5月22日，全国首列粮食多式联运"一单制"班列满载3000吨玉米从国铁沈阳局吉林榆树站发车，搭乘货 轮驶向广西钦州港，开启海运之旅。今年以来，铁路部门积极加强与港口、航运、公路等部门的协作， 聚焦"公铁水空"重点领域和关键环节，推进运输结构调整和多式联运不断取得新的突破，让"人享其 行、物畅其流"的美好愿景不断照进现实。 以铁路为骨干，织密多式联运"一张网"。铁路作为国民经济大动脉，串联起港口、公路、机场等枢纽节 点，成为立体交通网络的"骨架"。截至2024年，全国规划的40个铁路物流中心全部挂牌成立，直通快运 班列开行数量突破340条，165个铁路物流基地辐射全国；2024年11月22日，国铁集团开始试行多式联 运"一单制"运输，2025年2月28日，国铁集团与4家航运企业签订合作协议，联手开展集装箱多式联 运"一单制"运输服务。截至目前，已推出多式联运"一单制"产品119个,铁路货运市场份额持续扩大，物 流运行总体延续稳中有进的发展态势。一张以铁路为纽带、多式联运高效衔接的物流网络，正为构建全 国统一大市场注入强劲动能。 以协同为纽带，书写惠民利企"大文章"。立体交通网络的本质是资源整合与协同共赢。在重庆 ...

Core Insights - The article highlights the rapid development of logistics and trade infrastructure in Henan province, positioning it as a key player in both domestic and international trade despite being an inland region [1][8] - The establishment of the Zhengzhou International Land Port and the upcoming Central European Train (Zhengzhou) assembly center are pivotal in enhancing the province's logistics capabilities [2][3] Logistics Infrastructure Development - The Zhengzhou International Land Port has been operational since 2013, facilitating over 10,000 train trips to 40 countries and 140 cities in Europe [2] - The new Central European Train assembly center is expected to be completed by June 2025, with a capacity to handle "10,000 trains and 10 million tons" of cargo annually [3][7] - The logistics network is being enhanced through the integration of air, rail, and road transport, creating a multi-modal transport system that improves efficiency and reduces costs for businesses [5][6] Industry Growth and Attraction - Henan has attracted major companies like BYD and Foxconn, leading to the establishment of a robust industrial ecosystem, particularly in the new energy vehicle sector, which produced 167,600 units in Q1 2025, ranking 10th nationally [1][8] - The province's logistics improvements have spurred the growth of cross-border e-commerce, with new air routes enhancing global reach for local businesses [5][6] Future Plans and Projections - The "Henan Province Inland Waterway and Port Layout Planning Revision (2025-2035)" aims to develop a modern inland shipping system, targeting over 2,200 kilometers of navigable waterways by 2030 [7] - The government is focusing on building a comprehensive logistics network that integrates air, rail, road, and water transport to further enhance trade efficiency [9][10]

中国民航网讯：国泰航空今日宣布正式入驻上海机场苏州城市航站楼，并推出一站式"陆空联运"服务， 旨在通过优化空地衔接流程与提升服务质量，为旅客打造集高效、便捷、品质为一体的国际出行新体 验。 此次服务开通，也标志着国泰航空多式联运服务从粤港澳大湾区进一步拓展至长三角核心区域，是国泰 在内地多式联运布局的关键拓展。 作为多式联运服务的创新先行者，国泰航空近年来积极响应国家推动航空运输与其他交通方式融合发展 的相关战略部署。在粤港澳大湾区，国泰已成功探索包括"快船+客机""跨境车+客机""直升机+船+客 机"等多种创新模式，不断提升大湾区旅客国际出行的便利和效率。（国泰航空供稿）（编辑：王亚玲 校对：金杰妮 审核：韩磊） 国泰中国内地董事郑家驹表示："我们很高兴将国泰的多式联运服务进一步拓展至苏州及长三角地区。 苏州作为区域核心城市，拥有活跃的经贸生态与强劲的出行需求。此次合作是我们持续深耕内地市场， 积极拓展创新多式联运服务的又一成功实践，将有力的加强长三角与香港以及全球的互联互通，推动商 务及旅游等领域的协同发展。" 国泰航空正式入驻苏州城市航站楼（国泰航空供图） 为庆祝成功入驻苏州城市航站楼，助力旅客便捷出行 ...

