Core Viewpoint - From January to October, China's railway fixed asset investment reached 671.5 billion RMB, showing a year-on-year growth of 5.7% [1] Group 1: Investment Performance - The total fixed asset investment in railways for the first ten months of the year was 671.5 billion RMB, reflecting a 5.7% increase compared to the same period last year [1] - The National Railway Group has completed and put into operation several new high-speed rail lines and stations, enhancing network accessibility and coverage [1] Group 2: Project Progress - Key engineering projects have made significant progress, including the Panxian to Xingyi high-speed railway entering the trial operation phase and the Guangzhou to Zhanjiang high-speed railway segment entering joint debugging and testing [1] - The main structure of the Xi'an East Station has been successfully completed, and the major control project of the Chengdu to Dazhou to Wanzhou high-speed railway has also been successfully capped [1] Group 3: Future Plans - The National Railway Group aims to actively promote key engineering construction and ensure the high-quality completion of the annual railway construction investment tasks [1] - The focus is on achieving a successful conclusion to the 14th Five-Year Plan and supporting the continuous recovery and improvement of the economy [1]

编辑：徐世明 广告等商务合作，请点击这里 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，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 中国国家铁路集团有限公司董事、总经理、党组副书记任职 中新网11月14日电 据中国铁路微信公众号消息，11月14日，中国国家铁路集团有限公司召开领导班子 (扩大)会议。受中央组织部领导委托，中央组织部有关干部局负责同志宣布了党中央关于中国国家铁路 集团有限公司总经理任职的决定：徐建军同志任中国国家铁路集团有限公司董事、总经理、党组副书 记。相关职务任命，按有关法律和章程的规定办理。 来源：中国新闻网 ...

Economic Overview - In October, the national economy maintained a stable and progressive development trend, with industrial added value increasing by 4.9% year-on-year, service production index rising by 4.6%, and retail sales of consumer goods growing by 2.9% [1][10]. Industrial Production - The industrial added value for October increased by 4.9% year-on-year and 0.17% month-on-month. The mining industry grew by 4.5%, manufacturing by 4.9%, and electricity, heat, gas, and water production and supply by 5.4% [3]. - Equipment manufacturing and high-tech manufacturing sectors showed strong growth, with increases of 8.0% and 7.2% respectively, outpacing the overall industrial growth by 3.1 and 2.3 percentage points [3]. - The profit of industrial enterprises from January to September reached 53,732 billion yuan, a year-on-year increase of 3.2% [3]. Service Sector - The service production index rose by 4.6% year-on-year in October, with significant growth in information transmission, software, and IT services (13.0%), leasing and business services (8.2%), and finance (5.6%) [4]. - The business activity index for the service sector was at 50.2%, indicating stable activity levels [4]. Retail Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, a year-on-year increase of 2.9% [5]. - Online retail sales amounted to 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods online retail accounting for 25.2% of total retail sales [5]. Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) was 408,914 billion yuan, a year-on-year decrease of 1.7%. However, manufacturing investment grew by 2.7% [6]. - Real estate development investment saw a significant decline of 14.7% [6]. Trade and Exports - In October, the total import and export value was 37,028 billion yuan, a slight increase of 0.1% year-on-year, with exports decreasing by 0.8% and imports increasing by 1.4% [7]. - From January to October, the total import and export value reached 373,090 billion yuan, a year-on-year increase of 3.6% [7]. Employment and Prices - The urban surveyed unemployment rate in October was 5.1%, showing a slight decrease from the previous month [8]. - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing from a decline of 0.3% in the previous month [9]. - The Producer Price Index (PPI) for industrial producers decreased by 2.1% year-on-year, with the decline narrowing compared to the previous month [9]. Conclusion - Overall, the national economy in October showed stability and progress, with ongoing structural adjustments and challenges ahead. The focus remains on expanding domestic demand and stabilizing employment and market expectations [10].

