Core Viewpoint - The Guangzhou-Shenzhen Intercity Railway (GZ-SZ Intercity) has completed its quality improvement project, allowing trains to operate at a maximum speed of 200 km/h starting from November 5, enhancing capacity and efficiency in passenger transport [1][2]. Group 1: Project Completion and Enhancements - The quality improvement project for the GZ-SZ Intercity I and II lines was initiated in April and involved upgrades to tracks, bridges, power supply, and communication systems [1]. - Comprehensive testing of the trains was conducted in September, confirming that all systems met the requirements for operating at 200 km/h [1]. - Following the upgrades, the daily train schedule has been optimized, increasing the number of trains from 151 to 178, with trains departing every 13 minutes on average, and as frequently as every 5 minutes during peak hours [1]. Group 2: Ticket Pricing and Revenue - The GZ-SZ Intercity will continue to implement a market-based pricing mechanism, offering discounts based on passenger flow, with the lowest fare set at 75% of the published price [2]. - Regular ticket products have been introduced for frequent travelers, with discounts of up to 38% for 30-day/60-trip tickets [2]. - In the first half of 2025, the GZ-SZ Intercity generated a revenue of 1.319 billion yuan, accounting for 23.49% of the total passenger revenue of 5.616 billion yuan for the Guangzhou-Shenzhen Railway [2]. Group 3: Passenger Volume Trends - The passenger volume on the GZ-SZ Intercity has seen a decline, with a 5.65% year-on-year decrease in the first half of the year, attributed to competition from new rail lines [3]. - The railway has historically been a leader in modernization, being the first semi-high-speed railway in China, but has faced challenges due to aging infrastructure and policy changes leading to reduced speeds over the years [3]. Group 4: Financial Performance - The Guangzhou-Shenzhen Railway reported a revenue of 21.234 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 6.01% [4]. - The net profit attributable to shareholders increased by 20.43% to 1.456 billion yuan, while the net profit excluding non-recurring items decreased by 7.56% to 1.103 billion yuan [4].

Core Points - The new train schedule for the Guangzhou-Shenzhen Railway aims to enhance travel efficiency, convenience, and comfort, further promoting the integration of the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Train Operation Enhancements - The train speed and frequency have been upgraded, with the fastest travel time between Shenzhen and Guangzhou East now at 56 minutes, a 6.7% improvement [1] - The average number of daily trains has increased to 178, with trains running every 13 minutes and the shortest interval reduced to 5 minutes, creating a "just-in-time" operation model [1] Group 2: Ticketing and Accessibility - The Guangzhou-Shenzhen Railway has introduced various ticketing options, including "regular tickets" and "single tickets," with discounts of up to 38% for 30-day/60-trip regular tickets, catering to daily commuters [2] - Single tickets remain valid all day, providing flexibility for travelers at nine designated stations [2] Group 3: Connectivity and Network Integration - The new schedule adds 36 direct train services between Guangzhou East and Futian Station, allowing for point-to-point travel between key business districts, saving at least 30 minutes compared to previous routes [4] - The Guangzhou-Shenzhen Railway complements the Guangzhou-Shenzhen-Hong Kong High-Speed Railway, focusing on short-distance travel with high frequency, thus meeting the needs of commuters and business travelers [4]

Core Points - The new train schedule for the Guangzhou-Shenzhen Railway has been implemented, enhancing both speed and frequency of service [1][4][9] Speed Enhancement - The fastest travel time between Shenzhen and Guangzhou East is now 56 minutes, representing a 6.7% improvement [1] - A "1-hour commuting circle" is established between the central business districts of Guangzhou (Tianhe CBD) and Shenzhen (Futian CBD, Luohu District) [1] Frequency Improvement - The average number of daily train services has increased to 178, with trains departing every 13 minutes on average [1] - The minimum interval between train departures has been reduced to 5 minutes, facilitating a more convenient "on-demand" service model [1] Ticketing and Accessibility - The railway has introduced various ticketing options, including "regular tickets" and "single journey tickets," with discounts of up to 38% for 30-day/60-trip regular tickets [4] - Single journey tickets remain valid all day, allowing passengers to board any train on the same day at designated stations [4][9] Connectivity and Network Integration - The new schedule complements the Guangzhou-Shenzhen-Hong Kong High-Speed Railway and the Ganzhou-Shenzhen High-Speed Railway, covering 14 stations and creating a comprehensive transportation network [4][9] - Enhanced connections to other transport hubs, such as Guangzhou Station and Baiyun Airport, enable seamless transfers between different modes of transport [4][9]

Core Insights - The new train operation schedule for the Guangzhou-Shenzhen railway will be implemented starting November 5, 2025, to better meet diverse passenger travel needs [1] Group 1: Speed Enhancements - The fastest travel time between Shenzhen and Guangzhou East will be reduced to 56 minutes, representing a 6.7% improvement compared to the current schedule [1] - A "one-hour commuting circle" will be established between the central business districts of Tianhe CBD and Futian CBD, as well as the Luohu district [1] Group 2: Frequency Improvements - The average number of daily train services will increase to 178, with trains departing every 13 minutes on average [1] - The minimum departure interval will be compressed to 5 minutes, enhancing the convenience of travel [1] - Additional train services will be added at stations such as Guangzhou North and Guangzhou Xintang, creating a "turn up and go" public transport model [1]

