Group 1: Company Performance - In the first half of 2025, the company reported operating revenue of 21.013 billion yuan, a year-on-year increase of 0.72% [1] - The net profit attributable to shareholders was 6.316 billion yuan, a slight decrease of 0.64% compared to the previous year [1] - The company achieved its best historical performance for revenue in the same period, while net profit saw a minor decline [1] Group 2: Cost and Operational Challenges - The company experienced a significant increase in electricity costs and rising fixed costs due to network expansion and maintenance [1] - The implementation of smart upgrades, particularly the application of Beidou technology, has further increased expenditure [1] - Passenger transport volume reached 24.996 million, a 1.2% increase year-on-year, while cross-line train mileage completed was 48.556 million kilometers, up 0.1% [1] Group 3: Market Strategy and Future Plans - The company is enhancing market-oriented pricing mechanisms, with a seven-tier pricing scheme during peak travel periods [2] - Plans for 2025 include optimizing transportation product supply and improving market-based pricing strategies [2] - The company aims to implement smart upgrades and enhance passenger service quality with new offerings such as pet transport services and family lounges [2] Group 4: Industry Context - In the first half of 2025, the national railway passenger volume reached 2.24 billion, a year-on-year increase of 6.7%, marking a historical high [3] - The Beijing-Shanghai High-Speed Railway, which connects major economic regions, spans 1,318 kilometers and has been operational since June 30, 2011 [3] - The company is the investment, construction, and operation entity of the Beijing-Shanghai High-Speed Railway and was listed on the A-share market in January 2020 [3]

Group 1 - Hong Kong high-speed rail infrastructure stocks collectively strengthened, with China CRRC leading the rise by over 6%, followed by Times Electric with a 4% increase, and China Railway Construction, China Railway, and China Metallurgical Group each rising nearly 3% [1] - According to a report from招商宏观, the next phase should focus on the rebound effect of infrastructure-related fiscal expenditure growth, which may significantly support the currently weak infrastructure investment growth [1] - The cumulative year-on-year growth rate of public budget expenditure in the infrastructure sector from January to July was -5%, but it is expected to rebound to over 7% from August to December [1] Group 2 - The stock performance of key companies includes: China CRRC at 6.20%, Times Electric at 3.86%, China Railway Construction at 2.97%, China Railway at 2.72%, China Metallurgical Group at 2.63%, China Communications Construction at 1.55%, and Guangzhou-Shenzhen Railway at 1.02% [2]

责任编辑：栎树 有分析称，短期关注政策催化下的主题机会，中长期聚焦具备技术壁垒及海外拓展能力的龙头。建议结 合业绩确定性与成长性（如高铁智能化细分赛道）布局。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | 总市值 | | --- | --- | --- | --- | --- | | 01618 | 中国中冶 | 2.220 | 6.22% | 460.06亿 | | 03898 | 时代电气 | 35.700 | 2.18% | 484.79亿 | | 00390 | 中国中铁 | 4.070 | 1.24% | 1006.96亿 | | 00525 | 广深铁路股份 | 2.000 | 1.01% | 141.67亿 | | 01800 | 中国交通建设 | 5.860 | 0.86% | 953.93亿 | | 01186 | 中国铁建 | 5.770 | 0.52% | 783.54亿 | | 01766 | 中国中车 | 5.730 | 0.17% | 1644.44亿 | 港股高铁基建股继续上涨行情，其中，中国中冶涨超6%领衔，月内累计升幅更是高达30%，时代电气 涨超2%，中国中铁、中国铁 ...