Highway industry: The growth rate of key companies' net profit in 2011 was 7%. The industry growth was higher than that of listed companies and policy pressures were slowed down. From January to November 2011, the national road cargo and passenger traffic volume increased by 18.3% and 11.3% respectively year-on-year. Among the key companies, most of the traffic growth rate is less than 8% and the toll revenue is between 5% and 8%. We believe that the lower growth rate of traffic volume and toll revenue is mainly due to the increasing saturation of mature road sections and slower economic growth. It is expected that the key company's 2011 annual net profit growth will reach 7%, which is significantly lower than the growth rate of 21% in 2010. Among them, Shenzhen Expressway and Shandong Expressway have the highest growth rates, which are 23% and 16%, respectively. The growth rate of other companies is expected to be less than 5%. The Ganyue Expressway may experience negative growth. It is expected that the traffic growth rate in 2012 will be 5%-8%, and the industry policy risks will gradually be eliminated, but the trend of slowing performance will continue in the first quarter.

Railway industry: The key company's 2011 net profit growth rate was 16%, and the growth of passenger and freight traffic was stable. The probability of price increase in the next year was high.

From January to November 2011, the national railway cargo and passenger traffic volume increased by 6.5% and 8.5% respectively year-on-year. In terms of the company, the Datong-Qinhuangdao Line's annual transportation volume reached 440 million tons, an increase of 8.7% year-on-year; the Guangshen Railway passenger transport volume increased by 7% year-on-year.

Benefited from price increase and traffic volume increase, the annual growth rate of the key companies in the railway industry reached 16%; among which, the price increase of Guangzhou-Shenzhen Railway due to intercity trains increased by 25%, and the profit forecast of Daqin Railway and Tielong Logistics was slightly adjusted. The main reason is that the cost increase was slightly more than expected and the real estate settlement was postponed. We expect that as the CPI falls, the price increase of the national railways in 2012 will be about 5%-10%; due to cost pressure and economic slowdown, the first quarter performance may decline.

Logistics industry: The key company's 2011 net profit growth rate was 31%. The industry continued to develop rapidly. Policies are still the focus of future attention. From January to November, the total cost of logistics and the added value of logistics increased by 18.5% and 14.7% year-on-year, respectively. The high growth of oil prices and liquidity resulted in significant growth in transportation costs and interest expenses. The key company’s 2011 net profit growth rate reached 31%. The main reasons are the increase in warehousing prices, the expansion of extended logistics services, and investment gains such as the sale of equity and triangular arbitrage. We judge that 2011 will be the year for logistics planning, and 2012 will be the year for implementation of logistics policies. In the future, the country may introduce specific support policies such as reducing the land use tax for land use by logistics companies, park logistics planning, and encouraging mergers and acquisitions of logistics companies.

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