Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].

全国铁路实行新列车运行图 共安排开行图定旅客列车超1.3万列 货物列车超2.3万列 出行注意 今天（11日）起 调图后 货物列车开行数量超2.3万列 调图后，货物列车开行数量超2.3万列。此次调图全国铁路安排开行，跨铁路局运行的快速货运班列208 列，较现图增加15列，进一步拓展铁路快捷物流圈。 （文章来源：中国证券报） 沈阳至长白山高铁安排开行动车组列车64列，北京至抚顺、通化、长白山间的铁路旅行时间大幅 压缩，同时开行沈阳北至沈阳北、长春西至长春动车组列车各2列，串联辽宁、吉林省主要城市。 襄阳至荆门高铁，安排开行动车组列车26列，同时开行汉口至汉口动车组列车4列。 渝厦高铁重庆东至黔江段安排开行动车组列车54列，成都、重庆等西部城市通达长沙、南昌、汕 头等中南部城市。 复兴号列车再扩容。沪昆高铁杭州东至长沙南段、京哈高铁北京至沈阳段复兴号动车组列车常态 化按时速350公里高标运行，分别开行标杆列车46列、57列，满足旅客高品质出行需求。 增开南京东至增城西、王家营西至龙川北等方向城际班列，城际班列开行总量达130列。 增开广州国际港至榆次、德州至无锡南、金华东至南宁南等方向多式联运班列173列，较现图增 ...

Group 1 - Goldman Sachs reported that the net profit performance of Guangzhou-Shenzhen Railway (0525.HK) for the first half of the year met expectations [1] - The adjusted profit forecasts for 2019-2021 have been lowered by up to 4.2% to reflect the new international financial reporting standards regarding operating leases [1] - The target price for H-shares has been reduced from HKD 3.75 to HKD 3.4, while the target price for A-shares has been adjusted from RMB 4.4 to RMB 4.25, maintaining a "Buy" rating [1] Group 2 - Goldman Sachs indicated that with the completion of major maintenance cycles last year, related costs are expected to decrease, leading to a projected recovery in annual profits for Guangzhou-Shenzhen Railway [2]

Group 1: Overall Industry Insights - The transportation sector's revenue and profit showed year-on-year growth in H1 2025, with total revenue reaching 17,351 billion yuan, up 1.8%, and net profit attributable to shareholders at 949 billion yuan, up 4.3% [2] - In Q2 2025, the transportation sector maintained stable revenue at 8,981 billion yuan, with a net profit of 477 billion yuan, reflecting a 6.3% increase year-on-year [2] Group 2: Express Delivery Sector - The express delivery business volume in H1 2025 reached 957 billion pieces, a year-on-year increase of 19.3%, while the average price per piece was 7.5 yuan, down 8% [2] - In Q2 2025, the express delivery volume was 505.9 billion pieces, up 17% year-on-year, with an average price of 7.39 yuan, down 7% [2] - The express delivery segment's revenue grew by 10% year-on-year in H1 2025, but net profit remained flat; in Q2 2025, revenue increased by 11%, while net profit declined by 1% due to performance drops in franchise express companies [2] Group 3: Aviation Sector - The aviation sector turned profitable in Q2 2025, with a revenue increase driven by passenger volume growth; H1 2025 saw a 7% revenue increase and a 71% rise in net profit attributable to shareholders [3] - National civil aviation passenger volume reached 3.7 billion in H1 2025, up 6% year-on-year, with international passenger volume increasing by 25% [3] - The airport segment also experienced revenue growth of 6% in H1 2025, with net profit increasing by 26% [3] Group 4: Shipping Sector - The shipping sector maintained a stable outlook, with H1 2025 revenue up 2.8% but net profit down 2.8% [4] - The container shipping index (CCFI) averaged 1,252.63 points, down 8.2% year-on-year, while the PDCI index increased by 10.6% [4] Group 5: Port Sector - National port cargo throughput reached 5.7 billion tons in H1 2025, up 2.5% year-on-year, with revenue growth of 5% and net profit growth of 10% [5] - Container port throughput increased by 6.9% year-on-year, with notable performances from major ports like Ningbo and Qingdao [5] Group 6: Road and Rail Sectors - The road sector saw a 3.03% decline in revenue in H1 2025, but net profit increased by 3.4% [5] - The railway sector's revenue was 778 billion yuan, up 0.4%, while net profit decreased by 11.2% [6]

