Core Viewpoint - The Ministry of Transport reported that from January to April, a total of 950.3 billion yuan was invested in fixed assets for transportation, indicating a significant level of investment in infrastructure development [1] Investment Summary - The investment in highways reached 653.4 billion yuan, which constitutes a major portion of the total transportation investment [1] - The investment in water transport amounted to 68.4 billion yuan, reflecting ongoing efforts to enhance maritime infrastructure [1]

Core Viewpoint - The launch of the "Haikou-Fangchenggang" passenger and cargo roll-on/roll-off route is expected to significantly enhance transportation convenience and promote economic exchanges between Hainan and Guangxi [3][5]. Group 1: Route Launch and Benefits - The "Haikou-Fangchenggang" route officially commenced on May 28, 2023, with the "Qiziwan" vessel setting sail, marking a new chapter in regional transportation [3][4]. - This new route is anticipated to facilitate deeper integration of logistics and tourism industries between Hainan and Guangxi, injecting new momentum into regional economic development [3][5]. Group 2: Transportation Efficiency - The direct route significantly reduces transportation time, allowing for a journey that previously took at least two days via land to now be completed in just 13 hours [4]. - The "Qiziwan" vessel can accommodate 844 passengers and transport 140 cars and 69 ten-meter trucks, enhancing both passenger and cargo transport efficiency [4]. Group 3: Economic and Trade Promotion - The new route establishes a second channel for roll-on/roll-off transport between Hainan and Guangxi, improving logistics efficiency in the South and Southwest regions of China [5]. - It is expected to strengthen trade, industrial transfer, and tourism cooperation between Hainan and Guangxi, promoting the flow of capital, technology, and talent across regions [5][6]. Group 4: Safety and Regulatory Measures - The Haikou Maritime Bureau implemented innovative regulatory measures, including drone surveillance of the shipping routes to ensure safety and smooth navigation [7]. - Comprehensive safety checks and emergency preparedness plans were established to ensure the seaworthiness of the "Qiziwan" vessel and the competency of its crew [7].

Group 1: Tourism Industry Performance - During the "May Day" holiday, 200 key monitored tourist attractions in Shandong received 25.616 million visitors, representing a year-on-year increase of 8.2% [2] - The total revenue generated by these attractions reached 1.25 billion yuan, also reflecting a year-on-year growth of 8.3% [2] - Various promotional measures, including the issuance of consumer vouchers and ticket discounts, were implemented to stimulate tourism consumption [2] Group 2: Transportation Sector Overview - Over 2.6 million people were mobilized in the transportation sector to ensure safe and convenient travel during the holiday [3] - The traffic volume on highways reached 20.57 million vehicle trips, marking a 5% increase compared to the previous year [3] - The passenger volume for railways, civil aviation, and urban rail transit also saw increases of 2%, 3.8%, and 6.2% respectively, while waterway passenger volume decreased by 11.8% [3]

● 本报记者李嫒嫒 中国证券报记者5月5日从交通运输部获悉，今年"五一"假期期间(5月1日至5日)，预计全社会跨区域人 员流动量累计14.67亿人次，日均2.93亿人次，同比增长8.0%。 其中，铁路客运量累计10169.2万人次，日均2033.8万人次，同比增长10.8%。公路人员流动量(包括高速 公路及普通国省道非营业性小客车人员出行量、公路营业性客运量)累计13.45亿人次，日均2.69亿人 次，同比增长7.6%。水路客运量累计868.9万人次，日均173.8万人次，同比增长24.9%。民航客运量累 计1114.3万人次，日均222.9万人次，同比增长11.8%。 交通运输部表示，各地交通运输部门多举措服务保障返程客流。 其中，北京局集团公司加开旅客列车170列，北京南站增设16条出站闸机通道，提高旅客出站效率。太 原局集团公司加开旅客列车72列，太原南、大同南、平遥古城、运城北等热门旅游目的地车站协调地方 交通部门延长公共交通运营时间，方便旅客接驳。 交通运输部介绍，为缓解"五一"假期返程客流压力，保障市民与旅客顺畅出行，上海地铁于5月4日至5 日采取多项举措。1、2、10、17号线加开定点加班车至次 ...

