Core Viewpoint - The opening of the Huai Bin Central Port-Anyang Steel Group's new energy vehicle public-water intermodal transport channel marks a significant step towards low-carbon operations and enhanced logistics services at the Xinyang Port, transitioning it from a single inland river port to a comprehensive national river port [3][4]. Group 1: Low-Carbon Operations and Cost Efficiency - The new intermodal transport channel has led to a nearly 60% reduction in transportation costs for new energy vehicles compared to traditional diesel trucks, significantly decreasing carbon emissions and supporting the port's green development goals [4]. - Since its trial operation began on April 10, 2025, over 50 new energy trucks have been deployed to meet the transportation needs of the Xinyang Minggang Steel Plant [4]. Group 2: Container Throughput Growth - In its first operational year, the Huai Bin Central Port achieved a container throughput of 11,147 TEUs, exceeding its target by 185%. In 2023, the throughput reached 30,464 TEUs, a year-on-year increase of 173.29%, and is projected to reach 50,456 TEUs in 2024, marking a 65.62% growth [6]. - As of April 21, 2025, the cumulative cargo throughput reached 1.2708 million tons, a 152.49% increase, with key cargo types including iron ore, white marble, rice, outdoor furniture, yellow sand, fertilizers, and steel billets [7]. Group 3: Multi-Modal Transport Development - The Huai Bin Central Port has been recognized as a provincial multi-modal transport demonstration project, successfully implementing "iron-water" and "road-river-sea" intermodal transport for various goods [5]. - The port is actively expanding its service capabilities and promoting the application of new energy vehicles, aiming to enhance its logistics services and support regional economic development [7]. Group 4: Regional Economic Impact and Infrastructure Development - The development of the Huai Bin Central Port is part of a broader strategy to create a "one port, four zones" layout and a "one trunk, six branches" waterway network, facilitating high-quality inland shipping development [10]. - The port's growth is expected to stimulate surrounding industries, particularly shipbuilding, logistics, food, and manufacturing, contributing to the overall economic vitality of the region [9]. Group 5: Future Prospects and Strategic Goals - Future projects include the expansion and quality improvement of the port area, the construction of dedicated railway lines, and the establishment of customs supervision and bonded warehouses, aiming to position the Huai Bin Central Port as a key container freight hub in Henan Province [7][10]. - The port aims to integrate various functions, including port operations, shipping, customs clearance, and bonded logistics, to enhance its operational efficiency and sustainability [10].

Group 1 - In the first quarter of this year, China Railway Nanning Bureau Group Co., Ltd. completed cargo dispatch of 35.26 million tons, a year-on-year increase of 6.5% [1] - Container shipments reached 644,000 TEUs, totaling 17.73 million tons, with the container volume accounting for 50.3% of total cargo dispatch [1] - The high proportion of container transport in Guangxi reflects the accelerated economic and industrial transformation in the region, highlighting the effectiveness of regional development and demand expansion [1] Group 2 - The aluminum industry is a key sector in Baise, with significant transportation cost savings achieved through the use of rail containers, including a reduction of 4 yuan per ton compared to road transport, leading to annual savings of 28 million yuan for aluminum ore and 5 million yuan for coal [2] - The Nanning Bureau has successfully launched a "one ticket" iron-sea intermodal transport project, enhancing the logistics network for Guangxi products and establishing six sugar iron-sea fast lines to the Beibu Gulf Port [2] - In the first quarter, the Western Land-Sea New Corridor sent 345,000 TEUs, a year-on-year increase of 68.2%, with expectations to exceed 1 million TEUs for the year [2] Group 3 - The Nanning Bureau plans to adapt to industrial transformation and regional economic development by focusing on the development of aluminum ore and coal, promoting the shift from bulk to container transport [3] - The bureau aims to utilize market pricing mechanisms to organize fast logistics trains covering Guangxi, Guangdong, and Chongqing, creating a logistics network that connects the Guangdong-Hong Kong-Macao Greater Bay Area and the Southwest Economic Circle [3]

