--- title: "HuaChuang Securities: Optimistic about the long-term allocation value of transportation, the performance of the highway main business may 迎回升" type: "News" locale: "en" url: "https://longbridge.com/en/news/237096693.md" description: "Huachuang Securities released a research report, expecting that the transportation dividend assets will outperform the CSI 300 Index in April 2025, with a positive long-term allocation value. The valuation elasticity of ports may increase, the performance of the highway main business is expected to recover, and railways will benefit from long-term periods and reform dividends. In April, the overall performance of the transportation industry outperformed the CSI 300, with a rebound in transaction volume, a low interest rate environment, and relatively high industry valuations" datetime: "2025-04-23T05:58:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/237096693.md) - [en](https://longbridge.com/en/news/237096693.md) - [zh-HK](https://longbridge.com/zh-HK/news/237096693.md) --- # HuaChuang Securities: Optimistic about the long-term allocation value of transportation, the performance of the highway main business may 迎回升 According to the Zhitong Finance APP, Huachuang Securities released a research report stating that the transportation dividend assets in April 2025 will outperform the CSI 300 Index. The firm expressed optimism about the long-term allocation value of transportation, noting that the dividend yield is attractive after the correction, and emphasized the industrial logic that may drive valuation elasticity. 1. Ports: Long-term value may boost valuation elasticity. 2. Highways: The firm expects a rebound in the main business performance of highways, focusing on the optimization direction of toll road policies and proactive actions by local state-owned assets. 3. Railways: Long-term + reform dividends. ## The main points of Huachuang Securities are as follows: **Monthly Market Performance** In April 2025, all segments of transportation dividend assets outperformed the CSI 300 Index. 1) Industry fluctuations: From April 1 to April 18, 2025, the transportation industry fell by 0.1%, outperforming the CSI 300 Index by 2.85 percentage points, with highway, railway transportation, and port cumulative fluctuations of -0.61%, +5.09%, and -2.82%, respectively, all outperforming the CSI 300 Index. 1. Interest rate environment: Still at a low level. In April 2025, the overall yield on government bonds showed a downward trend. As of April 18, 2025, the yield on 10-year China government bonds was 1.65%, down 16 basis points from 1.81% on March 31, 2025, while the yield on 30-year China government bonds was 1.90%. 2. Industry transaction volume: The transaction volume of all segments in April rebounded, with a significant increase in the average daily transaction volume of ports. From April 1 to April 18, 2025, the average daily transaction volume of highways was 2.91 billion yuan, up 29.8% year-on-year; the average daily transaction volume of railways was 2.41 billion yuan, up 14.28% year-on-year; and the average daily transaction volume of ports was 5.23 billion yuan, up 224.7% year-on-year. 3. Industry valuation: Compared to banks, coal, electric equipment, and public utilities, from the historical percentile of PE, railways are the highest among the main dividend asset sub-sectors, while public utilities are the lowest; from the historical percentile of PB, highways are the highest among the main dividend asset sub-sectors, while electric equipment are the lowest; from the overall industry dividend yield, highways, railways, and ports are all in the 3%-4% range, with coal and banks leading. 4. Capital operations: Anhui Expressway raised 522 million Hong Kong dollars through a private placement to Anhui Transportation Control. **Industry Data** The firm expects a good growth in highway toll revenue in Q1, and the port throughput data in the past two weeks has not been affected by tariffs. 