（来源：经济日报） 转自：经济日报 2月10日8时16分，陕西省榆林市靖边东站开来的84183次煤炭列车驶入湖北省襄阳市襄州北站，标志着我国"北煤南运"战略大通道浩吉铁路开通运营后发 送列车正式突破90000列，在"十五五"开局之年交出亮眼成绩单，国家能源保供与区域经济发展支撑作用持续凸显。 浩吉铁路是我国最长的"北煤南运"战略大通道，自2019年9月28日开通以来，货运量实现阶梯式攀升。2026年煤炭运输开局强劲、运量飘红，1月电煤运量 同比2025年增长12%。负责浩吉铁路"豫鄂湘赣"段运营养护的襄州运营维修段，以强化设备养护、优化运输组织为抓手，全力保障电煤运输高效畅通。 作为浩吉铁路最大枢纽站，襄州北站春运期间日均开行煤炭列车80余对。车站充分发挥枢纽"心脏"功能，紧盯电煤及万吨列车运行动态，强化与调度、机 务、列检等单位协同联动，动态优化运输组织，实现电煤列车快到快接。列车到达后，接续机车换挂与列检、货检、列尾检查同步开展，高效推进列车接 发作业。春运以来，车站多次刷新接发车及运量纪录，创下单日发送煤炭30万吨、日办理车1.6万辆的历史新高。 "我们持续优化运输组织、细化作业流程，实现列检与货检同步 ...

中新网陕西榆林2月10日电 (张一辰 李弢)9日，一列满载3472吨煤炭的84183次货物列车从中国铁路西安 局集团有限公司(下称西安铁路局)靖边东站缓缓驶出，一路南下开往湖北省襄州北站，标志着浩吉铁路 自开通运营以来累计发运货物列车突破9万列。作为国家"北煤南运"最长煤炭运输战略大通道，浩吉铁 路已成为服务区域经济发展、完善能源保供体系的重要力量。 浩吉铁路 累计发运货物列车突破9万列。 张奕 摄 浩吉铁路全长1813.5公里，北起内蒙古浩勒报吉，途经陕西、山西、河南、湖北、湖南，终到江西吉 安，是世界上一次性建成并开通运营里程最长的重载铁路。自2019年9月28日开通以来，其货运量持续 实现阶梯式增长，为鄂湘赣等华中地区输送能源，成为支撑区域经济发展的"钢铁动脉"。 在浩吉铁路最大枢纽站襄州北站，春运期间日均开行煤炭列车达80余对。"我们通过持续优化运输组 织、细化工作流程，做到列检、货检同步作业，机车换挂、换乘无缝衔接，实现列车'快接、快解、快 编、快挂、快开'，平均每6分钟就能接发一趟列车。"襄州运营维修段运输指挥中心副主任王庆介绍 道。 在浩吉铁路与长江"黄金水道"交汇的江陵站，煤炭翻卸机24小时不 ...

Core Viewpoint - The successful completion of the 85-kilometer navigation channel test on the Jialing River indicates that the waterway in Chongqing will be operational for night navigation starting January 1, 2026, enhancing shipping capabilities between Chongqing and Guangyuan, Sichuan [1] Group 1: Navigation and Infrastructure Development - The Jialing River's navigation channel has been tested for 1,000-ton vessels, confirming its readiness for night navigation [1] - The completion of the Jialing River's control engineering project at the Lizhe shipping hub is expected by March 2025, which will connect all 15 hydropower hubs along the river [1] - The total length of the waterway will exceed 600 kilometers, effectively creating a "water highway" [1] Group 2: Economic Impact - The night navigation capability is anticipated to facilitate collaborative shipping development between Chongqing and Sichuan [1] - This development is expected to positively influence the transportation of automotive and equipment products from Chongqing, as well as support the "North Coal South Transport" initiative [1]

