Investment Rating - The report maintains a "Buy" recommendation for the container shipping sector due to high freight rates and increased demand driven by the recent US-China tariff adjustments [1][3]. Core Insights - The recent US-China trade talks resulted in the cancellation of 91% of retaliatory tariffs, leading to a surge in bilateral trade and a nearly 300% increase in container shipping bookings from China to the US [1][11]. - Freight rates on North American routes have significantly increased, with Shanghai to US West Coast and East Coast rates rising by 31.7% and 22.0% respectively [2][12]. - The report anticipates a short-term surge in container demand due to a stocking wave, which may challenge port logistics and further influence freight rates [3][15]. Summary by Sections Section 1: US-China Tariff Developments - The US and China agreed to suspend 24% of reciprocal tariffs for 90 days, leading to a rapid increase in trade and shipping demand [1][11]. - Container shipping bookings surged from an average of 5,709 TEUs to 21,530 TEUs within a week following the tariff adjustments [1][11]. Section 2: Market Demand and Freight Rates - The demand for shipping services has rebounded sharply, with significant increases in spot booking prices for shipping containers [2][12]. - As of May 16, 2025, the spot rates for shipping from Shanghai to the US West Coast and East Coast reached $3,091 and $4,069 per FEU, reflecting increases of 31.7% and 22.0% respectively [2][12]. Section 3: Investment Recommendations - The report recommends investing in leading container shipping companies such as COSCO Shipping Holdings, which is expected to benefit from rising freight rates on US routes [3][15]. - It also highlights the potential of regional shipping companies in Asia, suggesting that the ongoing trade tensions may sustain high demand in this segment [3][15]. Section 4: Industry Data Tracking - Recent data shows a 4.8% year-on-year increase in domestic air passenger volume, indicating a recovery in the aviation sector [16][20]. - The report notes a 10% increase in the Shanghai Container Freight Index (SCFI) and a 4% increase in Very Large Crude Carrier (VLCC) rates, reflecting overall positive trends in the shipping industry [36][37].

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [2]. Core Insights - The aviation sector is expected to see improvements in both volume and pricing, with optimistic expectations continuing to develop. High passenger load factors are anticipated to drive ticket prices upward, supported by regulatory measures from the Civil Aviation Administration [4][5]. - The shipping industry is poised for a dual increase in volume and pricing due to multiple catalysts, including replenishment demand and seasonal peaks. The report highlights the potential for significant price increases in the shipping sector [5][6]. Summary by Sections Investment Highlights - Key companies recommended for investment include Spring Airlines, China Eastern Airlines, and China Southern Airlines, which are expected to show strong performance due to their operational resilience and market positioning [11]. - The report emphasizes the importance of infrastructure improvements and policy changes that could benefit the transportation sector, particularly in aviation and shipping [4][5]. Operational Tracking - Data from major airlines shows a positive trend in passenger traffic and load factors, with Southern Airlines reporting a 4.91% increase in available seat kilometers (ASK) in Q1 2025 compared to the previous year [14]. - The report tracks significant increases in cargo volumes across various transportation modes, indicating a robust recovery in logistics and freight services [5][6]. Aviation Data Tracking - The report provides detailed metrics on airline performance, including ASK and revenue passenger kilometers (RPK), showing growth across major carriers. For instance, China Eastern Airlines reported a 10.89% increase in RPK in Q1 2025 [14]. - The average ticket price for economy class during the Dragon Boat Festival is projected to rise, reflecting a strong demand environment [4]. Shipping Data Tracking - The report notes a 9.98% week-on-week increase in the SCFI index, indicating a positive trend in shipping rates, despite a year-on-year decline of 41.31% [5]. - The report highlights the impact of tariff changes on shipping demand, particularly in the US-China trade context, which is expected to stimulate replenishment and seasonal demand [5]. Logistics Data Tracking - The report tracks significant growth in express delivery volumes, with a 15.83% year-on-year increase in the number of packages collected during early May 2025 [5]. - The logistics sector is benefiting from improved cross-border trade conditions, which are expected to enhance the performance of logistics companies [5].

