Financial Sector - The banking sector showed a general upward trend with notable performances from major banks such as China Life Insurance and Ping An Insurance, with market capitalizations of 380.77 billion and 1,023.96 billion respectively [4] - China Life Insurance experienced a slight decline of 0.29% while Ping An Insurance decreased by 0.58% [4] Semiconductor Sector - The semiconductor sector displayed mixed results, with North Huachuang's market capitalization at 241.30 billion and a decrease of 0.32% [4] - Cambrian's stock price increased slightly by 0.13%, while Haiguang Information saw a decline of 0.49% [4] Automotive Sector - The automotive sector, led by BYD with a market capitalization of 1,790.49 billion, experienced a minor decline of 0.31% [4] - Great Wall Motors and China Railway High-speed also showed slight increases of 0.41% and 1.05% respectively [4] Energy Sector - In the energy sector, China Petroleum and China Petrochemical had market capitalizations of 1,588.62 billion and 693.52 billion respectively, with China Petroleum increasing by 1.28% [4] - China Shipping Development remained stable with no change [4] Coal Industry - The coal industry saw Shaanxi Coal and China Shenhua with market capitalizations of 750.83 billion and 185.66 billion respectively [4] - China Shenhua's stock price increased by 4.03% while Shaanxi Coal remained unchanged [4] Food and Beverage Sector - The food and beverage sector included major players like Haitian Flavor Industry with a market capitalization of 228.10 billion, which increased by 0.46% [5] - Other companies in this sector showed stable performances with minor fluctuations [5] Electronics and Pharmaceuticals - The electronics sector, represented by Hon Hai Precision Industry, had a market capitalization of 365.78 billion and a slight increase of 0.34% [5] - In pharmaceuticals, Hengrui Medicine's market capitalization was 529.06 billion, with a notable increase of 0.99% [5] Logistics and Medical Devices - The logistics sector, led by SF Holding, had a market capitalization of 2,415.92 billion, experiencing a decline of 0.88% [5] - In medical devices, Mindray Medical's market capitalization was 172.94 billion, with a minor decrease of 0.02% [5] Metals and Construction - The non-ferrous metals sector included Zijin Mining with a market capitalization of 247.51 billion, which saw a decline of 3.38% [5] - China State Construction had a market capitalization of 1,700.78 billion, with a slight increase of 0.67% [5]

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [5] Core Views - Geopolitical events have caused significant fluctuations in oil shipping rates in H1 2025, with a notable increase in rates due to sanctions and geopolitical tensions [1] - OPEC+ is expected to boost oil shipping demand in H2 2025 through increased production, despite weak global oil consumption growth [2] - The transportation sector is experiencing mixed performance, with shipping and port sub-sectors showing positive trends while aviation and express delivery face challenges [3] Summary by Sections 1. Industry Overview - In H1 2025, geopolitical events led to a sharp rise in oil shipping rates, particularly in January due to U.S. sanctions on Russian oil tankers, followed by a high demand for compliant oil transport [1] - The BDTI index reached 984 points by June 30, 2025, up 15.4% year-to-date, while the BDTI TD3C-TCE reported a daily rate of $29,300, an increase of 37.0% [1] 2. Oil Shipping - OPEC+ plans to increase production by 548,000 barrels per day in August 2025, which is expected to support oil shipping demand despite a downward revision in global oil consumption growth forecasts [2] - The IEA predicts a global oil supply increase of 1.8 million barrels per day in 2025, with non-OPEC+ countries contributing 1.4 million barrels and OPEC+ 400,000 barrels [2] 3. Sector Performance - The transportation sector's performance over the past five trading days showed the Shanghai Composite Index up by 1.40%, while the transportation sector index fell by 0.3% [3] - The shipping sub-sector led gains with a 1.91% increase, while aviation faced a decline of 2.74% [3] 4. Investment Recommendations - The report suggests focusing on state-owned enterprises in the transportation sector, particularly in highways, railways, and ports, due to their high dividend yields and value [4] - It also highlights the potential for recovery in oil shipping and container shipping, recommending companies like COSCO Shipping and China Merchants Energy [4] 5. Key Company Earnings Forecasts - The report includes earnings forecasts and valuations for key companies in the transportation sector, indicating a positive outlook for those involved in oil and container shipping [78]

破局时刻：在周期规律中寻找突破口——航空机场高速行 业 2025 年中期投资策略 20250708 摘要 2025 年 5 月国内客座率达 85%-86%，接近历史峰值，飞机利用率高， 票价共识增强，收益管理趋于理性，航空公司盈利能力提升，预示航空 业可能迎来更强的持续性增长。 航空业过去几年面临商务客群价格敏感度提升、国际航线恢复低于预期 及航空公司之间协同有限等困境，导致整体收益水平承压。 2023 年以来，航空业四次超额收益均由座收指标转正驱动，包括暑运、 春运及产能利用率和飞机利用率突破等因素，但持续性受商务需求和高 基数影响。 全球航空业面临发动机问题导致运力停产、新飞机交付缓慢（空客和波 音产能恢复不足）以及供应链成本增加等供给侧挑战，预计 2025- 2028 年行业供给增速平均为 1.8%左右。 2025 年二季度起，航空业在高产能利用率、国际航线恢复及行业共识 增强背景下，总量逐步回升，油价下跌降低成本，行业进入减亏过程， 预计三季度暑运旺季将进一步改善业绩。 Q&A 2025 年下半年航空行业的投资机会如何？ 从 2025 年下半年开始，航空行业孕育了较大的投资机会。自 2023 年以来， ...

