在华东师范大学城市发展研究院院长、终身教授曾刚看来，城际铁路"超级地铁化"是长三角互联互通、都市圈深度融合的必然要求。放眼未来，"轨道上的 长三角"必将构建起城际铁路、市域铁路、轨道交通衔接联动的立体智慧交通体系。 串联游须有辨识度 新华财经上海7月11日电 （谷青竹） 长三角即将迎来第一条"超级地铁"——水乡旅游线。日前，水乡旅游线江苏段正式开工。该线路从长三角生态绿色一体 化发展示范区（以下简称"示范区"）的水乡客厅站出发，经江苏吴江与如通苏湖铁路共线至南浔站，经浙江湖州、嘉兴桐乡乌镇、桐乡城区、海宁盐官古镇 至杭州萧山机场。作为沪苏嘉城际铁路的重要组成部分，这一项目的开工为示范区的跨区域联通按下"加速键"，其背后蕴含的多重价值与未来潜力值得期 待。 一小时通勤朋友圈 所谓"超级地铁"，通常是指设计时速（160公里／小时）介于高铁（250公里／小时及以上）与地铁（80公里／小时）之间的城际铁路。这种线路采用地铁化 运营模式，乘客可刷卡或扫码进站，随到随走，无需提前购票。 在站点设置上，"超级地铁"比高铁更密集。水乡旅游线仅在苏州市吴江区内便设有苏州南站（既有）、汾湖站（新建）和八坼站（新建）三座车站。列车 ...

Core Insights - The fundamental contradiction between speed, demand, and safety in high-speed rail operations needs to be addressed to enhance service efficiency and safety [1][2]. Group 1: Speed and Demand Management - The China Academy of Railway Sciences has developed a new generation of high-speed trains capable of trial speeds of 450 km/h and operational speeds of 400 km/h, which shortens braking distances while ensuring safety [2]. - Increasing train density through optimized schedules and train configurations, such as doubling the number of carriages during peak times, significantly enhances transport capacity [2]. - Multi-dimensional regulatory measures can balance rising passenger demand across different times, regions, and speed levels, including differentiated pricing strategies [3]. Group 2: Automation and Safety - The implementation of automatic driving technology in high-speed trains, such as the Beijing-Zhangjiakou high-speed railway, allows for automated operations with minimal human intervention, enhancing operational efficiency [3][4]. - The safety of high-speed train automation is emphasized, with future developments focusing on self-awareness of the train's environment, safety assessment, and fault diagnosis capabilities [3][4]. - The transition from traditional manual operations to a data-driven, intelligent collaborative system is essential for improving safety and efficiency in high-speed rail operations [4]. Group 3: Challenges and Innovations - Current challenges in high-speed train automation include environmental perception limitations, compatibility of human-machine collaboration, safety verification, and system integration complexities [4][5]. - Future intelligent high-speed trains are expected to feature smart power supply scheduling, automatic environmental monitoring, and disaster early warning systems, enhancing overall operational efficiency [5]. - The focus on safety remains paramount, with a shift from cost-based safety redundancies to proactive monitoring and intelligent fault tolerance systems [4][5].

7月11日消息，最近，高铁没有"E座"引起大家热议，有网友开玩笑称，"E给大家测视力去了"。 还有网友表示"E不发音"，所以没有"E座"。 高铁座位是如何分布的？ 二等座：二等座通常采用"3+2"式排列 从左到右依次是A、B、C、D、F A座和F座靠窗 C座和D座靠过道 一等座：一等座通常采用"2+2"式排列 从左到右依次是A、C、D、F A和F靠窗 C和D靠过道 没有中间座位 A和F靠窗 C靠过道 空间更宽敞一些 高铁F座为什么最受欢迎？ 大家也许已经发现，在高铁座位的设计中A座和F座始终靠窗。 商务座 商务座通常采用"2+1"式排列 或"1+1"式排列 从左到右依次是A、C、F或A、F 相比之下，F座不仅能享受窗外的风景，出入也更加便利，也因此F座一度被网友称为"最受欢迎的座位"。 早在今年4月，国家铁路部门就高铁为什么没有E座发布过科普文章。 文中称，早期飞机多是单通道，每排6个座椅分别是A、B、C、D、E、F，其中，A、F座位靠窗，C、D座位靠过道，B、E是中间位置。 时间一长，A-F这六个字母就形成了特定的国际惯例，即A/F即为靠窗，C/D即为靠过道。 中国高铁为了和国际接轨，就延续了这种国际惯例， ...

