证券日报网讯 2月2日，京沪高铁在互动平台回答投资者提问时表示，公司注重投资者回报，正在拟定 公司未来三年分红规划方案。 （文章来源：证券日报） ...

Core Viewpoint - The railway and highway sector experienced a slight decline of 0.06% on February 2, with Western Entrepreneurship leading the drop. The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1]. Group 1: Stock Performance - Hainan Highway saw a closing price of 6.60, with an increase of 3.77% and a trading volume of 640,500 shares, amounting to a transaction value of 425 million yuan [1]. - China Merchants Highway closed at 9.61, up 2.45%, with a trading volume of 288,500 shares and a transaction value of 279 million yuan [1]. - Shandong Highway closed at 10.21, increasing by 1.90%, with a trading volume of 97,200 shares and a transaction value of 99.28 million yuan [1]. - Western Entrepreneurship led the decline with a closing price of 4.97, down 5.15%, with a trading volume of 325,300 shares and a transaction value of 165 million yuan [2]. - Iron Dragon Logistics closed at 6.38, down 3.04%, with a trading volume of 260,400 shares and a transaction value of 168 million yuan [2]. Group 2: Capital Flow - The railway and highway sector saw a net inflow of 30.83 million yuan from institutional investors, while retail investors experienced a net inflow of 8.58 million yuan [2]. - The main stocks with significant net inflows included Beijing-Shanghai High-Speed Railway with 94.52 million yuan and Hainan Highway with 32.26 million yuan [3]. - Retail investors showed a net outflow in several stocks, including Hainan Highway and Beijing-Shanghai High-Speed Railway, indicating a mixed sentiment among different investor types [3].

Investment Rating - The report rates the railway and highway industry as "Overweight" [2][4]. Core Insights - The freight volume in China is projected to reach 58.7 billion tons in 2025, with a year-on-year growth of 3.2%. The growth rates for railway, highway, waterway, and civil aviation freight volumes are expected to be 2%, 3.4%, 3.2%, and 13.3% respectively [4]. - Fixed asset investment in transportation is expected to remain high, with an estimated completion of over 3.6 trillion yuan in 2025. The inter-regional personnel flow is projected to reach 66.86 billion person-times, growing by 3.5% year-on-year [4]. - Railway passenger and freight volumes are expected to maintain steady growth, with passenger volume reaching 4.601 billion people and freight volume reaching 5.277 billion tons in 2025, representing year-on-year growth of 6.7% and 2% respectively [4]. - The highway sector is anticipated to improve in 2026 after a slowdown in growth in 2025, with freight volume growth of 3.4% in 2025 [4]. - Investment recommendations include focusing on high dividend stocks and potential market value management catalysts in the highway sector, with specific companies such as Anhui Expressway, Shandong Expressway, and Zhejiang Expressway being highlighted [4]. Summary by Sections Railway Transportation - In 2025, the total passenger turnover is expected to reach 1,639.556 billion person-kilometers, with a year-on-year growth of 3.8%. The total freight turnover is projected to be 3,686.909 billion ton-kilometers, growing by 2.8% [4]. - The investment in railway fixed assets is expected to reach 901.5 billion yuan in 2025, with a year-on-year increase of 6% [4]. Highway Transportation - The growth rate of highway freight volume is expected to slow down in 2025 but is projected to improve in 2026 due to stable demand in highway logistics [4]. Investment Analysis - The report suggests that the highway sector has two main investment themes for the year: traditional high dividend investments and potential market value management catalysts. Recommended companies include Wanhua Expressway, Shandong Expressway, and others [4].

