Huachuang Securities: Highway and port performance increased slightly, railway performance under pressure, continued to be optimistic about dividend asset allocation value

The Zhitong Finance App learned that Huachuang Securities released a research report saying that it continues to be optimistic about the long-term allocation value of transportation dividend assets, attaches importance to industrial logic or drives valuation flexibility. 1. Highways: The bank expects the main highway business performance to pick up, focusing on the direction of toll road policy optimization and the positive behavior of local state-owned assets. 2. Port: Long-term value or increase valuation flexibility. 3. Railways: long-term period+reform dividends.

The main views of Huachuang Securities are as follows:

Highway: 25H1 toll revenue is slightly divided, and the performance is resilient

1) Toll revenue for 2025H1 listed companies is slightly divided. Nine major highway listed companies, 25H1, achieved a total toll revenue of 27.25 billion yuan, a year-on-year decrease of 0.7%. The top three toll revenue: Shandong Expressway (4.914 billion yuan) > Ninghu Expressway (4.604 billion yuan) > China Merchants Highway (4.478 billion yuan). 2) Performance: 2025H1 highway industry's overall net profit growth rate was 3.1%, H1 performance growth ranking: Shenzhen Express (+24%) > Guangdong Expressway A (+23.6%) > Gan-Yue Expressway (+21.8%) > Dongguan Holdings (+20.5%) > Sichuan Chengyu (+19.9%); the overall net profit growth rate of the Q2 highway industry was 1.5%, Q2 performance growth ranking: Dongguan Holdings (+699.2%) > Hyundai Investment (+80.6%) > Shenzhen Hi-Speed (+59.1%) High speed (+42.1%) > Chengyu, Sichuan (+ 24.2%)

The overall net profit deducted growth rate of the H1 highway industry in 2025H1 was 1.5%, and in Q2 it was -1.5%. 3) Current dividend rate: Sichuan Chengyu (5.1%) > Shandong Expressway (4.6%) > Guangdong Expressway A (4.4%) > Dongguan Holdings (4.1%) > Wantong Expressway (4.1%) > Chutian Expressway (4.1%) > Shanxi Expressway (4.1%) > China Merchants Highway (4.0%).

Ports: Containers continue to be booming, and bulk goods are expected to improve month-on-month

1) Throughput: National throughput maintained steady growth in the first half of the year. According to data from the Ministry of Transport, the total cargo throughput of H1 national ports increased 4.0% year on year, and container throughput increased 6.9% year on year. In January-July, cargo throughput increased 4.4% year on year, and container throughput increased 6.2% year on year. 2) Performance: In 2025, the H1 port industry achieved net profit of 21.82 billion yuan, up 0.7% year on year. Of these, Q2 increased 3.3% year on year, and the industry showed strong growth resilience.

H1 performance growth ranking: Liaogang shares (+110.8%) > Ningbo Port (+16.4%) > Xiamen Port (+9.4%) > Nanjing Port (+8.8%) > Qingdao Port (+7.6%); Q2 performance growth ranking: Liaogang shares (+821.8%) > Xiamen Port (+51.3%) > Beibu Bay Port (+40.4%) > Ningbo Port (+28.1%) > Qingdao Port (+8.6%). Liaogang shares surged performance mainly due to the company's recovery of payments and loss of long-term credit value Factors such as the year-on-year increase in investment returns. The overall net profit deducted growth rate of the 2025H1 port industry was 4.5%, and Q2 was 4.8%. 3) Commodities: The growth rate of major commodities is highly differentiated. Containers and iron ore grew the fastest in the first half of the year:

Containers (+7.7%) > iron ore (+3.8%) > coal (-1.8%) > crude oil (-3.5%). 4) Current dividend rate: Tangshan Port (5.0%) > Qingdao Port (3.7%) > China Merchants Port (3.6%) > SIPG Group (3.5%) > Chongqing Port (3.1%) > Ningbo Port (3.0%).

Railways: 25H1 performance declined, coal is still under pressure

1) Beijing-Shanghai high-speed railway: 25H1 achieved net profit of 6.316 billion yuan, a year-on-year decrease of 0.64%, including Q2 net profit of 3.352 billion yuan, a year-on-year decrease of 1.22%. The company's performance in the first half of the year was relatively stable. Among them, Jingfu Anhui Company achieved semi-annual profits for the first time. 2) Daqin Railway: 25H1 achieved net profit of 4.115 billion yuan, a year-on-year decrease of 29.82%, including Q2 net profit of 1,544 billion yuan, a year-on-year decrease of 45.2%. The decline in the company's performance was mainly affected by the decline in traffic volume, business restructuring, and the cultivation of new business markets. 3) Guangzhou-Shenzhen Railway: 25H1 achieved net profit of 1,109 billion yuan, an increase of 21.55% over the previous year, including Q2 net profit of 641 million yuan, an increase of 75.38% over the previous year. The company's passenger and cargo operating revenue increased in the first half of the year. 4) Current dividend rate: Daqin Railway (4.3%) > Beijing-Shanghai High Speed Rail (2.2%) > Guangzhou-Shenzhen Railway (2.2%).

Risk warning: The economy has declined, reforms have fallen short of expectations, and capital operations such as mergers and acquisitions have fallen short of expectations.