Core Insights - The article highlights the significant evolution of high-speed rail over the past 200 years, from the Stockton-Darlington Railway in 1825 to China's CR450 train achieving a speed of 450 km/h in 2025, marking a remarkable transformation in rail technology [2][4]. Group 1: High-Speed Rail Development - China's high-speed rail network now accounts for over 70% of the world's total high-speed rail mileage, with a total operational length of 48,000 kilometers, covering 97% of cities with populations over 500,000 [3][4]. - The operational mileage of China's high-speed rail has increased more than fivefold in the past 15 years, reshaping the global high-speed rail landscape [4]. Group 2: Technological Advancements - The CR450 train, showcased at the conference, features a 10% reduction in weight compared to its predecessor, the CR400, and improvements in running resistance and energy consumption by 22% and 20%, respectively [5]. - The CR450 train is set to undergo a year-long operational assessment starting in August, with commercial deployment expected by the end of 2026 [5]. Group 3: Infrastructure and Construction - The Chongqing-Taiwan Yangtze River underwater tunnel, designed for a speed of 350 km/h, exemplifies China's advanced construction capabilities, utilizing the "Navigator" shield machine equipped with geological forecasting technology [7]. - China has constructed over 100 high-speed rail tunnels exceeding 10 kilometers in length, showcasing a comprehensive high-speed rail engineering construction technology system [7]. Group 4: Operational Efficiency - China's high-speed rail network can send 16 million passengers daily, representing 76% of the railway's passenger volume and 69% of passenger turnover, making it a key player in medium- and long-distance transportation [9]. - The complexity of train operation scheduling is highlighted, with the Beijing-Shanghai high-speed railway's decision-making combinations reaching an astronomical scale, indicating the advanced operational capabilities of China's rail system [9]. Group 5: Future Directions - The future of high-speed rail is focused on becoming faster, greener, and smarter, with innovations such as superconducting magnetic levitation trains capable of reaching speeds of 600 km/h and hydrogen-powered trains with zero emissions [11][13]. - Artificial intelligence is increasingly integrated into high-speed rail operations, enhancing safety, monitoring, and training processes [15]. Group 6: Global Expansion - High-speed rail is entering a new phase of global expansion, with over 65,000 kilometers of operational high-speed rail worldwide, benefiting billions of passengers annually [16]. - China aims to expand its high-speed rail network to over 50,000 kilometers by the end of 2025, further enhancing connectivity across major urban areas [17]. Group 7: International Collaboration - China is actively participating in international standard-setting for high-speed rail, having led the development of all 13 system-level international standards in this field [22]. - Collaborative agreements have been signed with various countries to enhance cross-border transportation and international cooperation in rail development [22].

Core Viewpoint - The article highlights the significant advancements and achievements of China's high-speed rail (HSR) system, emphasizing its role as a global leader in technology and innovation, particularly with the introduction of the Fuxing train series and the ongoing development of the CR450 model [2][4][10]. Group 1: Development and Achievements - The 12th World High-Speed Rail Conference was held in Beijing, focusing on the theme "High-Speed Rail: Innovative Development for a Better Life" [2]. - By the end of 2024, China's high-speed rail operating mileage is expected to reach 48,000 kilometers, accounting for over 70% of the world's total high-speed rail mileage [2]. - The Fuxing train series has been pivotal in establishing China as a leader in high-speed rail technology, with a cumulative passenger volume of 22.9 billion [2][4]. Group 2: Technological Innovations - The Fuxing trains incorporate advanced technologies such as big data, artificial intelligence, and 5G communication, enhancing safety, punctuality, and energy management [3]. - The CR450 model is designed to achieve operational speeds of up to 400 kilometers per hour, with significant improvements in safety, energy efficiency, and passenger comfort [3][4]. - The development of the HSP advanced geological forecasting system for tunnel construction demonstrates China's commitment to innovative engineering solutions [7][8]. Group 3: Infrastructure and Planning - The "Eight Vertical and Eight Horizontal" high-speed rail network plan is progressing well, with approximately 81.5% of the main corridors completed as of June this year [9]. - Major corridors such as the Beijing-Shanghai and Beijing-Harbin routes have been fully operational, while others are in various stages of development [9]. Group 4: Global Influence and Future Directions - China's high-speed rail control technology is gaining international recognition, with successful implementations in Serbia and Indonesia, showcasing the global competitiveness of Chinese technology [11]. - The focus on digital transformation and intelligent systems aims to enhance operational efficiency and safety in the railway sector [12].

