Investment Rating - The report recommends a positive outlook for the logistics and transportation sector, particularly highlighting opportunities in express delivery and aviation [2][4][6]. Core Views - The express delivery sector is expected to see a 7% year-on-year growth in business volume for October, with revenue projected to increase by 5% [2]. - The logistics sector is focusing on smart logistics, with companies like Haichen Co. being recommended due to improved demand [3]. - The aviation sector is experiencing a slight increase in flight volumes, with domestic airlines expected to benefit from supply-demand optimization leading to higher ticket prices [4]. - The shipping sector shows growth in oil and dry bulk transportation indices, with a notable increase in crude oil transportation rates [5]. Summary by Sections Transportation Index Review - The transportation index rose by 1.6% during the week of November 8-14, outperforming the Shanghai Composite Index by 2.7% [1][13]. Express Delivery - The express delivery business volume is projected to grow by 7% in October, with a revenue increase of 5% expected [2]. - The report recommends SF Holding due to its valuation and operational resilience [2]. Logistics - The chemical product price index shows a year-on-year decrease of 11.2%, while domestic shipping prices for liquid chemicals have increased by 3.29% year-on-year [3]. - Haichen Co. is recommended for its focus on smart logistics and improved demand [3]. Aviation - The average daily flight volume increased by 2.78% year-on-year, with international flights seeing a 12.55% increase [4]. - The report recommends China National Aviation and Southern Airlines due to expected profit growth from ticket price increases [4]. Shipping - The China Export Container Freight Index (CCFI) rose by 3.6% week-on-week, while the Shanghai Export Container Freight Index (SCFI) decreased by 3.6% [5]. - The Baltic Dry Index (BDI) increased by 3.1% year-on-year, indicating a positive trend in dry bulk shipping [5][40]. Road and Rail - The report notes a decline in truck traffic on highways, with a 2.07% decrease week-on-week [6]. - The overall performance of major highway operators is considered cost-effective, with dividend yields exceeding the ten-year government bond yield [6][84].

国金证券近日发布交通运输产业行业研究：本周中国出口集装箱运价指数CCFI为 1058.17点，环比+3.6%，同比-26.5%。上海出口集装箱运价指数SCFI为1495.1点，环 比-3.6%，同比-33.6%；上周中国内贸集装箱运价指数PDCI为1216点，环比+3.0%，同比 +0.6%。 航运：油运、干散货运输指数环比增长，我国调整对美关税税率。集运：本周中国出口 集装箱运价指数CCFI为1058.17点，环比+3.6%，同比-26.5%。上海出口集装箱运价指数 SCFI为1495.1点，环比-3.6%，同比-33.6%；上周中国内贸集装箱运价指数PDCI为1216点， 环比+3.0%，同比+0.6%。油运：本周原油运输指数BDTI收于1411.4点，环比+3.9%，同比 +51.4%；成品油运输指数BCTI收于645点，环比+4.4%，同比+32.3%。干散货运输：本周 BDI指数为2014.6点，环比+2.4%，同比+40.8%。11月5日，国务院关税税则委员会关于调整 对原产地美国的进口商品加征关税措施的公告发布，在一年内继续暂停实施24%的对美加征 关税税率，保留10%的对美加征关税税率。 公路 ...

Industry Overview - The China Chemical Product Price Index (CCPI) is at 3981 points, down 8.5% year-on-year and up 0.30% month-on-month [1] - Liquid chemical domestic shipping prices are at 159 RMB/ton, down 6.31% year-on-year and stable month-on-month [1][3] - The operating rates for paraxylene (PX), methanol, and ethylene glycol are 85.3%, 79.4%, and 70.9% respectively, with PX down 0.4 percentage points month-on-month and 2.0 percentage points year-on-year, methanol down 1.8 percentage points month-on-month and 1.4 percentage points year-on-year, and ethylene glycol down 0.4 percentage points month-on-month but up 15.3% year-on-year [1][3] Express Delivery - In August, express delivery volume grew approximately 12% year-on-year, with SF Holding leading the growth [2] - The total express delivery volume for the week of September 8-14 was about 3.83 billion pieces, down 0.67% month-on-month and up 8.5% year-on-year [2] - The average revenue per express delivery piece decreased by 7.2% year-on-year to 7.37 RMB [2] Logistics - The chemical shipping prices remained stable, and there is a recommendation for Haichen Co. due to improved demand [3] - The CCPI and liquid chemical shipping prices indicate a challenging environment for chemical logistics [3] Aviation - In August, civil aviation passenger volume increased by 3.3% year-on-year, with Spring Airlines leading in RPK growth [4] - The average daily flight operations increased by 6.05% year-on-year, with domestic flights up 5.39% and international flights up 10.03% [4] - The Brent crude oil futures price is at $66.68/barrel, down 0.46% month-on-month and down 9.5% year-on-year [4] Shipping - The China Export Container Freight Index (CCFI) is at 1120.23 points, down 0.5% month-on-month and down 31.6% year-on-year [5] - The BDTI index for crude oil transportation increased by 5.1% month-on-month and 28.1% year-on-year [5] - The BDI index for dry bulk shipping is at 2179 points, up 4.3% month-on-month and up 13.0% year-on-year [5] Road and Rail Ports - Port cargo throughput increased by 1.8% month-on-month and 9.2% year-on-year, with container throughput up 0.1% month-on-month and 13.5% year-on-year [6] - The total number of trucks passing through highways was 57.71 million, up 6.17% month-on-month but down 0.58% year-on-year [6] - The dividend yield of major road operators is higher than the current yield of China's ten-year government bonds [6]

