Core Points - The launch of the Chongqing-Hungary Budapest scheduled China-Europe freight train marks a significant development in international logistics, with a focus on efficiency and reliability [1] - The train service will operate bi-weekly, reducing transportation time by approximately 30% compared to regular services, enhancing the overall effectiveness of the China-Europe freight corridor [1] - The route will take about 11 days, passing through several countries, and aims to facilitate bilateral trade between China and Hungary, as well as other Central and Eastern European nations [1] Summary by Category Logistics Efficiency - The scheduled freight train service features fixed schedules, routes, and operational times, which allows for better control over port operations and transfers [1] - The initial plan by China Railway Chengdu Bureau is to run one train every two weeks, significantly improving logistics efficiency for various industries [1] Trade Facilitation - The service is expected to enhance trade between China and Hungary, while also benefiting other Central and Eastern European countries such as Slovakia, Austria, and Serbia [1] - It will enable faster access to quality European products, including Hungarian wine, Polish dairy products, and Czech crystal, into the Chinese market [1] Industry Impact - The new freight service provides a more stable logistics option for local industries in Chongqing, particularly in electronics, automotive, and equipment manufacturing [1] - It supports production organization, logistics trade, and capital turnover for businesses involved in cross-border trade [1]

Core Insights - The Western Land-Sea New Corridor has achieved a significant milestone, with cumulative container cargo shipments exceeding 5 million TEUs as of November 29, 2023, marking a year-to-date increase of 130,000 TEUs, which is a 55.3% year-on-year growth [1][2] Group 1: Cargo Composition and Direction - The export cargo primarily consists of chemical products, machinery parts, and new energy vehicles, while the imports mainly include bauxite, coal, and grain [2] - Shipments from the port to the inland (upstream) totaled 657,000 TEUs, and shipments from the inland to the port (downstream) reached 651,000 TEUs, achieving a balanced two-way shipment with year-on-year increases of 58.9% and 57.1%, respectively [2] Group 2: Infrastructure and Capacity Enhancements - The company has completed electrification upgrades on key railways, enhancing mainline transport capacity by 6.5%, and has upgraded 28 freight yards, increasing handling capacity by 33 million tons annually [4] - The company has coordinated with port enterprises to expand dedicated lines at ports, adding 10 million tons of handling capacity each year [4] Group 3: Service Innovations and Operational Efficiency - To expand the reach of the Western Land-Sea New Corridor, the company has developed category-specific iron-sea express products and established a multi-modal transport service model in collaboration with logistics companies [4][7] - The number of cross-bureau scheduled train routes has increased from 2 in 2019 to 15 by 2025, with 57.7% of the current 26 cross-bureau scheduled train routes connecting major southwestern cities [6][7] Group 4: Economic Impact - In the first three quarters of the year, the Western region's imports and exports through the Western Land-Sea New Corridor reached 611.5 billion yuan, reflecting a 19.3% growth and contributing 3.4 percentage points to the region's foreign trade growth [7]

[Table_Main] 证券研究报告 | 宏观点评 宏观点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 戴琨 资格编号：S0120525070002 邮箱：daikun＠tebon.com.cn 研究助理 相关研究 弱势回升显现，景气修复仍待巩固 ——11 月 PMI 数据点评 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 2025 年 11 月 30 日 核心观点：11 月 PMI 显示经济景气延续弱势，制造业虽小幅回升但仍处收缩区间， 服务业明显走弱，整体修复态势偏弱。制造业 PMI 回升至 49.2%，但仍弱于往年 同期水平，我们认为这既反映了"十一"假期后的季节性修复有限、前期"以旧换 新"对订单的拉动效应边际减退，也与全球需求仍偏低迷有关。分项指标上，生产 与新订单虽小幅改善但仍低于荣枯线，企业继续主动去库、用工偏谨慎，显示制造 业内生复苏动能依旧不足。非制造业 PMI 回落至 49.5%，重回荣枯线下，叠加假 期效应消退，服务业动能减弱、建筑业虽有回升但仍偏弱，新订单与库存指标均指 向需求 ...