Performance Forecast - The company expects a net profit attributable to shareholders of approximately 295 million yuan for the period from January 1, 2025, to June 30, 2025, representing an increase of 88.99% compared to the same period last year, which was 156.09 million yuan [1] - The net profit after deducting non-recurring gains and losses is estimated to be around 133 million yuan, a decrease of 17.98% from the previous year's 162.15 million yuan [1] - The basic earnings per share is projected to be approximately 0.2023 yuan, compared to 0.1070 yuan in the same period last year [1] Communication with Auditor - The company has communicated with Zhongxinghua Certified Public Accountants regarding the performance forecast, and there are no significant disagreements on the forecast [1] - The half-year performance forecast for 2025 has not been audited by the registered accountant [1] Reasons for Performance Changes - The main reason for the profit change is the increase in costs such as labor, vehicle maintenance, and depreciation, which led to a decrease in gross profit from railway transportation by approximately 33 million yuan [1] Subsidiary Bankruptcy - The company's wholly-owned subsidiary, Ningxia Dagu Logistics Co., Ltd., has been accepted for bankruptcy liquidation by the Yinchuan Intermediate People's Court, resulting in the loss of control over the subsidiary [2] - The company will remove Ningxia Dagu Logistics from its consolidated financial statements, leading to a recognition of non-recurring gains of 164.50 million yuan from this investment [2]

宁夏西部创业实业股份有限公司 投资者关系活动记录表 编号：2025-003 | | 特定对象调研 □ 分析师会议  | | --- | --- | | 投资者关系 | □ 媒体采访 业绩说明会 | | 活动类别 | □ 新闻发布会 □ 路演活动 | | | □ 现场参观□ 其他： | | 参与单位名称 | 太平洋证券交运行业研究员 程志峰 | | 及人员姓名 | | | 时 间 | 2025 年 7 月 10 日 16:00—17:30 | | 地 点 | 公司 3 楼办公室 | | 上市公司 | | | 接待人员 | 吴国廷 董事会秘书 | | 姓 名 | | | | 一、请问公司 24 年业绩情况，营收减少 19%，为 | | | 啥净利润增长 8.5%呢，原因是什么？ | | | 公司 2024 年度实现营业收入 134,532.27 万元，较 | | | 2023 年度降低 19.21%；归属于上市公司股东的净利润 | | | 26,300.77 万元，较 2023 年度增加 8.50%，主要原因 | | 投资者关系 | 是：（一）2024 年度铁路运输业务量同比上升，带动 | | | 毛利增加3 ...

Investment Rating - The report highlights the value of dividend assets in a low-interest-rate environment, with the Hong Kong Stock Connect high dividend index outperforming other high dividend indices by 1.17 percentage points as of June 2025 [3][18]. Core Insights - The report emphasizes the accelerated growth of dividend products, with a total scale exceeding 200 billion yuan as of Q1 2025, significantly driven by dividend ETFs [3][31]. - The transportation sector holds a substantial weight in both A-share and Hong Kong dividend indices, with over 10% representation in most dividend indices [3][24]. - Companies in the highway and railway sectors are predicted to have dividend yields greater than 3%, with stable profit growth expected from firms such as Ninghu Expressway, Gansu Expressway, and Daqin Railway [3][12]. - The report identifies that the shipping sector has a predicted dividend yield of over 3%, with companies like COSCO Shipping Energy and Pacific Shipping highlighted [3][12]. Summary by Sections Low-Interest Rate Environment - The report discusses how the low-interest-rate environment enhances the appeal of dividend asset allocation, with the dividend yield of highways at approximately 1.5%, ports at 1%, and shipping at 5% as of July 9, 2025 [3][12][18]. Fund Flow Analysis - The report notes that the scale of dividend products has accelerated since 2024, with significant contributions from dividend ETFs. The majority of the growth in Hong Kong dividend ETFs has been attributed to net inflows from subscriptions and redemptions [3][31][33]. Transportation High Dividend Sector - The report provides a list of key high dividend stocks in the transportation sector, including Ninghu Expressway, Tangshan Port, and China Merchants Highway, which have shown consistent performance despite recent declines [3][24][38].

