Group 1 - The national water transport passenger volume from January to May 2025 reached 102 million people, representing a cumulative decrease of 1.6% [1] - In May 2025, the national water transport passenger volume was 25.74 million people, showing a year-on-year increase of 2.1%, with a growth rate improvement of 5.5 percentage points compared to the same period last year [1] - The month-on-month growth in May 2025 was 18.67% [1]

数据来源：国家统计局 相关报告：智研咨询发布的《2025-2031年中国水运建设行业市场全景调研及发展趋向研判报告》 2025年1-5月，全国水运货物周转量为58695.73亿吨公里，累计增长6.3%；2025年5月，全国水运货物周 转量当期值为12550.92亿吨公里，同比增长6.5%，增速比上年同期提高0.2个百分点，环比增长4.76%。 数据来源：国家统计局 ...

相关报告：智研咨询发布的《2025-2031年中国水运建设行业市场全景调研及发展趋向研判报告》 2025年1-5月，全国水运货运量为40.38亿吨，累计增长4.5%；2025年5月，全国水运货运量当期值为 86983万吨，同比增长3.1%，增速比上年同期下滑1.8个百分点，环比增长1.31%。 数据来源：国家统计局 数据来源：国家统计局 ...

Core Insights - Sichuan's waterway transportation has shown significant growth in the first half of 2025, with fixed asset investment reaching 3.12 billion yuan, accounting for 52% of the annual plan, and both cargo turnover and port throughput achieving double-digit growth [1][7] - The province has added 32.3 kilometers of high-grade waterways, reaching a total of 2,033 kilometers, which is 64.6% of the annual target of 50 kilometers [1][7] - The expected water freight volume is 33.78 million tons, a year-on-year increase of 11.67%, while cargo turnover is projected at 17.84 billion ton-kilometers, up 41.3% [1][10] Investment and Infrastructure - Sichuan's waterway investment has consistently exceeded 6 billion yuan annually over the past three years, with a total investment expected to surpass 31 billion yuan within five years [1] - The province aims to complete 5.5 billion yuan in waterway fixed asset investment in 2025, with 52% of this target achieved in the first half of the year [7] Transportation Efficiency - Water transport is more cost-effective compared to road and rail, with average freight costs per ton-kilometer being one-fourth of rail and one-fifteenth of road transport [2] - The province's logistics costs are projected to account for 14.2% of GDP in 2024, slightly above the national average, indicating a need for improved waterway transport to reduce overall logistics costs [3] Policy and Development Initiatives - The "Smooth a River" initiative aims to enhance waterway infrastructure, focusing on upgrading the Yangtze River, connecting the Jinsha River, and improving the efficiency of the Min and Jialing Rivers [5][6] - The central government has set a target for inland waterway freight volume and turnover to increase by 2030, with several provinces, including Sichuan, implementing policies to boost water transport [3][4] Capacity and Market Expansion - Sichuan's water transport capacity has been a limiting factor, with only 1 million tons of capacity, less than that of a single district in Chongqing [11] - The province has added 537,500 tons of capacity in the first half of 2025, exceeding the interim target and approaching the annual goal of 550,000 tons [11][12] Multi-Modal Transport Integration - The establishment of the Sichuan Port Company aims to integrate major ports, enhancing container throughput and operational efficiency [9] - Successful multi-modal transport initiatives, such as the first water transport of new energy products, demonstrate the potential for reducing logistics costs and improving efficiency [8][10]

Core Viewpoint - The construction of the national comprehensive transportation network has exceeded 90% completion, significantly enhancing transportation capabilities, service quality, and operational efficiency, aligning with the vision of smooth movement for people and goods. The transportation sector has achieved historic accomplishments during the "14th Five-Year Plan" period [1][2]. Group 1: Achievements in Transportation Infrastructure - The national comprehensive transportation network is crucial for the economic cycle and supports the new development pattern. The focus has been on integration, addressing shortcomings, and improving efficiency [2]. - By the end of 2024, the railway operating mileage is expected to reach 162,000 kilometers, an increase of approximately 16,000 kilometers since the end of the "13th Five-Year Plan," with high-speed rail accounting for 10,000 kilometers of this increase. The total length of highways will reach 5,490,000 kilometers, up by about 290,000 kilometers, including an increase of 30,000 kilometers in expressways [2]. - The fixed asset investment in transportation reached 15.2 trillion yuan over the first four years of the "14th Five-Year Plan," representing a year-on-year growth of 23.3% [2]. Group 2: Development of Rural Transportation - Since the 18th National Congress, over 4.9 trillion yuan has been invested in rural road infrastructure, with more than 1.2 trillion yuan allocated for maintenance. By the end of 2024, rural road mileage is expected to reach 4.64 million kilometers, establishing a basic network for rural connectivity [5]. - The proportion of graded rural roads has reached 97.3%, and the rate of good and medium-quality roads is 94.8%, significantly improving rural transportation conditions [5][6]. Group 3: Transportation Strong Country Initiative - The initiative to build a strong transportation country has been actively promoted, with over 1,200 units participating in 819 pilot projects since the issuance of the "Transportation Strong Country Construction Outline" in 2019 [7][8]. - Innovations in technology and management have been emphasized, with significant improvements in traffic efficiency and emergency response capabilities through digital transformation and integrated transport systems [7][8].