Market Overview - The transportation index increased by 1.5% during the week of September 6-12, outperforming the CSI 300 index which rose by 1.4%, resulting in a 0.2% lead over the broader market, ranking 16th out of 29 sectors [1][2] - Among the sub-sectors, the shipping sector saw the highest increase of 3.7%, while the road transport sector experienced the largest decline of 0.8% [1][2] Industry Insights Express Delivery - It is anticipated that the express delivery volume in August will grow by approximately 12% year-on-year, with revenue expected to increase by about 6% [3] - During the week of September 1-7, the total collection volume for postal express reached approximately 3.856 billion pieces, a 0.03% increase week-on-week and a 9.2% increase year-on-year [3] - The average daily business volume is expected to exceed 500 million pieces, driven by the harvest season of specialty agricultural products [3] Logistics - The China Chemical Product Price Index (CCPI) stood at 3973 points, reflecting a year-on-year decrease of 9.3% and a month-on-month decrease of 0.20% [4] - The domestic sea freight price for liquid chemicals was 159 RMB/ton, showing a year-on-year decline of 6.31% but remaining stable month-on-month [4] - The operating rates for paraxylene (PX), methanol, and ethylene glycol were reported at 85.9%, 83.7%, and 71.3% respectively, with year-on-year increases of 2.3%, 2.7%, and 17.3% [4] Aviation and Airports - The average daily flight volume across the country reached 15,059 flights, a year-on-year increase of 4.72% [5] - Eastern Airlines launched a new long-haul route from Shanghai to Auckland to Buenos Aires, which reduces travel time by 4-5 hours [5] - Brent crude oil futures settled at $66.99 per barrel, reflecting a month-on-month increase of 2.27% [5] Shipping - The China Export Container Freight Index (CCFI) was reported at 1125.3 points, a month-on-month decrease of 2.1% and a year-on-year decrease of 35.4% [6] - The oil transportation index (BDTI) increased by 3.3% week-on-week, reaching 1084.2 points, with a year-on-year increase of 22.8% [6] - The dry bulk freight index (BDI) rose by 5.6% week-on-week, indicating a year-on-year increase of 7.9% [6] Road and Rail Ports - The total cargo throughput at ports decreased by 5.4% week-on-week, totaling 259.535 million tons, with a year-on-year decline of 1.4% [7] - The total number of trucks passing through highways was 54.36 million, reflecting a week-on-week decrease of 1.03% and a year-on-year decrease of 0.61% [7] - The dividend yield of major road operators exceeded the yield of China's ten-year government bonds, indicating a favorable investment opportunity [7]

