据摩洛哥晨报11月17日报道，摩装备与水资源部计划在2026财政年度实施大规模投资，加速基础设施部 署，以应对气候变化带来的挑战。根据该部的投资预算，承诺资金约40.5亿美元，支付资金约18.3亿美 元。其中，约49.5亿美元（含承诺资金与支付资金）将直接分配至全国12个大区，其中三个战略大区被 列为重点投资对象。若计入中央部门另行分配的9.2亿美元资金，总投资规模将达58.7亿美元。 从部门预算分配来看，水资源领域被置于优先位置： "公路"计划：支付资金为3.9亿美元，但承诺资金高达16.2亿美元，为各计划中最高，旨在保障结构性公 路工程的连续性及路网的扩展。 "港口"计划：支付资金为2.9亿美元，承诺资金为6.9亿美元，重点支持大西洋与地中海沿岸的特大型港 口项目。 "气象"计划：支付资金为510万美元，承诺资金为630万美元，将用于推进预报与预警系统的现代化升 级。 "水资源"计划：在支付资金中占比最高，达11亿美元，承诺资金也达17.1亿美元，反映出摩洛哥在面对 气候变化与水资源短缺挑战时，将水安全作为国家战略的核心支柱。 ...

"十五五"期间，随着世纪工程平陆运河的建设，以及六大科技创新工程的集中落地，中国正加速完善现 代化综合交通运输体系，向全面建成交通强国目标稳步迈进。 中国交通多项排名世界第一：拥有全球最大的高速铁路网、高速公路网和邮政快递网，每一天约1.8亿 人次跨区域出行，每一秒有6000个快件进入寄递渠道。 从交通大国到2035年基本建成交通强国，"十五五"阶段是实现这一战略目标的关键时期。 交通运输部党组书记、部长刘伟近期在《求是》杂志撰文指出，完善现代化综合交通运输体系，是"十 五五"及今后一个时期推动交通运输高质量发展、加快建设交通强国的重大任务。它是以交通运输现代 化服务保障中国式现代化的战略任务，也是做强国内大循环、构建新发展格局的基础支撑；是培育发展 新质生产力、推动高质量发展的重要举措，也是满足人民群众对美好生活向往、促进全体人民共同富裕 的必然要求。 何为完善现代化综合交通运输体系？《财经》研究认为，安全、便捷、高效、绿色、经济是五大关键 词，它不仅是修路架桥，促进区域协同发展，更是通过前瞻性的布局与创新，为科技创新与实体经济高 质量发展铺设"快车道"。 具体而言，国家综合立体交通网要加快完善，铁路、公路 ...

Group 1: Market Overview - A-shares indices opened higher with the Shanghai Composite Index up 0.35%, Shenzhen Component Index up 1.03%, and ChiNext Index up 1.79% [1] Group 2: Institutional Insights - Huatai Securities continues to recommend cyclical sectors such as aviation, oil transportation, and road infrastructure, citing improved industrial production and export conditions, as well as a moderate recovery in consumer data [2] - The aviation sector is expected to see continued recovery in revenue levels due to low supply growth, industry self-regulation, and a low base effect [2] - The oil transportation sector is anticipated to maintain high prosperity driven by multiple factors including OPEC+/Americas production increases and low oil prices [2] - The road infrastructure sector is seen as having upward potential due to attractive dividend yields and increased insurance fund allocations [2] Group 3: Industry Focus - CITIC Construction Investment is optimistic about the traditional Chinese medicine industry, expecting demand to recover by year-end and improvements in fundamentals and valuations [3] - The blood products sector is highlighted for its focus on the "14th Five-Year Plan" for plasma station construction and industry consolidation [3] - The vaccine industry is monitored for sales improvements of key products and progress in innovative pipelines, with policies and international expansion expected to drive further development [3] - The pharmaceutical retail sector is undergoing steady transformation, with attention on multi-faceted catalysts for growth [3] - The pharmaceutical distribution sector shows stable revenue growth, with a focus on receivables and the "14th Five-Year Plan" [3]