Core Insights - The "14th Five-Year Plan" has achieved significant milestones ahead of schedule, with six key indicators completed by 2024, including highway mileage and urban rail transit operation mileage [1] - The construction of the national comprehensive transportation network has surpassed 90% completion, connecting over 80% of county-level administrative regions and serving approximately 90% of the economy and population [2][3] Infrastructure Development - The national comprehensive transportation network is being rapidly constructed, with a focus on railways as the backbone and highways as the foundation, while maximizing the advantages of water transport and civil aviation [2] - High-speed rail mileage has reached 48,000 kilometers, accounting for over 70% of the world's total, and the highway network has expanded to 191,000 kilometers [2] - The investment in transportation fixed assets during the first four years of the "14th Five-Year Plan" reached 15.2 trillion yuan, a year-on-year increase of 23.3% [3] Transportation Efficiency - Daily cross-regional travel averages about 180 million people, with 160 million tons of goods transported and 478 million express deliveries collected [4] - By 2024, the passenger volume of high-speed trains is expected to reach 3.272 billion, accounting for 75.9% of total railway passenger volume [4] - The integration of online ticketing, electronic payments, and facial recognition technology is enhancing service convenience [4] Logistics and Cargo Transport - During the "14th Five-Year Plan," it is projected that national railway cargo transport will exceed 2.5 billion tons, an increase of 500 million tons from the previous five-year period [7] - The volume of air cargo and mail transport is expected to reach 8.982 million tons in 2024, a 32.8% increase compared to 2020 [7] - The express delivery business volume is projected to grow from approximately 83 billion items in 2020 to 175 billion items in 2024, with an average daily collection exceeding 500 million items [7] Technological Innovation - The digital transformation of transportation infrastructure has upgraded over 60,000 kilometers of channels, improving traffic efficiency by approximately 20% [8] - Significant engineering projects and technological innovations, such as the CR450 train and the first domestically produced large cruise ship, are being developed [8] - The integration of various transportation modes and industries is being promoted to expand the transportation industry chain [9] Overall Impact - The comprehensive transportation network is increasingly becoming the "main artery" of the national economy, with high coverage and improved efficiency [11] - Enhanced transportation capabilities are facilitating more frequent personnel connections and reducing logistics costs, thereby strengthening the flow of production factors [11] - The achievements in transportation infrastructure reflect a vibrant and dynamic China, with innovations setting new benchmarks in the industry [10][12]

