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 ...

证 券 研 究 报 告 ◼ 低利率环境下，红利资产配置价值突出，港股通高股息跑赢其他高股息指数，6月港股 通高股息指数跑赢沪深300红利指数1.17pct。截至2025年7月9日，股息率-十年期国 债收益率中，高速公路约1.5%，港口约1%，航运约5%。 ◼ 资金面：24年以来红利产品规模加速增长，截至2025Q1，规模合计超2000亿元，其 中红利ETF贡献较多增量；近一周看ETF规模有不同程度的变化，资金流向分化，长期 看（今年以来及近6月）多数ETF规模增长，年内资金持续流入。不同时间段，申赎净 流入及净值涨跌对规模变动影响不同。今年以来大部分港股红利ETF增量主要来自于申 赎净流入。交通运输行业在A股及港股红利指数中占比较高，大部分红利指数中交运 行业权重在10%以上。 ◼ 公路铁路预测股息率大于3%、利润增速稳定的公司：宁沪高速AH、赣粤高速、深高 速AH、大秦铁路、越秀交通基建、浙江沪杭甬、四川成渝AH、招商公路、中原高速、 粤高速A、福建高速、深圳国际、港铁公司、东莞控股；港口预测股息率大于3%、 ROE及利润增速稳定的公司：中远海运港口、招商局港口、唐山港、上港集团、招商 港口；航运预测股息率 ...

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]

过去3天，7万多名观众走进展厅，虽然这里汇聚了西门子、阿尔斯通等国际品牌，但最受关注的还是中国企业的展台。因为就在展 览开始前，全球最快高铁CR450跑出了最新的试验速度。 中车四方股份公司高速动车组主任设计师陈曦介绍，CR450AF动车组，目前最高试验速度达到了450公里每小时，其安全性能保证 从400公里到0公里的制动距离与目前CR400AF保持一致。 央视网消息：为期3天的第十七届中国国际现代化铁路技术装备展7月10日落幕。本届展览全球500余家企业带来了行业领先的技术和 展品。据了解，中国高铁技术全球领跑的优势在持续扩大。 3天的展期，4万平米的展览面积，14个国家和地区的铁路企业汇聚，展示了世界铁路技术的最新成果，也让中国高铁再次冲上了热 搜。 不仅是速度上的单项冠军，中国高铁目前已经形成了里程最长、在建规模最大、技术最全面、应用场景最丰富的诸多优势。 中国中铁科学研究院总经理高红兵介绍，它利用刀盘与岩石的摩擦产生震动信号，实时采集隧道前方100米不良地质信息，包括断 层、涌水，及时纠正各项参数，使施工更加智能高效。 就在本届展览期间，时速300公里的复兴号货运动车组列车也正在加紧研制。世界最大功率 ...

记者今天从国铁广州局了解到，受台风"丹娜丝"影响，铁路部门对广东东部部分区段铁路启动防洪防台 风应急响应，杭深铁路、梅汕线和京九铁路部分区段采取限速运行或停运等措施。预计到7月11日起逐 步恢复。已购买停运列车车票的旅客，可自车票发站乘车日期起的30日内办理全额退票手续，退票均不 收取退票手续费。(央视新闻) ...

Group 1: Market Overview - The FTSE China A50 Index components showed a positive trend with insurance, oil, and securities sectors rising significantly, while the banking sector also performed well [1][6]. Group 2: Sector Performance - The insurance sector, including companies like China Life and Ping An, saw increases in market capitalization, with China Life at 1,387.12 billion and Ping An at 1,036.22 billion, reflecting gains of 2.05% and 2.04% respectively [3]. - The oil sector, represented by Sinopec and PetroChina, also experienced growth, with Sinopec's market cap at 698.73 billion and PetroChina at 1,588.62 billion, both showing positive changes of 1.17% and 1.41% respectively [3]. - The semiconductor industry, including Northern Huachuang and Cambrian, faced slight declines, with Northern Huachuang down by 1.43% [3]. - The beverage sector, particularly Kweichow Moutai, reported a market cap of 1,780.16 billion, with a minor decrease of 0.13% [3]. Group 3: Trading Volume - Trading volumes varied across sectors, with the insurance sector leading with a total trading volume of 24.01 billion for Ping An, while the semiconductor sector had lower volumes, with Northern Huachuang at 9.73 billion [3][4]. - The automotive sector, represented by BYD, had a significant trading volume of 47.62 billion, indicating strong investor interest [3].