Group 1 - The core point of the news is that the Haoji Railway has achieved a freight volume of over 100 million tons this year, marking a 14-day earlier milestone compared to last year, which supports the "public transport to rail" initiative for coal and helps reduce logistics costs across society [1][2] - The Haoji Railway, with a total length of 1,813.5 kilometers, is the longest heavy-haul railway built and opened in one go, serving as a major channel for the national strategy of transporting coal from the north to the south [1] - The Xi'an Railway Bureau has successfully secured a coal long-term contract volume of 57 million tons this year, reflecting a 10% year-on-year increase, while implementing tailored logistics solutions for different enterprises [2] Group 2 - The Xi'an Railway Bureau has enhanced the efficiency of the Jingbian East Station through capacity expansion, significantly improving hub transportation efficiency [2] - From December 8 to 10, the Xi'an Railway Bureau set a new daily loading record, with 74 trains and 26.25 million tons dispatched, marking the fifth time this year and the 70th time in operation that daily loading records have been broken [2] - The collaboration between the Xi'an Railway Bureau and the Haoji Railway Company aims to tap into the industrial chain potential and promote coal transportation from Xinjiang, aligning with the coal demand in Central, East, and South China [2]

Core Viewpoint - The Haoji Railway has achieved a cumulative freight volume of over 100 million tons in 2025, marking the second consecutive year of surpassing this milestone, which was reached 14 days earlier than the previous year [1][2]. Group 1 - The Haoji Railway, with a total length of 1,813.5 kilometers, is the longest heavy-haul railway in the world that was built and put into operation in one go [2]. - The railway serves as a key strategic corridor for the national "North Coal South Transport" initiative, facilitating the transportation of coal from northern regions to southern markets [2]. Group 2 - The recent departure of a train carrying 33,500 tons of coal from Jingbian East Station to Xiangzhou North Station signifies the operational capacity and efficiency of the railway [1]. - Future infrastructure projects related to the railway are expected to enhance its transportation potential, contributing to lower logistics costs and promoting regional economic development [1].

Core Viewpoint - The successful completion of the central auxiliary transport roadway at Yihua Mining's Haizetang coal mine marks a significant milestone in establishing the mine's main development roadway system, laying a solid foundation for the coal production target set for Q3 2026 [1][3]. Group 1: Engineering Achievements - The central auxiliary transport roadway spans 1,943.51 meters, with a total guiding line length of 2,261.60 meters, showcasing exceptional engineering standards [1]. - The measured angle closure difference was only 33 seconds, significantly better than the allowable value of 59 seconds, while the elevation closure difference was controlled within 40 millimeters, below the allowable standard of 47 millimeters [1]. - The achievement of millimeter-level precision was attributed to the deep application of high-precision gyroscope directional technology, effectively overcoming cumulative distance measurement errors [1]. Group 2: Collaborative Efforts - Yihua Mining formed a joint working group with China Coal Construction Group to establish an efficient collaboration mechanism, ensuring minimal disruption to on-site excavation operations [2]. - The management model emphasizes clear responsibilities and detailed progress plans, breaking down the 1,943-meter roadway into key nodes for effective oversight [2]. - The process safety and quality control were reinforced by incorporating the closure precision indicators into key assessment items, ensuring the simultaneous achievement of safety, quality, and progress goals [2]. Group 3: Future Development and Strategic Advantages - The successful completion of the central auxiliary transport roadway enhances the underground transportation system, facilitating equipment installation and subsequent efficient production [3]. - The Haizetang coal mine covers an area of approximately 200 square kilometers, with a resource reserve of 1.145 billion tons and an average calorific value exceeding 6,500 kcal, indicating significant advantages in resource reserves and coal quality [3]. - The coal produced can be directly transported to the railway station via a dedicated loading point, reducing transportation costs by approximately 10 yuan per ton compared to surrounding coal mines, thus enhancing the company's competitive and profitability capabilities [3].