中金研究 2025年上半年，交运板块呈现小票跑赢大票、H股跑赢A股的特点，一方面反映H股估值更低、股息更高的吸引力，另一方面主题性行情频发。 下半年 我们继续提示看好港股，并关注两类机会，一是跟随分红尤其是自由现金流进行配置， 包括： 1）传统的高股息板块， 看好基本面有预期差、估值低 的标的， 2）集运， 看好亚洲和内贸集运市场，短期（下半年旺季）和长期（小船供给少、区域需求增速更高）逻辑均有利，3）自由现金流改善、未 来股东回报有望提升，。 二是关注下半年可能存在边际变化、目前估值和预期偏低的板块， 如 1）物流，关注新技术（+AI）、新市场（全球拓 展），新模式（即时零售高景气），2）油运， 产量增在前、出口增在后，旺季四季度开启， 3）加盟制快递， 监管、平台和市场三重因素达成新的 平衡，竞争边际缓和有望带来估值修复， 4）航空， 票价改善叠加燃油成本下降，盈利同比大幅提升。 点击小程序查看报告原文 展望下半年，我们认为交运行业主要关注三类机会：1）交运港股标的机会，2）红利板块，3）现金流改善的标的。 Abstract 摘要 航空机场： 航空行业供需格局持续优化。我们预计未来四年全行业机队数量复合增 ...

Core Viewpoint - Chutian Expressway has established a joint venture, Hubei Chudao Hydrogen Energy Technology Industry Development Co., Ltd., with Hubei Communications Investment and Wuhan Airport Industry Innovation Development Co., Ltd., marking a significant step in Hubei's green energy industry development [2][5] Group 1: Company Overview - Chutian Expressway, founded in November 2000, is the only publicly listed expressway company in Hubei Province and was listed on the Shanghai Stock Exchange in March 2004 [3] - The company primarily operates toll roads, contributing 70% of its revenue, and holds operating rights for several expressways, including the Han-Yi Expressway [3] - Chutian Expressway also provides energy supply services, managing 13 gas stations, 2 hydrogen stations, and 13 charging stations [3] Group 2: Han-Yi Expressway Expansion - The Han-Yi Expressway, a crucial transportation artery connecting Wuhan and Yichang, is undergoing a major expansion project with a total investment of 43.036 billion yuan, aiming for completion by the end of 2027 [3][4] - The project will widen the expressway from a dual four-lane to an eight-lane configuration to accommodate the daily traffic exceeding 80,000 vehicles [3][4] - The expansion employs a collaborative mechanism among various stakeholders to ensure seamless construction and traffic management [4] Group 3: Hydrogen Energy Initiatives - The newly established Hubei Chudao Hydrogen Energy aims to promote green hydrogen technology commercialization, with a registered capital of 100 million yuan [5] - The joint venture's ownership structure includes Hubei Communications Investment holding 51.292%, Chutian Expressway 30%, and Wuhan Airport Industry Innovation Development Co., Ltd. 10% [5] - Chutian Expressway has already implemented a hydrogen energy demonstration line along the Han-Yi Expressway, which has consumed over 160 tons of hydrogen and achieved a carbon reduction equivalent to 89,000 trees' annual CO2 absorption [6]

长江商报消息 ●长江商报记者 沈右荣 实习生 赖海军 海南交通资产整合继续推进，海南高速（000886.SZ）聚焦打造"大交通"产业体系目标向前迈进了一 步。 7月2日晚间，海南高速发布公告，公司拟以现金支付方式购买海南省交控石化有限公司（以下简称"交 控石化"或"标的公司"）约51%股权。交易完成后，交控石化将成为公司控股子公司。 本次收购交易，预计构成重大资产重组，且属于关联交易。此次收购，也是海南高速推进回归交通主业 的战略布局。 作为全国首家上市的高速公路企业，上市近30年，海南高速经历了多次战略转型与业务重构，涉足房地 产、酒店、文旅、金融投资等。 近年来，海南高速战略回归交通主业，积极进行重组整合与资产重构，比如探索"车路云一体化"等。 海南高速称，十四五期间，预计海南省交通基础设施建设投资五年累计突破2200 亿元，公司积极参与 其中，有望从中分得一杯羹。 收购关联方资产加码主业 回归交通主业，海南高速借收购积极布局。 根据公告，7月1日，海南高速与海南省交投商业集团有限公司（以下简称"交商集团"）签署了《重大资 产重组之意向性协议》，公司拟采取支付现金方式收购交控石化51.0019%股权。本次 ...

