Group 1 - The core index, the CSI 800 Relative Growth Index, closed at 3310.48 points, with mixed performance among the three major A-share indices [1] - The CSI 800 Relative Growth Index has seen a decline of 7.47% over the past month, a slight decrease of 0.06% over the last three months, and a year-to-date drop of 2.46% [2] - The index is designed to reflect the performance of securities with prominent growth characteristics within the CSI 800 Index, using a free-float market capitalization weighted approach [2] Group 2 - The top ten holdings of the CSI 800 Relative Growth Index include Kweichow Moutai (7.31%), CATL (4.43%), and BYD (2.35%) among others [2] - The market capitalization distribution shows that the Shanghai Stock Exchange accounts for 57.23% and the Shenzhen Stock Exchange for 42.77% of the index [2] Group 3 - The industry composition of the CSI 800 Relative Growth Index includes 22.38% in industrials, 22.26% in information technology, and 14.68% in consumer staples, among others [3] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers or acquisitions [3]

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index relative to the growth index declining by 0.45%, closing at 2675.86 points and a trading volume of 171.84 billion [1] - The Shanghai Composite Index relative to the growth index has decreased by 5.59% over the past month, increased by 0.79% over the past three months, and has declined by 1.15% year-to-date [1] - The Shanghai Composite Index style index series is based on the Shanghai Composite Index, calculating style scores based on growth and value factors, selecting the top 150 listed companies for the growth and value indices [1] Group 2 - The top ten holdings of the Shanghai Composite Index relative to the growth index include Kweichow Moutai (12.65%), Zijin Mining (3.77%), and others, with the Shanghai Stock Exchange accounting for 100% of the holdings [2] - The industry composition of the holdings in the Shanghai Composite Index relative to the growth index includes Information Technology (19.80%), Industrials (19.31%), Consumer Staples (18.67%), and others [2] Group 3 - The index sample is adjusted every six months, with adjustments occurring on the next trading day after the second Friday of June and December, with a sample adjustment ratio generally not exceeding 20% [3] - In special circumstances, the index may undergo temporary adjustments, and companies that are delisted will be removed from the index sample [3]

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai 180 Index down 0.09% at 8351.8 points and a trading volume of 133.607 billion [1] - The Shanghai 180 Index has decreased by 4.69% over the past month, 0.29% over the past three months, and 3.27% year-to-date [1] - The Shanghai 180 Index consists of 180 securities selected from the Shanghai Stock Exchange, reflecting the overall performance of core listed companies [1] Group 2 - The top ten weighted stocks in the Shanghai 180 Index include Kweichow Moutai (5.57%), China Ping An (2.71%), Zijin Mining (2.65%), and others [1] - The industry composition of the index shows that finance accounts for 21.15%, industrials 19.44%, and information technology 13.81% among others [2] - The index samples are adjusted biannually, with adjustments typically not exceeding 10% of the sample [2]

Summary of Beijing-Shanghai High-Speed Railway (BJ-SH HSR) Conference Call Company Overview - **Company**: Beijing-Shanghai High-Speed Railway (BJ-SH HSR) - **Ticker**: 601816.SS - **Current Price**: Rmb5.84 - **Price Target**: Rmb7.30 (as of June 30, 2026) [4][8] Key Industry Insights - **Geopolitical Positioning**: BJ-SH HSR is well-positioned to benefit from geopolitical tensions, particularly the China-US trade tensions, which may lead to a shift from air travel to rail travel due to increased tariffs on US imports [2][4]. - **Market Dynamics**: The aviation sector is expected to face challenges, particularly in aircraft maintenance and new deliveries, as Boeing aircraft constitute 42% of the fleet in China. This presents an opportunity for BJ-SH HSR to capture market share from air travel [2][4]. Financial Performance - **4Q24 Results**: Preliminary results showed a profit growth of 17% year-over-year, exceeding expectations by 11%. This is an improvement from a 12% profit rise in 9M24 and a 3% decline in 3Q24 [2][8]. - **Full-Year Projections**: For FY24, revenue is projected to be between Rmb12.5 billion and Rmb13 billion, reflecting a year-over-year growth of 11% to 15% [6][8]. - **Passenger Traffic Growth**: YTD passenger traffic growth remains robust, with a record increase of approximately 8% year-over-year during the Qingming Festival [8]. Strategic Developments - **CR450 High-Speed Train**: The upcoming launch of the CR450 high-speed train is expected to enhance growth prospects significantly. The prototype was unveiled in late 2024 and is undergoing trial runs, with commercialization anticipated by 2026/2027 [4][5]. - **Network Expansion**: BJ-SH HSR's strategic position within China's high-speed rail corridors allows it to effectively navigate demand fluctuations and regulatory changes, enhancing its market potential [4][7]. Investment Thesis - **Financial Strengths**: The company boasts robust free cash flow and a strong balance sheet, providing flexibility for strategic initiatives such as asset injections and share buybacks [7]. - **Market Leadership**: BJ-SH HSR's extensive rail network connecting major economic hubs positions it for continued market leadership in China's high-speed rail sector [7]. Risks and Challenges - **Macroeconomic Environment**: Weaker-than-expected business traffic in a challenging macroeconomic environment could adversely affect performance [9]. - **Competition from Airlines**: Intensified competition from airlines may negatively impact passenger volumes and revenue growth [10]. - **Uncertain Timelines**: The absence of a clear timetable for anticipated catalysts, such as asset injections, could delay potential positive impacts on the company's valuation [10]. Conclusion - **Outlook**: The positive financial performance and strategic positioning amid geopolitical tensions suggest a favorable outlook for BJ-SH HSR, with potential for continued growth and market share expansion in the high-speed rail sector [2][8].

