Core Insights - The 12th World High-Speed Rail Conference opened in Beijing, marking the second time this global event has been held in the city since 2010, coinciding with the 200th anniversary of the world's first railway [1][2] - The conference, initiated by the International Union of Railways (UIC) in 1992, has become a significant platform for showcasing and exchanging achievements in high-speed rail development globally [1][2] Industry Overview - As of the end of 2024, China's high-speed rail (HSR) operational mileage will reach 48,000 kilometers, accounting for over 70% of the world's total high-speed rail mileage [2][3] - High-speed rail in China handles approximately 76% of passenger volume and 69% of passenger turnover for the national railway, representing about 19% of the overall transportation market's passenger volume and 31% of turnover [1] - The 12306 real-time ticketing system is the largest in the world, with a single-day peak ticket sales of 26 million [5][6] Economic Impact - Investment in China's high-speed rail generates significant economic benefits, with every 100 million yuan invested leading to over 1 billion yuan in output for related industries and creating over 600 jobs [7][8] - The development of high-speed rail has spurred growth in various sectors, including metallurgy, machinery, construction, and information technology [7] Future Developments - Future advancements in China's high-speed rail will focus on higher speeds, smarter technology, enhanced safety, and greener operations, with plans to develop a new generation of trains capable of reaching speeds of 400 kilometers per hour by the end of 2024 [8] - The integration of artificial intelligence and digital technologies will be prioritized to enhance operational efficiency and safety [8]

Core Viewpoint - The successful completion of the 135-kilometer priority section of the Algeria Western Railway Mining Line marks significant progress for Africa's first desert heavy-load railway, showcasing the professional strength of China Railway Construction Corporation (CRCC) in the railway sector and highlighting the cooperation between China and Algeria [1][2] Group 1: Project Overview - The Algeria Western Railway Mining Line project is a large-scale single entity project undertaken by Chinese enterprises in collaboration with Algerian state-owned enterprises, involving the construction of a 575-kilometer railway connecting Bechar Province and the Gara Djebilet iron ore area in Tindouf Province [2] - Upon completion, the project will enhance Algeria's national railway network, facilitating connections between mining areas, industrial zones, and ports, thereby promoting interconnectivity and economic development in the southwestern provinces of Algeria [2] Group 2: Technological and Economic Impact - The project, located in the Sahara Desert, has established Algeria's first desert heavy-load railway standard system through technological innovation, integrating Chinese advanced track-laying and welding technologies, and setting up an intelligent sleeper production plant to ensure efficient project advancement [1] - The collaboration between CRCC and Tindouf Province has extended beyond railways into the industrial sector, contributing to local economic development and marking a new starting point for mutual cooperation [1]

中新社南宁7月7日电 (张广权)"我憧憬着有朝一日，能从吉隆坡乘坐高铁经曼谷、万象直达昆明，这需 要我们各国共同努力推进标准化工作。"来自马来西亚铁路衔接公司的学员亚当·宾·卡马路丁7日在广西 南宁表示。 为期15天的中国(广西)—东盟铁路轨道交通标准化互联互通国际培训班当天在南宁结业。亚当·宾·卡马 路丁在发言中提到，由马中合建的马来西亚东海岸铁路项目预计2027年投入运营。作为马来西亚东海岸 铁路项目的参与者，他见证了中国技术的快速发展。本次培训让他对中国的轨道交通标准化体系，运营 管理体系和AI技术应用有了更深了解。 广西标准技术研究院副院长林建业表示，近年来，中国铁路轨道交通技术发展成果举世瞩目，构建了知 识产权独立、技术水平先进的铁路、轨道交通标准体系。当前，中国已与多个东盟国家在铁路领域开展 合作。此次培训将进一步促进中国与东盟在轨道交通标准领域的交流合作。(完) 泰国交通部铁路运输司运输技术人员索拉维特·赛颂表示，通过培训获得了很多关于轨道交通标准化、 运营管理及AI运用方面的知识。今年是泰中建交50周年，两国合作的铁路项目正在泰国如火如荼建 设，未来，会将培训学到的知识运用到泰国铁路建设管理中 ...

