"你好!我的中国朋友!" 在赞比亚中央省的新卡皮里姆波希车站轨道上，工程师斯坦利·西穆希遇到记者时，用标准的中文打招 呼，热情得像久别重逢的老友。 "我们在给车站内部一段轨道更换新的枕木。"西穆希指着远处一群忙碌的工友说。只见工人们正在用套 筒扳手、撬棍等工具，将一颗颗钢轨扣件、道钉卸下，移开铁轨，更换全新的枕木。 新卡皮里姆波希站是坦赞铁路的终点站。坦赞铁路东起坦桑尼亚港口城市达累斯萨拉姆，西至此处，由 中国政府提供无息贷款援建。1976年7月14日，这个车站曾举行仪式，热烈庆祝这条铁路正式移交给 坦、赞两国政府运营。 记者在车站内看到一座坦赞铁路终点纪念碑：1860.54369公里。这个标记着铁路全长的数字，是中国5 万多人次工程设计和施工人员，历时5年零8个月，用汗水、鲜血乃至生命，与坦赞两国人民并肩写就 的。 "走，我带你去机车库看看，那里有中国制造的火车头。"已在车站工作20年的火车司机杰克逊·马塞斯 带记者沿着铁轨走到车站尽头。 "这里有来自中国、美国、南非的火车头，但中国制造的火车头最好用，动力强劲，可靠性高。"马塞斯 说道。 在驾驶室，马塞斯和同事们热情地向记者介绍控制台、电器柜等设备。"看！ ...

Core Insights - The launch of the first direct train from Zhengzhou to Hamburg marks a new phase of precise timing for the China-Europe Railway Express, enhancing efficiency and predictability in cross-border logistics [1] Group 1: Train Operations - The new train service features a full timetable, ensuring precise coordination across countries and prioritizing operations, which transforms previously unstable shipping cycles into predictable and efficient services [1] - The full timetable train reduces overall transit time by over 100 hours compared to previous non-timetable operations, addressing the challenge of unpredictable delivery times [1] Group 2: Customs and Regulatory Support - Zhengzhou Customs has established a collaborative regulatory mechanism with neighboring customs to facilitate smooth train operations, implementing an "advance declaration" model to minimize waiting times and reduce costs for businesses [2] - In the first ten months of this year, Zhengzhou Customs supervised 151,000 TEUs, a year-on-year increase of 12.5%, and managed 154,100 tons of goods, up 9.2%, supporting the operation of 2,616 China-Europe trains, which is a 49.4% increase year-on-year [2]

Group 1 - The seventh board meeting of Daqin Railway Co., Ltd. was held on November 18, 2025, via telecommunication voting, with all 11 directors present [2][4] - The meeting elected Mr. Yang Tao as the vice chairman of the seventh board, with a term consistent with the current board [3][4] - The board's strategic committee was adjusted to include Mr. Yang Tao, with Mr. Lu Yong as the committee chair [4][5] - The board's nomination committee was also adjusted to include Mr. Yang Tao, with Mr. Hao Shengyue as the committee chair [5][6] Group 2 - The second temporary shareholders' meeting was held on November 18, 2025, in Taiyuan, Shanxi Province [10] - The meeting was presided over by Mr. Zhang Hongyi, the company's director and general manager, and followed legal procedures as per the Company Law and the company's articles of association [10][11] - The meeting was witnessed by lawyers from Beijing Deheng (Taiyuan) Law Firm, confirming the legality and validity of the resolutions passed [11]

与相同运行径路的普通中欧班列相比，实行全程时刻表的中欧班列安排了固定的车次、运行径路、班期 和运行时间，全程运行时间平均压缩30%以上，平均单柜货值增加41%，受到国际物流市场普遍青睐。 （文章来源：人民日报） 本报北京11月18日电 （记者李心萍、张文豪）11月18日，国铁集团发布第四批中欧班列全程时刻表。 至此，实行全程时刻表的中欧班列运行径路增至17条，开行数量增至年1000列以上，覆盖中国9座城市 和欧洲6座城市。 当日4时30分，实行全程时刻表的X8003次中欧班列从中国郑州圃田站发车，奔向德国汉堡比尔韦德 站，标志着第四批中欧班列全程时刻表正式实施。 据介绍，2014年，所有中欧班列实现了中国段按固定始发、终到时间运行。2021年，国铁集团充分发挥 七国铁路中欧班列运输联合工作组的牵头作用，积极推动沿线国家共同签署了《中欧班列全程时刻表编 制与协作办法》，2022年，实行中国段、宽轨段、欧洲段全程时刻表的中欧班列成功开行。此后，第 二、第三批中欧班列全程时刻表先后发布实施，实行全程时刻表的中欧班列逐渐扩容，开行数量增至年 800列以上。第四批中欧班列全程时刻表，新增运行径路7条。 ...

