金吾财讯 | 国泰君安表示，高速公路仍是交运行业红利优选。过去三年A股市场青睐高股息，高速公路板块超额收益显著。股息收益率取决于分红率与PE估值。高速公路是重资产稳定回报基础设施资产，需求相对刚性且现金流稳定，高分红政策持续。收费公路政策优化或将加速，有利于再投资回报回归合理。再投资管理优秀的高速公路公司仍是红利优选，维持招商公路、皖通高速A/H、宁沪高速A/H、深圳国际(00152)“增持”评级。提示未来市场偏好将继续主导红利超额收益空间。该行对相关股2024年股息率估算：招商公路3.7%，宁沪高速A 3.2%，宁沪高速H(00177) 6.1%，皖通高速A 3.5%，皖通高速H(00995) 6.1%，深国际8.7%。
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