Core Insights - The first scheduled China-Europe freight train from Changsha departed on November 21, carrying electronic instruments and household appliances to Poland, highlighting the operational efficiency of the new service [1][2] - The scheduled service offers a significant time advantage, reducing transit time by approximately 72 hours compared to regular freight trains, which enhances supply chain reliability for businesses [1] - The new model is projected to lower comprehensive logistics costs for exporting companies by 15%, making it an attractive alternative for time-sensitive goods [2] Summary by Sections Train Operation Details - The scheduled freight train operates weekly on Fridays, covering a distance of 10,396 kilometers with a stable transit time of 12 days and 17 hours [1] - Upon arrival in Poland, goods can be distributed to major logistics hubs across Europe, including Rotterdam, Duisburg, Hamburg, Prague, and Budapest [1] Advantages of Scheduled Service - The core advantage of the scheduled service is its time certainty, which is particularly beneficial during peak congestion periods [1] - The "on-time delivery" promise allows companies to better plan production and inventory, enabling them to accept shorter delivery deadlines and reduce capital occupation [1] Cost Efficiency - The new service provides a cost-effective solution for manufacturers and traders of time-sensitive products, offering lower costs than air freight and faster speeds than sea freight [2]

Investment Rating - The report maintains a "Recommended" rating, emphasizing the importance of defensive stability and timely investment opportunities in the transportation sector [1]. Core Insights - The transportation sector's performance in November 2025 was generally average, outperforming the CSI 300 index, with highways leading the performance among sub-sectors [4][10]. - The report highlights a low interest rate environment, with the 10-year government bond yield at 1.82% as of November 21, 2025, indicating a stable financial backdrop for investments [20]. - The report identifies high dividend yield opportunities in both A-shares and H-shares within the transportation sector, with specific recommendations for companies like Sichuan Chengyu and Anhui Wantong Highway [68][70]. Monthly Market Performance - The transportation sector saw a cumulative decline of 2.24% from November 1 to November 21, 2025, outperforming the CSI 300 index by 1.79 percentage points [9]. - The sub-sectors of highways, railways, and ports had cumulative declines of -2.11%, -2.47%, and -2.97% respectively during the same period, but all outperformed the CSI 300 index [10]. - Year-to-date performance showed highways down 11.11%, railways down 15.77%, and ports down 4.83%, indicating a challenging year overall [10]. Highway Sector Tracking - In September 2025, highway passenger traffic was 934 million, down 4.3% year-on-year, while freight traffic increased by 5.2% to 3.891 billion tons [28]. - The report notes that the highway sector is expected to see stable performance improvements in 2026, driven by policy optimizations and local state-owned enterprise actions [68]. Railway Sector Tracking - In October 2025, railway passenger volume reached 410 million, up 10.1% year-on-year, while freight volume was 4.58 million tons, a slight increase of 0.6% [40][43]. - The report emphasizes the potential for investment opportunities in the railway sector, particularly in high-quality assets like the Beijing-Shanghai High-Speed Railway [70]. Port Sector Tracking - The report indicates that port cargo throughput for the four weeks ending November 16, 2025, was 1.057 billion tons, reflecting a year-on-year growth of 4.6% [48]. - The report highlights the importance of long-term value in port assets, suggesting that leading ports are undervalued in terms of their earnings stability and potential for dividend growth [71][72].

来源：中国新闻网 编辑：万可义 广告等商务合作，请点击这里 中新社西宁11月24日电 (记者 孙睿)青海省商务厅24日发布数据显示，今年前三个季度，青海省开行国 际货运班列达151列，创历史新高。 该省国际货运班列线路覆盖东南亚、中亚、南亚及欧洲方向的10个国家16个城市，逐步构建起多向延 伸、畅通高效的国际物流通道，有力保障了纯碱、聚氯乙烯、石棉等重点进出口商品的供应链畅通，为 青海省拓展对外开放空间提供了支撑。 据悉，近年来，青海省商务厅与中国铁路青藏集团有限公司持续深化战略协作，紧密围绕青海省外向型 经济发展需求，合力推动国际货运班列扩量提质、稳定运行。同时针对锂电池出口，双方推动青海弗迪 电池有限公司完成锂电池铁路安全运输测试及专用线选址，协调定制专用集装箱，为新能源产品出口开 辟铁路新通道。 青海省商务厅表示，后期将共同推动锂电池面向中亚、欧洲方向的铁路运输通道的畅通。 另据统计显示，青海省自2016年以来，逐步实现常态化开行国际货运班列，累计开行班列580列。(完) 青海今年前三季度国际货运班列开行量创新高 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不 ...