Market Overview - The market experienced narrow fluctuations yesterday, with both the Shanghai Composite Index and the ChiNext Index closing in the green. The total trading volume in the Shanghai and Shenzhen markets was 1.73 trillion, a decrease of 200.2 billion compared to the previous trading day [1]. Sector Performance - The sectors that saw the highest gains included precious metals, military industry, and aquaculture, while sectors such as Hainan, gas, and film and television box office experienced declines. By the end of the trading day, the Shanghai Composite Index rose by 0.18%, and the ChiNext Index increased by 0.25% [1]. Investment Recommendations Huatai Securities - Huatai Securities continues to recommend cyclical aviation, trading in oil transportation, and allocation in highways. The firm notes that external uncertainties have settled, leading to a recovery in industrial production and export sentiment, along with a mild rebound in consumer data. Specifically, they expect: 1. Aviation: October ticket prices continue to improve, supported by low supply growth and a low base, indicating a sustained recovery in industry profitability. 2. Oil Transportation: Multiple favorable factors, including OPEC+/U.S. production increases and low oil prices, are expected to maintain high activity levels in the oil transportation sector. 3. Highways: With insurance funds beginning year-end allocations, the highway sector is anticipated to have upward potential due to attractive dividend yields [2]. CITIC Securities - CITIC Securities is optimistic about the traditional Chinese medicine industry, anticipating a recovery in demand by year-end and subsequent improvements in fundamentals and valuations. They highlight: - The easing of short-term base pressure and accelerated channel inventory clearance. - The potential for innovative areas to create a second growth curve, with significant brand extension opportunities for Chinese medicine consumer goods. - Attention to the blood products sector regarding the "14th Five-Year Plan" for plasma stations and industry consolidation, as well as the vaccine sector's product sales and innovation pipeline [3]. Tianfeng Securities - Tianfeng Securities suggests focusing on the recovery opportunities in the liquor sector, noting a "volume increase, price drop" trend during the 2025 Double Eleven shopping festival. Key points include: - Traditional e-commerce platforms saw major liquor prices fall below critical levels due to inventory pressures, while emerging channels like instant retail and Douyin experienced growth. - Liquor companies are actively combating counterfeiting and stabilizing prices through authorized and unauthorized listings. - The industry is shifting from price wars to value reconstruction, emphasizing high-quality products and refined channel operations. The current dividend returns from leading liquor companies are attractive, and consumer spending is expected to gradually recover [4].

（文章来源：每日经济新闻） 每经AI快讯，华泰证券研报表示，近期外部不确定性落地，工业生产及出口景气度回升，消费数据温 和回暖，看好：1. 航空：10月票价延续改善趋势，考虑到供给低增速+行业反内卷+低基数，行业收益 水平的回暖有望延续。2. 油运：OPEC+/美洲增产+跨区域油价差套利+低油价带动补库+地缘事件扰动 等多重利好共振下，油运板块高景气有望延续。3. 公路：保险资金年末开启配置"开门红"，市场风险偏 好有所震荡，叠加AH公路股息率均有吸引力，板块仍有上行空间。此外，持续推荐具备自身Alpha的部 分个股。 ...

Group 1: Aviation Sector - The aviation industry is expected to continue its recovery trend in ticket prices due to low supply growth, industry self-regulation, and a low base effect [1] - The overall revenue levels in the aviation sector are anticipated to improve [1] Group 2: Oil Transportation Sector - The oil transportation sector is projected to maintain high prosperity driven by multiple factors including OPEC+/U.S. production increases, cross-regional price arbitrage, low oil prices boosting inventory replenishment, and geopolitical disturbances [1] Group 3: Highway Sector - The highway sector is expected to have upward potential as insurance funds begin year-end allocations, and the market's risk appetite experiences fluctuations [1] - The attractive dividend yields of AH highway stocks contribute to the sector's appeal [1] Group 4: Liquor Industry - The liquor industry is experiencing a "volume increase, price drop" phenomenon, with traditional e-commerce platforms seeing prices fall below critical levels due to dealer inventory pressures and platform subsidies [2] - Emerging channels like instant retail and Douyin are showing growth, indicating a shift in consumer purchasing behavior towards "buy now, drink now" [2] - Major liquor companies are initiating anti-counterfeiting actions to stabilize prices and balance online and offline channel interests [2] Group 5: Traditional Chinese Medicine Sector - The traditional Chinese medicine industry is expected to see demand recovery by year-end, with inventory levels clearing up [3] - There are opportunities for fundamental and valuation improvements in the sector [3] - The innovation sector is seen as a potential second growth curve for traditional Chinese medicine companies [3] Group 6: Blood Products and Vaccine Industries - The blood products sector is focused on the "14th Five-Year" plan for plasma station construction and industry consolidation [3] - The vaccine industry is monitoring sales improvements of key products and progress in innovative pipelines, with policies and international expansion expected to drive further development [3]

