金融界4月21日消息，上证指数低开高走，上证180成长指数 (180成长，000028)上涨0.86%，报3171.71 点，成交额450.82亿元。 数据统计显示，上证180成长指数近一个月下跌5.77%，近三个月下跌0.32%，年至今下跌2.07%。 据了解，上证180风格指数系列以上证180指数为样本空间，根据成长因子和价值因子计算风格评分，分 别选取成长得分与价值得分最高的60只上市公司证券构成上证180成长指数与上证180价值指数。另外， 上证180成长指数与上证180价值指数分别与样本空间剩余上市公司证券组成上证180相对成长指数与上 证180相对价值指数。上证180成长指数、上证180价值指数、上证180相对成长指数与上证180相对价值 指数构成上证180风格指数系列，从风格特征的角度进一步刻画上证180指数，为投资者提供更具多元化 风险收益特征的投资标的。该指数以2002年06月28日为基日，以1000.0点为基点。 从指数持仓来看，上证180成长指数十大权重分别为：贵州茅台（10.57%）、紫金矿业（8.55%）、中 芯国际（5.02%）、京沪高铁（4.86%）、海光信息（3.99%）、药明 ...

从指数持仓来看，中证中国内地企业全球工业综合指数十大权重分别为：宁德时代（6.03%）、京沪高 铁（1.82%）、汇川技术（1.37%）、中国建筑（1.16%）、三一重工（1.15%）、顺丰控股（1.03%）、 国电南瑞（0.96%）、中远海控（0.93%）、隆基绿能（0.92%）、中国中车（0.87%）。 金融界4月18日消息，A股三大指数收盘涨跌不一，中证中国内地企业全球工业综合指数 (CN工业综 合，H30377)报2273.92点。 数据统计显示，中证中国内地企业全球工业综合指数近一个月下跌10.58%，近三个月下跌2.51%，年至 今下跌4.95%。 据了解，中证中国内地企业全球行业综合指数系列从中证中国内地企业全球综合指数样本中按中证行业 分类标准进行分类，再以各自行业全部证券作为相应行业指数的指数样本，形成中证中国内地企业全球 行业综合指数系列，以反映中国内地企业中不同行业证券的整体表现。该指数以2004年12月31日为基 日，以1000.0点为基点。 从中证中国内地企业全球工业综合指数持仓的市场板块来看，深圳证券交易所占比46.82%、上海证券 交易所占比45.68%、香港证券交易所占比4.3 ...

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 ...

Core Viewpoint - The China Securities Index Transportation Index has shown mixed performance, with a recent increase but a decline over the year-to-date period, indicating potential volatility in the transportation sector [2]. Group 1: Index Performance - The China Securities Index Transportation Index opened higher and rose by 0.25%, closing at 1537.59 points with a trading volume of 27.15 billion [1]. - Over the past month, the index has decreased by 0.62%, increased by 1.55% over the last three months, and has declined by 4.72% year-to-date [2]. Group 2: Index Composition - The index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [2]. - The top ten holdings in the index include: - Beijing-Shanghai High-Speed Railway (9.83%) - SF Express (9.29%) - COSCO Shipping Holdings (8.23%) - Datong Railway (6.17%) - Shanghai Airport (3.74%) - China Eastern Airlines (2.99%) - Southern Airlines (2.86%) - Air China (2.53%) - China Merchants Highway (2.45%) - Spring Airlines (2.43%) [2]. Group 3: Market Segmentation - The Shanghai Stock Exchange accounts for 75.92% of the index's holdings, while the Shenzhen Stock Exchange represents 24.08% [2]. - The industry breakdown of the index holdings is as follows: - Railway Transportation: 18.18% - Shipping: 16.69% - Air Transportation: 14.11% - Express Delivery: 13.27% - Comprehensive Logistics: 12.05% - Highways: 9.70% - Ports: 9.57% - Airports: 5.34% - Road Transportation: 1.09% [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3].

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].