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][4][7]. Core Views - The report highlights the impact of US-China tariffs on shipping patterns, suggesting a focus on domestic demand and high-dividend sectors [1][3]. - The oil shipping market remains strong, but VLCC rates have declined due to tariff uncertainties, with potential recovery if US-China negotiations succeed [1][21]. - The air travel market is expected to stabilize in 2025, with domestic airlines showing signs of recovery in profitability [2][45]. - The express delivery sector shows resilience, with major players like SF Express and ZTO Express expected to maintain growth despite competitive pressures [3][55][59]. Summary by Sections Shipping Sector - Oil shipping rates have shown fluctuations, with VLCC rates impacted by tariff policies and global economic uncertainties [1][21]. - The report recommends companies like COSCO Shipping Energy and China Merchants Energy for their potential value amidst market volatility [1][25]. Aviation Sector - Domestic passenger flight volumes are stabilizing, with a year-on-year increase expected in 2025 [2][45]. - Major airlines like Air China and China Southern Airlines are projected to recover profitability as supply-demand gaps narrow [2][45]. Express Delivery Sector - The express delivery market is experiencing strong growth, particularly in Southeast Asia and China, with companies like SF Express and ZTO Express leading the way [3][55][59]. - The report emphasizes the importance of monitoring pricing trends in the express delivery sector due to competitive dynamics [3][59]. Investment Recommendations - The report suggests focusing on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and major airlines [3][2][45].

证券代码：601816 证券简称：京沪高铁 公告编号：2025-016 本公司监事会及全体监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。 京沪高速铁路股份有限公司监事会 2025 年 4 月 15 日 1 京沪高速铁路股份有限公司 关于选举职工监事的公告 京沪高速铁路股份有限公司（以下简称公司）于近日召 开职工大会，选举张一鸣先生为公司第五届监事会职工监事， 任期与第五届监事会一致，简历附后。郑勇先生因工作调整 不再担任职工监事职务。 郑勇先生在担任公司职工监事期间恪尽职守，勤勉尽责， 公司监事会对其在任职期间为公司作出的贡献表示衷心感 谢！ 特此公告。 附件 张一鸣先生，大学本科学历，工学学士学位，工程师。 历任中国铁路北京局集团有限公司办公室（党委办公室、董 事会办公室）董事长办公室主任科员、副主任、主任，中国 铁路北京局集团有限公司办公室（党委办公室、董事会办公 室）副主任，本公司董事会办公室（党委办公室、综合管理 部）副主任、党支部副书记（主持工作）。 2 ...

从中证全指运输指数持仓样本的行业来看，铁路运输占比18.18%、航运占比16.69%、航空运输占比 14.11%、快递占比13.27%、物流综合占比12.05%、高速公路占比9.70%、港口占比9.57%、机场占比 5.34%、公路运输占比1.09%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证全指指数调整样本时，中证全指行业指数样 本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证全指行业指 数样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形 的处理，参照计算与维护细则处理。 跟踪运输指数的公募基金包括：华夏中证全指运输联接A、华夏中证全指运输联接C、华夏中证全指运 输ETF。 从指数持仓来看，中证全指运输指数十大权重分别为：京沪高铁（9.83%）、顺丰控股（9.29%）、中 远海控（8.23%）、大秦铁路（6.17%）、上海机场（3.74%）、 ...