今日早参 2025 年 7 月 08 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 债券策略研究组长 座机：13910895671 邮箱：qiuwenzhu@htsc.com 今日热点 固定收益：暑期出行热度修复、黑色系价格上升 7 月第一周，地产方面，成交表现有所分化，上季末冲刺对数据与基数皆有 影响，新房略有修复，二手房整体趋势仍有收敛，房价有待企稳，土地溢价 率等指标低位运行。外需方面，吞吐量同比维持韧性，运价整体下降，特别 是前期涨幅较高的美线运价回落明显。生产端来看，工业方面，货运量有所 上行，但焦化、地炼、化工产业链与汽车开工率较前期有所收敛；建筑业方 面，水泥需求边际上略好于供给，黑色供需偏弱且延续主动去库，沥青开工 率当周有一定修复。消费方面，出行热度修复、暑期预定同比增长，汽车消 费热度延续。价格方面，原油受地缘扰动明显，黑色价格在反内卷政策影响 下上行。 风险提示：1)政策推进不及预期。2)海外经济和地缘政治风险的不确定性。 研报发布日期：2025-07-07 研究员 张继强 SAC:S05705181100 ...

Core Viewpoint - The "Two Major" construction initiative in China is accelerating, focusing on both "hard investment" and "soft construction" to support economic growth and high-quality development [1][2][7] Group 1: "Two Major" Construction Overview - The "Two Major" construction includes significant projects like the sand fixation project in Ningxia, which spans approximately 153 kilometers and is part of the "Three North" project [1] - In 2024, the National Development and Reform Commission (NDRC) plans to allocate 700 billion yuan in special long-term bonds for 1,465 "Two Major" construction projects [1] - This year, over 800 billion yuan has been allocated for "Two Major" construction projects, with the third batch for 2025 recently announced [2] Group 2: Hard Investment and Economic Growth - The "hard investment" aspect of the "Two Major" construction includes 800 billion yuan covering 1,459 projects in areas such as ecological restoration and major infrastructure [3] - The construction of the Chongtai Yangtze River Tunnel, a key project in the Shanghai-Chongqing Railway, is progressing rapidly, with a current excavation speed of 20 to 28 meters per day [4] - Infrastructure investment has shown a year-on-year growth of 5.6% from January to May, contributing significantly to overall investment growth [6] Group 3: Soft Construction Initiatives - The "soft construction" initiatives focus on reform and innovation in key areas, such as optimizing financing models for railways and enhancing urban underground infrastructure management [3][7] - Various regions are implementing innovative models for services, such as the development of inclusive childcare services in Shenzhen, which combines public and private resources [8] - The integration of "soft construction" with "hard investment" is seen as essential for maximizing comprehensive benefits and ensuring sustainable project outcomes [9]

分析认为，粤港两地经济、文化多领域合作持续深化，节假日和大型活动对人员流动的拉动作用显著。 今年上半年，在春节前后、清明、五一、端午等节假日以及各类演出赛事时期，广深港高铁单日跨境旅 客均超10万人次，其中最高峰在1月31日，达13.6万人次。 记者7月7日从深圳铁路部门获悉，今年以来，广深港高铁呈现出双向客流同步增长的强劲态势。1-6 月，广深港高铁累计运送跨境旅客达1503.2万人次，与去年同期相比增长208.8万人次，增幅达16.1%。 亮眼的数据，不仅彰显了广深港高铁在粤港澳大湾区交通网络中的核心地位，更生动地反映出大湾区人 员往来的日益紧密和经济的蓬勃发展。 据统计，2025年上半年，广深港高铁累计开行旅客列车超3.7万列，跨境客流在6月30日当天突破了1500 万人次，较去年提早了27天实现。 从客流流向来看，双向客流都出现了强劲增长。其中，香港西九龙发往内地的旅客达736.2万人次，较 去年同期增长96.7万人次，同比增长15.1%。内地发往香港西九龙的旅客达767万人次，较去年同期增长 112.1万人次，增幅为17.1%。 从客流区域分布来看，广深港高铁已成为粤港澳大湾区人员流动的重要通道。上 ...

Core Viewpoint - The completion of the ballastless track construction for the Guangzhan High-speed Railway marks a significant milestone in the project, which is the longest and largest railway project in Guangdong Province, enhancing connectivity in the region [1][3]. Group 1: Project Overview - The Guangzhan High-speed Railway spans 401 kilometers, making it the longest and largest railway project in Guangdong Province [1]. - The section constructed by China Railway 25th Bureau covers 10.38 kilometers, including two major bridges and two segments of roadbed, with a total length of 8.2 kilometers of double-track ballastless railway [1]. Group 2: Construction Details - The construction of ballastless track is a critical phase that requires stringent control over geometric dimensions and precision, with track slab size deviations needing to be within 2 millimeters [3]. - The project employs a track slab framework method to enhance construction efficiency and maintain precision control at the millimeter level [3]. Group 3: Strategic Importance - The Guangzhan High-speed Railway is designed for a maximum speed of 350 kilometers per hour and is a key component of the national "Eight Vertical and Eight Horizontal" high-speed railway network [3]. - Upon completion, the railway will significantly reduce travel time between the western Guangdong region and the Guangdong-Hong Kong-Macao Greater Bay Area, allowing for a 90-minute journey from downtown Guangzhou to downtown Zhanjiang [3].