Core Viewpoint - The A-share market experienced a strong rebound this week, with the Shanghai and Shenzhen indices rising approximately 2%, driven by significant policy support and improved market sentiment [1][2]. Policy Support and Market Activity - Following the May Day holiday, trading activity in the A-share market improved significantly, with an average daily trading volume of 1.35 trillion yuan, a notable increase from the previous week [2]. - The State Council emphasized "expectation management" and the importance of capital markets, with the China Securities Regulatory Commission (CSRC) pledging to support the market's recovery and promote long-term capital inflows [2]. Index Performance - The 每经品牌100指数 (Everyday Brand 100 Index) surged by 3.19% this week, closing at 1086 points, approaching the 1100-point mark [2]. - A total of 74 constituent stocks within the index saw price increases, with 75% of the stocks rising [2]. Notable Stock Performances - Key stocks such as 吉利汽车 (Geely Automobile) and 浦发银行 (Shanghai Pudong Development Bank) recorded significant weekly gains of 10.07% and 7.66%, respectively [3][4]. - Other notable performers included 宁德时代 (CATL), 招商银行 (China Merchants Bank), and 美团 (Meituan), all achieving over 5% weekly growth [4]. Market Capitalization Growth - Several stocks, including 宁德时代, 招商银行, and 贵州茅台 (Kweichow Moutai), saw their market capitalizations increase by over 50 billion yuan this week [4]. - The 每经品牌100指数 outperformed major A-share indices over the past year, with a reported increase of 17.37% from May 9, 2024, to May 7, 2025 [4]. Historical Highs and Dividend Yields - Multiple constituent stocks reached historical highs, with 建设银行 (China Construction Bank) and 浦发银行 hitting 9.33 yuan and 11.88 yuan, respectively [5]. - The dividend yield for 建设银行 is reported at 6.56%, while 浦发银行's yield stands at 2.76%, both significantly higher than the 3.2% yield of the CSI 300 index [5]. Insurance Investment Trends - After four years of decline, the number of shares held by insurance companies in A-share bank stocks has shown signs of recovery, increasing from 383 billion shares at the end of 2024 to 391 billion shares by the end of Q1 2025 [5]. Telecommunications Sector Insights - Stocks of 中国电信 (China Telecom) and 中国移动 (China Mobile) are nearing historical highs, with projected dividend yields of 73% and 72% for 2024, respectively [6]. - The demand for IDC and intelligent computing resources is expected to improve due to the rapid growth in computing power needs driven by DeepSeek [6]. Public Fund Reforms - Recent reforms in public funds emphasize performance-based fee structures and performance assessments for fund managers, potentially benefiting dividend assets [7]. - The reforms suggest that dividend assets may see increased allocation, particularly for long-term holdings, as they have historically outperformed broader indices [7]. Dividend Indices - The 中证红利指数 (CSI Dividend Index) and 红利低波100ETF (Low Volatility Dividend ETF) focus on high dividend yield and stable dividend-paying companies, reflecting the overall performance of such securities [8][11].