Group 1 - The railway summer transportation period lasted for 62 days, ending on August 31, with a total of 943 million passengers transported, a year-on-year increase of 4.7% [1] - The total freight volume reached 702 million tons, also reflecting a year-on-year growth of 4.8%, marking a historical high for the same period [1] - The average daily operation of passenger trains increased to 11,330, representing an 8% year-on-year growth, effectively meeting travel demand [1] Group 2 - The railway sector focused on ensuring stable supply chains, particularly in energy transportation, with 243 million tons of coal sent during the summer period [2] - Key materials such as food, fertilizers, and disaster relief supplies were prioritized, with the establishment of "green channels" for efficient delivery [2] - International freight services, including China-Europe freight trains and the new western land-sea corridor, maintained stable operations, enhancing port transportation capacity and efficiency [2]

Core Insights - The national railway system has achieved record passenger and freight transport volumes during the summer transport period, with 943 million passengers and 702 million tons of freight transported, marking year-on-year increases of 4.7% and 4.8% respectively [2] - The railway department has actively promoted tourism through specialized trains and services, enhancing consumer experiences and contributing to the tourism economy [2] - The railway has improved cross-border travel services, facilitating significant passenger movement across borders, including 6.16 million passengers via the Guangzhou-Shenzhen-Hong Kong high-speed rail [2][3] Passenger Transport - A total of 579 tourist trains were operated during the summer period, representing a 31% increase year-on-year, which has invigorated the tourism and silver economy [2] - The average daily operation of passenger trains reached 11,330, an 8% increase compared to the previous year, with enhancements in service for foreign travelers, including 3.484 million foreign passengers transported, a 23.9% increase [3] - The railway has implemented various services to improve passenger experience, including enhanced ticket purchasing options and support for students, with 19.88 million student tickets sold during the summer [3] Freight Transport - The railway has focused on ensuring stable supply chains by increasing coal transport, with 243 million tons of electricity coal sent during the summer, maintaining a stable coal supply for power plants [4] - International freight services have been strengthened, with stable operations of the China-Europe Railway Express and other international cargo trains, ensuring the smooth operation of international supply chains [4]

Core Insights - The railway summer transportation period from July 1 to August 31 concluded successfully, with a total of 943 million passengers transported, marking a 4.7% year-on-year increase, and 702 million tons of cargo transported, up 4.8% year-on-year, both achieving historical highs for the same period [1] Passenger Transportation - The passenger volume reached a historical high, with an average of 11,330 passenger trains operated daily, an increase of 8% year-on-year [1] - The railway utilized big data from ticket sales to optimize train schedules dynamically, effectively meeting travel demand during peak times [1] - The number of foreign passengers transported reached 3.484 million, a 23.9% increase year-on-year, facilitated by the relaxation of visa policies [1] Tourism Integration - The railway launched various themed tourist trains, including family tours and educational trips, with a total of 579 tourist trains operated during the summer, a 31% increase year-on-year [2] - New tourist routes were introduced, enhancing travel experiences and stimulating the tourism economy [2] Passenger Experience Enhancement - The railway 12306 platform improved information services, selling 19.88 million student tickets during the summer [3] - Services such as convenient transfers and internet meal ordering were expanded, catering to diverse passenger needs [3] - Collaboration with other transport modes was strengthened, with 45 stations allowing passengers to transfer without security checks [3] Cargo Transportation - The railway focused on energy supply transportation, sending 243 million tons of coal during the summer, ensuring stable coal supply for power plants [4] - Key materials such as food and fertilizers were prioritized for transport, with a "green channel" established for rapid delivery [4] - International freight services remained stable, supporting the international supply chain [4] Safety and Emergency Response - The railway maintained safety during extreme weather events, issuing 355 weather warnings and deploying over 500,000 personnel for inspections [4] - Measures were taken to ensure passenger safety, including train schedule adjustments and timely communication regarding service changes [4]