Investment Rating - The report maintains a "Positive" outlook on the shipping industry, highlighting strong performance in the sector despite seasonal challenges [4]. Core Insights - The shipbuilding sector is expected to show significant earnings growth, with Su Mei Da's Q4 net profit forecasted at 2.5 billion, a year-on-year increase of 71%, driven by strong contributions from shipbuilding and power generation [5]. - The shipping market continues to experience robust demand, with one-year charter rates for VLCCs rising by 2.8% to $64,000 per day, and Cape rates increasing by 8.4% to $28,700 per day [5]. - The report emphasizes the ongoing volatility in oil transportation rates, with VLCC rates experiencing a 62% increase in a single day due to supply-demand imbalances and geopolitical tensions [5]. - The dry bulk shipping market is also showing resilience, with the BDI index rising by 21.9% week-on-week, driven by strong demand from Australia and Brazil [5]. Summary by Sections Shipbuilding Sector - Su Mei Da's Q4 net profit is projected at 2.5 billion, up 71% year-on-year, exceeding expectations [5]. - ST Songfa's Q4 net profit is estimated between 11-14 million, with a net profit margin of 14%, reflecting a 1.6 percentage point increase from Q3 [5]. - Attention is drawn to China Shipbuilding's upcoming full consolidation of assets and the release of high-priced orders in Q1 2026 [5]. Shipping Market - The report notes a continued upward trend in shipping rates, with VLCC rates increasing by 2.8% and Cape rates by 8.4% [5]. - The VLCC average rate rose by 16% week-on-week, reaching $122,326 per day, with Middle East to Far East rates dropping by 25% [5]. - The report highlights the impact of geopolitical tensions on oil transportation, particularly in the context of the Ukraine conflict [5]. Dry Bulk Shipping - The BDI index recorded a 21.9% increase, with Capesize rates rising by 35.8% to $31,809 per day [5]. - Strong demand from Australia and Brazil is noted, with limited supply contributing to higher rates [5]. Air Transportation - The report indicates a significant opportunity for airlines due to rising passenger volumes and historical high load factors, suggesting a potential "golden era" for the industry [5]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch [5]. Express Delivery - The report anticipates uncertainty in the express delivery sector due to fluctuating demand and industry self-regulation policies, but notes that leading companies like Zhongtong Express and YTO Express are expected to maintain their market share and profitability [5]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are showing resilience, with recent data indicating a slight decline in volumes but overall stability [5]. - The report suggests that high dividend investment themes and potential value management catalysts in the highway sector are worth monitoring [5].

中新网合肥1月30日电 (陈卓然 牛红进)在安徽省滁州市，新建上海至南京至合肥高速铁路(下称沪宁合高 铁)跨京沪高铁立交特大桥的2×32米T构梁29日完成转体，这标志着该特大桥转体施工完成。 1月29日， 沪宁合高铁跨京沪高铁立交特大桥转体施工完成。中国中铁一局集团有限公司 供图 其中，跨越京沪高铁部分采用"2×32米转体T构梁+2×100米T构转体梁"组合设计。2×100米T构梁已于1月 16日转体到位。 此次转体的2×32米转体T构梁全长65.4米，宽12.6米。 该T构梁主墩为圆端型实体墩，承台设转体球铰，转体总重约4800吨，采用悬臂浇筑施工，先平行于既 有高铁预制，转体后与京沪高铁交角呈29度。 为实现安全精准转体，中国中铁一局集团有限公司施工团队采用动态平衡配重法与球铰精准定位牵引系 统，为梁体装上"精密转轴"。 同时，技术人员依托智能监测系统，在施工全程实时采集转体姿态、受力、风速等数据，通过数据终端 动态调控，确保毫米级响应纠偏。 沪宁合高铁是沪渝蓉高铁的东段线路、中国"八纵八横"高速铁路网沿江高铁通道的重要组成部分。该项 目建成后，将在上海大都市圈、南京都市圈和合肥都市圈间建起一条新快速通道 ...