Summary of Canadian Pacific Kansas City (CPKC) Conference Call Company Overview - **Company**: Canadian Pacific Kansas City (CPKC) - **Date**: November 18, 2025 - **Key Speaker**: Nadeem Velani, EVP and CFO Core Points and Arguments Growth and Performance - CPKC has experienced a **5% increase in revenue ton miles (RTM)** this year, leading the industry in volume growth [3][4] - The company achieved **double-digit earnings per share (EPS) growth** for the second consecutive year [4] - CPKC has maintained its position as the **industry leader in safety**, reducing train accident frequency and personal injury rates [4] Shareholder Returns - CPKC increased its dividend by **20%** earlier this year, marking the first increase since the acquisition of Kansas City Southern [4] - The company repurchased **4% of its outstanding shares**, demonstrating a commitment to returning cash to shareholders [4][30] Future Outlook - For 2026, CPKC anticipates **low double to mid-teen EPS growth**, despite a challenging macroeconomic environment [9][10] - The company is optimistic about **Canadian grain volumes**, with expectations of a potentially record crop, which will positively impact future performance [7][11] Synergies and Integration - CPKC expects to achieve approximately **$1.1 billion in revenue synergies** from the KCS acquisition by the end of the year, with an additional **$200 million to $250 million** expected in 2026 [16][19] - The integration process has faced challenges, particularly in IT, but recovery has been swift, with operations returning to normal within **30 days** [25] Capital Expenditure and Financial Health - CPKC's capital expenditure for the year is projected to be **CAD 2.9 billion**, the highest in the company's history, with a focus on upgrading locomotives and infrastructure [26][27] - The company aims to maintain a leverage ratio below **3**, allowing for continued share buybacks and dividend increases [29][30] Industry Landscape and Opportunities - CPKC is prepared to allocate capital for potential opportunities arising from concessions in the U.S. rail industry [31] - The company is exploring the use of **AI** for operational improvements, including safety and efficiency enhancements [33][34] Return on Invested Capital (ROIC) - CPKC plans to reintroduce ROIC as a key performance metric, aiming to return to **double-digit ROIC** in the coming years [36][37] Additional Important Content - The company has successfully implemented **self-help initiatives** to gain market share and improve performance despite a prolonged freight recession [9][10] - CPKC's approach to capital allocation is flexible, allowing for adjustments based on market conditions and opportunities [31][32] - The integration of new technologies and AI is seen as a critical area for future growth and operational efficiency [34][35]

据"中国铁路"微信公众号消息，11月18日，在陕西西安举办的第二届中欧班列国际合作论坛上，中国国家铁路集团有限公司下属中铁集装箱运输有限责任 公司（简称"中铁集装箱公司"）牵头组建的亚欧互联控股（北京）有限公司（简称"亚欧互联公司"）宣布成立，将致力于打造中欧班列境外运营平台，进 一步提升中欧班列运行品质和市场竞争力。 图片来源：中国铁路 亚欧互联公司由国铁集团下属中铁集装箱公司联合渝新欧（重庆）供应链管理有限公司、成都国际铁路港投资发展有限公司、西安港兴商业运营有限公司 和义新欧贸易服务集团有限公司4家国内中欧班列运营平台公司共同组建，旨在充分发挥各方在境外线路布局、节点运营和客户资源等方面的优势，将在 中欧班列沿线国家投资设立经营主体，通过与沿线国家的铁路公司、物流代理公司、口岸场站密切合作，开展中欧班列境外运行线、机车车辆、场站等经 营服务，为广大客户提供换装更快、运行更稳、价格更优的境外物流服务，持续提升中欧班列整体运输能力和效率。 报道称，下一步，亚欧互联公司将以国内市场为依托，聚焦境外经营，逐步扩大业务范围，搭建统一经营服务平台，为更好推进中欧班列高质量发展和共 建"一带一路"贡献力量。 其中十大 ...

Core Insights - The "China-Europe Railway Express Development Report (2025)" highlights the significant role of the China-Europe Railway Express in stimulating economic vitality along its route and injecting new momentum into global economic development [1] Summary by Sections Operational Achievements - As of October 2025, the China-Europe Railway Express has operated a total of 118,600 trains, transporting 11.7 million TEUs (Twenty-foot Equivalent Units) and reaching 232 cities across 26 European countries [1] Future Outlook - The report anticipates that China will collaborate with countries along the route to enhance the resilience of the railway's safe development, expand a diversified network of railway channels, promote efficient and convenient transportation, and improve collaborative innovation capabilities, aiming for shared prosperity and sustainable development in Asia and Europe [1]