Core Viewpoint - The introduction of pet transportation services on China's high-speed rail represents a significant advancement in railway service, addressing the pain points of pet owners regarding travel with their pets [2][4][5]. Group 1: Service Overview - Starting April 8, 2023, select trains on the Beijing-Shanghai high-speed rail will allow passengers to transport one cat or dog per trip [1]. - The service aims to alleviate the challenges of pet boarding and air transport, ensuring pet safety and maintaining cabin environment through specialized transport equipment [2][4]. - The service is currently limited to small dogs and cats, with concerns raised about the potential stress pets may experience in confined spaces [3][10]. Group 2: Pricing and Logistics - The pricing structure for the pet transportation service has been established, with discounts available during the trial period [12][13]. - Specific pricing includes: - For distances up to 1000 km: standard price 558 yuan, discounted price 360 yuan - For distances between 1000-1500 km: standard price 658 yuan, discounted price 460 yuan - For distances between 1500-2000 km: standard price 958 yuan, discounted price 660 yuan - For distances over 2000 km: standard price 1258 yuan, discounted price 860 yuan [13]. - Pet owners must make online reservations in advance and provide necessary documentation, including a pet health certificate [8][10]. Group 3: Market Demand and Trends - The demand for pet travel services is significant, with 28.3% of pet owners expressing difficulties in traveling with their pets [25][28]. - A report indicates that 29% of respondents have attempted or plan to travel with their pets, highlighting a growing market for such services [28]. - The pet owner demographic is concentrated in major cities, with Beijing and Shanghai having the highest number of pet owners, which aligns with the service's initial rollout [16][41]. Group 4: Industry Context - The Beijing-Shanghai high-speed rail is a benchmark in global rail transport, covering a population of 370 million and accounting for 43.3% of the national GDP along its route [44][48]. - The introduction of pet transport services is part of a broader trend towards more humane and customer-friendly transportation options, reflecting changing societal attitudes towards pets [38][58].

转自：贝壳财经 全长1318公里的京沪高铁连接着北京上海两座超级城市。 因为往返两地的职场人较多，去年这条线路还被网友调侃成"班味高铁"。 尽管官方APP上最早一批乘客明天才能上车体验，但在宠物主间，关于这个话题讨论早已炸开锅。 高铁试点宠物托运大家最关心什么？ 高铁推出宠物托运又将如何影响大家带宠物出行的选择？ 昨天，铁路部门宣布将在这条线路试点"隔离运输+专人看护"宠物托运服务，立刻引发全网热议。 图/12306 猫猫狗狗都能上高铁？这条铁路再度成为大家讨论的中心。 01 宠物托运，有需求也有焦虑 宠物问题不是小问题，数据显示中国宠物犬猫数量超1.2亿只，Z世代养宠人群占比超60%。 随着这些年"伴侣型宠物""宠物即家人"理念的推动，无论节日返乡还是周末出游，携宠出行都在成为上亿养宠家庭的刚需。 传统宠物托运方案相对分散，各有利弊： 早期公路宠物托运平台缺少标准化服务标准，曾经出现过"后备厢运送宠物导致宠物死亡"等诸多负面。 在高铁试点宠物托运前，一些传统铁路慢车也可以办理托运，费用不高但因为乘车时间长，货物车厢没有空调，在季节上存在一定局限性。 很长一段时间，自驾是携宠出行为数不多的选项。 | 12 2 ...

经过一年的准备，京沪高铁4月8日起推出了高铁宠物托运服务，初期京沪高铁将在沿线5座车站和10趟 列车上试点这项服务。中国国家铁路集团有限公司（以下简称"国铁集团"）今日发布了这项消息。 高铁宠物托运服务将本着"隔离运输、人宠分开、专人看护"的原则，旅客提前2天及以上在线上预约服 务。 目前可以接受高铁宠物托运服务的车站为京沪高铁北京南、济南西、南京南、上海虹桥和杭州东；车次 为G119/118、G121/122、G127、G134、G183/184、G195/196，其余车站和车次暂不提供这项服务。 《中国经营报》记者查询得知，上述10个车次中，前6个车次为京沪高铁北京至上海间车次，均为停靠 站数较多，耗时较长的车次，其中4趟车次全程耗时在6个小时以上；G183/184和G195/196是利用京沪高 铁运行，北京至温州和北京和宁波间车次。 就此项服务的收费标准，12306网站客服人员在回应记者询问时称：运距1000公里以内360元/只；运距 为1000—1500公里460元/只；运距为1500—2000公里660元/只；2000公里以上860元/只。客服人员强 调，目前推出的高铁宠物托运服务价格已经进行了折扣 ...