Investment Rating - The report maintains a "Recommendation" rating for the transportation industry [3] Core Viewpoints - The transportation industry is expected to experience steady growth in H1 2025, with an emphasis on the investment value after market corrections [2] - The report highlights the underperformance of dividend assets in July 2025, which lagged behind the CSI 300 index and the transportation index [6][11] - The report suggests a focus on long-term investment value in transportation dividend assets, driven by industry logic and valuation elasticity [6] Industry Basic Data - Total number of stocks: 122 - Total market capitalization: 33,240.61 billion - Circulating market capitalization: 28,359.48 billion [3] Monthly Market Performance - From July 1 to July 18, 2025, the transportation industry rose by 0.52%, underperforming the CSI 300 index by 2.59 percentage points [10] - Year-to-date, the transportation industry has decreased by 1.31%, lagging behind the CSI 300 index by 4.46 percentage points [10] - Specific performance of dividend assets from July 1 to July 18: - Expressways: -0.02% - Railway transportation: -2.23% - Ports: 0.36% [11] Market Environment - The report notes a low interest rate environment, with the 10-year government bond yield at 1.67% as of July 18, 2025 [22] - Daily average transaction volume for highways increased by 18.9% year-on-year, while ports saw a significant increase of 65.5% [25] Industry Data Highways - Passenger volume in May 2025: 985 million, down 2.6% year-on-year - Freight volume in May 2025: 3.681 billion tons, up 1.7% year-on-year [31] Railways - Passenger volume in June 2025: 373 million, up 3.7% year-on-year - Freight volume in June 2025: 43.8 million tons, up 2.2% year-on-year [50] Ports - Port cargo throughput in the last four weeks (June 16 - July 13, 2025): 1.058 billion tons, up 5.1% year-on-year [59] Investment Recommendations - The report recommends focusing on highway assets with high dividend yields, such as Sichuan Chengyu Expressway, and emphasizes the potential for growth in the highway sector [6] - For ports, it suggests investing in companies like China Merchants Port and Qingdao Port, which are expected to see stable growth [6] - In the railway sector, it highlights the potential of key assets like Beijing-Shanghai High-Speed Railway and Daqin Railway [6]

Investment Rating - The report maintains a recommendation for H-shares over A-shares, emphasizing the potential of Hong Kong dividend assets [1]. Core Insights - The report highlights that H-shares have outperformed A-shares, with significant gains in key dividend stocks during June 2025. The top performers include Anhui Wantuo Expressway (+18.66%), Jiangsu Ninghu Expressway (+14.71%), and COSCO Shipping Ports (+9.17%) [4][17]. - The report notes a low interest rate environment, with the 10-year government bond yield decreasing to 1.64% as of June 20, 2025, which supports the attractiveness of dividend assets [24]. - The report indicates a significant increase in average daily trading volume for ports, with a 213% year-on-year increase in June 2025 [25]. Monthly Market Performance - H-shares showed better performance compared to A-shares, with the transportation sector experiencing a cumulative decline of 0.80% from June 1 to June 20, 2025, underperforming the CSI 300 index by 0.96 percentage points [8][9]. - The report details that from June 1 to June 20, 2025, the cumulative performance of expressways, railways, and ports was -2.56%, -1.81%, and -1.01%, respectively, indicating a relative underperformance against the broader market [9][10]. Industry Data - In the expressway sector, passenger traffic in April 2025 reached 970 million, a year-on-year increase of 2.5%, while freight volume was 3.746 billion tons, up 4.1% year-on-year [35]. - The railway sector saw a passenger volume of 406 million in May 2025, reflecting a 12.6% year-on-year increase, while freight volume was 440 million tons, a 0.6% increase [51]. - Port throughput for monitored ports reached 1.054 billion tons in the four weeks from May 19 to June 15, 2025, marking a 2.2% year-on-year growth [58]. Investment Recommendations - The report suggests a continued positive outlook for transportation dividend assets, particularly in the expressway sector, where it recommends focusing on companies like Sichuan Chengyu Expressway and Anhui Wantuo Expressway due to their high dividend yields and stable growth potential [76][78]. - In the port sector, the report recommends companies like China Merchants Port, highlighting their overseas asset layout and potential for increased dividend payouts [79][80]. - For the railway sector, the report emphasizes the long-term value and reform benefits, recommending key assets like Beijing-Shanghai High-Speed Railway and Datong-Qinhuangdao Railway [78].