Core Viewpoint - The opening of the "Hanoi-Ezhou-Chicago" round-trip cargo route marks a significant expansion of international cargo services at Ezhou Huahu International Airport, enhancing its role as a logistics hub [1][3]. Group 1: Route Details - The cargo flight 5Y8244, carrying electronic products, retail clothing, and home goods, arrived at Ezhou Huahu International Airport on April 24 and will operate three hours later to Chicago, officially launching the new route [1]. - This route is the 10th international cargo route opened by Ezhou Huahu Airport in 2025, following the Copenhagen route opened on April 2, and is the 4th fifth freedom route [1][3]. Group 2: Operational Aspects - The route is operated by Apex International Logistics (China) Co., Ltd., with Atlas Air as the U.S. cargo operator, initially offering three flights per week, increasing to six flights per week starting May 21 [3]. - The cargo types include electronic products, auto parts, retail clothing, industrial products, and cross-border e-commerce goods [3]. Group 3: Efficiency and Strategic Importance - The new route utilizes a "one single waybill" approach, significantly reducing transit time at Ezhou Huahu Airport to 3-5 hours through battery document mutual recognition, thereby lowering operational costs and enhancing customs efficiency [3]. - The route aims to leverage the hub advantages of Ezhou Huahu Airport to establish a global air cargo network centered around the airport, facilitating cross-border e-commerce and multimodal transport integration [3].

新华社重庆4月25日电 题：打通物流供应链上的堵点——来自2025中国多式联运合作大会上的观察 新华社记者林红梅、赵佳乐 新塑"四个全程"服务能力 多式联运起源于集装箱的发展，多年来，集装箱在公路、铁路、水路、航空等不同运输方式的转运 中，存在诸多卡点。 "我国集装箱多式联运经过多年持续推动，正进入增量提质发展的新阶段。"中国集装箱行业协会常 务副会长李军25日在重庆举行的2025中国多式联运合作大会上说，集装箱作为物流运输核心要素，构建 起国内、国际主干物流网络。近年来一系列创新模式和新技术正加紧打通公路、铁路、水路等全程运输 中的堵点，畅通供应链，降低物流成本。 中国集装箱行业协会近年来推动具有跨区域联通和全过程管控能力的多式联运企业大力发展公铁、 铁水中转等联运方式。 "多式联运已形成规模化发展的基础。"李军为记者分析了一组数据：2024年全国港口集装箱铁水联 运量达到1335万标准箱，占全国港口集装箱总吞吐量的4%。其中，沿海港口集装箱铁水联运量完成约 1263万标准箱，长江等内河铁水联运量约72万标准箱，分别同比增长15%、22.1%。 "多式联运经营人已从传统物流独立出来，逐步构建了'四个全程'服 ...

多式联运是指各种运输方式服务衔接、标准统一，能够实现一货畅流到底。李军介绍，全国港口集 装箱2024年铁水联运量约1335万标准箱，铁路集装箱发送3668万标准箱，中欧班列开行数量19392列， 连续十年呈现快速增长态势。 新华社重庆4月24日电（记者林红梅、赵佳乐）我国集装箱多式联运在政策支持、市场需求、铁路 货运改革以及技术创新等因素驱动下，总体规模继续攀升。这是中国集装箱行业协会常务副会长李军24 日在重庆发布《中国集装箱多式联运发展报告（2024）》时表示的。 会上还发布了天津港海铁联运发展指数。天津港集团物流有限公司副总经理李巍介绍，中国集装箱 行业协会智库携手天津港，率先建立海铁联运发展指数，反映天津港海铁联运总体发展情况，为多式联 运经营人提供资源配置依据。 中国集装箱行业协会是全国唯一的集装箱行业全产业链的行业组织，由交通运输部进行业务指导， 有近500家会员。 李军说，多式联运经营主体已从传统物流中独立出来，星级多式联运经营人达到125家；多式联 运"一单制"扩围提质，标准和规则逐渐完善；港口加快推进铁水联运一体化，数据互联共享取得突破， 铁水联运衔接组织更加顺畅。 2024年度中国集装箱多 ...