Core Viewpoint - Shandong has made significant progress in transportation infrastructure development since the "14th Five-Year Plan," becoming the first provincial demonstration area for a strong transportation nation in China, with various key indicators ranking among the top in the country [1] Group 1: High-Speed Rail Development - Shandong's high-speed rail has achieved leapfrog development, with total railway operating mileage reaching 8,073 kilometers, an increase of 1,013 kilometers compared to the end of the "13th Five-Year Plan" [3] - The high-speed rail operating mileage has grown from 2,110 kilometers at the end of the "13th Five-Year Plan" to 3,055 kilometers, ranking among the top in the country [3] - Six high-speed rail lines are under construction, totaling over 1,340 kilometers, with plans to complete them by 2028, bringing the total high-speed rail mileage to 4,400 kilometers [3] Group 2: Investment and Financing Models - Shandong has established a railway investment and financing model with a total scale of 100 billion yuan, including 30 billion yuan from government guidance and 70 billion yuan from social capital [5] - A total of 1,180.28 billion yuan in railway special bonds has been issued, providing stable funding for railway project construction [5] - Nine high-speed rail projects have successfully signed cooperation agreements, with a total signed amount of 33.9 billion yuan [5] Group 3: Port Development - Shandong's coastal ports are expected to have a total of 396 berths of 10,000 tons or more by the end of the year, an increase of 56 compared to the end of the "13th Five-Year Plan" [7] - The coastal port throughput is projected to exceed 2.1 billion tons by the end of 2025, maintaining the top position in the country for several consecutive years [7] - The integration of seven major ports into the Shandong Port Group has promoted the one-stop development of ports, addressing issues of homogenization and disorderly competition [8] Group 4: Rural and Urban Transportation - Over the past five years, Shandong has upgraded more than 40,000 kilometers of rural roads, with a total of 266,000 kilometers of rural roads, ranking fourth in the country [11] - Public transportation service capabilities have improved, with six cities, including Jinan and Qingdao, recognized as national "bus cities" [11] - The total mileage of highways is expected to increase by 10,000 kilometers by the end of the "14th Five-Year Plan," reaching 297,000 kilometers, with a highway density of 188.8 kilometers per 100 square kilometers, ranking first in the country [12] Group 5: Smart and Green Transportation - Shandong has implemented a digital transformation of transportation infrastructure, establishing a "new infrastructure" network with 600 kilometers of smart highways and 22 smart ports [15] - The first fully automated container terminal in China has been put into operation at Qingdao Port, achieving a record-breaking loading and unloading efficiency [15] - The green energy generation capacity from photovoltaic and wind power in the port area has reached 200 million kilowatt-hours per year [16]

中铁特货公告称，公司2022年与国铁集团签订的《关联交易框架协议》将于2025年到期，拟续签该协 议，期限3年，自2026年至2028年。协议涉及铁路清算、生产服务、生活后勤、金融服务等关联交易。 定价按国家政策及市场行情确定。协议履行期内，公司每年向国铁集团销售或服务金额不超180亿元， 国铁集团向公司销售或服务金额不超300亿元。截至2025年9月30日，国铁集团总资产99781.22亿元，1 - 9月营收9122.31亿元，净利润117.22亿元。该议案已通过董事会审议，尚需股东会批准。 ...

央广网北京11月24日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，铁路是国民经 济的大动脉，是可持续发展的重要支撑。习近平总书记强调，建设安全、便捷、高效、绿色、经济、包 容、韧性的可持续交通体系，是支撑服务经济社会高质量发展、实现"人享其行、物畅其流"美好愿景的 重要举措。 "十四五"时期，我国铁路建设持续推进，路网规模持续扩大，结构不断优化，加快建设交通强国迈 出坚实步伐，为中国式现代化注入强劲动能。 国家铁路局副局长安路生："十四五"以来，西部地区铁路营业里程也快速增长，增加到了6.6万公 里，西部路网越织越密了。 在广袤的中国版图上，一张世界上最现代化的铁路网和最发达的高铁网不断延伸，按下区域协调发 展的"快进键"。 作为世界首条时速350公里的智能化高铁，京张高铁开通运营5年多来，运能运力不断改善和提升， 不仅便利了沿线群众出行，也为冰雪经济和京津冀协同发展注入动力。随着新雪季的来临，冬奥小城河 北张家口崇礼再度成为滑雪爱好者的"聚集地"。 滑雪爱好者：今年开板比往年要早一些，刚好和朋友也有时间可以来崇礼感受一下不同的滑雪氛 围，从北京高铁一个小时就到了，很方便。 11月20日上午，在安 ...