河南中原高速公路股份有限公司 会议议程 一、会议时间： 为 股 东 会 召 开 当 日 的 交 易 时 间 段 ， 即 9:15-9:25 ， 间为股东会召开当日的 9:15-15:00。 二、会议召开地点： 河南中原高速公路股份有限公司 （HENAN ZHONGYUAN EXPRESSWAY COMPANY LIMITED） 河南中原高速公路股份有限公司 目 录 会议议程………………………………………………………………3 关于补选公司第七届董事会非独立董事的议案……………………5 行填票、表决。 录。 议案 关于补选公司第七届董事会非独立董事的议案 尊敬的各位股东： 鉴于公司原董事孟杰先生因工作调整，已辞去公司第七 届董事会董事、战略投资与 ESG 委员会委员、薪酬与考核委 员会委员职务，公司股东招商局公路网络科技控股股份有限 公司推荐杨建国先生为公司第七届董事会非独立董事候选 人。根据《公司法》、《公司章程》等有关规定，经公司独 立董事专门会议审核及公司第七届董事会第三十九次会议 审议通过，同意提名杨建国先生为公司第七届董事会非独立 董事候选人，任期至第七届董事会届满。简历详见附件。 关于补选公司第七届董 ...

行业研究丨深度报告丨航空 [Table_Title] 破局时刻：在周期规律中寻找突破口 ——航空机场高速行业 2025年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 展望后市，赔率具强吸引力，多因素共振向好，Q2 拐点已至，盈利逐季上行；供给刚性收紧， 供需改善信号鲜明；收入与成本共振，周期弹性终释放。当前时点行业大多数公司单机市值居 于历史前 40%分位数，赔率具有强吸引力；考虑飞机引进持续受困、供给中期进一步刚性收紧， 叠加燃油成本大幅改善，行业积蓄向上动能，酝酿周期反转机遇。综合考虑业绩弹性以及估值 分位数，首先推荐 A 股民营航司（华夏、春秋以及吉祥）以及港股三大航；若 PMI 指标显著反 转，推荐弹性标的 A 股三大航。 分析师及联系人 [Table_Author] 韩轶超 赵超 张银晗 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490520080027 SFC：BQK468 请阅读最后评级说明和重要声明 2 / 37 %% %% %% %% research ...

报告导读： 航空：重视长逻辑。我们预计 Q2 航司盈利同比改善确定。我们预计供需乐 观，票价盈利同比上升可期。油运：我们预计 Q2 业绩同比压力将明显改善。 OPEC+8 月将继续加速增产，增产效应或逐步体现。公路：我们预计财费压降保障业绩增长。 航空：暑运迎首个客流高峰，票价盈利同比上升可期。 1 ） Q2: 我们估算 Q2 客流同比增长 7% ，国内 票价同比基本持平，航司盈利同比明显改善。 2 ）暑运：随中小学放假，近日暑运迎来首个高峰，我们预 计客座率保持同比上升，国内票价快速上升。我们预计暑运加班受限而亲子游旺盛，供需预期乐观，料客 座率与票价同比上升。考虑 7 月航油出厂价同比下降 13% ，暑运盈利表现可期。中国航空已进入供给低 增时代，需求自 4 月以来持续好于市场担忧，未来两年供需将继续向好，油价下行票价修复将加速盈利恢 复与中枢上升。建议把握油价波动布局航空长逻辑。 油运： OPEC+8 月将继续加速增产，下半年原油增产效应或逐步体现。 上周中东 - 中国 VLCC TCE 回 落至 2.6 万美元。据华尔街见闻， OPEC+ 决定 8 月继续增产 55 万桶 / 日，额外增产幅度较过去三 ...

转自：新华社 新华社北京7月7日电 推进市场设施高标准联通，是打破地理阻碍、加快要素流动的基础前提，也是建 设全国统一大市场的应有之义。 《中共中央 国务院关于加快建设全国统一大市场的意见》提出"推进市场设施高标准联通"，强调要"建 设现代流通网络""完善市场信息交互渠道""推动交易平台优化升级"。 近期，记者赴多地进行采访调研。一路行来，推动市场设施互联互通的最新进展令人印象深刻，实 现"物畅其流"在纵深推进全国统一大市场建设中的重要作用进一步彰显。 强化"硬联通" 基础设施更加高效连接 夏日暖阳，照射辽阔边疆。 位于新疆巴音郭楞蒙古自治州和静县的天山胜利隧道内，轰鸣的机器与扬起的沙土奏出繁忙的建设"交 响乐"。日前，这座世界最长高速公路隧道迎来8座竖井全部贯通的重要节点，为乌尉高速公路通车运营 奠定了基础。 "过去我们用火车将和静县的铁矿运往乌鲁木齐，要在巴伦台站上站后绕行到和静，然后在焉耆编组， 一路经过和硕、鱼儿沟、吐鲁番等地才能到达。"九洲恒昌物流股份有限公司副总经理姚国勇说，天山 胜利隧道通车后，穿越天山用时将大大缩短，该公司物流成本可减少7000万元左右。 连接"断点"、打通"堵点"，各地在全国 ...