Core Viewpoint - The new train operation schedule for the Guangzhou-Shenzhen Railway will enhance both speed and frequency, catering to diverse passenger travel needs starting from November 5, 2025 [1] Group 1: Speed Enhancements - The fastest travel time between Shenzhen and Guangzhou East will be reduced to 56 minutes, representing a 6.7% improvement compared to the current schedule [1] - A "1-hour commuting circle" will be established between the central urban areas of Tianhe CBD and Futian CBD, as well as Luohu District [1] Group 2: Frequency Improvements - The average number of daily train services will increase to 178, with trains departing approximately every 13 minutes [1] - The minimum departure interval will be compressed to 5 minutes, enhancing the convenience of travel [1] - Additional train services will be added at stations such as Guangzhou North and Guangzhou Xintang, creating a "just-in-time" public transport operation model [1]

Core Points - The Guangzhou-Shenzhen Railway (GSR) I and II lines have completed quality improvement projects, allowing trains to operate at a maximum speed of 200 km/h starting from November 5 [1][3]. Group 1: Infrastructure Improvements - The GSR I and II lines have undergone comprehensive upgrades, including track, bridge, traction power supply, and communication signal systems, enhancing the overall safety and operational efficiency [3][4]. - The average interval for train departures has been reduced to 13 minutes, with peak times seeing departures as frequent as every 5 minutes [4]. Group 2: Increased Capacity and Service - The number of daily train services has increased to 178, which is 27 more than before the upgrades, improving the transportation capacity between Guangzhou and Shenzhen [3][4]. - The number of train services between Guangzhou East and Futian stations has increased to 36, an addition of 8 services post-upgrade [4]. Group 3: Ticket Pricing and Market Strategy - The railway will continue to implement a market-oriented pricing mechanism, offering different discount rates based on passenger flow, with the lowest fare set at 75% of the published price [5].

Core Points - The Guangzhou-Shenzhen Railway (GSR) quality improvement project has been fully completed, allowing trains to operate at speeds of up to 200 km/h starting from November 5 [1] - The number of daily train services has increased to 178, up by 27 services compared to before the quality improvement, with an average interval of 13 minutes between trains and a minimum interval of 5 minutes during peak hours [1] - The travel time between Guangzhou East Station and Shenzhen Station has been further reduced, enhancing overall transportation capacity and efficiency [1] Pricing and Ticketing - The GSR continues to implement a market-oriented pricing mechanism, offering different discount ticket prices based on passenger flow, with the lowest discount set at 75% of the published fare [3] - For frequent travelers, especially business and commuting passengers, a regular ticket product has been introduced for the Guangzhou Baiyun Station to Shenzhen Station route, with discounts of up to 38% for 30-day/60-trip tickets [3] - Passengers purchasing single tickets for the Guangzhou Baiyun Station to Shenzhen Station route can board any train on the day of their ticket purchase, promoting a more flexible travel experience [3]

Core Points - The Guangzhou-Shenzhen Railway (GSR) I and II line quality improvement project has been fully completed, allowing high-speed trains to operate at a maximum speed of 200 km/h starting November 5 [1][2] - The daily operation of trains has been optimized, with a total of 178 trains scheduled, an increase of 27 trains compared to before the upgrade, enhancing transportation capacity and efficiency between Guangzhou and Shenzhen [1][2] Summary by Sections Project Completion and Impact - The GSR I and II line quality improvement project enhances the railway's operational speed and efficiency, significantly benefiting the local population and supporting the 15th National Games [1] - The total length of the GSR is 147 kilometers, with I, II, III, and IV lines running in parallel, and the upgrade involved comprehensive renovations of tracks, bridges, power supply, and communication systems [1] Operational Enhancements - The average interval between trains is now 13 minutes, with peak times seeing trains depart every 5 minutes, further reducing travel time between key stations [2] - The number of trains running from Guangzhou East to Futian Station has increased to 36, with additional services enhancing connectivity to the Greater Bay Area [2] Ticketing and Pricing Strategy - The railway continues to implement a market-oriented pricing mechanism, offering discounts based on passenger flow, with the lowest fare set at 75% of the published price [2] - Regular ticket products have been introduced for frequent travelers, with significant discounts available for 30-day/60-trip tickets, promoting convenient travel options [2]

Market Overview - On November 4, the railway and highway sector rose by 0.3% compared to the previous trading day, with Fujian Expressway leading the gains [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Top Performers - Fujian Expressway (600033) closed at 3.79, up 5.87% with a trading volume of 1.497 million shares and a turnover of 562 million yuan [1] - Sichuan Chengyu (601107) closed at 6.12, up 3.90% with a trading volume of 407,500 shares and a turnover of 249 million yuan [1] - Sanfengsi (001317) closed at 48.84, up 3.56% with a trading volume of 74,200 shares and a turnover of 360 million yuan [1] Underperformers - Guangshen Railway (601333) closed at 3.02, down 1.63% with a trading volume of 892,800 shares and a turnover of 271 million yuan [2] - Chongqing Road and Bridge (600106) closed at 6.61, down 1.05% with a trading volume of 181,500 shares and a turnover of 120 million yuan [2] - Haikou Group (603069) closed at 28.50, down 1.04% with a trading volume of 270,400 shares and a turnover of 764 million yuan [2] Capital Flow - The railway and highway sector experienced a net outflow of 163 million yuan from institutional investors, while retail investors saw a net inflow of 125 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors increased their positions [2][3] Individual Stock Capital Flow - Fujian Expressway saw a net inflow of 42.24 million yuan from institutional investors, but a net outflow of 50.68 million yuan from retail investors [3] - Guangdong Expressway A (000429) had a net inflow of 21.26 million yuan from institutional investors, with retail investors experiencing a net outflow of 26.64 million yuan [3] - Sanfengsi (001317) recorded a net inflow of 17.95 million yuan from institutional investors, while retail investors had a net outflow of 19.98 million yuan [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00525 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,431,300,000 | RMB | | 1 | RMB | | 1,431,300,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,431,300,000 | RMB | | 1 | RMB | | 1,431,300,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 ...