记者1月4日从国铁集团获悉，2025年，国家铁路完成旅客发送量42.55亿人次、同比增长4.2%，高峰日 发送旅客达2313.2万人次，再创历史新高。 截至2025年底，全国铁路营业里程达到16.5万公里，其中高铁营业里程超5万公里。 2025年，全年中欧（亚）班列开行3.4万列、发送317万标箱，同比分别增长9.8%、7.6%，其中中欧班列 开行超过2万列；西部陆海新通道班列发送142万标箱、同比增长47.5%。 0:00 2025年，国家铁路完成货物发送量40.66亿吨、同比增长2.1%，连续9年实现增长，单日装车首次突破20 万车。 0:00 2025年，全国铁路完成固定资产投资9015亿元、同比增长6%，投产新线3109公里，其中高铁2862公 里，铁路投资拉动作用充分显现。 0:00 （总台央视记者 郑连凯） 责编：秦雅楠、卢思宇 ...

Investment Rating - The report maintains an "Overweight" rating for the railway equipment industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The railway investment in China is projected to remain a highly certain direction, with a total investment of 753.8 billion yuan from January to November 2025, reflecting a year-on-year growth of 5.9%. If this growth rate continues in December, the total railway fixed asset investment for the year is expected to exceed 900 billion yuan, setting a historical record [4]. - The report anticipates that by 2035, the national railway network will reach approximately 200,000 kilometers, including around 70,000 kilometers of high-speed rail, significantly enhancing connectivity to major urban areas and resource-rich regions [4]. - The economic and flexible advantages of railway transportation are highlighted, with a projected increase in both passenger and freight volumes. For instance, the freight volume reached 4.83 billion tons, a year-on-year increase of 2.4%, while passenger volume hit 4.279 billion, growing by 6.6% [4]. - The vehicle segment is expected to benefit the most in the long term, with an additional 20,000 kilometers of high-speed rail planned and a growing demand for new trains as older models reach the end of their lifespan [4]. - The report recommends focusing on the high-speed train industry chain, particularly core suppliers such as CRRC Corporation Limited (for complete trains and key components) and other related companies [4]. Summary by Sections Railway Investment - The total railway investment for 2025 is projected to exceed 900 billion yuan, marking a historical high [4]. - The "14th Five-Year Plan" aims for a railway network of 200,000 kilometers by 2035, enhancing connectivity to major cities and resource areas [4]. Transportation Advantages - The railway system's capacity and cost-effectiveness are emphasized, with a significant increase in both freight and passenger volumes expected [4]. - The government aims to reduce logistics costs, with targets set for 2027 to improve the share of railway freight [4]. Vehicle Segment - The demand for new high-speed trains is expected to rise, with a current fleet of 5,233 high-speed trains, including 2,248 Fuxing trains [4]. - The report notes a significant increase in the bidding for high-speed trains, indicating strong demand [4]. Recommended Companies - Key companies to watch include CRRC Corporation, Sifang Control, and others involved in the high-speed rail supply chain [4].

Domestic Market Overview - The domestic market experienced a volatile adjustment with a continued decline, as the Shanghai Composite Index closed at 3824.81 points, down 1.11%, and the Shenzhen Component Index closed at 12914.67 points, down 1.51% [1][9] - Among the 30 first-level industries of CITIC, 27 saw declines, with non-ferrous metals, telecommunications, and electric power equipment & new energy leading the losses, while only comprehensive finance, retail, and consumer services showed slight gains [1][9] - The total trading volume of the A-share market was approximately 174.81 billion yuan, showing a slight decrease compared to the previous day [1][9] Overseas Market Overview - The U.S. stock market showed mixed results, with the Dow Jones down 0.62% and the S&P 500 down 0.24%, while the Nasdaq rose by 0.23% [2] - Notable movements included Tesla rising over 3% and Facebook increasing by more than 1%, while major companies like Johnson & Johnson and UnitedHealth Group fell over 2% [2] Market Drivers - The Central Economic Work Conference emphasized expanding domestic demand as a top priority for the coming year, focusing on boosting consumption and stabilizing the real estate market through targeted measures [10] - On the same day, 1,090 stocks rose while 4,299 fell, indicating a broad market decline, with 122 stocks rising over 5% and 329 stocks falling over 5% [10] News Highlights - The State Council announced the implementation of the "National Reading Promotion Regulations" starting February 1, 2026, aimed at enhancing the cultural literacy of the population [11][12] - The National Development and Reform Commission emphasized the need for technical and economic evaluations of railway projects to ensure sustainable operations [13] - The Hainan Free Trade Port officially commenced full island closure on December 18, 2025, with new tax policies and regulations taking effect [15] - China implemented temporary anti-dumping measures on imported pork and pork products from the EU, with duties ranging from 4.9% to 19.8% [16]

