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 ...

该枢纽内布局了共同分拣区、区域零担区、集装箱货物集散区、落地配区、干线发货区和供应链仓 储区等多个功能区，以及线上智能公路集疏运平台。 重庆物流集团有关负责人介绍，将构建以该枢纽为核心，重庆各区县物流中心为网络的公路物流集 疏运体系，其位于万州、秀山、长寿、永川、铜梁、荣昌等区县的子枢纽亦已具备条件，即将投入运 营。 重庆公路物流枢纽25日正式投入运营，将进一步提升重庆作为国家物流枢纽城市的公路集疏运功能 能级。 该枢纽位于重庆市沙坪坝区，占地近600亩，总建筑面积约32万平方米，紧邻重庆团结村中心站、 绕城高速，地理位置优越。 重庆公路物流枢纽由重庆物流集团所属重庆公路运输(集团)有限公司主导建设，通过共同配送、共 同分拣、共同运输等新模式，聚集大量物流服务供应商，实现物流资源的规模化集中，形成以公路运输 为核心的交通枢纽节点，辅以现代化、智能化线上平台为抓手，高效调配各类物流资源，构建覆盖重 庆、联通全国的公路物流网络。 重庆公路物流枢纽还是衔接国际物流通道与重庆公路运输网络的重要节点，通过对物流资源进行规 模化、智能化的重组，实现公路运输与西部陆海新通道、中欧班列(渝新欧)等国际物流大通道无缝对 接，形 ...

重庆物流集团有关负责人介绍，将构建以该枢纽为核心，重庆各区县物流中心为网络的公路物流集疏运 体系，其位于万州、秀山、长寿、永川、铜梁、荣昌等区县的子枢纽亦已具备条件，即将投入运营。 重庆公路物流枢纽由重庆物流集团所属重庆公路运输(集团)有限公司主导建设，通过共同配送、共同分 拣、共同运输等新模式，聚集大量物流服务供应商，实现物流资源的规模化集中，形成以公路运输为核 心的交通枢纽节点，辅以现代化、智能化线上平台为抓手，高效调配各类物流资源，构建覆盖重庆、联 通全国的公路物流网络。 中新社重庆8月25日电(张旭杨思琦)重庆公路物流枢纽25日正式投入运营，将进一步提升重庆作为国家 物流枢纽城市的公路集疏运功能能级。 该枢纽位于重庆市沙坪坝区，占地近600亩，总建筑面积约32万平方米，紧邻重庆团结村中心站、绕城 高速，地理位置优越。 该枢纽内布局了共同分拣区、区域零担区、集装箱货物集散区、落地配区、干线发货区和供应链仓储区 等多个功能区，以及线上智能公路集疏运平台。 重庆公路物流枢纽还是衔接国际物流通道与重庆公路运输网络的重要节点，通过对物流资源进行规模 化、智能化的重组，实现公路运输与西部陆海新通道、中欧班列(渝新 ...

Core Insights - The article highlights the ongoing efforts in various provinces of China, particularly Zhejiang and Jiangsu, to enhance transportation logistics through multi-modal transport and digital empowerment, aiming for cost reduction and efficiency improvement in logistics [1][2][3] Group 1: Zhejiang Province Initiatives - Zhejiang aims to achieve container sea-rail and river-sea transport volumes of 2 million and 3 million TEUs respectively by the end of the year [1][2] - The province is developing a "Four Ports Intelligent Transport" model to enhance logistics efficiency, with a target to launch by the end of October [2] - Infrastructure development includes the construction of five coastal berths capable of handling over 10,000 tons and the acceleration of multi-modal transport hub projects [2] Group 2: Jiangsu Province Strategies - Jiangsu focuses on creating four major iron-water transport corridors along the New Eurasian Land Bridge, rivers, coasts, and canals [2] - The province plans to establish a provincial-level digital platform for multi-modal transport, aiming for initial functionality by September [2] - Efforts include enhancing the connection between railway logistics bases and transport hubs, and nurturing leading enterprises in multi-modal transport [2] Group 3: Guangdong and Chongqing Developments - Guangdong's implementation plan sets specific targets for reducing logistics costs, including increasing container iron-water transport to 1.2 million TEUs and maintaining a 90% green transport ratio for major coastal ports [3] - Chongqing aims to integrate various sectors to enhance logistics efficiency, focusing on a collaborative approach among postal, transportation, and agricultural sectors [3] - The city plans to build a shared logistics network and improve end-to-end logistics services through the "Postal Transport" information platform [3]