Core Insights - The "May Day" holiday has seen a significant increase in travel, with over 330 million people traveling across regions, marking a 6.2% year-on-year growth [1] - The travel patterns have shifted, with longer distances and a wider range of destinations, covering 1,229 counties nationwide, and a 20% increase in booking volume compared to last year [1] - Road travel remains the dominant mode of transportation, with 305.61 million people traveling by road, a 4.7% increase from the previous year [1] Group 1: Transportation Trends - The popularity of road tourism is rising, with traditional cities like Hangzhou, Xi'an, and Qingdao seeing increased traffic, while remote provinces like Guizhou, Yunnan, and Xinjiang are emerging as new hotspots [2] - Waterway tourism is also thriving, with a significant increase in waterway passenger volume, reaching 1.649 million people, a remarkable 87.5% increase [4] Group 2: Infrastructure and Services - The transportation department has implemented measures to alleviate congestion at key points, including fast lanes for small vehicles and mobile charging stations for electric cars [5] - A three-year initiative to develop premium domestic waterway tourism routes has been launched, introducing 36 new routes that are becoming popular new attractions [4]

Group 1: Overall Travel Data - The total inter-regional passenger flow during the "May Day" holiday reached 33,271.4 million trips on May 1, a year-on-year increase of 6.2% [1] - Among these, railway passenger volume was 23.12 million trips, marking an 11.7% year-on-year increase and setting a new single-day record [2][4] - Road travel accounted for 30,561 million trips, with a year-on-year growth of 4.7%, while waterway passenger volume surged by 87.5% to 1.649 million trips [1] Group 2: Railway Travel Insights - On May 1, the national railway sent 23.12 million passengers, with high-speed trains carrying 15.67 million passengers, reflecting a year-on-year growth of 16.1% [4] - Over 2,000 additional passenger trains were added to meet travel demand, with significant increases in tourist and senior citizen train services [4][2] - On May 2, the railway is expected to send 19.3 million passengers, with 1,636 additional trains planned to enhance capacity [6] Group 3: Road Travel Trends - On May 2, highway traffic for small passenger vehicles exceeded 55 million, primarily driven by short-distance and nearby tourism [9] - Popular tourist cities and coastal areas are expected to experience increased traffic pressure, prompting local authorities to develop transportation plans to ensure smooth travel [11] - Measures are being implemented to enhance charging services for new energy vehicles, including mobile charging stations at major service areas [11][13] Group 4: Service Enhancements - Rail services are being optimized with initiatives such as free entry to scenic spots for high-speed train ticket holders and improved waiting areas at stations [8] - Multilingual services are being provided at major transport hubs to assist travelers during the holiday, coinciding with the Canton Fair [8] - The transportation department is focusing on enhancing charging infrastructure for new energy vehicles, aiming to improve service capacity by 50% compared to the 2025 Spring Festival [13]

据交通运输部，2025年5月1日(劳动节假期第1日)，全社会跨区域人员流动量3.33亿人次，环比增长 56.0%，同比增长6.2%。其中：铁路客运量2311.9万人次，环比增长26.2%，同比增长11.7%。公路人员 流动量(包括高速公路及普通国省道非营业性小客车人员出行量、公路营业性客运量)3.06亿人次，环比 增长59.3%，同比增长4.7%。其中，公路营业性客运量3948万人次，环比增长10.5%，同比增长3.9%； 高速公路及普通国省道非营业性小客车人员出行量2.66亿人次，环比增长70.5%，同比增长4.8%。水路 客运量164.9万人次，环比增长99.1%，同比增长87.5%。民航客运量233.6万人次，环比增长0.5%，同比 增长8.9%。(人民财讯) ...

Summary of Key Points Core Viewpoint - The transportation sector in China experienced a significant surge in passenger flow during the "May Day" holiday, with record-breaking numbers in railway travel and increased short-distance travel on the second day of the holiday. Group 1: Railway Transportation - On May 1, the national railway sent 23.119 million passengers, setting a new single-day record for passenger volume [1][7] - On May 2, the expected passenger volume is 19.3 million, with an additional 1,636 passenger trains scheduled [1][7] - The Guangzhou Railway Bureau anticipates sending 2.68 million passengers on May 2, a year-on-year increase of 9.9% [7] - The Yangtze River Delta railway is expected to send 4.18 million passengers on May 2, maintaining over 4 million for two consecutive days, with the Hangzhou-Taipei high-speed railway seeing over 60% growth compared to regular days [7] Group 2: Road Transportation - Road travel is primarily focused on short-distance and nearby tourism, with an expected daily flow of over 55 million small passenger vehicles on highways [3][7] - Popular tourist cities and their surrounding highways are expected to experience significant traffic pressure [3] Group 3: Air Transportation - On May 2, the national civil aviation sector is expected to transport 2.16 million passengers [5] Group 4: Water Transportation - On May 2, the national water transport is expected to send over 2 million passengers [15] - Maritime authorities are implementing strict safety measures to ensure safe water travel during the holiday [15] Group 5: Charging Infrastructure for Electric Vehicles - Local transportation and power supply departments are collaborating to ensure the availability of charging stations for electric vehicles, with service teams deployed to check the status of charging facilities [9][11] - The Tian Tai service area on the Hangzhou-Shaoxing-Taipei Expressway has installed 20 fast-charging stations to accommodate 40 electric vehicles simultaneously [11] - The Daguang Expressway's Hengshui service area has increased mobile charging facilities and is using drones for real-time guidance to improve charging efficiency [13]

