本报北京12月31日电 （记者甘皙）记者今天从交通运输部获悉，嘉陵江合川段85公里航道顺利完成千 吨级实船适航试验，标志着嘉陵江重庆境内153公里航道满足夜航条件，自2026年1月1日0时起正式运 行。至此，从重庆朝天门至四川广元港将实现船舶昼夜通航，开启了嘉陵江黄金水道的新航程。 嘉陵江全江渠化控制性工程利泽航运枢纽2025年3月建成投运后，嘉陵江干流四川广元至重庆草街航电 枢纽15个梯级全部联通，建成了水上高速公路600多公里。嘉陵江重庆段全线开通夜航，不仅有利川渝 两地航运协同发展，而且对促进重庆汽车、装备等产品外运和"北煤南运"起到积极作用。 （来源：工人日报） ...

今年以来，中国铁路西安局集团有限公司（以下简称"西安铁路局"）携手浩吉铁路公司深化大客 户"总对总"营销模式，大力开展物流总包与合同制运输服务，稳住煤炭运输"基本盘"，今年成功锁定煤 炭中长协合同运量5700万吨，同比增长10%；针对不同企业需求实施"一企一策"，量身定制物流解决方 案，拓展"坑口"直达"炉口"的全程物流服务，保持电煤同比增长；对靖边东站实施扩能改造，显著提升 枢纽运输效率。西安铁路局还联合浩吉铁路公司、乌鲁木齐铁路局深挖产业链潜力，积极推进"疆煤外 运"，主动对接新疆地区"准东—将军庙—淖毛湖"铁路沿线煤炭企业，精准捕捉华中、华东、华南地区 煤炭需求，与陕西骨干煤炭企业共同研究开发疆煤与陕北浩吉铁路沿线高硫煤掺配产品。 西安铁路局延安运营维修段靖边东站站长张战军介绍，作为浩吉铁路运营管理单位，12月8日至10 日，西安铁路局延安运营维修段连续3日打破日装车纪录，创下单日装车74列、3787车，发运26.25万吨 的历史最高纪录，这是该段今年以来第5次、运营以来第70次打破日装车纪录，货物列车组织效率持续 提升。（记者：杨光） 12月15日，满载3350吨煤炭的82217次列车从陕西榆林靖边东 ...

欢迎分享给你的朋友！ 浩吉铁路2 0 2 5年货运量累计突破1亿吨。 1 2月15日，随着一声风笛长鸣，满载335 0吨煤炭的82217次列车从靖边东站驶出，一路 南下开往襄州北站。此次发车标志着浩吉铁路今年货运量累计突破1亿吨，较去年提前14 天达到这一数据，这也是浩吉铁路年货运量连续第二年突破1亿吨。未来，随着更多集疏 运项目建成投用，这条重载铁路将进一步释放运输潜力，为降低全社会物流成本、推动区 域经济社会发展注入更强动能。 来源：央视新闻客户端 End 出品 | 中国能源报（c n e n e rg y） 责编丨李慧颖 浩吉铁路全长1 8 1 3 . 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，也是国家"北煤南 运"战略大通道。 ...

近日，永泰能源（600157）（600157.SH）旗下亿华矿业海则滩煤矿中央辅助运输大巷实现安全精准贯 通，与前期完成的中央回风大巷贯通形成关键网络，标志着矿井主要开拓大巷系统基本成型，为2026年 三季度出煤目标奠定了坚实基础。 该巷道全长1943.51米，导线总长2261.60米，本次贯通展现出了卓越的工程技术水准。实测数据显示： 角度闭合差仅为33秒，远优于允许值59秒；高程闭合差控制在40毫米，低于47毫米的允许标准。 据公开报道，海则滩煤矿井田面积约 200平方公里，煤种主要为优质化工用煤及动力煤，资源储量 11.45 亿吨，平均发热量 6500大卡以上，具有资源储量大、煤种煤质优、建矿条件好、预期效益高、开 采寿命长、外运条件便利等诸多优势。 国家"北煤南运"战略通道浩吉铁路穿过煤矿井田，项目设有海则滩铁路装车站和专用装车点，海则滩煤 矿所产煤可直接从皮带转运至铁路站台，进而运往全国各地。外运便捷且运输成本低廉，预计吨煤运输 成本较周边煤矿减少10元左右。同时，据永泰能源在投资者交流中表示，海则滩煤炭采选成本约192元/ 吨。随着煤炭行业供需格局持续改善，煤价回暖趋势明朗，海则滩煤矿投产后将大幅 ...