Core Insights - A special train carrying 1,610 tons of feed wheat flour from Kazakhstan arrived in Wuhan, marking the first import of agricultural products from Central Asia to Hubei [1][2] - Kazakhstan is a significant wheat producer in Central Asia, and Hubei, despite being an agricultural province, still relies on some imports for feed grains [2] - The establishment of a logistics center in Hubei by Kazakhstan's Turkestan region aims to facilitate the storage and distribution of these agricultural products [2][3] Group 1 - The special train represents the first agricultural product trade train from Central Asia to Hubei, with plans for two more similar shipments within the month [1][2] - The train service is part of a broader initiative to balance import and export activities, with Hubei exporting textiles, electronics, and vehicles to Central Asia [2] - The "fast customs clearance" process implemented by Wuhan Customs has streamlined the import of these goods, enhancing efficiency [2] Group 2 - The annual import volume of agricultural products through this new trade route is expected to exceed 500,000 tons, which will help reduce logistics costs and meet grain processing demands [2][3] - Wuhan's strategic position as a transportation hub allows for efficient distribution of goods via multiple transport modes, enhancing overall logistics efficiency [3] - The Central European train service from Wuhan has seen a 6% increase in outbound trains and a 10% increase in inbound trains compared to the previous year, indicating growth in trade activities [3]

Summary of J.B. Hunt Transport Services (JBHT) FY Conference Call Company Overview - **Company**: J.B. Hunt Transport Services (JBHT) - **Date of Conference**: May 20, 2025 Key Industry Insights - **Intermodal Volumes**: Approximately 20% to 30% of intermodal volumes originated on the West Coast, with about half of those imports coming from China [3][4] - **Domestic vs. International Intermodal**: There is a distinction between domestic intermodal and international intermodal, with domestic volumes remaining stable despite fluctuations in imports [3][4][13] - **Customer Inventory Levels**: Many customers have significant inventory levels (4 to 12 weeks) in warehouses, which has contributed to steady business for J.B. Hunt [4][5][9] Core Points and Arguments - **Impact of Import Cliff**: The anticipated "import cliff" has not yet significantly affected domestic intermodal volumes, with some customers pausing shipments while others maintain normal operations [3][7][13] - **Customer Strategies**: Customers are employing various strategies, including sourcing from different manufacturing locations, which has led to stable business for J.B. Hunt [5][6][9] - **Volume Growth**: Eastern volume growth was reported at 13% in Q1, with strength in various areas of the network unrelated to imports [15][16] - **Conversion from Truck to Intermodal**: There is a strong trend of customers converting highway freight to intermodal, driven by cost pressures and the desire to lock in savings [20][21] Pricing and Margin Dynamics - **Pricing Environment**: The company has experienced mixed results in pricing, with some rate increases in headhauls but also lost volume due to competitive pricing pressures [25][26] - **Revenue per Load**: Revenue per load, excluding fuel, was down 1% in Q1, influenced by a shift in the mix of traffic between headhauls and backhauls [29][30] - **Long-term Margin Goals**: J.B. Hunt aims for a long-term margin of 10% to 12%, but current margins are impacted by high insurance premiums and excess capacity [47][48] Operational Insights - **Rail Service Quality**: The quality of rail service has been reported as the best in ten years, with strong partnerships with rail providers [50] - **Cost Management**: The company is focused on improving operational efficiency and managing costs to enhance profitability [57][58] Additional Considerations - **Market Conditions**: The trucking market remains lackluster, but there is cautious optimism about potential demand increases later in the year [19][44] - **Excess Capacity**: The company acknowledges excess capacity in intermodal, which poses challenges but also opportunities for future growth [48][49] Conclusion J.B. Hunt Transport Services is navigating a complex landscape of intermodal transportation, balancing customer demand, pricing pressures, and operational efficiency. The company remains focused on long-term growth and margin recovery while adapting to changing market conditions.

Group 1 - The first direct freight train from Tianjin Port to Uzbekistan via Horgos has been launched, carrying 50 containers primarily of auto parts, machinery, construction materials, and home appliances [1][3][5] - The new route reduces overall transportation costs by 20% to 30% compared to previous logistics methods [3] - The direct train service eliminates over 800 kilometers of travel, enhancing efficiency and opening new logistics channels for customers [5] Group 2 - Tianjin Port Group has optimized port operation resources to improve terminal unloading efficiency and reduce cargo dwell time [5] - Tianjin New Port Customs is facilitating faster customs clearance for shipping and trade enterprises through a "multi-point operation, rapid release" solution [5] - China Railway Container Transport Company is working on precise matching of domestic and international transport solutions to lower costs and improve logistics efficiency [5]

Group 1 - Xinjiang Railway, in collaboration with banks, has launched innovative financial products like "credit certificate settlement" and "railway freight loan," benefiting companies such as Bayi Steel and Minghe Investment with a total credit of 26 million yuan [1] - The logistics financial services have reached 39 clients with a total credit limit of 2.024 billion yuan, facilitating railway freight payments of 588 million yuan, including 20 million yuan through credit certificate settlement [1] - This model of "exchanging waybills for funds" transforms logistics data into financial credit, providing low-cost financing channels for small and micro enterprises [1] Group 2 - The efficient operation of logistics finance relies on robust infrastructure, with Xinjiang Railway upgrading freight station functions, leading to a projected freight volume of 237 million tons in 2024, a 10.6% increase year-on-year [2] - The coal export volume has surged to over 90.61 million tons, marking a 50.2% year-on-year increase, while the Alashankou and Horgos ports have facilitated over 16,414 China-Europe freight trains, accounting for more than half of the national total [2] - Xinjiang Railway is enhancing multi-modal transport development, signing agreements for 207 million tons of cargo volume, a 16.29% increase, and introducing a seamless "one order" rail-sea transport model that reduces cargo turnover time by over 30% and logistics costs by 15% [2] Group 3 - Xinjiang Railway is leveraging logistics finance to drive regional economic development, establishing a modern logistics system characterized by "channels + hubs + networks" [3] - The ongoing Belt and Road Initiative is expected to enhance Xinjiang Railway's role in serving national strategies and promoting regional coordinated development, positioning it as a vital corridor connecting Asia and Europe [3]

