金吾财讯 | 中信证券表示，风格切换背景下，优选现金流稳健增长稀缺资产，建议重点关注政策端重视市值管理以及基本面悲观因素充分反应、2026年净利润和现金流有望转增的铁路、高速公路及港口龙头。以高速公路为例，2H25车流量经过两年消化进入同比转增区间，预计2026年PPI降幅收窄、稳增长政策与“十五五”开局支撑工业与社零回暖有望成为车流量增长支撑因素。2026年2月第一周红利板块日均成交额较2025年12月增长48.9%，同时A股红利类ETF日均净申购增长152.1%。节前资金或出于避险等目的加速流入红利板块、交易层面有望对估值形成催化，风格切换过程中，建议重视交运物流板块现金流稳健增长的稀缺资产布局机会。优选市值管理重视度提升及基本面悲观因素充分反应、2026年净利润和现金流有望转增的稀缺资产。
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