Group 1: Manufacturing Sector - November manufacturing PMI increased to 49.2%, up 0.2 percentage points from the previous month, but still below the seasonal average of 50.0%[14] - PMI for production rose by 0.3 percentage points to 50.0%; new orders improved by 0.4 percentage points to 49.2%[14] - Industrial raw material prices rebounded, with PMI purchase prices at 53.6% and factory prices at 48.2%, both up from previous values[22] Group 2: Non-Manufacturing Sector - November non-manufacturing PMI fell to 49.5%, down 0.7 percentage points, marking the first time this year below the expansion threshold[32] - Construction PMI improved slightly to 49.6%, with new orders index rising by 0.2 percentage points[24] - Policy-driven financial tools are less effective than in 2022, impacting service sector performance negatively[24] Group 3: Economic Indicators - Special bond issuance progress reached approximately 91.0% by the end of November, a significant increase of 10.1 percentage points from October[24] - Small enterprises showed a notable recovery in PMI, increasing by 2.0 percentage points, benefiting from improved US-China trade relations[22] - PPI is expected to narrow its year-on-year decline to around -2.0% in November, with a month-on-month increase of approximately 0.2%[22]

Core Insights - The Western Land-Sea New Corridor has sent over 5 million TEUs since its launch in 2017, reaching 5.03 million TEUs as of November 29 this year, with a strong growth momentum in 2023 [1] - In 2023, the corridor has sent over 1.3 million TEUs, achieving a year-on-year growth of 55.3%, facilitating trade among countries along the corridor [1] - The export goods primarily include chemical products, machinery parts, and new energy vehicles, while imports mainly consist of bauxite, coal, and grain [3] Group 1 - The Western Land-Sea New Corridor has established a logistics artery connecting China's inland regions with ASEAN countries and the global market [1] - The corridor has achieved a balanced two-way flow of goods, with 657,000 TEUs sent upstream and 651,000 TEUs sent downstream, both showing over 50% year-on-year growth [3] - The station has optimized transportation organization to meet demand, setting a record of 14.05 train operations per day [5] Group 2 - Significant increases in imports from countries like Thailand, Mozambique, and Indonesia have been noted, particularly in pulp, spodumene, and rubber [5] - Exports from Chongqing and Guangxi, including generator sets and auto parts, have also seen notable growth [5]

11月29日，广西北部湾港钦州自动化码头集装箱有序堆叠摆放。（何家海 摄） 近年来，西部陆海新通道班列辐射范围不断扩大，实现多船企、多港口、多品类全面发展，图定班列线路由2019年的2条增至2025年的26条， 串联起成都、重庆、贵阳等西南城市与防城港、钦州、湛江等港口。 广西沿海铁路公司钦州港东站副站长赵坚介绍，今年来自泰国、莫桑比克、印尼等国家的纸浆、锂辉石、橡胶等进口货物增幅较大，重庆的 发电机组、广西的汽车零配件等出口货物增幅明显。车站优化运输组织，今年累计6次刷新单日装卸车作业次数纪录，最高达1405车。 如今，经济、高效、便捷、绿色、安全的西部陆海新通道基本建成，形成纵贯我国西南地区稳定的黄金物流大动脉。今年前三季度，西部地 区经西部陆海新通道进出口6115亿元，拉动西部地区外贸增长3.4个百分点。（记者朱丽莉、林凡诗） 【纠错】 【责任编辑:刘子丫】 记者11月30日从国铁南宁局获悉，截至29日，西部陆海新通道班列累计发送集装箱货物突破500万标箱，达500.3万标箱，其中今年以来发送 突破130万标箱，同比增长55.3%，保持强劲增长势头。 西部陆海新通道北接丝绸之路经济带，南连21世纪海上丝 ...