Core Insights - The "Haoji Railway" has successfully operated over 80,000 coal transport trains, indicating significant logistical capacity and efficiency in coal transportation [1] - The average daily operation of coal trains on the Haoji Railway is 47, with a peak daily transport volume exceeding 370,000 tons, showcasing the railway's critical role in coal distribution [1] - The railway facilitates coal delivery from Inner Mongolia and Shaanxi to various regions, with 71% of coal directly reaching the "Two Lakes and One River" area, 13% to Henan, and 16% to other provinces [1]

Core Insights - The Haoji Railway, a key coal transportation route in China, has successfully transported over 80,000 freight trains, marking a significant milestone in the "North Coal South Transport" strategy [1] - The railway, operational since 2019, has facilitated the transportation of over 400 million tons of goods during the 14th Five-Year Plan period, playing a crucial role in regional economic development and energy supply security [1] Summary by Sections - **Railway Overview** - The Haoji Railway spans 1,813.5 kilometers and is recognized as the longest heavy-load railway in the world built and opened in one go [1] - It connects seven provinces: Inner Mongolia, Shaanxi, Shanxi, Henan, Hubei, Hunan, and Jiangxi [1] - **Strategic Importance** - The railway serves as a vital channel for coal transportation from the "Three Wests" (Shanxi, Shaanxi, and western Inner Mongolia), which accounts for over 70% of the national coal output [1] - It establishes a direct "point-to-point" coal transportation route to Central China, ensuring delivery within 1-2 days [1]

Core Viewpoint - The Haoji Railway has significantly contributed to the transportation of coal and other goods, marking a milestone with over 80,000 freight trains dispatched since its opening, transporting a total of 435 million tons of goods [1][3]. Group 1: Railway Operations - On August 5, a train carrying 3,614 tons of coal departed from Jingbian East Station, heading to Xiangzhou North Station in Hubei Province, indicating the operational efficiency of the Haoji Railway [1]. - The Haoji Railway, which spans 1,813.5 kilometers from Hohhot South Station in Inner Mongolia to Ji'an Station in Jiangxi, plays a crucial role in the national "North Coal South Transport" strategy [3]. Group 2: Economic Impact - Since its opening on September 28, 2019, the railway has maintained an average annual freight volume growth rate exceeding 20%, supporting energy supply to the central regions of China, including Hubei, Hunan, and Jiangxi [3]. - The railway is described as a "steel artery" that underpins regional economic development, highlighting its importance in facilitating energy transportation [3].

Investment Rating - The report maintains a "Recommendation" rating for Daqin Railway (601006) [1] Core Views - The coal transportation volume is under pressure, leading to a decline in performance, but the company’s core asset value remains promising [1] - In April, the Daqin line's transportation volume turned positive, indicating potential recovery [1] - The company is viewed as a high-dividend stock with significant allocation value, especially given its core asset's strategic importance in China's energy transportation system [6] Financial Summary - For 2024, total revenue is projected at 74,627 million, a year-on-year decrease of 7.9%, with net profit at 9,039 million, down 24.2% [2][6] - The first quarter of 2025 shows a revenue of 17,801 million, a decline of 2.56%, and a net profit of 2,571 million, down 15.61% [6] - The company’s earnings per share (EPS) for 2025 is estimated at 0.49, with a price-to-earnings (P/E) ratio of 13 [2][6] Operational Performance - The freight business, which is the main revenue source, generated 53,441 million in 2024, a decrease of 12.73%, accounting for 72.88% of total revenue [6] - The company transported 70,622 million tons of goods in 2024, down 2.7% year-on-year [6] - Passenger transport revenue increased by 12.23% in 2024, reaching 10,010 million, with 46.41 million passengers transported [6] Investment Recommendations - The report suggests adjusting profit forecasts for 2025-2026 to 99,520 million and 103,360 million respectively, with a new forecast for 2027 at 104,260 million [6] - The target price is set at 7.7 yuan, indicating a potential upside of 16% from the current price of 6.66 yuan [2][6] - The company is expected to maintain a high dividend payout ratio, with a projected dividend yield of 4.3% based on 2025 earnings [6]