交运整体稳健，看好物流发展 [Table_Industry] 交运 24 年度复盘及 25Q1 总结 [Table_ReportDate] 2025 年 5 月 9 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（深度） | [Table_StockAndRank] 交通运输 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 黄安 交运行业分析师 秦梦鸽 交运行业分析师 陈依晗 交运行业研究助理 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 [Table_Title] 交运 24 年度复盘及 25Q1 总结：交运整体稳 健，看好物流发展 [Table_ReportDate] 2025 年 5 月 9 日 [Table_S [➢Table_S ...

央视网消息：记者从交通运输部了解到，2025年，交通运输部将实施新一轮农村公路提升行动，加快完善现代化农村交通运输体系。 2025年，我国将统筹县域城乡规划布局，充分发挥建设资金效益。2025年，计划新改建农村公路10万公里，新增通三级及以上等级公路乡镇 250个，新增通硬化路较大人口规模自然村组1.2万个。实施农村公路危旧桥改造3000座，修复性养护工程10万公里。 此外，2025年，交通运输部还将推动农村公路数字化转型，开展农村公路"一路一档"信息化建设，推进农村公路路况自动化检测。 交通运输部公路局农村公路处副处长陈文亮介绍，2025年将精准推进农村公路建设改造，推动打通乡镇等主要经济节点对外快速通道，因地制 宜实施老旧公路改造以及过窄农村公路拓宽改造。同时，大力发展"农村公路+"模式，加快乡村产业路、旅游路、资源路建设，进一步深化交 旅、交能融合发展。 科技赋能 农村公路管养提速更提"智" 在2025年新一轮的农村公路提升行动中，交通运输部还将推动农村公路数字化转型，尤其是公路的养护环节。在农村公路路网规模全国第一的 四川省，60%以上县市区建有数字化管理平台，将实现农村公路规划、建设、养护全过程监管 ...

Group 1 - The article highlights the transformation of service areas from mere transit points to popular short-trip destinations, exemplified by the Chengkan Service Area in Huangshan, Anhui [1][5][16] - Chengkan Service Area has been upgraded with various facilities, including a hotel, making it a comprehensive stop for travelers [1][5][16] - The service area has reduced the travel distance to the Chengkan scenic area from 25 kilometers to just 1.5 kilometers, saving travelers significant time [5][7][16] Group 2 - The "Fast Entry, Slow Travel" tourism transportation system aims to shorten travel time while enhancing the experience at scenic spots [9][16] - The Chengkan Service Area has seen a significant increase in traffic, with 90,000 vehicles during the May Day holiday, a year-on-year increase of over 40%, which also boosted the scenic area's visitor numbers by nearly 50% [16] - Similar transformations are occurring in other regions, such as the Linyi Service Area in Shandong, which has upgraded its facilities and services to enhance the travel experience [17][30] Group 3 - The Linyi Service Area features a unique architectural design and offers a variety of leisure and dining options, attracting travelers seeking a more engaging stop [19][21][30] - The service area has implemented smart systems for hygiene and comfort, including star-rated public restrooms and dedicated rest areas for truck drivers [24][30] - The Changsha Bay Service Area in Guangdong has become a cultural landmark, integrating local cultural performances and product exhibitions to enhance visitor engagement and drive consumption [33][37]

Core Viewpoint - The transformation of highway service areas into tourist destinations is gaining momentum, with examples like the Chengkan Service Area in Anhui and the Linyi Service Area in Shandong showcasing this trend. These areas are evolving from mere transit points to cultural and recreational hubs that enhance the travel experience and stimulate local economies [1][9][12]. Group 1: Chengkan Service Area - The Chengkan Service Area has been upgraded to include comprehensive facilities such as mother-baby rooms, hot water rooms, and shower facilities, along with a hotel [1]. - After renovations, the service area now features improved connectivity to the Chengkan scenic area, reducing the travel distance from 25 kilometers to just 1.5 kilometers [3]. - The service area has become a popular destination, with traffic during the May Day holiday reaching 90,000 vehicles, a year-on-year increase of over 40%, and a nearly 50% increase in visitor numbers to the Chengkan scenic area [11]. Group 2: Linyi Service Area - The Linyi Service Area has transformed into a cultural and leisure destination, featuring a total building area of nearly 30,000 square meters, designed to create a scenic experience for travelers [12]. - The service area offers upgraded facilities, including star-rated public restrooms and a dedicated resting area for truck drivers, enhancing the overall service quality [14]. - During the May Day holiday, the Linyi Service Area recorded a traffic volume of 75,000 vehicles, a 36% increase year-on-year, and a 17% increase in revenue [16]. Group 3: Other Notable Service Areas - The Changsha Bay Service Area in Guangdong has become a cultural landmark with its unique "whale" design, hosting various activities that promote local consumption [19][23]. - The service area features performances of traditional fishing songs, creating an engaging atmosphere for travelers [21]. - The integration of agricultural and cultural elements in service areas, such as the Changsha Bay Service Area, is shifting the focus from "transit economy" to "destination economy" [23].