Group 1: Express Delivery Industry - In July, SF Express achieved a business volume growth rate of 34%, leading among all express companies [1][2] - During the week of August 11-17, the total collection volume of postal express was approximately 3.523 billion pieces, with a week-on-week decrease of 0.06% and a year-on-year increase of 11.81% [1][2] - The total delivery volume during the same week was about 3.511 billion pieces, with a week-on-week decrease of 0.09% and a year-on-year increase of 15.11% [1][2] - By July 2025, the year-on-year business volume growth rates for SF Express, Yunda, YTO, and Shentong are projected to be 33.7%, 7.6%, 20.8%, and 11.9% respectively, with market shares of 8.4%, 13.2%, 15.8%, and 13.3% [1][2] - The "anti-involution" trend has led to price increases in several grain-producing areas, and with the peak season approaching, it is expected that the price per express delivery will rise [1][2] Group 2: Logistics Sector - The chemical product price index (CCPI) in China is currently at 4024 points, showing a year-on-year decrease of 10.3% [3] - The domestic sea freight price for liquid chemicals is 158 yuan/ton, reflecting a year-on-year decrease of 8.4% [3] - The operational rates for paraxylene (PX), methanol, and ethylene glycol are 84.6%, 80.7%, and 65.1% respectively, with varying year-on-year changes [3] - The establishment of the "Haimorning Artificial Intelligence Research Institute" and "Haimorning Robotics Research Institute" aims to focus on advanced technologies in logistics [3] - The airline sector is experiencing an increase in average daily flights, with a year-on-year growth of 4.18% [3] Group 3: Shipping Industry - The crude oil transportation index has increased, while the domestic shipping index continues to rise [4] - The China Export Container Freight Index (CCFI) is at 1174.87 points, with a year-on-year decrease of 40.5% [4] - The domestic container freight index (PDCI) is at 1091 points, showing a year-on-year increase of 15.9% [4] - The BDI index for dry bulk shipping is at 1950 points, with a year-on-year increase of 11.7% [4] - The oil transportation sector is expected to see a demand boost due to OPEC+ production increases and geopolitical factors [4] Group 4: Road, Rail, and Port Operations - The total cargo throughput at ports decreased by 2.8% week-on-week, but increased by 3.8% year-on-year [5] - The total container throughput was 6.75 million TEUs, with a week-on-week decrease of 0.6% and a year-on-year increase of 6.6% [5] - The total number of trucks passing through highways was 54.93 million, reflecting a week-on-week increase of 3.06% and a year-on-year increase of 4.65% [5] - The dividend yield of major highway operators is currently higher than the yield of China's ten-year government bonds, indicating attractive investment opportunities [5]

Investment Rating - The report recommends investing in SF Holding, Hainan Airlines, and Southern Airlines due to their strong performance and market positioning [2][4]. Core Views - The express delivery sector is experiencing significant growth, with SF Express leading the way with a 34% increase in business volume in July. The overall express delivery market is expected to see price increases due to rising costs in grain-producing areas and the upcoming peak season [2]. - The logistics sector is focusing on smart logistics, with Hai Chen Co. launching AI and robotics research initiatives to enhance operational efficiency [3]. - The aviation sector shows a positive trend, with domestic flights increasing by 3.07% year-on-year. Airlines are expected to benefit from supply-demand optimization, leading to potential fare increases and profit elasticity [4]. - The shipping sector is witnessing a recovery in oil transportation indices, with expectations of increased demand due to OPEC+ production adjustments and sanctions on Iran and India [5]. - The road and rail sectors are showing stable growth, with highway truck traffic increasing by 3.06% week-on-week, indicating a robust logistics environment [6][78]. Summary by Sections Express Delivery - In July, SF Express achieved a business volume growth of 34%, leading the industry. The total express delivery volume for the week of August 11-17 was approximately 3.523 billion pieces, with a year-on-year increase of 11.81% [2]. - The market shares for major players in July 2025 are as follows: SF Express (8.4%), Yunda (13.2%), YTO (15.8%), and Shentong (13.3%) [2]. Logistics - The chemical product price index is at 4024 points, down 10.3% year-on-year. The domestic sea freight price for liquid chemicals is 158 RMB/ton, down 8.4% year-on-year [3]. - Hai Chen Co. is focusing on AI and robotics to enhance logistics efficiency, indicating a shift towards smart logistics solutions [3]. Aviation - The average daily flight operations increased to 17,321 flights, a year-on-year increase of 4.18%. Domestic flights saw a 3.07% increase, while international flights increased by 11.87% compared to 2019 [4]. - The Brent crude oil price is at $67.73/barrel, reflecting a 2.85% increase week-on-week, which may impact airline operational costs [4][65]. Shipping - The China Export Container Freight Index (CCFI) is at 1174.87 points, down 1.5% week-on-week and down 40.5% year-on-year. The Shanghai Export Container Freight Index (SCFI) is at 1415.36 points, down 3.1% week-on-week and down 52.2% year-on-year [5][21]. - The oil transportation index (BDTI) is at 1019 points, reflecting a 0.5% increase week-on-week and a 9.2% increase year-on-year [5][34]. Road and Rail - The national railway passenger volume in July was 455 million, a year-on-year increase of 6.6%. The railway freight volume was 452 million tons, up 4.5% year-on-year [78]. - The national highway freight traffic for the week of August 11-17 was 54.93 million vehicles, a week-on-week increase of 3.06% and a year-on-year increase of 4.65% [6][82].