2025.07. 10 就在开挖克拉运河还是修建横跨两洋的陆桥争议未定之时，一条从中国昆明直达泰国拉廊港再到缅 甸、孟加拉国等国的新货运通道被开辟出来，这提供了绕开马六甲海峡新的国际物流方案。 7月4日，"郑和号"海公铁国际多式联运班列在昆明晋宁腾俊国际陆港公铁联运中心首发。这标志着 中国西南连接印度洋的新国际物流大通道正式贯通。 这条线路最为显著的特点就是绕开马六甲海峡，从昆明直达印度洋港口。在泛亚铁路西线进展缓慢之 际，这条中国连接印度洋的新通道意义重大。 本文字数：2372，阅读时长大约4分钟 直通印度洋 作者 | 第一财经 李秀中 根据官方发布，"郑和号"是从郑和故里昆明市晋宁区出发，通过中老铁路抵达老挝万象后再分成三条 线路完成运输。第一条线路是换乘泰国铁路到达泰国北标府；第二条线路是接驳公路驶至泰国林查班 港，通过海运到达新加坡；第三条线路是接驳公路至泰国拉廊港，通过海运抵达缅甸仰光港，再继续 航行至孟加拉国吉大港。 其中，第三条线路开辟了全新路线。相比经北部湾出海、穿越马六甲海峡的传统模式，新线路运输距 离缩短近三分之一，约1700公里；时间缩短二分之一，约17天；运输时效提高50%以上，且不需 ...

Company Overview - Qingdao Xintiecheng Energy Technology Co., Ltd. has been established with a registered capital of 5 million RMB [1] - The legal representative of the company is Zhuang Wensheng, and it is wholly owned by Qingdao Xintiecheng Auto Parts Co., Ltd. [1] Business Scope - The company’s business scope includes technology services, development, consulting, and transfer, as well as sales of electrical signal equipment, software development, and railway transportation infrastructure sales [1] - Additional services include the development of rail transit communication signal systems, smart control system integration, and sales of high-speed rail equipment and components [1] - The company also engages in various technology-related services such as IoT technology services, blockchain technology software, artificial intelligence platforms, and data processing services [1] Industry Classification - The company operates within the transportation, storage, and postal industry, specifically focusing on the railway transportation sector [1] - It is classified under the national standard industry for railway passenger transportation [1] Registration and Compliance - The company is registered with the Qingdao City Chengyang District Market Supervision Administration and has a business term until July 9, 2025, with no fixed expiration [1] - The company is required to obtain approval for certain projects as per relevant regulations [1]

Core Insights - The 12th World High-Speed Rail Conference showcased China's advancements in high-speed rail technology, with a focus on the CR400 train and the upcoming CR450 model, which is expected to operate at speeds of 400 km/h by the end of 2026 [1][4][6] - China's high-speed rail network has expanded significantly, reaching 48,000 kilometers by the end of 2024, accounting for over 70% of the world's total high-speed rail mileage [1][2][6] - The development of high-speed rail has transformed China's economic landscape, enhancing connectivity and boosting GDP growth in cities along the rail lines [7][8] High-Speed Rail Development - China's high-speed rail mileage has increased from 7,531 kilometers in 2008 to over 48,000 kilometers in 2024, marking a sixfold growth in 15 years [2] - The CR450 model features improvements such as a 22% reduction in resistance, a 4% increase in traction efficiency, a 10% weight reduction, and a 20% decrease in energy consumption compared to existing models [3][4] - The "Eight Vertical and Eight Horizontal" high-speed rail network is approximately 81.5% completed, with plans to reach around 70,000 kilometers by 2035 [6] Economic Impact - High-speed rail has significantly reduced commuting costs and times, exemplified by the reduction of tea-picking workers' travel costs from over 100 yuan to around 10 yuan [7] - Cities along high-speed rail lines have experienced GDP growth rates averaging 1.2 percentage points higher than the national average [7] - High-speed rail is facilitating a shift from a "scale economy" to an "efficiency economy" in China [8] Global Expansion and Standards - China is increasingly involved in international high-speed rail projects, collaborating with over 40 countries and regions [9][11] - The introduction of Chinese high-speed trains in countries like Serbia and Indonesia signifies the global reach of China's rail technology [9][10] - China has taken a leading role in establishing international standards for high-speed rail, enhancing its influence in the global rail industry [11]