从鹤壁园区的西门进入，不见汽车排队，更不见粉尘飞扬，映入眼帘的是一个约12层楼高的封闭式储煤 仓。 瓦日铁路横跨山西、河南、山东三省，是我国"西煤东运"的重要通道，有"乌金动脉"之称。"正是瓦日 铁路在鹤壁设站，为我们带来了机遇。"鹤壁园区调度生产中心内，调度长杜天坤对进站的列车完成煤 炭接卸任务后说。 5月6日早晨7时，伴着悠长的汽笛声，由66节车厢组成的"钢铁长龙"缓缓驶来。不同于普通货运列车， 这趟列车是从瓦日铁路鹤壁时丰站变轨至河南煤炭储配交易中心鹤壁园区（以下简称"鹤壁园区"）的铁 路专用线，列车上满载的是从山西等地运来的3500吨优质煤炭。 "管带机长约30公里，煤炭在管状皮带内以每秒4.5米的速度全封闭运输，可以直达鹤淇电厂，真正实现 了无灰尘搬运。"杜天坤算了一笔账，管带机输煤能力为每小时1500吨，以每天运行12小时计算，单日 输送量可达1.8万吨，等同于汽车运输每日563车次的输送量；与电厂原有物流通道相比，管带机占地不 到同等距离铁路的30%，相比汽运短驳到厂，运输1吨煤的成本降低20元以上，是一种高效、环保、低 成本的运输解决方案。 今年的政府工作报告提出，纵深推进全国统一大市场建设。 ...

Group 1 - The logistics industry in Tai'an is expanding rapidly, with the number of regulated logistics enterprises increasing from 58 in 2022 to 128 by 2025 [1] - Tai'an is implementing a new industrialization strategy, focusing on modern logistics development, leveraging its advantageous transportation location and solid industrial foundation [1] - The Tai'an Logistics Industry Development Service Center is enhancing the capabilities of logistics personnel through training programs and promoting the integration of advanced manufacturing and modern logistics [1] Group 2 - Tai'an is innovating its logistics development paths by establishing a multi-modal transport system, enhancing logistics efficiency and service capabilities [2] - The city aims to strengthen and attract major logistics enterprises, providing targeted support to help more companies achieve regulatory compliance and expand the number of regulated logistics enterprises [2] - There are plans to introduce two more national 5A logistics enterprises, further increasing the number of high-rated logistics companies in Tai'an [2]

Core Insights - The container leasing industry is a crucial pillar in the logistics sector, providing leasing services for various transportation modes including maritime, land, and air [1][14] - The industry has evolved from initial exploration to a mature market since the rise of containerized transport in the 1960s, experiencing rapid growth due to globalization and increased cross-border trade [1][14] - China, as the largest producer and consumer of containers, is witnessing a continuous increase in the market size of the container leasing industry, projected to reach approximately 30 billion yuan in 2024, reflecting an 8.3% year-on-year growth [1][14] Industry Overview - Container leasing involves agreements between leasing companies and lessees, typically shipping lines or transport companies, for the rental of containers, with responsibilities for maintenance and repair resting on the lessee [3] - The leasing methods can be categorized into three types: time charter, voyage charter, and flexible leasing [3] Market Dynamics - The Chinese container leasing market is expected to continue expanding, particularly driven by the rapid development of emerging markets [1][14] - Government policies have been introduced to promote the development of the container leasing market, including initiatives to encourage collaboration between rail and shipping companies and the establishment of container return points [5][12] Industry Chain - The container leasing industry chain consists of upstream raw material suppliers and container manufacturers, midstream leasing companies, and downstream users including maritime, rail, road, and air transport [8] Current Development - In 2024, China's metal container production is projected to reach 29.8956 million cubic meters, a 177% year-on-year increase, with continued growth expected into 2025 [10] - Container throughput in China is also on the rise, increasing from 26.4 million TEUs in 2020 to an estimated 33.2 million TEUs in 2024, indicating strong demand for container leasing services [12] Competitive Landscape - The industry exhibits a high degree of market concentration, with the top five companies controlling 84.8% of the total container fleet, and the top ten companies holding 92.7% [16] - Major players include China COSCO Shipping Corporation, China International Marine Containers, Bohai Leasing, and China Foreign Trade Development Company [16][18] Future Trends - The container leasing industry is expected to benefit from the rapid development of emerging markets in Asia and Africa, technological innovations, and supportive government policies [22]