Core Viewpoint - The railway fixed asset investment in China is expected to reach a historical high of over 900 billion yuan this year, building on last year's record, with a cumulative investment of nearly 4 trillion yuan during the "14th Five-Year Plan" period [1][2] Group 1: Investment Growth - From January to November this year, the railway construction completed fixed asset investment of 753.8 billion yuan, a year-on-year increase of 5.9%, effectively driving overall social investment and supporting high-quality economic development [1] - In 2024, railway fixed asset investment is projected to grow rapidly, reaching 850.6 billion yuan, an increase of 11.3% year-on-year, breaking the historical record set in 2010 [1] - To achieve the target of 900 billion yuan in railway investment for 2025, a growth rate of 5.81% is required, which aligns with the current growth rate of 5.9% observed from January to November [1] Group 2: Comparison with Previous Plans - The investment scale during the "14th Five-Year Plan" is comparable to that of the "13th Five-Year Plan," with total investments of 3.07 trillion yuan from 2021 to 2024, compared to 3.99 trillion yuan from 2016 to 2020 [2] - The "14th Five-Year Plan" has shown a trend of initial decline followed by significant growth in the last two years, contrasting with the consistent high investment levels of around 800 billion yuan per year during the "13th Five-Year Plan" [2] Group 3: Project Progress - A large number of railway projects are being accelerated for construction this year, with some expected to commence operations on schedule and others to start construction before the end of the year [2] - Key projects have made significant progress, including the opening of the Panxian to Xingyi high-speed railway on November 28, which promotes regional economic development [2] - Other major projects, such as the Xi'an to Yan'an high-speed railway and the Guangzhou to Zhanjiang high-speed railway, are in trial operation stages, with full operations approaching [2]

Core Viewpoint - The transportation sector is experiencing a mixed performance, with specific stocks showing gains while the overall ETF has retreated. The railway construction sector is progressing well, indicating a stable investment environment for long-term funds [1]. Group 1: Transportation Sector Performance - On November 17, 2025, the transportation ETF declined by 1.23%, while Xiamen Port Authority rose over 4% and Haichen Co. increased by over 2% [1]. - The ETF is the only one tracking the CSI All-Share Transportation Index, reflecting the overall performance of listed companies in the transportation industry, including logistics, railways, highways, shipping ports, and airports [1]. Group 2: Railway Construction Progress - From January to October, the national railway completed fixed asset investment of 671.5 billion yuan, a year-on-year increase of 5.7% [1]. - Key railway projects have made significant progress, including the Panxun to Xingyi high-speed railway entering trial operation and the completion of the main structure of Xi'an East Station [1]. Group 3: Express Delivery Sector - The China Express Development Index for October 2025 was reported at 475.5, reflecting a year-on-year increase of 2.4% [1]. - It is expected that the express delivery business volume will grow by approximately 7% year-on-year, with business revenue projected to increase by around 5% [1]. Group 4: Investment Appeal - The railway sector is characterized by strong public utility attributes and high earnings stability, aligning with the investment needs of insurance funds and other long-term capital, thus possessing defensive investment value [1].

Core Insights - The railway investment in China is accelerating, with a total fixed asset investment of 671.5 billion yuan from January to October 2025, marking a year-on-year increase of 5.7% [1] - The investment has set historical records for the same period, with 355.9 billion yuan in the first half and 593.7 billion yuan in the first three quarters of the year [1] - The China National Railway Group anticipates that the total railway fixed asset investment during the 14th Five-Year Plan period will reach 4 trillion yuan [1] Investment Trends - The railway investment typically shows a pattern of lower spending at the beginning of the year and a significant increase towards the end, particularly in December [2] - In December 2024, the railway investment was 138.9 billion yuan, reflecting a year-on-year growth of 12.2% and a month-on-month increase of 81.33% [2] - The average monthly investment in 2024 was 70.88 billion yuan, with December's investment being double the average [2] Infrastructure Development - In the first three quarters, 968 kilometers of new railway lines were put into operation, bringing the total operational railway mileage to 163,000 kilometers [3] - By the end of 2025, the operational railway mileage is expected to reach 165,000 kilometers, with high-speed rail mileage projected to be 50,000 kilometers [3] - The China National Railway Group has made significant progress in key projects, including the operational testing of the Panxun to Xingyi high-speed railway and the completion of major structures for other lines [2] Financial Performance - For the first three quarters, the China National Railway Group reported total operating revenue of 912.23 billion yuan, a year-on-year increase of 1.28% [3] - The net profit for the same period was 11.72 billion yuan, reflecting a year-on-year decrease of 9.43% [3] - Total liabilities reached 6.27 trillion yuan, a 0.8% increase compared to the previous year, while total assets grew to 9.98 trillion yuan, a 2.99% increase [3]