2025年超级枢纽博览会（Super Terminal Expo）全面升级，以 "定义亚洲未来交通枢纽" 为核心使命，聚 焦客货多式联运规划、设计、建设运营全链条，为行业提供从战略布局到商业落地的系统性解决方案！ 规模升级 机场对话：以圆桌会议推动协同创新 加入2025超级枢纽博览会，参与"高端闭门圆桌会议"，与全球机场规划师、咨询顾问、政府部门、地勤 服务商及航司高管深度协作： 活动亮点 01 围绕航空、铁路、港口与公路的深度融合，本届展会打造 "多式联运创新生态圈" ，汇聚全球顶尖技术 方与决策者，破解枢纽衔接痛点、优化资源调度效率，推动亚洲交通网络从割裂走向协同，为绿色零碳 目标提供可复制路径。 查看2024展商列表：https://exhibitors.informamarkets-info.com/event/STE2024 （可复制到浏览器） 02 直面痛点：围绕规划冲突、运营效率、政策壁垒等核心挑战，展开无保留对话； 破解困局：通过跨角色视角碰撞，共同制定可落地的解决方案； 预见趋势：捕捉智慧机场、低碳转型、旅客体验升级等前沿风向标； 生态链接：与机场全产业链决策者建立战略级合作，共塑行业未来。 ...

■ 我国物流成本高企的根源在于运输结构失衡与多式联运效率不足的长期矛盾。 公路运输虽承担着七成以上 的货运量， 但其单位成本和碳排放强度远高于水运。在此背景下，加快运河网络与高等级航道建设成为破局 关键——通过提升水运比重优化运输结构，配合智能化港口与自动化装卸设备强化铁水、公水联运的无缝衔 接，可系统性降低物流总成本。 ■ 内陆运河建设正悄然重塑中国经济地理格局。 当西江航道网将西南区域与大湾区的货运时效压缩至36小 时，西部地区低成本能源优势与东部地区沿海港口物流优势自此实现了跨区域联动，为未来优化产业布局提供 了基建基础。这种"空间折叠"效应不仅推动化工、冶金等产业向新能源富集区梯度转移，更促进生产要素在全 国范围内的优化重组，为构建多中心、网络化的产业布局奠定基础，最终推动东中西部从发展断层走向协同共 生的新格局。 ■ 我国水运体系正通过"高标基建—联运协同—智能节点"三层次布局， 支撑国家物流降本与经济一体化战 略：核心主线层面聚焦于高标准航道建设， 未来十年投资缺口 约1万亿元。由线向面的扩展指向多式联运体系 优化。地理条件受限下，需整合水运、铁路、公路等多方式协同。未来仍需进一步投入港口专用线网 ...

Core Viewpoint - The high logistics costs in China are rooted in the long-standing imbalance in transportation structure and insufficient efficiency of multimodal transport, necessitating the construction of canal networks and high-grade waterways to optimize transportation structure and reduce overall logistics costs [1][5]. Group 1: Logistics Cost Optimization and Transportation Structure Upgrade - The construction of canals can optimize national logistics costs, rationally allocate water resources, and support ecological restoration while helping inland areas break geographical constraints for industrial restructuring [5][8]. - In 2023, the ratio of social logistics costs to GDP in China was 14.4%, higher than the average level of developed countries, indicating a pressing need to lower logistics costs and enhance efficiency [8][10]. - The reliance on road transport, which accounts for over 70% of freight volume, results in higher unit costs and carbon emissions compared to water transport, highlighting the need for structural adjustments [11][13]. Group 2: Waterway Construction and Economic Geography - The construction of inland canals is reshaping China's economic geography, facilitating cross-regional linkages between low-cost energy in the west and logistics advantages in the east, thus providing a foundation for optimizing industrial layout [7][25]. - The West River waterway network compresses freight time between the southwest region and the Greater Bay Area to 36 hours, promoting a multi-center, networked industrial layout [7][31]. Group 3: Investment in Water Transport Infrastructure - China's water transport system is being developed through a three-tier layout of "high-standard infrastructure—coordinated transport—smart nodes," with a projected investment gap of approximately 1 trillion yuan over the next decade for high-standard waterway construction [2][34]. - The market size for upgrading smart ports, which are crucial for multimodal transport, is estimated to reach 1.3 trillion yuan, with about 80% of the 2,878 major berths nationwide facing the need for intelligent transformation [2][54]. Group 4: Ecological Restoration and Water Resource Allocation - Canals play a vital role in water resource allocation and ecological restoration, as demonstrated by the South-to-North Water Diversion Project, which has significantly improved water supply conditions in northern regions [17][19]. - The economic value of water resource allocation through canals has been validated, with significant reductions in agricultural water costs and improvements in groundwater levels in areas like Hebei [18][21]. Group 5: Multimodal Transport Development - The development of multimodal transport is essential for enhancing the efficiency of canal systems, with significant progress observed in rail-water intermodal transport, which has seen a 15% year-on-year increase in 2024 [49][50]. - The integration of various transport modes can effectively overcome geographical limitations, improve logistics efficiency, and promote high-quality development of the logistics system [45][49]. Group 6: Future Prospects and Strategic Importance - The construction of high-standard waterways is expected to improve the balance of regional industrial distribution in China, facilitating the development of energy-intensive industries in the west while alleviating pressures in the east [31][32]. - The strategic importance of developing smart ports and multimodal transport systems is underscored by the need for enhanced resource integration and operational efficiency in the logistics sector [54][53].