1) Highways: Passenger volume, from January to February 2025, the cumulative passenger volume on highways was 1.862 billion trips, down 0.2% year-on-year; freight volume, from January to February 2025, the cumulative freight volume on highways reached 5.765 billion tons, up 5.7% year-on-year. 1. Railways: Passenger dispatch volume, in March 2025, the railway passenger dispatch volume was 337 million trips, up 4.9% year-on-year, down 8.6% month-on-month. From January to March 2025, the cumulative railway passenger dispatch volume was 1.074 billion trips, up 5.9% year-on-year; total freight dispatch volume, in March 2025, the total railway freight dispatch volume was 445 million tons, up 2.4% year-on-year, up 15.7% month-on-month. From January to March 2025, the cumulative railway freight dispatch volume was 1.253 billion tons, up 1% year-on-year 2. Ports: The Ministry of Transport closely monitors the weekly throughput of key ports. In the past four weeks, the cargo throughput of monitored ports reached 1.048 billion tons, a year-on-year increase of 4.5%. From the beginning of the year to date, the cumulative throughput is 3.883 billion tons, a year-on-year increase of 3.8%. In the past four weeks, container throughput was 24.77 million TEUs, a year-on-year increase of 6.7%. From the beginning of the year to date, the cumulative container throughput is 95.617 million TEUs, a year-on-year increase of 9.6%. The growth rate of key port cargo throughput shows that in February 2025, containers (+10.4%) \> iron ore (-4.7%) \> coal (-6.7%) \> crude oil (-7.5%). In January-February 2025, containers (+8.8%) \> iron ore (+2.7%) \> crude oil (-6.9%) \> coal (-10.0%). **2024 Annual Report Focus** 1. Highways: Top five performance growth rates: Sichuan Chengyu (+22.91%) \> Ninghu Expressway (+12.09%) \> Gansu Guangdong Expressway (+8.65%) \> Zhongyuan Expressway (+6.27%) \> Anhui Expressway (+0.55%); Top five cash dividend ratios: Guangdong Expressway A (70%) \> Shandong Expressway (63.76%) \> Sichuan Chengyu (60.79%) \> Anhui Expressway (60.02%) \> Shenzhen Expressway (54.08%); Corresponding dividend yield rankings as of 04/18: Sichuan Chengyu (5.12%) \> Shandong Expressway (4.05%) \> Zhongyuan Expressway (3.97%) \> Guangdong Expressway A (3.74%) \> Gansu Guangdong Expressway (3.48%). 2. Ports: Top five performance growth rates: China Merchants Port (+26.44%) \> Shanghai International Port Group (+13.26%) \> Qingdao Port (+6.33%) \> Ningbo Port (+4.91%) \> Tangshan Port (+2.8%); Corresponding dividend yield rankings as of 04/18: Tangshan Port (4.72%) \> China Merchants Port (3.83%) \> Qingdao Port (3.55%) \> Ningbo Port (2.98%) \> Rizhao Port (2.77%). **Risk Warning:** Economic downturn, reforms falling short of expectations, and capital operations such as mergers and acquisitions not meeting expectations ### Related Stocks - [600012.CN](https://longbridge.com/en/quote/600012.CN.md) - [00995.HK](https://longbridge.com/en/quote/00995.HK.md) - [601000.CN](https://longbridge.com/en/quote/601000.CN.md) - [601298.CN](https://longbridge.com/en/quote/601298.CN.md) - [06198.HK](https://longbridge.com/en/quote/06198.HK.md) - [601018.CN](https://longbridge.com/en/quote/601018.CN.md) - [600269.CN](https://longbridge.com/en/quote/600269.CN.md) - [001872.CN](https://longbridge.com/en/quote/001872.CN.md) - [200429.CN](https://longbridge.com/en/quote/200429.CN.md) - [600017.CN](https://longbridge.com/en/quote/600017.CN.md) - [600020.CN](https://longbridge.com/en/quote/600020.CN.md) - [600350.CN](https://longbridge.com/en/quote/600350.CN.md) - [201872.CN](https://longbridge.com/en/quote/201872.CN.md) - [600018.CN](https://longbridge.com/en/quote/600018.CN.md) - [000429.CN](https://longbridge.com/en/quote/000429.CN.md) ## Related News & Research - [Guangzhou Port Launches Nansha Phase V Project to Boost Capacity to 35 Million TEUs](https://longbridge.com/en/news/286753272.md) - [Guriev: Russia is in need of a pipeline to China](https://longbridge.com/en/news/286935918.md) - [I asked ChatGPT to explain the Consumer Price Index like I am 12 — what I learned could save you money](https://longbridge.com/en/news/286669087.md) - [China Set To Show Its Consumption Slump Extends To Another Quarter](https://longbridge.com/en/news/286681865.md) - [Nippo Doubles Year-End Dividend After Beating Medium-Term Profit Targets](https://longbridge.com/en/news/287042912.md)