Core Viewpoint - The Daqin Railway, a crucial coal transportation route in China, is undergoing a 20-day autumn maintenance period from October 7 to October 26, aimed at ensuring stable coal supply for the upcoming winter and spring [1] Group 1: Maintenance Details - The Daqin Railway spans 653 kilometers, connecting Shanxi Datong in the west to Hebei Qinhuangdao in the east, and is the first double-track electrified heavy-load coal transport line in China [1] - During the maintenance period, the railway aims to maintain an average daily transport volume of over 1 million tons, despite a daily suspension of operations for 180 minutes [1] - The maintenance work includes replacing 107.438 kilometers of rail and 15,700 sleepers, as well as tasks such as tunnel remediation, cable updates, and contact network maintenance [1] Group 2: Resource Allocation - A total of 67 sets of large construction machinery, including tamping and screening machines, and 114 small machines like excavators, have been mobilized for the maintenance work, along with over 10,000 construction personnel [1] - The investment in human and machine resources has increased compared to the previous year, indicating a focus on improving construction quality and efficiency through detailed coordination and multi-disciplinary operations [1]

Core Points - The Daqin Railway has commenced its 2025 autumn concentrated repair construction, which will last for 20 days from October 7 to October 26, aimed at restoring railway facilities and ensuring energy supply for the upcoming winter and spring [1][3] Group 1: Construction Details - The Daqin Railway, spanning 653 kilometers from Datong in Shanxi to Qinhuangdao in Hebei, is China's first double-track electrified heavy-load coal transport line, with an annual coal transport capacity of approximately 400 million tons [3] - During the 20-day concentrated repair, the railway will experience a daily suspension of operations for 180 minutes, with tasks including the replacement of 107.438 kilometers of rail and 15,700 sleepers, as well as extensive maintenance work on tunnels, cables, and contact networks [3][4] - The construction will involve a total of 67 large construction machines and 114 small machines, with over 10,000 personnel organized into 126 construction teams to enhance efficiency and quality [3][4] Group 2: Coordination and Efficiency - To ensure the simultaneous execution of construction and transportation, the Daqin Railway has increased its workforce by over 900 personnel compared to the same period last year and added 14 large and 17 small maintenance machines [4] - The construction department has prepared a daily construction plan three days in advance, while the transportation department adjusts the transport scheme dynamically to maintain a daily average transport volume of over 1 million tons during the repair period [4]

转自：北京日报客户端 10月7日上午，我国重要能源通道大秦铁路开启2025年秋季集中修施工，将全面恢复迎峰度夏能源运输后的铁路设施设备性能，为今冬明春电煤保供夯实线路基础。 此次集中修施工从10月7日至10月26日，为期20天，大秦铁路每天将停运180分钟，累计完成成段更换钢轨107.438公里、成段更换轨枕1.57万根，大机捣固线路519.408公里、大机打磨线路 大秦铁路西起山西大同，东至河北秦皇岛，全长653公里，是我国西煤东运主要通道，年运输煤炭4亿吨以上，承担着全国各大电网、发电公司、钢铁公司和300多家主要发电厂、6000多家企业 来源：央视新闻客户端 作者: 宋云屹 另外，为确保施工和运输"两不误"，此次集中修施工较去年同期增派900余名作业人员，增加14台大型机械、17台小型养路机械，更换钢轨作业队伍由去年的一支增加到三支；同时，运输部门 ...

10月7日上午，我国重要能源通道大秦铁路开启2025年秋季集中修施工，将全面恢复迎峰度夏能源运输 后的铁路设施设备性能，为今冬明春电煤保供夯实线路基础。此次集中修施工从10月7日至10月26日， 为期20天，大秦铁路每天将停运180分钟，累计完成成段更换钢轨107.438公里、成段更换轨枕1.57万 根，大机捣固线路519.408公里、大机打磨线路758公里等任务，以及隧道整治、电缆更新、接触网维修 等施工。国铁太原局大规模使用大型捣固车、清筛车等大型施工机械67组，挖掘机等小型机械114台， 10000余人组成126支施工队伍，同时上道，多工种立体式作业，提高施工质量和效率。（央视新闻） ...

Market Overview - On September 29, the railway and highway sector rose by 0.41% compared to the previous trading day, with Fulin Transportation leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Fulin Transportation (002357) with a closing price of 10.00, up 2.35% on a trading volume of 83,100 shares and a turnover of 82.01 million yuan [1] - Anhui Expressway (600012) closed at 13.57, up 1.95% with a trading volume of 151,300 shares and a turnover of 204 million yuan [1] - Dongguan Holdings (000828) closed at 11.33, up 1.80% with a trading volume of 84,900 shares and a turnover of 95.34 million yuan [1] Fund Flow Analysis - The railway and highway sector experienced a net outflow of 274 million yuan from institutional investors, while retail investors saw a net inflow of 178 million yuan [2] - The sector's overall fund flow indicated that retail investors were more active compared to institutional investors on that day [2] Individual Stock Fund Flow - Key stocks with significant fund flow included: - Haikou Group (603069) with a net inflow of 20.84 million yuan from institutional investors, but a net outflow of 19.49 million yuan from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 7.74 million yuan from institutional investors, while retail investors saw a net outflow of 612.25 million yuan [3] - Hainan Expressway (000886) recorded a net inflow of 11.83 million yuan from institutional investors, but retail investors had a net outflow of 660.90 million yuan [3]

报告要点 丨证券研究报告丨 [TaSummary] 今年以来，受资金风格切换等因素影响，交运板块核心红利资产标的均面临一定程度股价调整， 估值及股息率重回高性价比区间，显著领先十年期国债收益率，对于绝对收益资金吸引力逐步 提升。基于行业特征，我们重点推荐交运板块中具有低估值、高股息特征的垄断性资产，1）买 低波稳健+分红确定：优选高速公路龙头（招商公路以及宁沪高速等），以及大秦铁路与青岛港； 2）短期看，港股市场估值折价明显、股息率更具性价比，建议关注港股向上弹性。 行业研究丨行业周报丨运输 [Table_Title] 当前时点，如何看待交运红利资产配置价值？ 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 当前时点，如 ...

