行业研究 证 券 研 究 报 告 华创交运|红利资产月报（2026 年 2 月） 基本面韧性强，建议重视业绩窗口期交运红 推荐（维持） 利配置机会 交通运输 2026 年 02 月 27 日 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 122 | 0. ...

Investment Rating - The report suggests a high dividend reallocation strategy for the highway sector, indicating a favorable investment rating as it awaits policy catalysts [2]. Core Insights - The highway industry is characterized by state-owned enterprises dominating the market, leading to regional monopolies. 95% of the 22 listed highway companies are state-owned, with 77% having provincial or municipal government backgrounds [10][11]. - The industry is entering a mature phase, marked by a slowdown in investment and stable growth in revenue and net profit, with a projected 4% growth in highway mileage by 2024 [14][24]. - The highway sector exhibits characteristics of a heavy asset, strong cash flow, and low cyclicality, making it a stable investment with predictable returns [33]. Summary by Sections Industry Overview - The highway industry is primarily state-led, resulting in regional monopolies, with most provinces having only one listed highway platform [10]. - The industry is closely tied to public welfare, with government oversight on toll rates and operational aspects [11]. Value Proposition - High dividend assets provide a defensive investment logic, with stable cash flows and a dividend yield that offers protection against market volatility [82]. - The report highlights that highway stocks have shown defensive characteristics during market downturns, with significant excess returns during periods of market stress [82]. Growth Drivers - The growth in the highway sector is driven by both organic growth and acquisitions, with a focus on expansion and improvement of existing infrastructure [90]. - Investment in upgrades can extend the toll collection period, ensuring high operational efficiency and returns [91]. Key Companies and Investment Recommendations - The report recommends focusing on high-dividend stocks and those with increasing dividend rates, such as 安徽皖通高速公路, 山东高速, 粤高速A, and 招商公路, which have shown resilience and attractive yields [88].

Group 1 - The traffic conditions on various highways in Hebei province are heavily impacted by high vehicle flow, leading to slow traffic and restrictions on vehicle access at multiple stations [2][4][5][6][10][11][12][14][15][18][19][20][21][22][23][24][25][26][28][30][31] - Specific sections of highways such as the Jingha Expressway (G1), Jinghu Expressway (G2), and Jingtai Expressway (G3) report significant slowdowns, with some areas experiencing up to 4 kilometers of slow traffic [2][3][4][5][6] - Several stations along the highways are implementing restrictions on vehicle access due to high traffic volumes, including major stations like Baoding North, Baoding South, and Qingyuan [5][6][10][11][12][14][15][18][19][20][21][22][23][24][25][26][28][30][31] Group 2 - Traffic management measures are being enforced across multiple highways, with restrictions on vehicle entry at various stations to alleviate congestion [2][4][5][6][10][11][12][14][15][18][19][20][21][22][23][24][25][26][28][30][31] - Construction activities, particularly on the Capital Ring Expressway, are contributing to traffic disruptions and further restrictions on vehicle access [5][14][25][28][30]

Core Points - The article reports a peak in return traffic on multiple highways in Hebei, leading to temporary closures at various toll stations as of 8 AM on February 23, 2026 [1][2][3][4][5][6]. Group 1: Traffic Conditions - On the Jingha Expressway (G1), heavy traffic has caused slow movement for about 2 kilometers near the Beijing direction at K160+500, and the Shanhaiguan Ancient City station has prohibited vehicles from entering [1]. - The Jingtai Expressway (G3) is experiencing significant traffic, with slow movement near K171 in the Beijing direction and prohibitions at Dongguang, Nanpi, and Wuqiao stations for vehicles heading to Beijing [2]. - The Jinggang'ao Expressway (G4) has implemented traffic control measures, prohibiting vehicles from entering at several stations in the Shijiazhuang direction due to heavy traffic [2][3]. - The Qingyin Expressway (G20) has also restricted vehicle access at multiple stations in the Yinchuan direction due to traffic management [2]. - The Daguang Expressway (G45) has seen heavy traffic, leading to prohibitions at various stations for vehicles heading to Beijing [2]. Group 2: Construction Impacts - The Capital Ring Expressway (G95) is undergoing expansion work, resulting in prohibitions at several stations for vehicles heading towards Zhangjiakou and other directions [3]. - The Jingxiong Expressway (S3601) has restrictions in place due to construction at the interchange with the Capital Ring Expressway, prohibiting vehicles from transferring to the ring road towards Zhuozhou [5]. - The Jingde Expressway (S3901) has similar restrictions due to construction work affecting vehicle transfers towards the Capital Ring Expressway [6].

