当及花业 交通运输/ 27 776 2025 年 08 月 26 日 版 发行业 物流行业点评 相关研究 移研究报 申万宏源研究微信服务号 本期投资后示: 事件: 2025 年 7 月 24 日交通运输部、公安部、工业和信息化部联合制定了《车辆运输 ● 车专项治理行动方案》, 重点任务为：1）严格新增车辆市场准入管理; 2）强化源头装 载监管;3) 加强路面执法检查;4) 加强源头处罚。此次行动将持续６个月,分四个阶 段推进，9-11 月重点整治阶段，重点治理车辆运输车超标装载运输乱象。 请务必仔细阅读正文之后的各项信息披露与声明 治超加码推动运输结构调优, 运力有塑受益 证券分析师 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 vanhai@swsresearch.com 严天鹏 A0230524090004 vantp@swsresearch.com 联系人 范晨轩 (8621)23297818× fancx@swsresearch.com 公路汽车运输行业在"反内卷"背景下，正从价格竞争转向高质量发展，治超政策加速行 ● 业出清，合 ...

Core Viewpoint - The successful development of the first domestic TDI hazardous goods railway tank container by CIMC and a major domestic chemical enterprise marks a significant advancement in the safe transportation of hazardous chemicals in China, promoting the "road-to-rail" transition for dangerous goods transportation [1][2]. Group 1: Technology and Innovation - The TDI railway tank container has passed static strength tests with a load of 30 tons and impact tests at 8 km/h, meeting all relevant railway standards [2]. - The development team conducted rigorous water pressure and air tightness tests to eliminate leakage risks, addressing TDI's high reactivity characteristics [2]. Group 2: Economic and Environmental Impact - The new technology significantly enhances the safety of TDI transportation and allows for the recycling of tank containers, potentially saving over 10 million yuan annually in steel drum packaging and protection costs [2]. - The "road-to-rail" initiative is environmentally beneficial, with every 100 million ton-kilometers of freight transport reducing emissions by approximately 7,500 tons of CO2, 80 tons of nitrogen oxides, and 4 tons of particulate matter [2]. Group 3: Industry Context - China is the world's largest TDI production base but has faced transportation challenges due to high costs and risks associated with traditional road and rail drum transport [1]. - The initiative aligns with the national plan to effectively reduce logistics costs across society, positioning railway transport as a key direction for hazardous goods transportation [1].

Core Viewpoint - The first customized train for transporting photovoltaic glass in Guizhou Province has officially launched, marking a significant development in the logistics of the rapidly growing global photovoltaic industry [1] Industry Summary - The global photovoltaic industry is experiencing rapid growth, leading to increased demand for photovoltaic glass, which is a core component of solar energy systems [1] - Historically, photovoltaic glass has relied on road transportation, which has resulted in high damage rates, significant carbon emissions, and elevated transportation costs per ton [1] - The launch of the dedicated train service aligns with the national "public transport to rail" policy, addressing the transportation needs of the photovoltaic industry [1] Company Summary - Guizhou Qianbo Yongtai New Materials Co., Ltd., the manufacturer of the photovoltaic glass, has highlighted the benefits of the customized train service, including reduced transportation time and costs, lower cargo damage, and promotion of green transportation development [1]

Group 1: Strategic Positioning and Goals - The company aims to become a leading modern logistics enterprise with strong regional competitiveness [2] - Strategic goals include supporting national development strategies and transforming from a traditional railway carrier to a comprehensive logistics service provider [2][3] Group 2: Business Development Plans - **Railway Transportation**: Focus on expanding the railway network in Ningxia and Inner Mongolia, optimizing coal transportation routes, and enhancing the railway infrastructure [3][4] - **Supply Chain**: Promote multimodal logistics integration and reduce logistics costs through resource consolidation [3][5] - **Wine Sector**: Focus on inventory management and planning for future business transformation [5] Group 3: Railway Operations and Capacity - The company has a designed railway capacity of 100 million tons, with a projected railway throughput of 72.22 million tons in 2024, representing a 9.09% year-on-year increase [4] - The railway network spans 315 kilometers in operation and 642 kilometers in total, facilitating connections to major national rail lines [4] Group 4: Market Conditions and Challenges - The company faces a complex international environment and insufficient domestic demand, but economic indicators remain stable [3][4] - Future growth in railway throughput is expected to continue, with a focus on market responsiveness and cost reduction strategies [4] Group 5: Supply Chain Trade Services - The supply chain trade service relies on railway transportation, with low gross margins impacting net profit [5] - No new supply chain contracts were signed for 2024, focusing instead on completing existing contracts from 2023 [5]