Investment Rating - The report maintains a positive outlook on the shipping and shipbuilding sectors, recommending specific companies such as China Merchants Energy Shipping and China Shipbuilding Industry Corporation [4][5]. Core Insights - The report highlights a stabilization in second-hand ship prices, with VLCC (Very Large Crude Carrier) prices increasing by $1 million to $88 million and bulk carrier prices rising by $3.5 million to $50 million. The shipping sector is expected to recover, with a focus on companies like China Merchants Energy Shipping and China Shipbuilding Industry Corporation [4]. - The report emphasizes the resilience of VLCC freight rates, which have shown a 9% decline week-on-week but remain strong at around $81,884 per day. The demand for crude oil is expected to remain robust, supported by China's refinery operations and OPEC's production adjustments [4]. - The report notes that the logistics sector is entering a new phase of competition, with a focus on price stability and potential mergers and acquisitions in the express delivery industry. Companies like Shentong Express and YTO Express are highlighted for their competitive advantages [4][5]. Summary by Sections Shipping Sector - Second-hand ship prices have stabilized, with VLCC prices up by $1 million to $88 million and bulk carrier prices up by $3.5 million to $50 million. The shipping sector is expected to recover, with recommendations for China Merchants Energy Shipping and China Shipbuilding Industry Corporation [4]. - VLCC freight rates have shown resilience, currently at $81,884 per day, despite a 9% week-on-week decline. The demand for crude oil is expected to remain strong due to refinery operations in China and OPEC's production adjustments [4]. Logistics Sector - The express delivery industry is entering a new phase of competition, focusing on price stability and potential mergers and acquisitions. Companies like Shentong Express and YTO Express are highlighted for their competitive advantages [4][5]. Transportation Sector - The transportation index has decreased by 2.03%, underperforming the Shanghai Composite Index by 3.10 percentage points. The cross-border logistics sector showed the highest increase of 0.21%, while the road freight sector experienced the largest decline of 6.94% [5].

Core Viewpoint - The company, Daqin Railway Co., Ltd., is set to hold a half-year performance briefing on October 9, 2025, to provide insights into its operational results and financial status [2][3]. Group 1: Meeting Details - The performance briefing will take place on October 9, 2025, from 11:00 AM to 12:00 PM [2][4]. - The meeting will be conducted via the Shanghai Stock Exchange Roadshow Center, allowing for online interaction [4]. - Investors can submit questions until September 30, 2025, at 4:00 PM through the Roadshow Center website or via the company's email [2][6]. Group 2: Participants - Key participants in the meeting will include the General Manager, Mr. Zhang Hongyi, Independent Director, Mr. Xu Guangjian, and other senior executives [5]. Group 3: Investor Participation - Investors can join the meeting online on the specified date and time through the Roadshow Center [6]. - The company will address commonly asked questions during the briefing [3][6]. Group 4: Contact Information - The Board Office is the contact department for inquiries, reachable at phone number 0351-2620620 and email dqtl@daqintielu.com [7].

Group 1 - The total railway freight volume in China for the first eight months reached 3.467 billion tons, a year-on-year increase of 2.6%, with August alone seeing 457 million tons, up 5.6% [1] - The China National Railway Group reported that it sent 2.683 billion tons of goods in the first eight months, a 3.5% increase year-on-year, with August shipments at 352 million tons, up 4.5% [1] - The railway sector has seen a significant increase in container freight, with 11.48 million TEUs sent in the first eight months, marking a 17.5% year-on-year growth [1] Group 2 - The Daqin Railway, a major coal transport line, reported a total freight volume of 253 million tons for the first eight months, a slight decrease of 0.6%, while August saw a 3.0% increase to 32.3 million tons [1] - The China-Europe Railway Express operated approximately 12,800 trains in the first eight months, a decrease of 1.9%, with a total of 1.3267 million TEUs sent, down 5.2% [2] - The China Railway Group is enhancing communication with customs and foreign railway departments to improve the efficiency of cross-border transport and facilitate customs clearance [2]

股票代码：601006 股票简称：大秦铁路 公告编号：临2025-069 大秦铁路股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 公司总经理张竑毅先生、独立董事许光建先生、副总经理兼董事会秘书张利 荣女士、副总经理刘斌先生、总会计师裴丽群女士、董事会办公室主任兼证券事 务代表丁一先生等。 四、投资者参加方式 1. 投资者可于 2025 年 10 月 9 日（周四）上午 11:00 - 12:00，通过互联网登 录上证路演中心（网址：https://roadshow.sseinfo.com/），在线参与本次业绩说明 会，公司将及时回答投资者提问。 ●问题征集方式：投资者可于 2025 年 9 月 30 日（周二）16:00 前登录上证 路演中心网站首页，点击"提问预征集"栏目或通过公司邮箱 dqtl@daqintielu.com 进行提问，公司将在说明会上对投资者普遍关注的问题进 ...