CITIC Construction Investment: The allocation value of the transportation sector targets is prominent.

CITIC Jinshi's research report indicates that the transportation sector's allocation value is becoming more apparent. Government-backed funds provide strong support at a dividend yield of 6% to 8%, establishing a "valuation floor." The core stocks in this sector are taking on bond-like attributes, becoming a safe haven during volatility and attracting participation from insurance and social security funds, forming a synergistic effect of "government-backed funds leading + insurance funds following." The biggest downside for the sector is a lack of funds rather than fundamentals, and active funds' allocation in transportation has reached historical lows, with funding constraints showing marginal improvement. There is a focus on HALO asset targets represented by the transportation and coal sectors.