Investment Rating - The report maintains a positive outlook on the shipping industry, particularly in light of recent developments in Venezuela and the increase in new ship prices [1][2]. Core Insights - Venezuela's political changes are expected to benefit compliant tanker markets, with a potential increase in oil exports leading to higher demand for Aframax tankers and VLCCs [3][4]. - New ship prices have shown an upward trend, with a 0.5% increase reported, particularly in gas carriers which rose by 1% [3]. - The report highlights a significant drop in VLCC freight rates, which fell by 36% week-on-week, while the Atlantic market remains relatively stable [3][4]. Summary by Sections Shipping Market - The report notes that the recent escalation in Venezuela's situation could lead to a 1.4% increase in compliant VLCC oil transport demand and a 4.0% increase for Aframax tankers [3][4]. - The average VLCC freight rate was reported at $43,895 per day, with Middle East to Far East rates dropping to $38,690 per day, a decrease of 45% from the previous week [3][4]. New Ship Prices - New ship prices have increased by 0.5% to 185.59 points, although they are down 1.85% compared to the beginning of 2025 [3][4]. Oil and Product Transport - The LR2-TC1 freight rate increased by 5% to $42,671 per day, supported by tight capacity in previous weeks [3]. - The report indicates a decline in MR average freight rates by 5% to $23,103 per day, with the Atlantic market remaining stable despite the holiday season [3][4]. Air Transport - The report anticipates significant improvements in airline profitability due to supply constraints and increasing passenger volumes, recommending several airlines for investment [3][4]. Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for future performance [3][4]. Rail and Road Transport - Rail freight volumes and highway truck traffic are expected to maintain steady growth, with recent data showing a slight decrease in volumes [3][4].

Group 1: Metal Sector - Yun Aluminum Co. (000807.SZ) is projected to achieve a net profit of CNY 44.12 billion in 2024, increasing to CNY 75.75 billion by 2026, with a PE ratio decreasing from 25.82 to 15.04[9] - The company has a comprehensive production capacity of 305,000 tons of green aluminum and 140,000 tons of alumina, positioning it as a leader in the green aluminum sector[18] - The company's debt-to-asset ratio is expected to decrease to 23% by 2024, maintaining a strong ROE of 15.6%[24] Group 2: Construction Materials - Huaxin Cement (600801.SH) is forecasted to have a net profit of CNY 24.16 billion in 2024, growing to CNY 36.58 billion by 2026, with a PE ratio dropping from 18.60 to 12.29[9] - China National Materials (002080.SZ) is expected to see its net profit rise from CNY 8.92 billion in 2024 to CNY 25.87 billion in 2026, with a PE ratio decreasing from 68.38 to 23.57[9] Group 3: Transportation Sector - SF Holding (002352.SZ) is projected to achieve a net profit of CNY 101.70 billion in 2024, increasing to CNY 124.78 billion by 2026, with a PE ratio declining from 18.82 to 15.34[9] - The Beijing-Shanghai High-Speed Railway (601816.SH) is expected to see a slight increase in profit, with a PE ratio of 1973.38 in 2024, dropping to 1758.94 by 2026[9] Group 4: Chemical Sector - Senqcia (002984.SZ) is forecasted to have a net profit of CNY 21.86 billion in 2024, with a PE ratio of 10.03, expected to rise to CNY 21.26 billion by 2026[9] - Yara International (000893.SZ) is projected to achieve a net profit of CNY 9.50 billion in 2024, increasing to CNY 39.34 billion by 2026, with a PE ratio decreasing from 46.64 to 11.27[9]