2024年，同力股份持续增强新能源产品的研发力度，净承载110吨的产品已经投入矿区验证；更大吨位的产品也在加紧研 发中。据了解，公司将在大型化、新能源、智能化方面不断推出满足市场需求的产品。 本报记者 殷高峰 5月8日下午，陕西同力重工股份有限公司（以下简称"同力股份"）2024年年度股东大会召开。作为国内非公路宽体自卸车 行业的开创者和引领者，同力股份如何保持技术上的领先和市场竞争力、公司未来的发展规划等问题是与会投资者主要关注的 问题。 "公司将紧抓矿山智能化、绿色化转型的机遇，将'大型化、绿色化、智能化'作为技术攻关的关键，采取'前瞻、在研、应 用'研发路线，多点布局，将清洁能源、无人驾驶应用到公司矿车，不断实现产品创新和突破。"同力股份董事长叶磊表示，同 时，公司将进一步推动公司的出海战略，加速海外市场的布局。 增强产品研发力度 "公司未来的发展将由技术引领上升为战略引领。"许亚楠透露，公司未来的战略发展方向主要是海外市场。 "公司在海外市场方面，起步较晚，目前海外市场规模尚小，但空间很大。"叶磊表示，与公司在国内的市场占比相比，公 司海外市场占比还需要大幅度的提升。 目前，同力股份通过设立的新加坡子 ...

Core Insights - The Shenzhen Western Road Logistics Hub project has recently topped out, marking a significant milestone in the development of Shenzhen's production service-oriented national logistics hub [1] - The project is part of Shenzhen's "7+30+N" three-tier logistics station system and is located in Bao'an District, covering an area of approximately 200,000 square meters [1][2] - The hub aims to facilitate dual-use logistics services, supporting both regular and urgent supply needs, thereby enhancing the efficiency of material and goods distribution [1] Group 1: Project Overview - The project took 242 days to complete the main structure, finishing 30 days ahead of the contracted schedule, which lays a solid foundation for subsequent construction [1] - As a flagship project, it represents a major initiative to promote high-quality development in the logistics industry and the integration of advanced manufacturing and modern services in Bao'an District [1][3] Group 2: Strategic Location - The hub is strategically located in Songgang Street, the northwest gateway of Shenzhen, providing convenient access to major highways and proximity to the airport, enhancing its logistical reach within the Guangdong-Hong Kong-Macao Greater Bay Area [2] - The surrounding area includes several advanced manufacturing parks, which have a strong demand for logistics services, allowing the hub to offer comprehensive logistics solutions to local enterprises [2] Group 3: Industry Implications - Bao'an District ranks second in the national innovation index and fourth in the national industrial index, indicating a robust market for manufacturing logistics [3] - The development of the Western Road Logistics Hub is expected to complement the Bao'an Airport Logistics Hub, creating a dual-hub system that will strengthen Shenzhen's position as a global logistics industry center [3] - The efficient integration of land and air resources will be crucial for the logistics industry's upgrade, especially in the context of increasing competition among ports in the Greater Bay Area [3]

