17 December 2025 Equity Research Report Beijing-Shanghai HS Rail (601816 CH) Buy: Profitability improvement on track; eyes on CR450 trains Stay positive on earnings growth. The company's share price has corrected 9% since July (CSI 300 up 16% over the same period), dragged down by weak traffic earlier this year. BSHSR has been defending its revenue growth through train mix optimisation and fare discount cuts. We are still optimistic about its profitability improvement and believe the potential deployment of ...

（编辑 丛可心） 证券日报网讯 12月22日晚间，京沪高铁发布公告称，公司第五届董事会第十一次会议审议通过《关于 兑现公司负责人2024年度绩效年薪的议案》《关于兑现公司负责人2022—2024年任期激励收入的议 案》。 ...

每经AI快讯，京沪高铁（SH 601816，收盘价：5.17元）12月22日晚间发布公告称，公司第五届第十一 次董事会会议于2025年12月22日以通讯形式召开。会议审议了《关于兑现公司负责人2024年度绩效年薪 的议案》等文件。 2024年1至12月份，京沪高铁的营业收入构成为：铁路运输占比99.12%，其他业务占比0.88%。 截至发稿，京沪高铁市值为2529亿元。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 （记者 王晓波） ...

证券代码：601816 证券简称：京沪高铁 公告编号：2025-050 京沪高速铁路股份有限公司 表决情况：有权表决票数 8 票，同意 8 票，反对 0 票， 弃权 0 票。 关联董事刘洪润、李敬伟、严佐魁回避表决。 二、审议通过了《关于兑现公司负责人 2022—2024 年 任期激励收入的议案》 董事会对考核周期内（2022—2024 年）公司实际在岗任 职的负责人共 6 人进行了任期考核。根据考核结果，6 名公 司负责人三年（2022—2024 年）任期激励收入合计为 180.20 万元。 第五届董事会第十一次会议决议公告 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。 京沪高速铁路股份有限公司（以下简称公司）第五届董 事会第十一次会议于 2025 年 12 月 11 日以书面方式发出通 知，于 2025 年 12 月 22 日以通讯形式召开。本次会议应参 加表决董事 8 名，实际参加表决董事 8 名。会议召开符合《公 司法》等法律法规和《公司章程》的规定，合法有效。 会议审议通过了以下议案。 一、审议通过了《关于兑现公司负责 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing high dividends and capital operations as dual engines for growth [1]. Core Insights - The transportation sector has shown mixed performance, with the overall industry ranking 8th among 31 sectors in terms of growth, having increased by 1.68% from December 1 to December 19, 2025, outperforming the CSI 300 index by 0.76 percentage points [12][13]. - The report highlights that the dividend yield for major segments within the transportation sector, including highways, railways, and ports, remains in the 3%-4% range, with coal and banking sectors leading in yield [27][21]. - The report identifies several high-dividend stocks in the A and H-share markets, recommending companies such as Sichuan Chengyu Expressway (6.0% yield) and China Merchants Port (5.8% yield) as attractive investment opportunities [21][22]. Monthly Market Performance - The report notes that the performance of dividend assets in December 2025 was generally underwhelming, with highway, railway, and port segments showing cumulative changes of -1.45%, +1.12%, and +1.21%, respectively [13][11]. - The average daily transaction volume for ports increased by 26.7% year-on-year, while highway and railway transaction volumes decreased by 5.5% and 34.8%, respectively [26][23]. - The report indicates that the low interest rate environment continues to support the market, with the 10-year government bond yield remaining stable around 1.83% [25][23]. Capital Operations - Sichuan Chengyu plans to acquire 85% of Hubei Jingyi Expressway for 2.409 billion yuan in cash, shifting from a stock issuance to a cash purchase to avoid equity dilution [32]. - Ninghu Expressway is increasing its investment in the Jiangsu Longtan Bridge project by 3.26964 billion yuan, enhancing its stake in the project [34]. - Qingdao Port has terminated its cash acquisition of the Rizhao Port oil terminal due to potential business impacts from legal issues, prioritizing shareholder interests [35]. Highway Sector Tracking - In October 2025, highway passenger traffic was reported at 975 million, a decrease of 3.7% year-on-year, while freight traffic showed a slight increase of 0.1% [36]. - The report highlights the revenue performance of key companies, such as Gansu Expressway, which reported a slight decline in toll revenue for November 2025 [44]. Railway Sector Tracking - Railway passenger volume reached 410 million in October 2025, marking a 10.1% increase year-on-year, while freight volume showed a modest increase of 0.6% [52]. - The report notes that the Daqin Railway achieved a freight volume of 37.22 million tons in November 2025, reflecting a year-on-year growth of 1.75% [59]. Port Sector Tracking - The report indicates that monitored port cargo throughput reached 1.078 billion tons over four weeks, with a year-on-year growth of 2.6% [63]. - Container throughput for the year-to-date reached 31.0469 million TEUs, reflecting a 7.7% increase compared to the previous year [63].