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]

Investment Rating - The report maintains a "Recommendation" rating for Daqin Railway, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][19]. Core Insights - The company's coal transportation volume has been under pressure, leading to a decline in performance. However, the Daqin line's transportation volume turned positive in April, and the core asset value of the company remains promising [1][6]. - For 2024, the company reported total revenue of 746.27 billion yuan, a year-on-year decrease of 7.89%, and a net profit attributable to shareholders of 90.39 billion yuan, down 24.23% year-on-year [6]. - The report highlights a significant drop in the freight business, which is the main source of revenue, with a revenue of 534.41 billion yuan in 2024, down 12.73% year-on-year [6]. - The passenger transport business showed good growth, with revenue of 100.1 billion yuan in 2024, up 12.23% year-on-year [6]. Financial Summary - The projected total revenue for 2025 is 787.43 billion yuan, with a growth rate of 5.5% [2]. - The net profit for 2025 is estimated at 99.52 billion yuan, reflecting a recovery from previous declines [6]. - The earnings per share (EPS) for 2025 is projected to be 0.49 yuan, with a price-to-earnings (P/E) ratio of 13 [2][6]. - The company maintains a high dividend payout ratio of 57.31% for 2024, corresponding to a dividend yield of 4.1% based on the closing price on May 9, 2025 [6]. Operational Performance - The Daqin line completed a freight volume of 39.215 million tons in 2024, a decrease of 7.1% year-on-year, but showed signs of recovery with a 0.99% increase in April 2025 [6]. - The average daily loading and unloading operations were reported at 29,350 and 23,703 cars, respectively, with a freight car turnaround time of 2.3 days [6]. Investment Recommendation - The report suggests that Daqin Railway is a high-dividend stock with significant allocation value, emphasizing its strategic position in China's energy transportation system [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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - In 2024, the company's revenue is expected to decline significantly due to reduced coal production in Shanxi, leading to a drop in both volume and profit. However, by Q1 2025, coal production is anticipated to increase, allowing for a recovery in volume and a year-on-year growth in Q2 2025. The company maintains a dividend yield of approximately 4% at the cycle's bottom, highlighting its dividend attributes [3][8]. Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 746.27 billion yuan, a decrease of 7.9% year-on-year, and a net profit attributable to shareholders of 90.39 billion yuan, down 24.2% year-on-year. For Q1 2025, the operating revenue was 178.01 billion yuan, a decline of 2.6% year-on-year, with a net profit of 25.71 billion yuan, down 15.6% year-on-year [3][8]. Dividend Policy - The company plans to implement a year-end dividend of 28.20 billion yuan, combined with a mid-year dividend of 23.60 billion yuan, resulting in a total cash dividend of 51.80 billion yuan for 2024, with a dividend payout ratio of 57.31% [3][8]. Volume and Profit Outlook - The Daqin Line's freight volume is expected to recover as Shanxi coal production increases. The company forecasts that the freight volume will gradually return to normal levels, with a year-on-year increase expected in Q2 2025. The anticipated net profits for 2025, 2026, and 2027 are projected to be 99.5 billion yuan, 111.1 billion yuan, and 121.3 billion yuan, respectively, with corresponding price-to-earnings ratios of 13.3, 11.9, and 10.9 times [3][8]. Cost and Revenue Dynamics - The company faced a significant decline in freight volume in 2024, with a 7.1% year-on-year drop to 392 million tons. Despite this, passenger transport and entrusted operation management saw growth, with passenger volume increasing by 8.3% to 46.41 million people and passenger revenue rising by 12.2% to 10.01 billion yuan [3][8]. Market Position and Future Prospects - The Daqin Railway is positioned to benefit from the long-term demand for coal transportation due to regional imbalances in coal supply. The company has established a comprehensive transportation network, which is expected to enhance operational efficiency and reduce ineffective investments [3][8].