Core Viewpoint - The report highlights the growth and production statistics of China's high-speed train industry, indicating a positive trend in the production of electric multiple units (EMUs) from 2020 to 2025, with a projected increase in output and cumulative production figures [1] Group 1: Industry Overview - By December 2025, the production of EMUs in China is expected to reach 304 units, representing a year-on-year growth of 4.1% [1] - The cumulative production of EMUs in China is projected to be 1,994 units by the end of 2025, reflecting a cumulative growth of 6.7% [1] Group 2: Companies Involved - Listed companies in the high-speed rail sector include China CRRC (601766), China Railway Signal & Communication (688009), and others such as Thinking Rail Control (603508) and Beijing-Shanghai High-Speed Railway (601816) [1] - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports and strategic analysis [1]

证券日报网讯1月27日，京沪高铁（601816）在互动平台回答投资者提问时表示，目前公司经营一切正 常。2025年公司积极落实市值管理有关要求，开展了股份回购、分红等工作。后续在抓好主营业务运营 的基础上，持续探索运用《上市公司监管指引第10号——市值管理》中规定的方法维护公司市值。 ...

证券日报网讯1月27日，京沪高铁（601816）在互动平台回答投资者提问时表示，公司存量贷款主要是 子公司建设时期的中长期贷款，贷款期限为15年-20年。 ...

证券代码：601816 证券简称：京沪高铁 公告编号：2026-005 京沪高速铁路股份有限公司 关于完成与中国铁路财务有限责任公司签订 《金融服务协议之补充协议》暨关联交易的公告 本公司董事会及全体董事保证公告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法律 责任。 重要内容提示： 简要内容：京沪高速铁路股份有限公司（以下简称 公司）于 2026 年 1 月 12 日召开第五届董事会第十二次会议， 审议通过了《关于公司与中国铁路财务有限责任公司签订 〈金融服务协议之补充协议〉的议案》，相关内容详见公司 在上海证券交易所和相关媒体披露的《公司关于与中国铁路 财务有限责任公司签署〈金融服务协议之补充协议〉暨关联 交易的公告》（公告编号：2026-003）。近日，公司与中国铁 路财务有限责任公司（以下简称财务公司）签订了《金融服 务协议之补充协议》。 公司与财务公司签订的《金融服务协议之补充协 议》，增加相关金融业务额度，将日最高存款余额上限由人 民币 30 亿元增加至人民币 100 亿元，调增 70 亿元，有效期 与金融服务协议有效期一致。 交易限额 1 | 每日最高存款 ...

Core Viewpoint - The recent adjustments in China's high-speed rail (HSR) system reflect a shift towards increased efficiency and speed, but they also highlight the challenges of maintaining accessibility and affordability for all passengers [1][13]. Group 1: High-Speed Rail Development - Since the first high-speed rail line opened in 2008, China's total operational high-speed rail mileage has exceeded 50,000 kilometers, fundamentally transforming travel dynamics in the country [1]. - The latest national railway timetable, effective from January 26, has set a new record with 12,130 passenger trains scheduled daily [3]. Group 2: Changes in Train Services - The recent timetable changes have disrupted the previously established "benchmark trains" that operated at speeds of 350 km/h, with new train numbers assigned to different high-speed lines [3]. - The G25 train, previously the only train skipping Nanjing South Station, has now become the fastest train between Beijing and Shanghai, only stopping at Nanjing South [4]. Group 3: Passenger Experience and Demand - The Beijing-Shanghai high-speed rail is known for its high passenger volume, often filled with business travelers, making it a popular choice for commuters [5]. - The introduction of more G-series trains and reduced intervals between trains aims to enhance capacity during peak hours, potentially increasing daily passenger flow by over 11,000 to 24,000 depending on train configurations [8][10]. Group 4: Financial Considerations - The Beijing-Shanghai high-speed rail, operational since June 2011, was the first profitable high-speed rail line globally, achieving profitability within three years [10]. - Despite its profitability, there are concerns about stagnating passenger growth, prompting the railway department to analyze competition from airlines for maintaining market share [12]. Group 5: Broader Implications for Rail Travel - The rapid expansion of high-speed rail has led to a reduction in conventional train services, with 71 fewer regular trains in the latest timetable, indicating a shift in travel preferences [13]. - While high-speed rail offers speed and efficiency, it cannot fully replace the accessibility and affordability provided by traditional slower trains, especially in less developed areas [15][17].