Investment Rating - The report recommends "Buy" for the logistics sector, specifically highlighting SF Holding in the express delivery segment and Hecun Co., Ltd. in the smart logistics space [2][3]. Core Insights - The express delivery sector saw a 15% year-on-year increase in business volume in July, but the average revenue per ticket decreased by 5.3%. The report anticipates a potential increase in ticket prices due to seasonal demand and price adjustments in production areas [2]. - The logistics sector is experiencing a stabilization in hazardous chemical water transport prices, with a recommendation for Hecun Co., Ltd. as it focuses on smart logistics and benefits from improving demand [3]. - The aviation sector is responding to regulatory changes aimed at curbing unhealthy competition, with a noted increase in flight operations and a recommendation for major airlines like Air China and China Southern Airlines due to expected profit elasticity from supply-demand optimization [4]. Summary by Sections Transportation Market Review - The transportation index decreased by 0.5% from August 9 to August 15, while the Shanghai and Shenzhen 300 index increased by 2.4%, indicating underperformance in the transportation sector [12]. Industry Fundamentals Tracking Shipping and Ports - The report indicates that the shipping sector is under pressure, with the China Export Container Freight Index (CCFI) at 1193.34 points, down 0.6% week-on-week and down 40.9% year-on-year. The Shanghai Export Container Freight Index (SCFI) is at 1460.19 points, down 2.0% week-on-week and down 52.9% year-on-year [20]. - Domestic shipping is showing a slight improvement, with the Domestic Container Freight Index (PDCI) at 1068 points, up 1.7% week-on-week and up 7.9% year-on-year [28]. Aviation and Airports - The report notes a slight increase in domestic flight operations, with an average of 17,225 flights per day, up 2.76% year-on-year. The report also highlights the release of a self-regulatory charter by the China Air Transport Association to combat unhealthy competition [4][49]. - The domestic air passenger volume in June 2025 was 54.01 million, a 3% increase year-on-year, while international passenger volume increased by 17% [52]. Rail and Road - The report indicates a stable upward trend in road transport, with a 2.44% year-on-year increase in truck traffic on highways. The railway sector also shows positive signs, with a 5.4% year-on-year increase in freight volume for the Daqin Railway in July [73][78].

Investment Rating - The transportation sector has shown a positive trend with a 3.2% increase in the transportation index, outperforming the Shanghai Composite Index by 1.5% during the week of July 19-25, 2025 [1][12]. Core Insights - The transportation sector's fund holdings increased to 32.5 billion yuan, a 17.0% rise compared to the previous quarter, with a market share of 1.95% [2]. - The express delivery segment saw a significant year-on-year growth of 15.8% in June, with SF Express leading the growth [2]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, with Hai Chen Co. being recommended [3]. - The aviation sector is experiencing a steady recovery, with a 3% increase in domestic passenger volume in June compared to the previous year [4]. - The shipping sector is stabilizing, with the Baltic Dry Index (BDI) increasing by 10.9% week-on-week, indicating a positive trend in dry bulk shipping [5][34]. Summary by Sections Transportation Market Review - The transportation index rose by 3.2%, with the airport sector showing the highest increase of 5.6% [1][12]. Industry Fundamentals Tracking Shipping and Ports - The export container freight index (CCFI) was 1261.35 points, down 3.2% week-on-week and down 40.9% year-on-year [20]. - The domestic container freight index (PDCI) increased by 1.1% week-on-week, indicating a slight recovery in domestic shipping [28]. Aviation and Airports - The average daily flights reached 16,945, a 3.68% increase year-on-year, with domestic flights up by 2.51% [4]. - The introduction of a new ticket purchasing feature on the airline service platform is expected to enhance customer experience [4]. Rail and Road - National highway freight traffic increased by 0.67% week-on-week, with a year-on-year increase of 2.01% [6][76]. - The railway passenger volume in June was 373 million, a 3.61% increase year-on-year [73]. Express Delivery - The express delivery business volume reached 16.87 billion pieces in June, with a notable increase in the market share of SF Express [2][44].