Group 1 - Shanghai Railway Intelligent Technology Co., Ltd. has been established with a registered capital of 30 million yuan [1] - The company's business scope includes general application systems for artificial intelligence, industry application system integration services, artificial intelligence application software development, and research and development of intelligent robots [1] - The company is wholly owned by China National Railway Group Co., Ltd. through indirect shareholding [1]

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly recommending stocks such as China Shipbuilding, China Power, and Sumec [4]. Core Insights - The report highlights the launch of the first shipping industry index fund on December 19, 2025, and notes a continued increase in second-hand ship prices, with a 5-year-old VLCC price rising by $2 million to $120 million [4]. - Seasonal fluctuations are observed in freight rates, with oil and bulk carrier second-hand prices increasing. The report recommends stocks like COSCO Shipping and China Merchants Energy [4]. - The report anticipates a significant improvement in airline profitability due to supply constraints and increasing passenger demand, recommending stocks such as China Eastern Airlines and Spring Airlines [4]. Summary by Sections Shipping Industry - The second-hand ship price index increased by 0.38% to 194.32 points, with a recommendation for COSCO Shipping and China Merchants Energy [4]. - VLCC freight rates decreased by 11% to $101,623 per day, while Suezmax rates increased by 9% to $78,107 per day [4]. Airline Sector - The report indicates that the global aircraft manufacturing chain is facing unprecedented challenges, with an aging fleet and supply constraints expected to continue [4]. - Airlines are projected to experience significant profitability improvements, with recommendations for stocks such as China Eastern Airlines and China Southern Airlines [4]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for industry performance [4]. - Recommended stocks include Shentong Express and Yunda Holdings, with a focus on companies benefiting from Southeast Asian e-commerce growth [4]. Rail and Road Transport - Rail freight volume and highway truck traffic are expected to maintain steady growth, with data showing a slight decrease in freight volume [4]. - The report suggests that traditional high-dividend investment themes and potential value management catalysts will be key investment lines through 2025 [4].

| 21:32 · | | | | | .1 5G 96 | | | --- | --- | --- | --- | --- | --- | --- | | | 北京 <> 上海 | | | | | | | 周六 周日 | 周一 | 周二 | 周三 | 周四 | ■ | | | 12.20 12.21 | 12.22 12.24 12.25 | 12.23 | | | 日历 | | | 員 直达 | 国)中转 | | | | | | | 只看高铁/动车 只看普通车 只看有票 | | | | | | | | 北京南 | 北京 北京丰台 上海虹桥 | | | | | 上海 | | 复兴号 △智能动车 | | | | | | | | 00:30 G4165 | | | 05:17 | ¥662起 | | | | 始 北京南 | 4小时47分 ▲ | 终上海虹桥 | | | | | | 二等 有票 | 等 16张 | 商务 6张 | | | | | | 站名 | | 到时 | 发时 | | 停留 | | | 北京南 | | | 00:30 | | | | | 沧州西 | | 01:17 | 01:19 | | 2分 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 9、基金销售机构对认购申请的受理并不代表该申请一定成功，而仅代表销售机构确实接收到认购申 请。认购的确认以登记机构的确认结果为准。对于认购申请及认购份额的确认情况，投资人应及时查询 并妥善行使合法权利。 10、投资者欲购买本基金，须开立本基金登记机构提供的基金账户。本基金份额发售期内各基金代销机 构网点和直销机构同时为投资者办理开立基金账户的手续。 1、百嘉百裕成长混合型发起式证券投资基金（以下简称"本基金"）的募集于2025年6月19日获中国证监 会证监许可〔2025〕1303号文准予募集注册。中国证监会对本基金募集的注册并不代表其对本基金的投 资价值和市场前景作出实质性判断、推荐或者保证，也不表明投资于本基金没有风险。 2、本基金为契约型开放式混合型证券投资基金。 3、本基金的基金管理人和登记机构为百嘉基金管理有限公司（以下简称"本公司"、"百嘉基金"），基 金托管人为渤海银行股份有限公司。 4、本基金为混合型基金，理论上其预期风险与预期收益水平低于股票型基金，高于债券型基金和货币 市场基金。本基金还可投资港股通标的股票。除了需要承担与内地证券投 ...