每天，除了两趟旅客列车短暂的停靠，其余的分秒光阴几乎都属于粮食运输。10月份以来，这座仅 有22人的小站，已经向全国发送近两亿斤龙江粮，足以满足一座千万人口大城市近一个月的口粮需求。 在黑龙江广袤的黑土地上，佳鹤铁路如一条"钢铁动脉"向北延伸。在尽头处的鹤北站，秋粮运输 的"第一棒"已经按下了"加速键"。 鹤北站位于鹤北铁路线的尽头，秋粮入仓后，这里就成了最繁忙的"粮食驿站"。哈铁物流中心货运 员屈俊廷，正仔细检查着一节节满载的车厢，每一个卡扣、每一处缝隙都逃不过他的眼睛。这列车承载 的不仅是粮食，更是沉甸甸的责任。 夜幕降临，2500吨新下线的秋粮亟待启运。 此刻的调车作业如同一场在钢铁丛林间进行的精密"绣花"，空车皮需要"穿针引线"般精准送达指定 装卸点；满载秋粮的重车，则必须按目的地、品类被巧妙编排组合，最终连结成一条条蓄势待发的"粮 龙"。 初冬的鹤北，气温早已跌破冰点。被誉为"铁道游击队"的调车硬汉们紧贴车体，为司机瞭望引路。 抵达作业点后，便迅速投入到紧张的解钩、连挂作业中。 调车工作既繁重又细致，22名车站职工三班接力，每组都是"老带新"。入行仅3年的程浩，如今已 是队伍中独当一面的"老把式"。 ...

11月23日13时23分，由该段值乘的张家界西至广州白云站G6151次列车即将到达衡阳东站时，2号车 厢、持有凤凰古城至衡阳东站车票的一名旅客在使用厕所后，因厕所门锁故障无法打开被困。其他旅客 见状后，急于帮助厕所内旅客脱困，试图用脚踹开厕所门未果。列车工作人员获悉后，立即通知随车机 械师一同前往处置。13时33分，随车机械师使用专门工具将厕所门打开，受困旅客身体无碍但未能及时 在衡阳东站下车。随后，列车工作人员向该旅客诚恳表示了歉意，并妥善安排该旅客在前方郴州西站下 车，免费乘坐最近一趟列车返回衡阳东站。该事件未影响列车正常运行。 今后，铁路部门将加强列车设备巡检巡修，全力保障广大旅客顺利出行、安全出行。 央视网消息：11月24日，中国铁路广州局集团有限公司长沙客运段发布通报，近日，针对网传"乘客被 困高铁厕所多人施救"，该段进行了调查核实，具体情况为： ...

Group 1 - The national railway has achieved a record high in cargo transportation, sending 3.378 billion tons from January to October, a year-on-year increase of 3% [1] - Daily loading averages 186,000 cars, reflecting a 4% increase year-on-year, supporting lower logistics costs and stable economic operations [1] - The railway sector is optimizing product supply by developing intercity express trains, bulk direct trains, specialized logistics, and cold chain logistics to meet diverse transportation needs [1] Group 2 - The railway has completed the transportation of 1,425.8 million standard containers through intermodal rail-water transport, marking a 16.2% year-on-year increase [1] - Cross-border cargo transport remains stable, with 28,000 China-Europe (Asia) trains operated, a 7.8% increase year-on-year, and 4.52 million tons of goods sent via the China-Laos railway, a 14% increase [1] - The Western Land-Sea New Corridor has sent 1.2 million standard containers, a significant 64% increase year-on-year, enhancing international trade [1] Group 3 - The railway sector has effectively ensured the transportation of key materials, including construction materials and smelting goods, by organizing the transport of essential goods like grain from Northeast China and coal from Xinjiang [2] - A green channel has been established to ensure efficient delivery, with coal transportation reaching 1.732 billion tons, including 1.178 billion tons of electricity coal [2] - The transportation of smelting materials and grain has seen year-on-year increases of 9.1% and 13.8%, respectively [2]

Core Insights - The China National Railway Group reported a record high in freight volume for the first ten months of 2025, with a total of 3.378 billion tons, marking a 3% year-on-year increase [1] - The railway sector has accelerated the construction of a modern logistics system, optimizing logistics product supply and enhancing the functionality of the 95306 freight platform [1] - Key characteristics of freight transport include improved product supply, enhanced service quality, stable cross-border transport, and strong support for essential materials [2] Group 1 - In the first ten months of 2025, the railway sector achieved a daily average of 186,000 loaded cars, reflecting a 4% year-on-year increase [1] - The cumulative volume of intermodal container freight reached 14.258 million TEUs, representing a 16.2% increase year-on-year [1] - The innovative "one order" logistics model for rail-water intermodal transport has streamlined processes, significantly reducing logistics costs and improving efficiency [1] Group 2 - The railway department has developed comprehensive logistics services, transitioning from "station-to-station" to "door-to-door" logistics, with a total of 1.36 billion tons of logistics contracts signed [2] - The railway network's logistics platform has seen participation from 162,000 vehicles, supporting individual drivers and transport companies in rail-road intermodal operations [2] - In terms of key material transport, coal transport reached 1.732 billion tons, with electricity coal accounting for 1.178 billion tons, and significant year-on-year growth in the transport of smelting materials and grain [2]