The Zhitong Finance App learned that Zhongtai Securities released a research report saying that in an environment with low interest rates, the advantages of dividend assets are prominent. In the transportation industry, the highway, railway, and port sectors, which operate relatively steadily and have regional monopoly attributes, and the bulk supply chain sector, which has relatively low valuation and is expected to increase profitability, deserve special attention. The highway sector focuses on the Shandong Expressway, and it is recommended to focus on the Guangdong Expressway (000429.SZ), Ning—Shanghai Expressway (600377.SH), and the Wantong Expressway (600012.SH); the railway section suggests focusing on the Daqin Railway (601006.SH), Guangzhou-Shenzhen Railway (), and Beijing-Shanghai High Speed Rail (Dubai); the port sector focuses on Qingdao Port (Chengdu), and it is recommended to focus on Tangshan Port (airport), Qingang shares (), etc.; 601333.SH 601816.SH 601298.SH 601000.SH 601326.SH

The views of Zhongtai Securities are as follows:

In an environment with low interest rates, the advantages of dividend assets are prominent.

According to Wind data, according to statistics from the date of fund establishment, a total of 21 funds with the words “dividend” or “high dividend” in the name were established in 2023 (only the initial fund is calculated), with a total consolidated issuance share of 8.073 billion shares, a significant increase compared to 2022. Since 2024, the overall yield on 10-year treasury bonds has shown a downward trend, and high-quality dividend assets with high dividend ratios and strong defenses are expected to receive continued attention.

As market value management continues to be deepened, central state-owned enterprises may face revaluation.

1) On January 24, 2024, the relevant person in charge of the State Council's State-owned Assets Administration Commission proposed at the press conference of the State Information Office “Further study on incorporating market value management into the performance assessment of central enterprise heads. Guide central enterprise leaders to pay more attention to and pay more attention to the market performance of listed companies they hold, and promptly use market-based methods such as capital gains and repurchases to convey confidence, stabilize expectations, and increase cash dividends to better return investors”; On January 29, 2024, the State Council's State-owned Assets Administration Commission held an assessment and allocation work meeting for central enterprises and local state-owned assets commissions. The conference emphasized that “all central enterprises should focus more accurately and effectively to promote the full implementation of the “one enterprise, one policy” assessment and comprehensive implementation of the “one enterprise, one policy” assessment.

2) A number of listed central enterprises made positive statements. On January 26, 2024, China Merchants Highway disclosed in the investor relations activity record that “the company attaches great importance to market value management and shareholder returns, and has used market value management as an indicator of the company's business performance assessment”; on February 21, 2024, CNPC replied on the investor interactive platform that “the company has included market capitalization performance in the management's annual performance assessment, in terms of stock price changes (individual stock comparison, comprehensive index comparison) and market image (capital operation performance, capital market awards, disciplinary action by regulatory authorities) Evaluation”.

Investment advice for March: Quality returns are expected to improve, and dividend assets are stable, moderate and positive.

The dividend style continues to deepen, and the market value management of central state-owned enterprises continues to be catalyzed. In the transportation industry, the highway, railway, and port sectors with relatively stable operations and regional monopoly attributes, and the bulk supply chain sector with relatively low valuations and expected to improve profitability are worth focusing on.

The highway sector focuses on recommending the Shandong Expressway, and it is recommended to focus on the Guangdong Expressway, the Ninghai-Shanghai Expressway, and the Anhuan-Tongtong Expressway;

The railway sector suggests focusing on the Daqin Railway, Guangzhou-Shenzhen Railway, and the Beijing-Shanghai High Speed Rail;

The port sector focuses on recommending Qingdao Port; it is recommended to focus on Tangshan Port, Qin Port Co., Ltd.;

The bulk supply chain sector suggests focusing on Xiamen Guomao (600755.SH) and Xiamen Xiangyu (600057.SH).

Risk warning: macroeconomic downturn risk; industry policy adjustment risk; geopolitical risk; risk of trustworthiness of third-party data; risk of untimely updating of information on the use of research reports.