Fixed Income - The overall credit spread across various industries has compressed, with the AA agricultural, forestry, animal husbandry, and fishery sector experiencing a significant reduction of 9 basis points [2][9] - The issuance rates for AA-rated industrial bonds and AAA-rated financial bonds have decreased significantly, while the issuance rate for AA-rated urban investment bonds has increased [7] - The market is optimistic about credit bonds yielding over 2%, suggesting investors should consider extending duration and exploring opportunities in the newly approved science and technology innovation bond ETFs [10] Maternal and Infant Industry - Recent government policies aimed at encouraging childbirth, such as childcare subsidies and housing benefits, are expected to stimulate the maternal and infant industry [12] - The maternal and infant consumption market in China is projected to reach 762.99 billion yuan in 2024, with a steady growth trend from 2018 to 2024 [12] - The market for maternal and infant chain stores is growing, with a compound annual growth rate of 9.1% expected from 2019 to 2024, indicating significant room for growth in lower-tier cities [12][13] Transportation Industry - The Southeast Asian e-commerce sector, particularly TikTok Shop, has shown substantial growth, benefiting logistics companies in the region [16][17] - The civil aviation sector is entering a peak travel season, with domestic flight bookings exceeding 21.01 million in the first month of the summer travel period [19] - The introduction of autonomous delivery vehicles by companies like Shentong and JD Logistics is expected to enhance delivery efficiency and reduce costs significantly [18][29] Deep Sea Economy - The deep-sea economy is gaining attention, with the national marine production value projected to reach 10.54 trillion yuan in 2024, growing at a rate of 5.9% [34] - The marine engineering equipment manufacturing sector is experiencing rapid growth, with an expected increase in value added from 1,032 billion yuan in 2024 to 1,126 billion yuan in 2025 [34] - There are 11 companies listed on the North Exchange involved in the deep-sea economy, indicating a growing interest in this sector [34][35] AI Applications - The AI companionship product "EVE" has begun testing, highlighting the advancement of AI applications in various sectors such as e-commerce, gaming, and education [12] - Major tech companies like Tencent, Alibaba, and ByteDance are continuously iterating on foundational technologies and products, indicating a competitive landscape in AI development [12] Shipping and Logistics - The shipping industry is expected to benefit from OPEC+'s production increase, which may enhance the demand for oil transportation [23][31] - The logistics sector is seeing a shift towards more efficient operations, with companies like Shenzhen International and DeBang Logistics poised for growth due to strategic transformations [30] - The overall shipping market is recovering, with environmental regulations driving the retirement of older vessels, thus improving market conditions [31][32]

"确定性"多点开花，业绩估值各有看点 [Table_Industry] 交通运输 [Table_ReportDate] 2025 年 7 月 7 日 证券研究报告 行业研究 | [Table_ReportType] | | --- | | 行业投资策略 | | [Table_StockAndRank] 交通运输 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 匡培钦 交通运输行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 黄安 交通运输行业分析师 执业编号：S1500524110001 邮 箱：huangan@cindasc.com 秦梦鸽 交通运输行业分析师 执业编号：S1500524110002 邮 箱：qinmengge@cindasc.com 陈依晗 交通运输行业助理 邮 箱：chenyihan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Ta ...

股票代码：601006 股票简称：大秦铁路 公告编号：【临2025-050】 12025年7月8日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2025年6月，公司核心经营资产大秦线完成货物运输量3242万吨，同比 增长5.29%。日均运量108.07万吨。大秦线日均开行重车72.1列，其中：日均 开行2万吨列车50.9列。2025年1-6月，大秦线累计完成货物运输量18873万吨， 同比减少2.17%。 以上主要运营数据来自本公司内部统计。运营数据可能在月度之间存在 一定差异，其影响因素包括但不限于市场环境、设备检修和接卸能力等。 大秦铁路股份有限公司 董 事 会 大秦铁路股份有限公司 2025 年 6 月大秦线生产经营数据简报 ...