Core Viewpoint - The National Financial Regulatory Administration reported that as of the end of Q3, the total investment balance of insurance funds exceeded 37 trillion yuan, with an increased allocation to equity assets by life and property insurance companies due to various factors including interest rate pressure and regulatory encouragement [1][3]. Group 1: Investment Allocation - As of the end of Q3, property insurance companies had an investment balance of 23,875 billion yuan, with bonds and bank deposits accounting for 40.62% and 15.67% respectively, while equity investments (stocks, securities investment funds, and long-term equity investments) accounted for 8.74%, 8.23%, and 6.16% respectively [2]. - Life insurance companies had an investment balance of 33.73 trillion yuan, with bonds and stocks making up 51.02% and 10.12% respectively, and other investments including bank deposits, securities investment funds, and long-term equity investments accounting for 7.37%, 5.26%, and 8.00% respectively [2]. Group 2: Changes in Investment Strategy - Compared to the end of Q2, property insurance companies increased their allocation to stocks, securities investment funds, and long-term equity investments, with the stock allocation seeing the largest increase of 0.41 percentage points [3]. - Life insurance companies also increased their allocation to stocks and securities investment funds by 1.31 percentage points and 0.73 percentage points respectively, while their bond allocation decreased by 0.88 percentage points [3]. Group 3: Factors Influencing Investment Decisions - Experts attribute the increased allocation to equity assets to three main factors: declining yields on traditional fixed-income assets, a recovering equity market since Q1, and regulatory changes that raised the upper limit for equity asset allocation [3][4]. - The current interest rate decline is perceived to be outpacing the decrease in insurance liability costs, making equity markets more attractive [4]. Group 4: Stock Preferences - Insurance institutions continue to favor bank stocks, with significant holdings in companies such as Minsheng Bank, SPDB, Agricultural Bank, and others, reflecting a preference for stable, high-dividend, and liquid stocks [5]. - In Q3, insurance funds increased their holdings in Postal Savings Bank, Hualing Steel, and others, indicating a focus on companies with strong fundamentals and growth potential [5]. Group 5: Future Investment Trends - It is anticipated that the scale and proportion of equity investments by insurance funds will continue to rise, with a diversification of investment channels [6]. - Insurance companies are expected to increase their allocation to stable dividend-paying stocks and technology growth stocks, as well as expand their investments in Hong Kong equities [6].

Core Points - The second China-Europe Railway International Cooperation Forum was held in Xi'an, Shaanxi, on the 18th, where the China State Railway Group announced the fourth batch of the full timetable for China-Europe Railway Express, increasing the number of trains to over 1,000 annually [1] Group 1: Expansion of Routes - The fourth batch of the full timetable for China-Europe Railway Express added 7 new routes, including Zhengzhou to Hamburg, Xi'an to Prague, Jinan, Chongqing, and Xi'an to Budapest, and Changsha to Poznań, as well as Shijiazhuang to Warsaw [3] - With this addition, the total number of routes under the full timetable has increased to 17, covering 9 cities in China and 6 cities in Europe [3] Group 2: Operational Efficiency - In 2022, the first batch of China-Europe Railway Express with a full timetable successfully launched, and after two expansions, the number of trains increased to over 800 annually [5] - Compared to regular China-Europe Railway Express trains on the same routes, those operating under the full timetable have reduced average transit times by over 30%, gaining widespread acceptance in the international logistics market [5]

华声在线11月18日讯（全媒体记者 于淼 通讯员 李慧 孟祥琳）11月18日9时，满载着服装、日用百货、 家居用品等电商货物的X810次快速班列从广铁集团广州国际港站缓缓驶出；与此同时，另一列装载电 子产品、小商品等货物的电商班列从长沙北站往粤港澳大湾区方向鸣笛启程。 此次粤湘双向电商班列首发，标志着华中地区与粤港澳大湾区的电商物流新通道全面贯通，为两地跨境 电商、制造业及商贸企业搭建起高效、稳定、经济的供应链新桥梁。"湖南的电商货物运抵广州国际港 站后，接驳公路运输至快递分拨点，实现当日达。"广州局集团公司长沙铁路物流中心营销部副经理闫 文焕介绍。 此次开行的双向电商班列，采用"客车化"运营模式，时速120公里，实行"定点、定线、定车次、定时、 定价"的服务标准，实现"站到站"稳定运输、朝发夕至，有效解决以往电商物流时效波动大的问题，推 动全流程运输走向标准化与可控化。 (粤湘双向电商班列首发。通讯员供图） 作者：于淼 责编：洪晓懿 三审：谭登 来源：华声在线 一审：洪晓懿 二审：印奕帆 班列在成本与效率方面优势明显。据测算，每个40英尺集装箱运输成本较公路降低约10%，并通过"一 口价"政策规避旺季溢价风 ...