Group 1: Travel Volume and Trends - The "May Day" holiday is expected to see a total of approximately 1.42 billion cross-regional trips, representing a year-on-year increase of about 4.5% [1] - On May 1, the railway is projected to send 22.5 million passengers, an increase of nearly 4.2 million compared to April 30, with a total of 1,341 additional trains scheduled [1][3] - The overall travel volume is characterized by high total numbers, concentrated at the beginning and end of the holiday, with an increase in short-distance travel in the middle [9] Group 2: Transportation Capacity and Measures - Regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area are increasing transport capacity through additional temporary trains, particularly night trains [5] - The Guangzhou Railway Bureau has added 244 night trains on major lines to facilitate travel [5] - Coordination between railway and local transport departments is enhancing public transport availability to ensure smooth travel for passengers [5] Group 3: Tourism and Special Train Services - A notable trend is the increase in trains heading towards tourist attractions, with various regions promoting "railway + cultural tourism" initiatives [7] - The Zhengzhou Railway Bureau has increased train services between popular tourist cities, with a 23.8% rise in train operations compared to the previous year [7] - Special themed trains and promotional activities, such as discounted entry to attractions with train tickets, are being offered to boost tourism [7] Group 4: Waterway Travel - The national waterway passenger volume is expected to reach approximately 7.75 million during the holiday, with an average of 1.55 million per day, marking an 11.41% increase from 2024 [10][12] - Cities are seeing a rise in night cruise services, with significant passenger numbers expected for scenic boat tours [12] - The Hainan Maritime Department has implemented a modular inspection system for passenger ferries to ensure safety during the holiday [14][16] Group 5: International Tourism - The number of foreign visitors to Hangzhou is on the rise, with predictions of 97,600 inbound and outbound travelers during the holiday, a 30% increase from the previous year [18] - The total number of foreign tourists is expected to reach 21,500, reflecting a 51% year-on-year growth [18]

Investment Rating - The investment rating for the company is "Buy" [8][9] Core Views - The company reported a revenue of 23.24 billion RMB for 2024, a year-on-year increase of 2.3%, and a net profit attributable to shareholders of 4.04 billion RMB, up 19.4% year-on-year, aligning with performance forecasts [1] - The international oil transportation market is expected to experience fluctuations in 2024, with a decline in freight rates in the second half due to weak global macro demand and ongoing OPEC+ production cuts [1] - The company announced a year-end dividend of 0.21 RMB per share, corresponding to an annual payout ratio of 50.8% [1] - For 2025, the company anticipates a recovery in domestic demand and an increase in oil production by OPEC+, leading to a projected growth in international crude and refined oil freight rates, which will boost profitability [1] - The company has expanded its business scope by acquiring LPG and chemical shipping operations, enhancing its energy logistics capabilities [3] Summary by Sections Financial Performance - The company achieved a foreign trade transportation turnover growth of 14.4% in 2024, but gross profit decreased by 13.5% to 3.59 billion RMB [2] - The gross profit from crude oil transportation fell significantly by 29.6% due to weak global demand and OPEC+ production cuts, while the average freight rates for crude oil and refined oil showed mixed results [2] - Domestic oil transportation turnover grew by 4.2% in 2024, with a slight decline in gross profit [3] Market Outlook - The oil transportation market is expected to improve in 2025 due to OPEC+ production increases and tightening supply from sanctioned vessels, leading to a favorable supply-demand structure [4] - The projected nominal supply growth for global crude oil tankers is 0.2% in 2024, 0.8% in 2025, and 2.7% in 2026, while demand is expected to decline in 2024 and grow modestly in subsequent years [4] Valuation and Price Target - The company maintains net profit forecasts of 5.38 billion RMB for 2025 and 6.11 billion RMB for 2026, with a new forecast of 6.47 billion RMB for 2027 [5] - The target prices are set at 9.20 HKD for H shares and 16.00 RMB for A shares, based on historical price-to-book ratios [5]