Group 1 - The manufacturing Purchasing Managers' Index (PMI) for November is 49.2%, showing a slight increase of 0.2 percentage points from the previous month, indicating an improvement in economic conditions [1] - The PMI for large enterprises is 49.3%, which is a decrease of 0.6 percentage points from last month and remains below the critical point; the PMIs for medium and small enterprises are 48.9% and 49.1%, reflecting increases of 0.2 and 2.0 percentage points respectively, but still below the critical point [1] - The non-manufacturing business activity index is 49.5%, down 0.6 percentage points from the previous month, with the construction sector index at 49.6% (up 0.5 percentage points) and the service sector index at 49.5% (down 0.7 percentage points) [1] Group 2 - The comprehensive PMI output index for November is 49.7%, which is a decrease of 0.3 percentage points from the previous month [2]

位于西部陆海新通道铁海联运枢纽的广西沿海铁路公司钦州港东站副站长赵坚介绍，今年来自泰国、莫 桑比克、印尼等国家的纸浆、锂辉石、橡胶等进口货物增幅较大，重庆的发电机组、广西的汽车零配件 等出口货物增幅明显。为满足运输需求，车站优化运输组织，今年累计6次刷新单日装卸车作业次数纪 录，最高达1405车/日。 （文章来源：央视新闻） 据介绍，今年以来，西部陆海新通道班列发送出口货物以化工品、机械配件、新能源汽车等为主，发送 进口货物以铝矾土、煤炭、粮食等为主，其中从港口往内陆的上水方向累计发运65.7万标箱、内陆往港 口的下水方向累计发运65.1万标箱，实现双向发送基本均衡，同比增幅均超过五成，分别达58.9%、 57.1% 记者从国铁南宁局获悉，截至11月29日，西部陆海新通道班列自2017年开行以来已累计发送集装箱货物 突破500万标箱、达500.3万标箱；其中今年以来发送突破130万标箱、达130.8万标箱，同比增长 55.3%，保持强劲增长势头，为促进通道沿线国家和地区经贸往来提供便捷的运输服务，构建起贯通中 国内陆腹地、连接东盟各国、辐射全球的物流大动脉。 ...

Group 1: Manufacturing PMI Insights - The manufacturing Purchasing Managers' Index (PMI) rose to 49.2% in November, indicating a slight improvement in economic conditions [2][3] - Both production index and new orders index improved, reaching 50.0% and 49.2% respectively, with production index crossing the critical point [3] - Small enterprises showed significant recovery with a PMI of 49.1%, up 2.0 percentage points, marking a six-month high [3] - High-tech manufacturing PMI remained above the critical point at 50.1%, indicating continued growth in this sector [3] Group 2: Non-Manufacturing PMI Insights - The non-manufacturing business activity index fell to 49.5%, a decrease of 0.6 percentage points, reflecting a decline in economic activity [2][5] - The service sector's business activity index dropped to 49.5%, influenced by the end of holiday effects, with some industries like real estate showing weaker activity [5] - The construction sector's business activity index improved to 49.6%, with a business activity expectation index of 57.9%, indicating increased confidence in future growth [5] Group 3: Composite PMI Insights - The composite PMI output index decreased to 49.7%, down 0.3 percentage points, with manufacturing and non-manufacturing indices at 50.0% and 49.5% respectively [6]

中欧班列累计开行超12万列 服务范围基本覆盖亚欧全境；去、回程开行基本均衡 《人民日报》(2025年11月30日 第 01 版) 货物品类更加丰富。中欧班列运送的货物品类已经拓展到53个门类、5万多种商品，汽车汽配、机械设 备、电子电气等高附加值货物已成为中欧班列出口的主要货源。 口岸能力显著提升。阿拉山口、霍尔果斯、二连浩特、满洲里、绥芬河、同江六大口岸单日交接车能力 达到184列，通关时间由半天左右缩短到30分钟以内，最快只需要几分钟。 货源组织更加高效。在国内形成了西安、成都—重庆、郑州、金华(义乌)等14个中欧班列集结中心，加 快推动中欧班列由"点到点"向"枢纽对枢纽"转变。今年前10月，通过14个集结中心开行的中欧班列数量 占全国的87%。 本报北京11月29日电 (记者李心萍、宋豪新)记者从中国国家铁路集团有限公司获悉：截至11月28日，中 欧班列累计开行突破12万列，发送货值超4900亿美元，去、回程开行基本均衡，综合重箱率基本稳定在 100%。 运输通道不断拓展。目前，我国境内已有128个城市开通了中欧班列，通达欧洲26个国家232个城市以及 亚洲11个国家超过100个城市，服务范围基本覆盖亚 ...