Core Viewpoint - The opening of the "Northbound Train" and "Bay Area Boutique Train" enhances Sichuan's railway transport network, promoting a shift from road to rail logistics, which is expected to reduce logistics costs significantly and improve efficiency in freight transport [1][2][3]. Group 1: Cost Reduction and Efficiency Improvement - The new train routes are projected to transfer over 160,000 tons of freight from road to rail annually, leading to an estimated annual cost reduction of 4 billion yuan [1][3]. - The "Northbound Train" aims to establish a demonstration line for the "road-to-rail" transition, with an initial capacity to shift 40,000 to 80,000 tons of freight per year, potentially reaching 80,000 to 100,000 tons in the long term [2]. - The "Bay Area Boutique Train" is expected to facilitate a similar shift of 80,000 to 100,000 tons annually, reducing logistics costs by 2.36 billion yuan per year [2]. Group 2: Enhanced Transport Quality - The new trains will significantly reduce transport time, with the "Bay Area Boutique Train" cutting the journey from 72 hours to as fast as 32 hours, saving approximately 10 hours compared to traditional road transport [2]. - The initial frequency of the new routes will be every other day, with plans to expand to daily operations due to high demand from shippers [2]. Group 3: Industry Development and Collaboration - The "Northbound Train" and "Bay Area Boutique Train" are part of a strategy to create a "train + industry cluster" development model, facilitating the exchange of over 100 types of goods between Sichuan and the Beijing-Tianjin-Hebei region, and over 200 types with the Guangdong-Hong Kong-Macao Greater Bay Area [4]. - The new routes will support the export of Sichuan's specialty products and high-value goods, fostering collaboration between industries in Sichuan and coastal regions [4][5]. - The establishment of these routes will create a comprehensive logistics network connecting Sichuan to Northeast Asia and facilitate the development of a competitive industrial cluster in the Chengdu-Chongqing region [5].

Core Viewpoint - The successful launch of a dedicated railway transport service for gasoline supply in Beijing marks the beginning of a strategic initiative to ensure energy supply stability in the region [1][3]. Group 1: Transportation System - The railway supply system is structured around three loading bases: Shijiazhuang Refining, Cangzhou Refining, and Tianjin Petrochemical, creating a circular transport network with seven railway stations in Beijing [3]. - This model ensures an average daily supply of over 5,000 tons of oil products to Beijing, maintaining the energy supply baseline [3]. Group 2: Consumption and Supply Gap - Beijing's daily gasoline and diesel consumption is approximately 10,000 tons, with 80% supplied directly through pipelines from Yanshan Petrochemical [4]. - During a planned maintenance shutdown of Yanshan Petrochemical for 85 days starting in late May 2025, a supply gap of nearly 600,000 tons of oil products will need to be filled through transportation from refineries in the Beijing-Tianjin-Hebei region and other provinces [4]. Group 3: Environmental and Operational Efficiency - The railway transport method significantly reduces carbon emissions compared to the daily 240 truckloads of oil transported by road, thus mitigating transportation safety risks [6]. - The railway's "door-to-door" logistics service alleviates operational pressures on companies, providing an innovative model for energy collaboration in the Beijing-Tianjin-Hebei region [6]. Group 4: Future Developments - The regular operation of the oil supply railway service is a practical implementation of the "shift from road to rail" strategy and contributes valuable experience for regional emergency material supply mechanisms [6]. - Future plans include further optimization of transport organization to provide greener, safer, and more efficient energy transport support for the coordinated development of the Beijing-Tianjin-Hebei region [6].