Core Insights - China National Railway Group achieved a total operating revenue of 586.02 billion yuan in the first half of 2025, a year-on-year increase of 1.13%, while net profit decreased by 10.77% to 1.553 billion yuan [1] - The company's total liabilities decreased for the first time in history, reaching 6.19 trillion yuan, a decline of 0.32% year-on-year, while total assets grew to 9.85 trillion yuan, an increase of 2.39% [1] - The debt-to-asset ratio fell to 62.84%, marking the fourth consecutive decline and returning to levels not seen in 12 years [1] Financial Performance - In 2024, the company achieved a cargo volume of 3.99 billion tons, a year-on-year increase of 1.9%, and passenger volume of 4.31 billion, up 11.9%, setting a historical record [2] - Fixed asset investment reached 850.6 billion yuan, the highest in history, with a growth rate of 11.3% [2] Operational Efficiency - The improvement in cash flow from both passenger and freight transport has provided stable support for debt repayment [2] - Investment structure optimization and a focus on enhancing asset utilization have contributed to the company's financial health [2] - Market-oriented reforms, including freight price liberalization and dynamic ticket pricing, have effectively revitalized existing assets [2]

Core Insights - The national railway fixed asset investment reached 433 billion yuan in the first seven months of the year, reflecting a year-on-year growth of 5.6% [1] - Railway passenger and freight transport volumes have steadily increased, effectively meeting the demand for travel and goods supply during the summer season [1] Passenger Transport - In July, the national railway transported 455 million passengers, a year-on-year increase of 6.6% [1] - The passenger turnover reached 177.07 billion person-kilometers in July, growing by 5.7% year-on-year [1] - For the first seven months, the total passenger volume was 2.691 billion, with a year-on-year growth of 6.7%, and the passenger turnover was 976.65 billion person-kilometers, up by 3.3% [1] Freight Transport - In July, the national railway completed freight shipments of 452 million tons, marking a year-on-year increase of 4.5% [1] - The freight turnover was 304.22 billion ton-kilometers, which represents a year-on-year growth of 6.5% [1] - Specific freight categories showed significant growth, with coal shipments at 235 million tons (up 3.3%) and container shipments at 93 million tons (up 16.4%), indicating strong support for the national economy [1]

Group 1: Express Delivery Industry - The express delivery business in China has ranked first in the world for 11 consecutive years, with an average daily collection of over 500 million packages [3][5] - During the "14th Five-Year Plan" period, the postal industry's business revenue is projected to grow from 1.1 trillion yuan in 2020 to 1.7 trillion yuan in 2024, with an average annual growth rate of 11.3% [1] - The volume of express delivery is expected to increase from 83 billion packages in 2020 to 175 billion packages in 2024, with an average annual growth rate of around 20% [1] - The highest daily collection of express packages reached 729 million [5] - The postal industry is enhancing its economic scale effects, significantly boosting consumption, expanding domestic demand, and stabilizing growth [1] Group 2: Logistics and Transportation - The integration of AI and "unmanned" technologies is driving intelligent upgrades across the entire logistics chain, improving efficiency and response speed [5] - The postal industry is actively constructing a modern logistics operation system that connects with the national comprehensive transportation network, achieving world-leading service timeliness, quality, and cost-effectiveness [7] - The logistics costs for society are being reduced, with enhanced air express capacity and the normalization of rail express services [9] - A total of 58 cold chain transfer centers have been established nationwide to support the transportation of high-quality agricultural products [9] Group 3: Railway and Air Transport - The railway network has seen nearly 4 trillion yuan in fixed asset investment over the past five years, with the high-speed rail network expanding significantly [15] - By 2024, the domestic air route network is expected to reach 4,513 routes, covering 264 cities [26] - The international air cargo transport volume increased by 23.4% year-on-year in the first half of the year, driven by cross-border e-commerce [29][31] - The number of civil transport airports is projected to reach around 270 by the end of 2025, with significant investments in infrastructure [22]