数据显示，截至2025年3月31日，中证港股通高股息投资指数前十大权重股分别为中远海控、兖煤澳大 利亚、东方海外国际、国泰君安、中国海洋石油、民生银行、中信银行、中国石油股份、中国银行、海 丰国际，前十大权重股合计占比46.02%。 华泰证券表示，往前看，对等关税扰动发生后，坚定看好港股相对收益表现；南向持仓占比高、受外资 变动影响小、盈利预期稳定的红利方向，仍可作为底仓配置 。 截至2025年4月30日 13:13，中证港股通高股息投资指数下跌0.72%。成分股方面涨跌互现，中国财险领 涨2.74%，中国石油股份上涨2.59%，中国人民保险集团上涨2.47%；建设银行领跌，工商银行、农业银 行跟跌。港股红利ETF(513830)下修调整。流动性方面，港股红利ETF盘中换手1.49%，成交561.73万 元。 港股红利ETF紧密跟踪中证港股通高股息投资指数，中证港股通高股息投资指数从符合港股通条件的香 港上市公司证券中选取30只流动性好、连续分红、股息率高的上市公司证券作为指数样本，采用股息率 加权，以反映港股通范围内连续分红且股息率较高的上市公司证券的整体表现。 国泰海通证券表示，低利率环境下，资金对红利资 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [4]. Core Insights - The shipping sector is experiencing a significant recovery in dry bulk freight rates, with increased demand for iron ore and coal, while oil shipping is seeing a rise in geopolitical risk premiums due to ongoing sanctions [8][12][14]. - Infrastructure assets remain attractive for investment, particularly in the context of a long-term interest rate decline, with H-shares offering a dividend yield above 6% [16]. - The express delivery industry is projected to maintain double-digit growth in volume, driven by increasing online shopping frequency and the rise of live-streaming e-commerce platforms [18]. - The airline industry is in a post-pandemic recovery phase, with demand expected to grow due to economic stimulus policies, while supply remains constrained due to global supply chain issues [20]. Shipping Sector Summary - Dry bulk freight rates are on the rise, with the Baltic Dry Index (BDI) increasing by 19.2% this week, driven by higher demand for iron ore and coal [29]. - Oil shipping rates are also improving, with VLCC rates reaching $39,000 per day, up 3% this week [31]. - The container shipping market is seeing a decline in rates, with SCFI indices dropping significantly across major routes [23]. Infrastructure Sector Summary - Road passenger traffic in November 2024 was 990 million, a year-on-year increase of 1.8%, while rail passenger turnover increased by 17.6% in January 2025 [15][33]. - The report highlights the potential for improved performance in the infrastructure sector as domestic demand stabilizes [16]. Express Delivery Sector Summary - The express delivery volume for January-February 2025 reached 28.48 billion pieces, a year-on-year increase of 22.4%, with revenue growing by 11.2% [17][36]. - The concentration index (CR8) for the express delivery market is at 87.1, indicating a stable competitive landscape [17]. Airline Sector Summary - Domestic air ticket prices have decreased by 4% week-on-week, while passenger volume has increased by 3% [19][42]. - The airline industry is expected to see a recovery in profitability as supply-demand dynamics improve in 2025-2026 [20]. Logistics Sector Summary - Cross-border air freight prices have decreased by 2.1% week-on-week, while the average short-haul freight rate remains stable at approximately 60 yuan per ton [21][48]. - The logistics sector is closely monitoring the impact of U.S.-China tariff policies on the supply chain [21].

Investment Rating - The report highlights the attractiveness of high dividend assets in the transportation industry under a low interest rate environment, suggesting a positive investment outlook for this sector [3][16]. Core Insights - The low interest rate environment enhances the value of dividend asset allocation, with transportation sector dividend yields exceeding current government bond yields as of February 28, 2024 [3][16]. - Policy guidance is encouraging long-term funds, such as insurance capital, to enter the market, increasing demand for high dividend assets [32]. - There is a valuation differentiation in the market, favoring companies in the highway and port sectors with stable earnings and high dividend ratios [48]. Summary by Sections Low Interest Rate Environment and Dividend Asset Allocation - The report emphasizes the significance of high dividend assets in a low interest rate context, with highway yields around 2%, shipping at approximately 2.7%, and ports at about 1.5% as of February 2024 [3][16]. - The report notes that the demand for high dividend assets is expected to rise due to the low interest rate cycle, which has led to a sustained low yield on ten-year government bonds [32]. Fund Flow Analysis - The report indicates that the scale of dividend products has significantly increased, with dividend ETFs showing the highest growth [36]. - The report mentions that the inflow of dividend ETFs has a positive impact on the stock prices of high dividend stocks in the transportation sector [37]. High Dividend Stocks in Transportation - The report lists key companies in the transportation sector with predicted dividend yields exceeding 3%, including Ninghu Expressway, Gansu Expressway, and Daqin Railway, among others [49][62]. - It highlights that the transportation sector's dividend ratios still have room for improvement compared to other industries [23].