Group 1 - Guazhou County is implementing an "industrial strong county" strategy, focusing on industrial-led development to stabilize the economy and attract investment [1][3] - The LNG peak-shaving storage project by Gansu Maoque Energy Co., Ltd. has completed 70% of its total engineering work and is expected to be operational by August 15, 2025, with a total investment of 1.06 billion yuan [3][4] - The project will produce approximately 460,000 tons of LNG annually, generating an annual output value of 2.4 billion yuan [3][4] Group 2 - The Jinweihongyuan Guazhou Rail-Water Logistics Park is enhancing coal transportation efficiency, utilizing advanced loading technology to reduce costs for clients [3][4] - The dedicated railway line spans 3.26 kilometers and has an annual loading capacity of 4 million tons, contributing to the integration of coal production and sales in the region [4] - From January to April, Guazhou County has advanced 44 key investment projects, with an expected investment of 87.55 billion yuan and a year-on-year increase of 38.64% in actual investment funds [4]

Group 1: Railway Freight Transport - In the first four months, national railway freight volume reached 1.681 billion tons, a year-on-year increase of 2.00%, with April's volume at 428 million tons, up 4.91% [1] - The China National Railway Group reported a freight volume of 1.298 billion tons in the same period, growing by 3.51%, with April's volume at 328 million tons, increasing by 5.12% [1] - Daily loading of national railways averaged 180,000 cars, a year-on-year increase of 4.7%, with coal transport reaching 672 million tons, including 464 million tons of electricity coal [1] Group 2: Logistics and Intermodal Transport - The railway sector is focusing on logistics total package services, promoting the shift of bulk cargo transport from road to rail, with 114 new logistics contracts signed in April, representing a 159% increase [1] - The "95306" platform allows for the acceptance of full logistics services for intermodal transport, facilitating a single settlement for rail and water transport fees [2] - The Daqin Railway's cargo transport volume showed signs of recovery, with a total of 123 million tons transported in the first four months, a decrease of 4.05%, but April saw a 0.99% increase [2] Group 3: Cross-Border Transport - In the first four months, the China-Europe Railway Express operated 6,042 trains, a decrease of 2.3%, but the decline rate is narrowing compared to the previous quarter [2] - The Central Asia Railway Express operated 4,725 trains, a year-on-year increase of 21.2%, while the China-Laos Railway sent 197,600 tons of cross-border goods, up 7.6% [3] Group 4: Passenger Transport - National railway passenger volume reached 1.456 billion people in the first four months, a year-on-year increase of 5.90%, with April's volume at 382 million, up 6.01% [3] - Daily passenger train operations averaged 11,200 trains in April, a year-on-year increase of 7.1% [3] - Cross-border passenger transport saw significant growth, with the Guangzhou-Shenzhen-Hong Kong high-speed rail sending 10.172 million cross-border passengers, up 14.7% [3]

Core Viewpoint - The integration of the Beijing-Tianjin-Hebei (Jing-Jin-Ji) region's logistics network through rail freight services is enhancing the efficiency and cost-effectiveness of goods transportation, facilitating both exports and imports across Eurasia [1][2][5]. Group 1: Rail Freight Network Development - The Jing-Jin-Ji region has established a comprehensive rail freight network that connects with road and water transport, providing flexible logistics options for customers [1]. - In 2024, the Beijing Railway Bureau's rail freight network is expected to serve 18,833 customers, transporting 36,187.7 million tons of goods, marking a 3.4% year-on-year increase [1]. Group 2: Export Trends - The regular operation of China-Europe and China-Central Asia freight trains has shifted the export focus from traditional goods to strategic emerging industries, with over 50% of exports now comprising new energy vehicles, photovoltaic components, and precision instruments [2]. - Popular products exported via these freight trains include automotive parts and high-value solar components, indicating a diversification in the export structure [2]. Group 3: Sea-Rail Intermodal Transport - The sea-rail intermodal transport system is effectively connecting Tianjin Port with inland cities, facilitating the import of various consumer goods such as flour, cooking oil, and beverages [5][7]. - The return cargo from Central Asia and Russia has significantly increased, providing a stable supply of raw materials for local processing companies [7]. Group 4: Efficiency Improvements - The introduction of the Port City Train has reduced transportation time significantly, allowing for "point-to-point" delivery between Tianjin Port and inland cities, thus enhancing logistics efficiency [8]. - The transition from road to rail transport for heavy goods, such as steel products, has improved delivery times and reduced costs for companies [8][9]. Group 5: Integrated Logistics Solutions - The "one order" system for intermodal transport has streamlined logistics operations, allowing customers to submit a single request for comprehensive logistics services, which reduces transportation time by 5 days and lowers costs by 4% [11]. - The coordination among various departments has improved the handling of large shipments, ensuring timely delivery and minimizing potential losses [10].