Core Viewpoint - Due to high traffic volume, several toll stations in Jiangsu have been temporarily closed, affecting major highways such as Shenhai, Changshen, and Qiyang [1] Group 1: Traffic Conditions - The overall operation of highways in Jiangsu is stable, with good traffic order as of February 19, 18:00, despite some sections experiencing temporary congestion due to holiday travel [1] - High-traffic segments include G2 Jinghu Expressway (Yangzhou, Huai'an, Guangjing sections), G15 Shenhai Expressway (Yancheng section), G25 Changshen Expressway (Huai'an, Liyang sections), and others [2] Group 2: Control Measures - Specific control measures have been implemented on various highways, including G15 Shenhai Expressway (Xinba both directions), G25 Changshen Expressway (multiple sections), and S49 Xinyang Expressway (temporary closure of toll station entrances) [3]

Group 1 - The predicted average daily traffic volume at highway entrances and exits in Guangxi during the Spring Festival is 5.26 million vehicles, an increase of 7.8% compared to 2025 [1] - Among the total traffic, the number of new energy vehicles is expected to reach 1.17 million, representing a growth of 44.7% compared to 2025 [1] - Free passage for small passenger vehicles (7 seats and below) on highways will be available from February 15 to February 23, with the peak traffic expected on the sixth day of the Lunar New Year (February 22) [1] Group 2 - There are currently 224 pairs of service areas in operation across the region, including 13 single-sided service areas with charging stations [2] - Short-term queuing for charging is anticipated at specific service areas along S40, G75, G80, and G6517 highways [2] - Weather conditions are expected to affect certain highway sections, with 20 areas prone to ice and 43 areas susceptible to fog, advising drivers to reduce speed and maintain safe distances [2]

Core Viewpoint - The company is implementing comprehensive measures to ensure safe and convenient travel during the Spring Festival, enhancing service quality and operational efficiency to create a secure travel environment for the public [1][3][5][7] Group 1: Operational Measures - The company has strengthened road network management by increasing the frequency of road inspections and utilizing a smart scheduling system for real-time monitoring and dynamic dispatching [3] - An emergency response plan has been developed for each congestion point, ensuring adequate emergency resources and equipment are prepared in advance for snow removal, slippery road conditions, and rescue operations [3] - The company is enhancing control measures on key road sections to ensure rapid response and efficient handling of unexpected situations, thereby preventing road congestion and safety hazards [3] Group 2: Service Enhancements - The company is focusing on passenger needs by improving service standards and optimizing service measures, including setting up convenience service points and union stations at toll booths to provide road condition information, hot water, and mobile charging [5] - Staff are committed to providing warm and patient service around the clock, ensuring a safer and more pleasant travel experience for all travelers [5] Group 3: Safety Promotion - Safety travel promotions are integrated into the entire service process, utilizing electronic display screens and service windows to disseminate safe driving tips and encourage civilized driving and staggered travel [7] - The company will continue to maintain a strong presence during the Spring Festival, aiming to provide high-quality service and ensure that every traveler can travel safely and comfortably [7]

Group 1 - The core point of the article is that Zhongyuan Expressway (600020.SH) reported a toll revenue of 378 million yuan for January 2026 [1] Group 2 - The announcement highlights the company's performance in terms of toll revenue, indicating a specific financial metric for future analysis [1]

Group 1 - The core viewpoint of the news is that during the Spring Festival holiday from February 15 to February 23, 2026, Jiangsu province is expected to see a record high in passenger traffic across public transport modes, with approximately 16.85 million travelers anticipated [1] - The average daily exit flow on highways during the Spring Festival is projected to be around 3.42 to 3.59 million vehicles, representing a year-on-year increase of about 4.5% [2] - The proportion of self-driving trips is expected to approach 80%, increasing the pressure on road network maintenance [2] Group 2 - The railway sector will increase the number of temporary trains by 229 pairs to accommodate the expected surge in passenger volume, particularly on popular routes [3] - The civil aviation sector is seeing a rise in various travel types, with significant growth in "winter escape" and "ice and snow" tourism, leading to increased flight capacity on specific routes [3] - During the Spring Festival, airports in Jiangsu province are expected to transport over 1.6 million passengers, with Nanjing Airport averaging over 95,000 passengers daily [3]

Core Insights - The article discusses the expected traffic flow and management strategies for the upcoming Spring Festival travel period in Quzhou, highlighting the anticipated increase in highway usage due to free passage for small vehicles during the holiday [1][2]. Traffic Flow Predictions - During the Spring Festival, Quzhou's highways are expected to handle approximately 9.5 million vehicle trips, with the first peak occurring on February 7, reaching 259,100 vehicles [1]. - The pre-holiday peak is projected to last until February 14, with a decrease on New Year's Eve (February 16) and a gradual increase starting from New Year's Day (February 17), culminating in a return peak on February 23, with daily traffic potentially reaching 320,000 vehicles [1]. Key Traffic Points - Major traffic congestion points are identified at Lvtangjiao, Wuli, and Yuandi hubs, as well as specific areas along the G60 and G3 highways [2]. - The expansion of the Jiangxi section of the G60 highway to eight lanes has alleviated previous congestion issues, although increased overall traffic may still lead to bottlenecks at service areas [2]. Traffic Management Measures - The Quzhou Management Center has implemented various strategies to manage the expected traffic surge, including the use of a digital control platform, dynamic hard shoulder openings, and enhanced monitoring systems [3]. - A collaborative information-sharing platform between Zhejiang and Jiangxi provinces has been established to improve real-time communication regarding road conditions and incidents [3]. Service Enhancements - Service areas along the highways have increased charging facilities to 547 and added mobile charging vehicles to support electric vehicle users [4]. - Additional amenities such as "Charming Hometown" food stalls and self-service kitchens have been introduced to enhance the travel experience for drivers and passengers [4]. Safety Reminders - Drivers are advised to plan their trips in advance, check real-time traffic conditions, and maintain safe distances while driving, especially on newly expanded road sections [5]. - The introduction of 1,400 warning posts along highways aims to improve safety by allowing drivers to signal for help in case of accidents or breakdowns [6].