Core Viewpoint - The construction of a unified national transportation market in China is essential for enhancing economic circulation and requires coordinated efforts in various areas such as institutional rules, infrastructure connectivity, service standards, information sharing, and market regulation [1][2]. Group 1: Current Challenges and Development Goals - The transportation sector in China faces challenges in collaborative development, green upgrades, market access, and fair competition, necessitating a comprehensive approach to address these issues [1][2]. - The "14th Five-Year Plan" emphasizes the construction of a comprehensive transportation network, with over 90% completion of the main framework of the national comprehensive three-dimensional transportation network [1]. Group 2: Infrastructure and Connectivity - There is a need to enhance the national comprehensive transportation network by focusing on strategic channels and hubs, including railways, highways, and airports, to eliminate bottlenecks and improve intercity transportation integration [2]. - The railway and waterway freight turnover increased by 17.5% and 33.6% respectively compared to the end of the "13th Five-Year Plan," indicating improved connectivity and efficiency [1]. Group 3: Market Efficiency and Cost Reduction - The logistics costs in 2024 are expected to save over 400 billion yuan, with transportation costs reduced by approximately 280 billion yuan, reflecting enhanced market efficiency [1]. - Promoting seamless connections between different transportation modes and improving logistics rules and standards are crucial for reducing logistics costs and enhancing the integration of transportation and manufacturing [2]. Group 4: Cross-Field Collaboration and Market Environment - The transportation sector must coordinate with other fields such as tourism, e-commerce, and energy to enhance consumption quality and expand market capacity [3]. - Establishing a fair competitive market environment involves implementing a negative list system for market access and unifying law enforcement standards across regions [3]. Group 5: Digital Integration and Data Utilization - The increasing application of digital and information technologies in the transportation sector necessitates the integration of data resources while ensuring safety and privacy [3]. - There is a need for the orderly opening of public data related to transportation infrastructure, operational status, service capabilities, and regulations to improve organizational efficiency and user experience [3].

Core Insights - The article highlights the innovative logistics solution implemented by Changzhou's transportation department to enhance the efficiency and cost-effectiveness of transporting electric vehicles, particularly for companies like Li Auto and BYD [1][2][3] Group 1: Transportation Solutions - The JSQ special train is designed for transporting electric vehicles, capable of carrying 200 cars per trip, significantly reducing the need for multiple truck transports [1] - The collaboration between the Changzhou transportation bureau and various stakeholders has led to the development of a seamless logistics solution that combines road and rail transport, optimizing both time and cost [2] Group 2: Cost Savings and Efficiency - The new transportation scheme allows for a cost reduction of 1,000 yuan per vehicle, potentially saving over 10 million yuan for the companies involved based on projected production volumes [3] - The Changzhou transportation bureau is actively working on further optimizing logistics processes, including the transportation of lithium batteries and large energy storage units, to support the growth of the new energy industry [3] Group 3: Government Support and Initiatives - The Changzhou transportation bureau has conducted numerous visits and meetings with local enterprises to identify and address logistical challenges, demonstrating a commitment to improving the business environment [3] - The city is applying for a national pilot program aimed at enhancing transportation logistics, which could further alleviate existing pain points in the supply chain [3]

Summary of Zhonggu Logistics Conference Call Company Overview - **Company**: Zhonggu Logistics - **Industry**: Domestic Container Shipping Key Points and Arguments Financial Improvement - Zhonggu Logistics improved its financial condition by increasing its free capacity to 74% and optimizing its fleet structure, with 83% of its vessels being less than 10 years old [2][3][4] Domestic Container Shipping Growth - The domestic container shipping sector benefits from improved domestic demand and the economic efficiency of water transport, particularly in the transportation of goods related to the domestic circulation economy, such as grain and coal [2][4] - The current share of water transport in total freight volume in China is only 17%, significantly lower than road transport at 72%. However, with policy support for multimodal transport and containerization, the share of water transport is expected to increase [2][5][6] Supply Chain Advantages - Zhonggu Logistics has ordered 18 large vessels to lock in low-cost capacity, contributing to an industry supply growth rate of 17%. The company also constructed 4,600 TEU new container ships for the foreign trade market, enhancing its market competitiveness [2][7] Characteristics of Domestic Container Shipping - The domestic container shipping industry is characterized by precision and high efficiency, with scheduled services reducing delivery time risks and container transport minimizing storage costs and cargo damage [2][8] Policy Support for Multimodal Transport - National policies actively promote multimodal transport and containerization, which can significantly enhance the efficiency of freight transport. A 1% increase in coastal waterway cargo share can lead to a 6% increase in domestic container shipping volume, while a 1% increase in containerization can boost volume by 4% [2][10] External Market Strategy - Zhonggu Logistics is directing some capacity to the foreign trade market due to high rental rates resulting from events like the Red Sea incident and the US trade war. The company anticipates that this strategy will yield better economic benefits [2][11] Cost Structure and Profitability - The historical lowest freight rate on the international Europe line is around $500, while the operating cost for Zhonggu's vessels is approximately $400-$450 per container. This indicates that the company can maintain profitability even with fluctuations in international freight rates [2][12] Profit Growth Expectations - For 2025, Zhonggu Logistics expects profit growth to exceed 10%, with a projected dividend yield of over 6% based on a commitment to a minimum 60% payout ratio [2][14] Performance in Domestic Market - The domestic container shipping business has shown resilience, with freight rates increasing since the beginning of the year, supported by favorable oil prices and capacity adjustments [2][15] Additional Important Insights - The company has a strong commitment to shareholder returns, with a historical dividend payout ratio of 88% and 90% in the past two years, indicating a robust approach to capital allocation [2][13]