Core Viewpoint - After enduring three years of pandemic challenges, the Beijing-Shanghai High-Speed Railway is entering a rapid recovery phase in 2023 and 2024, but by 2025, revenue and profit growth show signs of stagnation, with net asset return rates around 6%, which is inconsistent with its "cash printing machine" image [5][6]. Group 1: Financial Performance Overview - The company was listed in January 2020, raising 30.7 billion yuan and incurring 20 billion yuan in debt to acquire 65% of the Anhui Jiufu company for a total of 50 billion yuan [7]. - Revenue growth from 2020 to 2022 was negative, with a peak revenue of 349 billion yuan in 2019 dropping by 44.7% to 193 billion yuan in 2022; net profit fell from 11.07 billion yuan in 2019 to a loss of 580 million yuan in 2022 [8]. - In 2023, revenue rebounded by 110.4% to 40.7 billion yuan, and net profit turned positive at 11.55 billion yuan; however, signs of peak performance emerged in 2024 with revenue and net profit growth of 3.6% and 10.6%, respectively [8][9]. Group 2: Business Segments - The main business segments include passenger transportation and network services, with passenger numbers remaining relatively stable pre- and post-pandemic, indicating a peak in passenger revenue [10][11]. - Network service revenue showed a consistent increase from 18.8 billion yuan in 2023 to 20.1 billion yuan in 2024, but growth stagnated in the first half of 2025, raising questions about future revenue potential [12]. Group 3: Acquisition Impact and Valuation - The acquisition of Anhui Jiufu has led to significant fluctuations in operational efficiency, with actual profits falling short of management's expectations, resulting in substantial losses from 2022 to 2024 [14]. - The financial reports indicate a simplified business model, with most operations outsourced, leading to minimal accounts receivable risk and a high proportion of cash and fixed assets [15][18]. - Current valuations suggest that the combined entity is overvalued, with adjustments indicating a net profit of approximately 13.3 billion yuan for 2024, leading to a net asset return rate of 8.4% and a price-to-earnings ratio of around 15.2 [19][21]. Group 4: Future Growth Potential - The company is positioned to benefit from upcoming high-speed rail projects, such as the Xiong'an-Shangqiu high-speed railway expected to open in September 2026, which could enhance revenue through increased capacity and potentially higher ticket prices [22][24]. - The growth in network revenue is primarily driven by new connections that increase passenger and freight traffic, with significant contributions expected from the completion of additional rail lines [25][26]. - The strategic location within the "Eight Vertical and Eight Horizontal" high-speed rail network suggests substantial future value enhancement opportunities, particularly as new lines are integrated [27].

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 ...

Summary of Beijing-Shanghai HS Rail (601816 CH) Research Report Company Overview - **Company**: Beijing-Shanghai High-Speed Rail (BSHSR) - **Ticker**: 601816 CH - **Sector**: Transportation Infrastructure - **Market Cap**: CNY 250,010 million (USD 35,474 million) [8][16] Key Points Earnings Growth and Valuation - The company's share price has corrected by 9% since July, while the CSI 300 index increased by 16% during the same period, primarily due to weak traffic earlier this year [2][3] - BSHSR is expected to improve profitability through train mix optimization and fare discount reductions [2][3] - The stock is currently trading at a 1.2x 2026 estimated price-to-book (PB) multiple, below its historical mean of 1.4x [2] - Projected return on equity (ROE) for 2026 is 6.7%, above the historical average of 6.2%, indicating an attractive valuation [2] Traffic and Revenue Growth - Main-line train passenger traffic is expected to show low single-digit year-on-year growth in Q4 2025, recovering from a 1.6% decline in the first three quarters of 2025 [3] - The company plans to optimize its train mix by increasing the proportion of long-distance trains and reducing fare discounts to maintain revenue growth, although the effectiveness of these measures may diminish in 2026 [3][20] Profitability Improvement - BFHSR Anhui's net profit surged approximately 300% year-on-year to around RMB 170 million in Q3 2025, with expectations for further increases in traffic and profitability after the Xiongan-Shangqiu HSR begins operations in September 2026 [4] - Financial costs for BFHSR Anhui decreased by 21% year-on-year in the first three quarters of 2025, with expectations for continued declines in interest expenses [4] CR450 Train Deployment - The new CR450 high-speed train, capable of operating at 400 km/h, is expected to be commercially available by the end of 2026, potentially enhancing BSHSR's competitiveness against airlines [5] - Anticipated travel time between Beijing and Shanghai could decrease from 4.3 hours to 3.5 hours, increasing the attractiveness of rail travel [5] Financial Estimates and Target Price - The target price for BSHSR has been raised to RMB 6.90 from RMB 6.70, implying a 35% upside from the current share price of RMB 5.11 [6][8] - Net profit estimates have been increased by 1% for 2025 and 2026, while a 1% decrease is projected for 2027 [6][22] - The weighted average cost of capital (WACC) assumption has been lowered to 7.05% from 7.35% [6][27] Risks and Considerations - Key downside risks include macroeconomic headwinds affecting passenger traffic, lower-than-expected earnings from BFHSR Anhui, and potential limitations on ticket price increases [31][32] - The company holds a 65.1% stake in BFHSR Anhui, which may expose it to risks if the latter's earnings do not meet expectations [32] Financial Performance Metrics - Revenue projections for 2025 are CNY 43,262 million, with expected growth rates of 2.6% in 2025 and 4.1% in 2026 [13][14] - EBITDA is projected to be CNY 24,996 million in 2025, with a margin of 57.8% [13][14] - The company is expected to maintain a dividend yield of 2.7% in 2025 [15] Conclusion - BSHSR is positioned for potential growth driven by traffic recovery, operational improvements, and the introduction of new high-speed trains. The current valuation appears attractive, but investors should remain cautious of macroeconomic risks and operational challenges.

（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].