Investment Rating - The report maintains a "Buy" recommendation for transportation dividend assets, highlighting the presence of quality stocks with a dividend yield of over 5% [1]. Core Viewpoints - The transportation sector has underperformed relative to the CSI 300 index and the transportation index, with a cumulative decline of 0.3% from September 1 to September 22, 2025 [4][8]. - The report emphasizes the importance of dividend assets in the transportation sector, particularly in a low-interest-rate environment, which has led to a significant increase in trading volumes for ports [25][28]. - The report identifies several high-quality stocks with attractive dividend yields, such as Sichuan Chengyu (5.3%) and Tangshan Port (5.2%) [4][73]. Monthly Market Performance - The transportation sector's performance from September 1 to September 22, 2025, shows declines in highway, railway, and port segments, with cumulative changes of -5.25%, -2.76%, and -0.86%, respectively [4][9]. - Year-to-date performance indicates that highway, railway, and port segments have also underperformed, with cumulative changes of -14.95%, -11.4%, and -3.56% [9]. Market Environment - The report notes a continued low-interest-rate environment, with the 10-year government bond yield at 1.86% as of September 22, 2025, reflecting a slight increase from the previous month [25][28]. - Trading volumes for transportation assets have seen significant growth, with average daily transaction values for highways, railways, and ports increasing by 8.4%, 25.6%, and 104%, respectively [28]. Industry Data - Highway passenger volume in July 2025 was 950 million, a year-on-year decrease of 4.6%, while freight volume increased by 3.3% to 3.699 billion tons [34]. - Railway passenger volume in July 2025 reached 455 million, a year-on-year increase of 6.6%, with freight volume at 45.2 million tons, up 4.5% [46]. - Port cargo throughput for the four weeks ending September 21, 2025, was 1.063 billion tons, a year-on-year increase of 7.0% [54]. Investment Recommendations - The report suggests focusing on high-dividend stocks in the highway sector, particularly Sichuan Chengyu and Anhui Wantong, which have shown stable performance and growth potential [73]. - In the port sector, the report recommends companies like China Merchants Port and Tangshan Port for their high dividend yields and growth prospects [73]. - For the railway sector, it highlights the potential of assets like the Beijing-Shanghai High-Speed Railway and the Daqin Railway, which are expected to benefit from long-term reforms and dividend growth [73].

Group 1 - Jiangsu Transportation Holding Co., Ltd. increased its stake in Jiangsu Ninghu Expressway (600377) by acquiring 13.044 million shares at an average price of HKD 9.2575 per share, totaling approximately HKD 121 million [1] - After the acquisition, the total number of shares held by Jiangsu Transportation is 13.044 million, representing a holding percentage of 1.07% [1]

Core Points - Shandong High-Speed announced the successful issuance of the third phase of 1 billion yuan medium-term notes for the year 2025, with the funds reaching the company's designated account [2] Group 1 - The company completed the issuance work on September 24, 2025 [2] - The total amount raised through this issuance is 1 billion yuan [2]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The highway sector has experienced a significant adjustment since June, driven by a decrease in risk aversion and a rise in government bond yields. Despite this, the sector is characterized by stable performance, strong cash flow, and high predictability, making it an attractive investment opportunity [4][13]. - The premium of A-shares over H-shares for highway stocks has decreased to its lowest level since 2023, suggesting a favorable valuation for A-shares compared to H-shares [5][19]. - Key highway stocks have seen their dividend yields recover to higher levels not seen since 2024, with several companies showing significant increases in their dividend rates [6][34]. Summary by Sections 1. Highway Sector Adjustment - The highway sector is traditionally known for high dividends and has shown strong performance in the past. However, it has undergone a deep adjustment since June due to market conditions and rising bond yields. The current state presents a strong absolute return potential for investors [4][13]. 2. A-H Share Premium - The A-H share premium for highway stocks has narrowed significantly, indicating a shift in valuation dynamics. This change is attributed to the differing impacts of domestic and U.S. bond yields on the respective markets [5][24]. 3. Dividend Yield Recovery - The dividend yields of key A-share highway stocks have increased significantly due to stock price corrections. Companies like Ninghu, Wantong, and Guangdong Expressway have returned to higher dividend yield levels, enhancing their attractiveness for investors [6][35]. 4. Investment Recommendations - The report suggests focusing on high-dividend stocks from the highway sector, particularly those with stable dividend payouts. Companies such as Wantong, Guangdong Expressway A, and China Merchants Highway are highlighted as having strong dividend potential, with some expected to yield over 5% [7][48].

