披露》等规定，为方便投资者了解公司生产经营情况，现将2025年第四季度 主要经营情况披露如下： 一、2025年第四季度订单情况 注2该项合同金额为联合体承担的总金额，项目模式为入股施工一体化，根据《联合体协议书》,子公司 山东东方路桥建设有限公司承担本标段总工程量的96%,折合预期中标价约为2,585,182,494.59元，最终 承担的工程量及金额尚未最终确定。 上述重大项目合同对手方履约能力及结算回款情况正常，不存在重大风险。表中的收款金额含预收工程 款和预收材料款。公司将根据项目进展情况持续履行信息披露义务。 三、风险提示 上述数据为阶段统计数据，未经审计，可能与公司定期报告披露的相 ...

Summary of Key Points from Conference Call Records Industry: Hong Kong Real Estate Market - The Hong Kong real estate market is expected to bottom out between Q4 2024 and Q2 2025, with fundamentals reaching their lowest point by April 2025. New home transaction volumes are projected to recover to 21,000 units, the same level as in 2019, while secondary home transactions will only recover to 70% of the previous peak of 56,000 units, indicating a slower recovery for the secondary market [1][2][3] - Property stocks of Hong Kong developers are currently undervalued, with a price-to-book (PB) ratio below 0.5. If valuations return to the previous cycle's upper limit of 0.8 PB, there is potential for at least a 100% increase. Companies with high property sales ratios and significant land reserves, such as Sun Hung Kai, Henderson Land, and Sino Land, are recommended for investment [1][4] Industry: Highway Sector - The recent adjustment in the highway sector is attributed to a style shift rather than changes in fundamentals. Stocks like Anhui Expressway, Shandong Expressway, and Sichuan Chengyu have seen adjustments of 30%-40%, but their dividend yields have become more attractive, with Shandong Expressway's yield nearing 6% [5][6] - The potential for growth exists due to expansion projects, making companies like Shandong Expressway and Anhui Expressway good investment opportunities [6] Company: J&T Express - J&T Express has experienced a stock price adjustment of approximately 15%, primarily due to the impact of share issuance and convertible bonds, which do not reflect the company's fundamentals. The company is expected to show strong performance in 2026, with significant growth in overseas markets [7] Company: Beibu Gulf Port - The stock price of Beibu Gulf Port has fluctuated due to news regarding the new land-sea corridor and the upcoming opening of the Pinglu Canal. After a recent pullback, it is considered a good time to invest again, especially with policy catalysts expected in the medium term [8] Company: SF Express - SF Express has optimized its low-cost e-commerce business, leading to reasonable growth in parcel volume and a month-on-month price recovery. The company's valuation is at historical lows, and it is expected to perform well in the upcoming quarters, making it a good investment opportunity [9] Industry: Construction and Building Materials - The construction and building materials sector still holds investment value amid a cyclical rebalancing, currently at a historically low allocation. Key companies to watch include traditional leaders like Skshu, Yuhong, and Weixing, as well as high-dividend stocks like Conch Cement and TPI Cement. Companies related to technology, such as Roman Holdings and Zhongtai Technology, are also recommended due to increased demand from domestic AIDC and AI-related construction [10] Industry: Commercial Aerospace and Space Photovoltaics - The commercial aerospace sector is gaining traction, with significant developments expected this year. Companies involved in space photovoltaics, such as Shanghai Port Bay, are highlighted for their potential demand and investment value [11]

Market Performance - The railway and highway sector increased by 0.24% compared to the previous trading day, with Sichuan Chengyu leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Sichuan Chengyu (601107) closed at 6.26, up 3.81% with a trading volume of 271,500 shares and a transaction value of 26.97 million [1] - Jilin Expressway (601518) closed at 2.92, up 2.10% with a trading volume of 195,800 shares and a transaction value of 56.81 million [1] - Western Entrepreneurship (000557) closed at 5.10, up 2.00% with a trading volume of 194,100 shares and a transaction value of 98.11 million [1] - Other notable stocks include Shanxi Expressway (000755) at 5.38, up 1.89%, and Iron Dragon Logistics (600125) at 6.58, up 1.39% [1] Capital Flow - The railway and highway sector saw a net inflow of 309 million in main funds, while retail investors experienced a net outflow of 232 million [2] - The main funds' net inflow for Beijing-Shanghai High-Speed Railway (601816) was 2.35 million, while it faced a net outflow of 83.12 million from speculative funds [3] - Other stocks like Guangzhou-Shenzhen Railway (601333) had a main fund net inflow of 1.89 million, but a net outflow of 1.14 million from retail investors [3]