Core Insights - The railway sector in China has been actively enhancing passenger services and optimizing travel experiences, leading to impressive financial results for the first three quarters of 2023, with total revenue reaching 912.2 billion yuan and net profit at 11.72 billion yuan [2][3] Financial Performance - In the first three quarters of 2023, the China National Railway Group reported total operating revenue of 912.2 billion yuan and a net profit of 11.72 billion yuan [2] - The asset-liability ratio stood at 62.79% by the end of the third quarter, a decrease of 0.72 percentage points compared to the end of the previous year, indicating a stable operational environment [2] Passenger Transport Growth - The railway sector saw a significant increase in passenger traffic, with 3.54 billion passengers transported in the first three quarters, marking a 6% year-on-year growth and setting a historical record for the same period [5] - The introduction of themed trains such as "fan trains" and "silver-haired trains" has contributed to this growth, with 1,818 tourist trains operated, a 27% increase year-on-year [5] Freight Transport Performance - In terms of freight, the railway system transported 3.03 billion tons of goods in the first three quarters, with a daily average of 185,300 cars, reflecting a year-on-year increase of 3.4% and 4.3% respectively [7] - The total volume of logistics contracts signed reached 1.36 billion tons [7] Investment and Infrastructure Development - Fixed asset investment in the railway sector for the first three quarters amounted to 593.7 billion yuan, representing a year-on-year increase of 5.8%, with 968 kilometers of new lines put into operation [8] - Key projects such as the Chongqing to Jiangjiang section of the Yuxia High-speed Railway and the Shenyang to Jiamusi High-speed Railway have progressed positively, enhancing regional connectivity [8] Technological Innovations - The CR450 project, which is the world's first train capable of operating at 400 km/h, has shown promising results, achieving a record speed of 453 km/h during trials [9] - The railway sector aims to focus on building a world-class railway enterprise through innovation and reform [9]

Group 1 - High-speed rail infrastructure stocks have seen significant gains, with China Railway (601390) up 8.27% to HKD 4.19, China Metallurgical Group (601618) up 7.61% to HKD 3.11, and China CNR Corporation (601766) up 4.83% to HKD 6.29 [1] - According to the National Railway Group, fixed asset investment in railways reached CNY 504.1 billion in the first eight months of 2025, a year-on-year increase of 5.6%, with August alone contributing CNY 71.1 billion, also up 5.6% year-on-year [1] - The investment in railways has surpassed CNY 500 billion for the first time in the first eight months, setting a historical record for investment progress [1] Group 2 - The "14th Five-Year" railway development plan is on track, with expectations for substantial growth in railway investment in the fourth quarter to ensure the completion of all tasks outlined in the plan [1] - The "15th Five-Year" railway development planning has commenced, focusing on network reinforcement, regional coordination, and smart upgrades, with a preliminary plan to construct over 17,000 kilometers of railways, including 10,000 kilometers of high-speed rail [2] - The railway industry is expected to maintain steady growth in capital expenditure, supported by improving passenger and freight demand, as well as increased investment in railway construction [2]

Group 1 - High-speed rail infrastructure stocks have seen significant gains, with China Railway (00390) up 8.27% to HKD 4.19, China Metallurgical (01618) up 7.61% to HKD 3.11, and China CNR (01766) up 4.83% to HKD 6.29 [1] - According to the National Railway Group, fixed asset investment in railways reached CNY 504.1 billion in the first eight months of 2025, a year-on-year increase of 5.6%, with August alone accounting for CNY 71.1 billion, also up 5.6% year-on-year [1] - The investment progress has set a historical record, with the 5.6% growth rate matching the highest record for the year, and expectations for continued investment in the third quarter and substantial growth in the fourth quarter to meet the "14th Five-Year Plan" objectives [1] Group 2 - The "15th Five-Year" railway development planning has commenced, focusing on network reinforcement, regional coordination, and smart upgrades, with plans to construct over 17,000 kilometers of railway, including 10,000 kilometers of high-speed rail [2] - Recent data indicates steady growth in capital expenditure for the railway industry, with improving demand for passenger and freight transport, and a commitment to increase railway construction investment to ensure the completion of the "14th Five-Year Plan" tasks [2]

Group 1 - The core viewpoint is that railway construction investment in China is accelerating, with a fixed asset investment of 504.1 billion yuan completed in the first eight months of 2025, marking a year-on-year increase of 5.6% [1] - The investment progress has set a historical record, with the 5.6% growth rate maintaining the highest record for the year [1] - Several key railway projects have been completed or are progressing well, including the Chongqing to Xiamen high-speed railway and the renovation of Shanghai South Station, which enhance regional network layout [1] Group 2 - Predictions indicate that railway investment will maintain its current scale in the third quarter, with substantial growth expected in the fourth quarter to meet the goals of the 14th Five-Year Plan [2] - The railway investment consists of infrastructure and equipment investments, with a target of 590 billion yuan for infrastructure investment by 2025 [3] - By the end of 2025, the railway operating mileage is expected to exceed 165,000 kilometers, with over 50,000 kilometers of high-speed rail [3]