Core Viewpoint - The revival of water transport in Hangzhou is significant, demonstrating its potential as a modern logistics and tourism hub despite the advancements in other transportation modes [4][6]. Group 1: Water Transport Growth - In 2022, Hangzhou Port's cargo throughput reached 67.24 million tons, with container throughput at 292,000 TEUs, a year-on-year increase of 74%, the highest in the province [4]. - In the first half of 2023, the container throughput at Xiasha Port reached 98,100 TEUs, marking an 88.19% year-on-year growth, the highest among inland ports in the province [4]. - The revival of the Zhejiang First Wharf has reintroduced night tourism experiences in Hangzhou, enhancing the integration of transport and tourism [5][6]. Group 2: Infrastructure and Efficiency - The completion of the Xiasha Port has established a cost-effective and environmentally friendly transport channel, significantly reducing logistics costs for businesses [7]. - Companies utilizing Xiasha Port's sea-river combined transport save an average of 300 yuan per container, translating to annual savings of millions in logistics costs [7]. - The port has developed a network of 13 shipping routes, with over 900 foreign trade companies choosing to operate from Xiasha Port, leading to substantial increases in container volumes for major companies [8]. Group 3: Green Development Initiatives - The 2024 implementation plan for high-quality development of waterway container transport aims to provide approximately 21.5 million yuan in subsidies, promoting a shift from road to water transport [9]. - The focus on low-carbon and efficient logistics is driving more companies to adopt water transport, enhancing their competitiveness in international markets [10]. - Xiasha Port is set to introduce electric and hydrogen-powered container ships, aligning with the green energy transition in logistics [11]. Group 4: Tourism Integration - The launch of the Hangzhou to Huzhou cross-city boutique tourism route highlights the integration of transport and tourism, connecting cultural landmarks along the Grand Canal [13]. - Innovative tourism products, such as the "Dreaming on the Water" performance, have emerged, enhancing the immersive experience for tourists [14]. - The city aims to develop a comprehensive water tourism brand, "Zheli Hangyun: Poetry and Pictures of Jiangnan," by 2024, focusing on premium routes and integrated tourism products [13][19]. Group 5: Future Development Plans - By 2027, the city plans to complete the transportation strong country pilot tasks, aiming for a waterway tourism passenger volume exceeding 20 million [19]. - The establishment of a legal framework for "water stop points" is underway to facilitate the growth of water tourism, addressing the current limitations in port infrastructure [17]. - Ongoing upgrades to waterways and vessels are expected to enhance the overall tourist experience, making water travel more appealing and comfortable [17].

Core Insights - The implementation of the "one order, one box" policy for dangerous goods shipping between Nanjing and Shanghai marks a significant improvement in logistics efficiency, allowing for "zero waiting time" upon arrival at the port [1][2] - This policy extension to other categories of packaged dangerous goods is expected to reduce overall logistics costs for local manufacturers by over 10 million yuan annually and enhance shipping company operational efficiency by over 30% [1][2] Group 1 - The "Zhongxing Tunan" vessel, carrying 137 containers, is the first to benefit from the new policy, which previously only applied to "new three samples" of dangerous goods [1] - The new policy allows for direct shipping from Nanjing to Yangshan Port in 33 hours and to Waigaoqiao in 25 hours, compressing overall logistics time by 2-3 days and saving over 2,000 yuan per container compared to road transport [2] - The policy is expected to increase the volume of dangerous goods containers shipped from Nanjing to Shanghai by 20% [2] Group 2 - The "one order, one box" model was established through collaboration between Nanjing and Shanghai maritime authorities, which has streamlined the regulatory process and reduced the need for container inspections at the destination port [2] - The extension of this policy to other types of packaged dangerous goods is anticipated to further enhance the competitiveness of regional shipping logistics [2]

Core Viewpoint - The total container throughput for waterborne imports and exports in China reached 67.41 million TEUs in the first half of the year, reflecting an increase of 11.3% compared to the previous period [1] Group 1: Regulatory and Operational Improvements - The customs authority has optimized regulatory models and simplified customs clearance processes [1] - There has been a significant push for rapid customs clearance in rail transport, enhancing the efficiency of air port access [1] - Monitoring and scheduling of container throughput at key ports have been strengthened [1] Group 2: Innovations in Supervision Models - The customs authority has deepened innovations in supervision models such as "direct pick-up at the ship side," "direct loading upon arrival," and "departure confirmation" for import and export goods [1] - The promotion of "one order system" and "one container system" for rail-sea intermodal transport has been actively pursued [1]

Group 1 - The "Nanjing-Shanghai" foreign trade feeder service has been launched, allowing for direct transport of goods from Nanjing to Shanghai without stopping at other ports along the Yangtze River, significantly reducing transit time from over 70 hours to approximately 25 hours to Waigaoqiao and 33 hours to Yangshan [1][2] - Since the launch of the "Nanjing-Shanghai" foreign trade feeder service, Nanjing Port has exported a total of 157,000 TEUs (Twenty-foot Equivalent Units) of goods, including home appliances, daily necessities, and equipment components [2] Group 2 - The new customs measures include dedicated consultation windows and green channels, promoting "advance declaration" and "direct loading upon arrival" to facilitate smoother customs processes and reduce cargo transfer times [2] - Nanjing Port maintains the highest density of foreign trade feeder services in the Yangtze River basin, highlighting its importance as a key logistics node for foreign trade enterprises [2]