Core Viewpoint - The city of Pingxiang in Guangxi is enhancing its port capabilities through infrastructure upgrades, smart transformations, and innovative service models to stabilize and streamline the China-ASEAN industrial and supply chains [1][3]. Group 1: Infrastructure and Smart Port Development - The scope of the Youyi Pass port has expanded to include the Puzhai-Xinqing and Nongyao-Gunan channels, which are now officially operational [1]. - The construction of smart ports at Youyi Pass and Puzhai-Xinqing is accelerating, with the Chinese section set for trial operation, marking a significant breakthrough in port intelligence transformation [3]. - The establishment of a public-rail international logistics port is progressing steadily, laying the foundation for multimodal transport development [3]. Group 2: Trade and Regulatory Enhancements - Pingxiang has optimized regulatory processes, allowing for immediate sample collection and delivery, significantly reducing testing times [3]. - The Puzhai channel has successfully exported new cars using general trade for the first time, while the Nongyao channel achieved a "zero breakthrough" in general trade imports of durians [3]. - The Youyi Pass has been recognized as one of the first national "International Health Land Ports," and the first cross-border vehicle inspection fast track has been launched [3]. Group 3: Economic Impact and Trade Growth - Pingxiang is the largest port city for fruit imports and exports between China and ASEAN, with an annual import volume exceeding 2 million tons [5]. - The establishment of the China-ASEAN (Chongzuo) Fruit Trading Center has facilitated the entry of Vietnamese fresh coconuts via rail and the first sea import of durians [5]. - The cross-border e-commerce trade volume in Pingxiang is projected to reach 21.4 billion yuan in 2024, marking a year-on-year increase of 441.77%, positioning it as a new growth engine for regional foreign trade [5].

Core Insights - The Shandong Provincial Government has introduced the "Shandong Port and Waterway Layout Plan (2025-2035)" to enhance the development of inland shipping and logistics [1][3] - Jining has been recognized as a key logistics hub, achieving significant growth in inland shipping capacity and infrastructure [1][3] Group 1: Strategic Developments - Jining has successfully integrated into the national transportation strategy, becoming a port-type national logistics hub city, with the highest navigation mileage and shipping capacity among 14 cities along the Grand Canal [1] - The plan emphasizes the Grand Canal as a "backbone waterway" and Jining Port as a "core port," providing strategic opportunities for Jining's inland shipping development [3] Group 2: Infrastructure and Capacity Expansion - Jining aims to establish a "Northern Inland Shipping Center," supported by a comprehensive transportation corridor along the Grand Canal and various logistics hubs [3][4] - The city plans to enhance its multi-modal transport logistics channels and modernize its port facilities, targeting a port throughput of over 100 million tons this year [4] Group 3: Economic and Industrial Growth - Jining is focusing on deepening the integration of port and industry, with initiatives to develop a digital platform for port and shipping services and to foster new energy ship manufacturing [4] - The goal is to create seven major industrial parks, contributing to a port and shipping industry output value exceeding 100 billion yuan, thereby driving regional economic growth [4]

Core Insights - The article highlights the comprehensive implementation of the transportation strong province strategy in Shandong, focusing on the development of a unified management system for "road, rail, water, and air" transportation [2] - Shandong has achieved significant milestones in transportation infrastructure, including over 3,000 kilometers of high-speed rail and more than 8,700 kilometers of highways, with coastal ports handling over 2 billion tons of cargo annually [2] - The province aims to enhance its transportation network and infrastructure, planning to invest approximately 250 billion yuan in key projects by 2025 [2] Group 1 - Shandong has constructed 16 new highways since 2022, with a total length exceeding 8,700 kilometers, of which 40% are six lanes or more [2] - The province is focusing on interconnectedness, innovation, and transformation in its transportation infrastructure development [2] - The planned investment of around 250 billion yuan will cover 168 key infrastructure projects in the transportation sector by 2025 [2] Group 2 - Shandong has established a robust infrastructure network that promotes urban-rural integration and regional connectivity, enhancing the flow of people and goods [3] - The province is actively developing sea-rail intermodal transport and has seen annual growth rates of over 10% and 15% in multi-modal transport and container rail-water transport, respectively [3] - Logistics costs across the province have been reduced by approximately 50 billion yuan [3] Group 3 - The adoption of new technologies and concepts is driving the smart and low-carbon transformation of Shandong's transportation infrastructure [3] - Various zero-carbon initiatives, including zero-carbon ports and highways, are being implemented to enhance the sustainability of transportation [3] - The integration of technology and green practices is increasingly evident in Shandong's transportation infrastructure development [3]