Group 1: Highway Expansion Projects - The Guanghui Expressway is expected to have no new network diversion impacts in 2025, following significant effects in 2024 due to high-speed rail and network diversions [1] - The expansion of the Jingzhu Expressway (Zhongshan to Zhuhai section) was completed in September 2024, with other sections planned for completion by 2027 [1] - The Jiangzhong Expressway expansion is fully completed and currently awaiting adjustments to the toll standards [1] - The Huizhan Expressway expansion is nearing completion, with full completion expected in 2025 [1] - The Guanghui Expressway expansion project has received approval from the provincial development and reform commission, with plans to start construction in 2025 and an estimated duration of 5 years [1] Group 2: Traffic Management and Financial Impact - The company is implementing traffic organization plans to minimize the impact of construction on traffic flow, drawing on experiences from previous projects [1] - The necessity of the Guanghui Expressway expansion is underscored by its location in a core traffic hub of the Pearl River Delta, which generates significant toll revenue to support the company's development [2] - The expansion will enhance the company's highway asset scale and focus on highway investment during the "14th Five-Year Plan" period, promoting sustainable high-quality development [2] - The opening of the Shenzhen-Zhongshan Channel is expected to continue affecting traffic flow on the Guangzhu East section in 2025, with the overall impact to be monitored [2] Group 3: Capital Expenditure Plans - Recent capital expenditures are primarily directed towards the expansion projects of controlled highways, including the ongoing Guangzhu East, Yuezhao, and Huizhan expressway projects [2] - The company will fund projects according to their engineering progress to meet the financial needs of construction [2]

交通运输标准化正在推动交通物流降本提质增效、智慧交通发展和交通绿色低碳转型。 交通运输标准化正在推动交通物流降本提质增效、智慧交通发展和交通绿色低碳转型。 交通运输部标准化管理委员会办公室日前推荐了一批交通运输标准化典型案例。相关负责人表示，标准 是经济活动和社会发展的技术支撑，是国家基础性制度的重要方面。标准化在推进国家治理体系和治理 能力现代化中发挥着基础性、引领性作用。 典型案例介绍，贵州喀斯特地貌遍布，早期修建的部分高速公路由于标准偏低，加之受"靠限速降速控 制交通事故"传统思维束缚，导致该省高速公路"断崖式"降速、限速标志设置不规范等问题较为突出。 贵州高速公路上重新安装的限速标志。资料来源：交通运输部 为科学规划铁路专用线接入水运港口、规范海铁联运站场功能区设置、提升运输服务效率和品质，大连 港海铁联运站场进行了标准化改造。辽宁省交通运输厅介绍，在大连港，铁路股道直接延伸至码头前 沿，解决了海铁联运"最后一公里"的瓶颈问题。大连港还优先安排冷藏箱的取送车作业，压缩冷藏箱车 辆的在港停留时间。2024年铁路货车平均在港停时为9.6小时，较2023年10.6小时压缩1小时，较2022年 11.5小时压 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 05 月 09 日 星期五 研报精选 "五一"旅游市场平稳增长，长线游与入境游表现亮眼 家电行业 25Q1 基金持仓跟踪报告 交运行业 25Q1 公募基金持仓跟踪报告 | [Table_InnerMarketIndex] 国内市场表现 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 3,352.00 | 0.28% | | 深证成指 | 10,197.66 | 0.93% | | 沪深 300 | 3,852.90 | 0.56% | | 科创 50 | 1,026.44 | -0.36% | | 创业板指 | 2,029.45 | 1.65% | | 上证 50 | 2,679.51 | 0.33% | | 上证 180 | 8,546.20 | 0.14% | | 上证基金 | 6,902.65 | 0.35% | | 国债指数 | 224.77 | 0.05% | | [Table_InterIndex] | 国际市场表现 | ...

金十图示：2025年05月09日（周五）富时中国A50指数成分股午盘收盘行情一览：银行、航运港口、电力等板块走高，半导体、 消费电子、证券等板块走低 +0.16(+2.19%) +0.05(+0.96%) +0.05(+1.29%) 保险 中国太保 中国平安 中国人保 0 3294.69亿市值 3062.15亿市值 9452.93亿市值 4.22亿成交额 8.83亿成交额 2.68亿成交额 7.45 31.83 51.91 +0.09(+1.22%) +0.04(+0.13%) -0.05(-0.10%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19941.76亿市值 2477.99亿市值 5109.36亿市值 19.69亿成交额 2.57亿成交额 7.74亿成交额 1587.47 131.63 203.12 +9.28(+0.59%) -1.12(-0.55%) -0.17(-0.13%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2911.18亿市值 2351.60亿市值 3349.60亿市值 10.58亿成交额 11.71亿成交额 8.88亿成交额 697.36 144.11 440.23 -8 ...