T形刚构桥是由桥墩与两侧悬臂刚性连接形成T字形结构的桥梁类型。该转体T构设纵向、横向及竖向预 应力体系，转体总重约17000吨，与京沪高铁斜交角度仅26.8度，因与京沪高铁距离近且受曲线、横纵 坡影响，具有施工难度大、周期长的特点。 中铁一局集团有限公司建设团队组建技术攻关小组采用"动态不平衡配重法"，通过实时监测梁体应力变 化调整挂篮配重，破解非对称结构施工难题。 12月27日，沪宁合高铁跨京沪高铁立交特大桥施工现场。安徽省发展改革委供图 上海至南京至合肥高速铁路(简称"沪宁合高铁")跨京沪高铁立交特大桥位于滁州市，全长超17.5公里， 其核心控制性工程——2×100米转体T构梁全长201.5米、宽12.6米。 此次转体梁主体浇筑完成后，沪宁合高铁跨京沪高铁立交特大桥工程将全面进入转体施工准备阶段。 中新网合肥12月29日电 (记者 张强)记者29日从安徽省发展改革委获悉，沪宁合高铁跨京沪高铁立交特 大桥2×100米预应力混凝土T构转体梁主体浇筑施工已完成，标志着这一国内单T构跨京沪高铁最大的铁 路桥梁工程取得阶段性突破。 沪宁合高铁是沪渝蓉高铁的东段线路、国家"八纵八横"高速铁路网沿江高铁通道的重要组成部 ...

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 第五届董事会第十一次会议决议公告 该议案已经公司董事会薪酬与考核委员会审议通过。 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2022一2024年任期激励收入的议案》 董事会对考核周期内（2022一2024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（2022一2024年）任期激励收入合计为180.20万元。 该议案已经公司董事会薪酬与考核委员会审议通过。 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 ...

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].