Group 1 - The stock price of Anhui Wantuo Expressway (00995.HK) closed at HKD 12.620 on June 10, reflecting a 2.77% increase from the previous trading day, with an intraday high of HKD 12.740, marking a nearly one-year high [1] - The net capital inflow for the day was HKD 321.16 million, with a total of HKD 748.296 million flowing in and HKD 427.140 million flowing out [1] Group 2 - Anhui Wantuo Expressway Co., Ltd. was established on August 15, 1996, and is the first expressway company listed in Hong Kong, as well as the only publicly listed expressway company in Anhui Province [2] - The company primarily engages in the investment, construction, operation, and management of toll roads within Anhui Province, generating revenue through toll fees for vehicles [2] - The company owns various expressways and bridges in Anhui, including the G40 Huhang Expressway and the Anqing Yangtze River Bridge, and provides management services for approximately 4,163 kilometers of expressways [2] - The company is exploring additional revenue streams through advertising along highways, financial services, and fund investments to enhance profitability and ensure sustainable development [2]

Core Viewpoint - Ganyue Expressway reported a decline in stock price and provided updates on revenue and financing activities, indicating ongoing operational developments and financial strategies [1][2][3] Group 1: Stock Performance - As of May 16, 2025, Ganyue Expressway's stock closed at 5.27 yuan, down 1.86% from the previous week [1] - The stock reached a weekly high of 5.38 yuan on May 12, 2025, and a low of 5.25 yuan on May 16, 2025 [1] - The company's total market capitalization is 12.308 billion yuan, ranking 13th out of 33 in the railway and highway sector and 1267th out of 5147 in the A-share market [1] Group 2: Revenue Updates - In April 2025, Ganyue Expressway's vehicle toll service revenue amounted to 27,673,713,822 yuan, with the following breakdown: - Changjiu Expressway: 9,181,713,282 yuan - Changzhang Expressway: 4,741,449,849 yuan - Changtai Expressway: 6,187,192,880 yuan - Jiujing Expressway: 4,519,769,639 yuan - Penghu Expressway: 618,286,702 yuan - Wenhou Expressway: 761,535,637 yuan - Changfeng Expressway: 941,932,387 yuan - Fengtong Expressway: 721,833,446 yuan [1] Group 3: Financing Activities - Ganyue Expressway successfully issued the third phase of its short-term financing bonds for 2025, with a total issuance size of 1 billion yuan and a maturity of 180 days [2] - The interest rate for the issued bonds is set at 1.53%, with the funds transferred to the company's designated account on May 13, 2025 [2]

Group 1 - The stock price of Anhui Wantuo Expressway (00995.HK) closed at HKD 11.760 on April 29, reflecting a 1.03% increase from the previous trading day, with an intraday high of HKD 11.960, marking a new high in nearly a year [1] - The net capital inflow on that day was HKD 0.535 million, with a total of HKD 5.774 million flowing in and HKD 5.239 million flowing out [1] Group 2 - Anhui Wantuo Expressway Co., Ltd. was established on August 15, 1996, and is the first expressway company listed in Hong Kong, as well as the only publicly listed expressway company in Anhui Province [2] - The company primarily engages in the investment, construction, operation, and management of toll roads within Anhui Province, generating revenue through toll fees for vehicles [2] - The company owns or has partial rights to several expressways in Anhui, including the G40 Huhang Expressway, G50 Huhang Expressway segments, and the Anqing Yangtze River Bridge, among others [2] - The company also provides management services for approximately 4,163 kilometers of expressways on behalf of Anhui Transportation Holding Group and its subsidiaries [2] - Additionally, the company is exploring advertising, quasi-financial services, and fund investment businesses to expand its profit margins and achieve sustainable development [2]