Group 1: Aviation and Transportation - The aviation sector is expected to continue its recovery due to improved ticket prices in October, low supply growth, and a low base effect [1] - The oil transportation sector is anticipated to maintain high prosperity driven by multiple factors including OPEC+ production increases, cross-regional price arbitrage, and geopolitical events [1] - The highway sector shows potential for upward movement as insurance funds begin year-end allocations, and highway stocks offer attractive dividend yields [1] Group 2: Alcohol Industry - The white liquor industry is experiencing a "volume increase and price drop" phenomenon, with traditional platforms seeing prices fall below key thresholds due to inventory pressures [2] - Emerging retail channels are growing, indicating a shift in consumer behavior towards immediate consumption [2] - The industry is advised to transition from price wars to value reconstruction, focusing on high-quality products and refined channel operations [2] Group 3: Traditional Chinese Medicine and Pharmaceuticals - The traditional Chinese medicine sector is expected to see demand recovery by year-end, with inventory pressures easing [3] - The blood products industry is focusing on the "14th Five-Year" plan for plasma stations and industry consolidation, with increased demand for specific products [3] - The vaccine sector is monitoring sales improvements and innovation pipeline developments, with policies and international expansion likely to drive growth [3]

每经AI快讯，华泰证券研报表示，近期外部不确定性落地，工业生产及出口景气度回升，消费数据温 和回暖，看好：1.航空：10月票价延续改善趋势，考虑到供给低增速+行业反内卷+低基数，行业收益水 平的回暖有望延续。2.油运：OPEC+/美洲增产+跨区域油价差套利+低油价带动补库+地缘事件扰动等多 重利好共振下，油运板块高景气有望延续。3.公路：保险资金年末开启配置"开门红"，市场风险偏好有 所震荡，叠加AH公路股息率均有吸引力，板块仍有上行空间。此外，持续推荐具备自身Alpha的部分个 股。 ...

Core Points - During the "14th Five-Year Plan" period, Tianjin has implemented 56 major transportation infrastructure projects, establishing a comprehensive three-dimensional transportation network known as "One Belt, Three Axes, Two Corridors" [1][4][10] Group 1: Transportation Infrastructure Development - The "One Belt" refers to a horizontal transportation corridor connecting Beijing and Tianjin, including the planned Jingbin Railway and Tanghuang Expressway [5] - The "Three Axes" consist of three vertical transportation axes: the Tianjin-Shanghai axis, the coastal axis, and the Tianjin-Xiong'an axis, enhancing connectivity with surrounding regions [5][7] - The "Two Corridors" include the Jingha and Tianjin-Chengde corridors, facilitating further integration of transportation networks [5] Group 2: Railway and High-Speed Rail Projects - Ten major railway construction projects have been implemented, with significant progress in intercity railways, achieving a 32% increase in high-speed rail mileage compared to 2020, totaling 410 kilometers [7] - The establishment of a 0.5-hour commuting circle between Beijing, Tianjin, and Xiong'an has been realized, enhancing regional connectivity [7] Group 3: Port and Maritime Development - Tianjin Port has implemented 24 major projects during the "14th Five-Year Plan," including the construction of the world's first "smart zero-carbon" terminal and the addition of 18 new container shipping routes, bringing the total to 148 [10] - The port's capacity has been significantly enhanced, with 24 additional berths for vessels over 10,000 tons compared to 2020, totaling 147 [10] Group 4: Road Infrastructure Projects - A total of 22 major road construction projects have been initiated, including the full connectivity of the Tianjin-Shijiazhuang and Binhai New Area-Tangshan expressways [13] - The expansion of the Jingjin-Tang expressway is underway, which will improve the capacity of the transportation corridor between Beijing and Tianjin Port [13]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].