Summary of Conference Call Notes Industry Overview - The focus is on the **dividend assets** sector, particularly in the context of the **transportation and infrastructure** industries, including highways and ports [1][2][3]. Key Points and Arguments 1. **Market Trends**: The market has shown significant differentiation since the beginning of the year, with high-beta growth sectors leading the way. However, the pursuit of dividend assets remains strong [1]. 2. **Investment Logic**: The report emphasizes the investment logic behind dividend assets, highlighting the stability and high dividend yield characteristics of certain sectors, such as highways and ports [2][3]. 3. **Low Profit Environment**: The low profit environment is expected to persist, making the cost-effectiveness of dividend asset allocation crucial. As of May 16, 2025, the yield on 10-year Chinese government bonds is 1.68%, while the dividend yield of the index is 6.37%, indicating a substantial spread of 7.69% [4]. 4. **Long-term Capital Inflows**: There is a continuous push for long-term capital to enter the market, which is expected to provide additional funds for dividend asset sectors. Initiatives have been launched to encourage various long-term funds, including commercial insurance and social security funds, to increase their market participation [5][6]. 5. **Fund Management Innovations**: New management fee structures and performance benchmarks for actively managed funds are being implemented to enhance long-term investment strategies [6][7]. 6. **Stock Buyback Policies**: Companies are increasingly committing to high dividend payouts, with several firms announcing shareholder return plans. For instance, a company has committed to maintaining high dividend ratios from 2024 to 2026 [9][10]. 7. **Regulatory Adjustments**: Recent regulatory changes aim to encourage insurance companies to invest more in the stock market by adjusting risk factors and enhancing long-term investment incentives [8][12]. 8. **Highway Sector Performance**: The highway sector has experienced a decline in toll revenue, with a reported decrease of approximately 2.8% year-on-year for a specific company. However, the overall highway sector is expected to show improvement in toll revenue in 2024 [16][17]. 9. **Port Sector Dynamics**: In Q1, the total cargo storage volume at national ports increased by 3.2%, with container storage volumes rising by 8.8%. However, certain commodities, such as iron ore and coal, saw declines in throughput [18][19]. 10. **Railway Sector Insights**: The railway sector has shown mixed results, with passenger transport performing better than freight. In Q1, passenger volume increased by 5.9%, while freight volume saw a slight decline [20][21]. Additional Important Content - The report suggests that the ongoing reforms in the education sector and the adjustments in pricing mechanisms for public services could enhance the investment value in related sectors, particularly in highways [14][15]. - The overall sentiment is that the demand for dividend assets will continue to grow, driven by multiple factors including interest rates, long-term fund inflows, and enhanced market management practices [22]. This comprehensive analysis provides insights into the current state and future outlook of the dividend assets sector, particularly within the transportation and infrastructure industries.

Investment Rating - The report recommends investment in the logistics sector, specifically in companies like SF Holding and Haichen Co., due to their resilience and growth potential [2][3]. Core Views - The express delivery industry has seen a significant increase, with national express delivery volume surpassing 1 trillion pieces, indicating strong growth potential [2]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, which is expected to benefit companies like Haichen Co. [3]. - The aviation sector is experiencing robust growth, with major airports like Baiyun and Shenzhen expected to see significant profit increases in the first half of 2025 [4]. - The shipping industry is facing challenges, with a slight increase in the BDI index but a decline in container shipping rates [4][36]. Summary by Sections Transportation Market Review - The transportation index rose by 0.7% during the week of July 5-11, underperforming the Shanghai and Shenzhen 300 index by 0.1% [12]. Industry Fundamentals Tracking Express Delivery - The national express delivery volume has exceeded 1 trillion pieces, with a year-on-year growth of 16.6% [2]. - Jitu's package volume reached approximately 7.39 billion pieces in Q2 2025, with a growth rate of 3.5% [2]. Logistics - The chemical product price index (CCPI) is at 4035 points, down 14.4% year-on-year [3]. - The domestic shipping price for liquid chemicals is 163 RMB/ton, down 13.9% year-on-year [3]. Aviation Airports - Baiyun Airport expects a net profit of 679 million to 830 million RMB for H1 2025, a year-on-year increase of 55.06% to 89.51% [4]. - Shenzhen Airport anticipates a net profit of 287 million to 337 million RMB for H1 2025, a year-on-year increase of 64.78% to 93.47% [4]. Shipping - The CCFI index for export container shipping is 1313.7 points, down 2.2% week-on-week and down 39.0% year-on-year [21]. - The BDI index for dry bulk shipping is 1483.6 points, up 2.2% week-on-week but down 23.7% year-on-year [36]. Road and Rail Ports - The total cargo throughput at monitored ports was 25.988 million tons, down 5.28% week-on-week [5]. - The number of trucks passing through highways was 52.977 million, down 2.42% week-on-week but up 1.71% year-on-year [5].