Core Viewpoint - The company held its annual performance briefing for 2024, highlighting its operational achievements and future strategies, while addressing various investor inquiries regarding growth plans, market challenges, and financial performance. Group 1: Financial Performance - In 2024, the company achieved a revenue of 20.584 billion yuan, representing a year-on-year increase of 37.97% [26] - The net profit attributable to shareholders was 1.953 billion yuan, up 69.34% year-on-year, with a net profit excluding non-recurring gains and losses of 1.937 billion yuan, increasing by 79.29% [26] - The company plans to distribute a cash dividend of 794 million yuan, with a payout ratio of 40.63% [20] Group 2: Operational Strategies - The company is focusing on enhancing its logistics capabilities by expanding its fleet and optimizing route networks to address capacity shortages [2] - In 2024, the company increased its research and development investment to 24.5971 million yuan, focusing on projects like the upgrade of its portal website and AI-based cargo inspection systems [21] - The company is actively exploring new technologies in air cargo, including drone delivery and new cargo handling equipment [19] Group 3: Market Position and Growth - The company reported a 48.16% increase in revenue from its air cargo service segment, driven by strong international export demand and declining oil prices [21] - The company has expanded its international routes, including new direct cargo flights to cities like Riyadh and Budapest, enhancing its market presence [30] - The company holds a 9.19% market share in China's international air cargo market, an increase of 0.90 percentage points from the previous year [42] Group 4: Challenges and Responses - The company is closely monitoring the impact of U.S. tariff policies on its operations, acknowledging the uncertainty these policies bring [62][63] - The company is implementing measures to control costs, particularly in fuel and labor, to mitigate the impact of fluctuating oil prices and market competition [41] - The company recognizes the challenges posed by global trade policy uncertainties and is enhancing its operational resilience through capacity optimization and technological innovation [40] Group 5: Sustainability and Innovation - The company is committed to sustainable practices, having implemented measures that saved approximately 4,320 tons of fuel and reduced CO2 emissions by 13,608 tons in 2024 [50] - The company is actively participating in industry standards development, enhancing its influence within the sector [51] - The company aims to leverage digitalization and automation to improve operational efficiency and customer service [10][26]

与此同时，炬申股份在直运业务领域也积累了丰富的经验。随着国内铝材需求持续攀升，几内亚作为中 国最大的铝土矿进口来源国之一，吸引了众多中资企业前往投资开发。目前，公司旗下几内亚公司已配 备运输车辆为客户在几内亚提供从矿山至港口的铝土矿陆路直运服务。公司通过自有车队能够为客户提 供安全、高效、低成本的物流服务，从而增强客户的稳定性和黏性。 2024年，炬申股份仓储综合服务实现收入2.75亿元，同比增幅达54.95%，毛利率达59.37%，成为拉动公 司盈利增长的核心引擎。目前，公司仓储主营大宗商品的存储保管、装卸、货权转移登记、期货仓单制 作等综合仓储业务，服务品类涵盖铝锭、铝棒、氧化铝、电解铜、不锈钢、铝合金锭、铝卷、锌锭、锡 锭、工业硅、PVC、棉纱及原木等品种。 4月18日，炬申股份（001202）发布2024年年度报告。公司去年全年实现营业收入10.4亿元，同比增长 4.59%；实现归属于上市公司股东的净利润8157万元，同比增长31.17%；基本每股收益为0.64元。公司 拟向全体股东每10股转增3股。 炬申股份是一家专注于大宗商品物流与仓储服务的国家4A级物流企业，构建覆盖全国的多式联运与综 合仓储网 ...