Core Viewpoint - Shandong Expressway's stock price has shown a decline of 10.95% year-to-date, with recent fluctuations indicating a slight recovery in the short term, but overall performance remains weak [1][2]. Financial Performance - For the first half of 2025, Shandong Expressway reported operating revenue of 10.739 billion yuan, a year-on-year decrease of 11.52%, while net profit attributable to shareholders was 1.696 billion yuan, reflecting a year-on-year increase of 3.89% [2]. - Cumulative cash dividends since the company's A-share listing amount to 21.739 billion yuan, with 5.994 billion yuan distributed over the past three years [3]. Stock Market Activity - As of September 24, the stock price was 8.78 yuan per share, with a market capitalization of 42.448 billion yuan. The stock experienced a trading volume of 46.5254 million yuan and a turnover rate of 0.11% [1]. - The net inflow of main funds was 2.0661 million yuan, with significant buying and selling activity observed in large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 11.30% to 33,900, while the average circulating shares per person decreased by 10.13% to 143,042 shares [2][3]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [3].

Core Viewpoint - The announcement from Shen High-Speed (600548) indicates a non-public offering of shares, with a total of 281,155,657 shares to be listed and available for trading starting September 29, 2025 [1] Group 1 - The type of stock listing is a non-public issuance of shares [1] - The method of subscription for the shares is offline [1] - The total number of shares to be listed is 281,155,657 [1]

Meeting Details - The meeting was convened in accordance with the Company Law and the Articles of Association [2] - Meeting notice and materials were sent via email on September 16, 2025 [3] - The meeting took place on September 22, 2025, in a telecommunication voting format [4] - All 11 directors attended the meeting, including both independent and non-independent directors [5] Resolutions Passed - The board approved a proposal for the company to apply for a new policy financial tool loan from the National Development Bank and other policy banks, with a total amount not exceeding 600 million yuan, for a term of 20 years, and an interest rate not exceeding the five-year LPR [6] - The funds will be used to increase the registered capital of Guangxi Tanbai Expressway Co., Ltd. for the G80 Guangkun Expressway Nanning to Baise section expansion project [6] - The proposal received unanimous support with 11 votes in favor, and no votes against or abstentions [7]

Core Points - The Guanghui Expressway expansion project has officially entered the construction phase, enhancing connectivity within the Guangdong-Hong Kong-Macao Greater Bay Area and to regions like Fujian and Jiangxi [1][2] - The project spans approximately 153.9 kilometers, featuring 29 interchanges, 4 service areas, and 2 parking areas, with upgraded lane capacities to accommodate increasing traffic demands [1][2] Project Details - The Guanghui Expressway has been operational since December 2003, with traffic volume steadily increasing, leading to congestion during peak hours [1] - The expansion will upgrade the Huizhou Xiaojinkou to Guangzhou Luogang section from a six-lane to a ten-lane highway and the Huizhou Xiaojinkou to Lingkeng section from a four-lane to an eight-lane highway [1] - The newly constructed Luofeng Tunnel will feature a maximum excavation width of 27 meters and a maximum cross-section of 340 square meters, marking it as the first ultra-large five-lane tunnel in China [2] Technological Advancements - The project emphasizes technological innovation and equipment development, aiming to create a comprehensive intelligent equipment cluster for tunnel construction [2] - It will implement a fully mechanized and intelligent construction process, establishing a replicable model for five-lane tunnel construction [2] Expected Outcomes - Upon completion, the project is expected to alleviate traffic congestion and enhance interconnectivity within the Greater Bay Area, promoting regional coordinated development [2]

格隆汇9月22日丨深高速(600548.SH)公布，云杉资本于2025年7月25日至2025年9月19日期间以自有资金 通过集中竞价方式增持本公司H股股票25,380,000股，其持有本公司股份比例从11.00%上升至12.00%。 ...

Core Viewpoint - Shenzhen Expressway Company Limited (00548) announced that its major shareholder, Jiangsu Yunsong Capital Management Co., Ltd. (Yunsong Capital), has increased its stake in the company through the Stock Connect program [1] Summary by Relevant Sections - Shareholder Activity - Yunsong Capital acquired 25.38 million H-shares of Shenzhen Expressway from July 25, 2025, to September 19, 2025, via centralized bidding [1] - As of September 19, 2025, Yunsong Capital holds a total of 305 million shares in Shenzhen Expressway, representing 12.00% of the company's total share capital [1] - Share Distribution - The shareholding structure includes 243 million A-shares and 61.568 million H-shares held by Yunsong Capital [1]