Core Viewpoint - The China Railway Jinan Bureau Group Co., Ltd. has launched four themed tourism ticket products to meet diverse travel needs during the summer, providing a convenient and cost-effective travel experience for passengers [1] Group 1: Ticket Products - The "Jinan + Qufu + Tai'an" tourism ticket includes one second-class seat ticket for each segment: Jinan (Jinan East/Jinan West) to Qufu East, Qufu East to Tai'an, and Tai'an to Jinan (Jinan East/Jinan West) [3] - The "Jinan + Qingdao + Yantai" tourism ticket includes one second-class seat ticket for each segment: Jinan (Jinan East/Jinan West) to Qingdao (Qingdao North), Qingdao (Qingdao North) to Yantai (Yantai South), and Yantai (Yantai South) to Jinan (Jinan East/Jinan West) [4] - The "Jinan + Zibo + Weifang + Qingdao" tourism ticket includes one second-class seat ticket for each segment: Jinan (Jinan East/Jinan West) to Zibo (Zibo North), Zibo (Zibo North) to Weifang (Weifang North), and Weifang (Weifang North) to Qingdao (Qingdao North) [6] - The "Qingdao + Weihai + Yantai" tourism ticket includes one second-class seat ticket for each segment: Qingdao (Qingdao North) to Weihai (Weihai North), Weihai (Weihai North) to Yantai (Yantai South), and Yantai (Yantai South) to Qingdao (Qingdao North) [8] Group 2: Advantages of Tourism Tickets - The tourism ticket offers significant advantages over regular train tickets, including simplified purchasing, as it allows for "one ticket for multiple journeys," eliminating the need for multiple purchases [10] - The pricing is more favorable, with a 10% discount applied to the ticket price based on the corresponding high-speed train fare [10] - The tickets provide flexibility, allowing travelers to arrange their travel times within the validity period according to their plans [10] Group 3: Ticket Usage and Conditions - After purchasing, travelers can use two convenient methods to board: seat reservation through the 12306 website or ticket machines, or direct entry with valid ID if there are available seats [13] - Travelers must adhere to the "30+9" rule, where the ticket must be activated within 30 days and all journeys must be completed within 9 days of activation [14] - The tourism ticket is non-transferable and can only be used by the purchaser, with the option for "Railway Smooth Travel" members to earn travel points [14]

Core Viewpoint - The Shanghai Composite Index opened lower but rose throughout the day, with the CSI 300 Transportation Index reported at 3817.95 points, reflecting a recent decline of 1.38% over the past month, an increase of 3.61% over the past three months, and a year-to-date decline of 1.63% [1] Group 1: Index Composition and Performance - The CSI 300 Transportation Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300 Index, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The top ten weighted stocks in the CSI 300 Transportation Index include: - Beijing-Shanghai High-Speed Railway (26.28%) - SF Express (17.91%) - COSCO Shipping Holdings (14.98%) - Datong Railway (12.6%) - China Eastern Airlines (5.1%) - China Southern Airlines (4.83%) - Air China (4.4%) - Spring Airlines (4.26%) - YTO Express (3.41%) - China Merchants Energy Shipping (3.08%) [1] Group 2: Market Segmentation - The market composition of the CSI 300 Transportation Index shows that the Shanghai Stock Exchange accounts for 81.16%, while the Shenzhen Stock Exchange accounts for 18.84% [1] - The industry breakdown of the index's sample includes: - Railway Transportation (38.88%) - Express Delivery (21.33%) - Shipping (20.28%) - Air Transportation (19.51%) [2] Group 3: Sample Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample changes, remaining fixed until the next scheduled adjustment unless a temporary adjustment is required due to changes in the CSI 300 Index [2] - Special events affecting sample companies, such as delisting, mergers, or changes in industry classification, will prompt corresponding adjustments to the CSI 300 industry index samples [2]