Group 1 - The autumn break for primary and secondary schools in Zhejiang started on November 12, 2023, lasting until November 14, creating opportunities for families to engage in outdoor activities and cultural experiences [1][8] - Various attractions in Zhejiang are offering free admission for students and discounts for accompanying parents, promoting family-friendly tourism during the autumn break [3][5] - The railway department in Zhejiang has launched special trains and charter services to accommodate the increased travel demand during the autumn break [7][10] Group 2 - Sichuan also initiated its first autumn break from November 12 to 14, with many students visiting local attractions and museums, indicating a rise in educational tourism [11][12] - Popular destinations in Sichuan, such as the Xiling Snow Mountain, saw a significant increase in visitor numbers, with some hotels fully booked [16] - The demand for air travel surged during the autumn break, with a reported 18.4% increase in ticket bookings compared to the previous year, particularly for flights to popular tourist cities [18][20]

Core Viewpoint - Daqin Railway (601006) has seen significant financing activity, with a net buy of 2.47 million yuan on November 13, 2025, and a total financing balance of 2.048 billion yuan, indicating strong investor interest in the stock [1][4]. Financing Summary - On November 13, 2025, Daqin Railway had a financing buy of 96.67 million yuan and a financing repayment of 94.19 million yuan, resulting in a net financing buy of 2.47 million yuan [1]. - The financing balance reached 2.048 billion yuan, with a net buy occurring in 16 out of the last 20 trading days [1]. - The financing net buy for the previous trading days was as follows: - November 12: 21.78 million yuan - November 11: 32.89 million yuan - November 10: 106 million yuan - November 7: 41.37 million yuan [2]. Margin Trading Summary - On November 13, 2025, the margin trading saw a net sell of 24,700 shares, with a remaining margin of 2.5789 million shares [3]. - The margin balance was reported at 14.7513 million yuan on the same day [3]. - The net sell figures for the previous trading days were: - November 12: 141,500 shares - November 11: -54,500 shares (indicating a net buy) - November 10: -30,500 shares (indicating a net buy) - November 7: -29,100 shares (indicating a net buy) [3]. Overall Margin Trading Balance - The total margin trading balance reached 2.063 billion yuan on November 13, 2025, reflecting a slight increase of 261,540 yuan or 0.13% from the previous day [4]. - The margin trading balance changes for the previous days were: - November 12: 2.061 billion yuan (increase of 22.5689 million yuan) - November 11: 2.038 billion yuan (increase of 32.5557 million yuan) - November 10: 2.005 billion yuan (increase of 106 million yuan) - November 7: 2.668 billion yuan (increase of 41.2039 million yuan) [4].

Core Viewpoint - The overall economic operation in October remains stable, with improvements in employment, consumer prices, and industrial production, while challenges persist in external environments and structural adjustments [1][10]. Group 1: Industrial Production - In October, the industrial added value for large-scale enterprises increased by 4.9% year-on-year and 0.17% month-on-month [2]. - The equipment manufacturing industry saw an 8.0% year-on-year increase, while high-tech manufacturing grew by 7.2%, outperforming the overall industrial growth by 3.1 and 2.3 percentage points respectively [2]. - The manufacturing purchasing manager index stood at 49.0, indicating a slight contraction in manufacturing activity [2]. Group 2: Service Sector - The service production index increased by 4.6% year-on-year in October, with significant growth in information transmission, software, and IT services at 13.0% [3]. - The business activity index for the service sector was recorded at 50.2, indicating stable conditions [3]. Group 3: Market Sales - The total retail sales of consumer goods reached 46,291 billion yuan in October, marking a 2.9% year-on-year increase [4]. - Online retail sales amounted to 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods accounting for 25.2% of total retail sales [4]. Group 4: Fixed Asset Investment - Fixed asset investment (excluding rural households) totaled 408,914 billion yuan from January to October, showing a year-on-year decline of 1.7% [5]. - Manufacturing investment increased by 2.7%, while real estate development investment fell by 14.7% [5]. Group 5: Trade and Exports - In October, the total value of goods imports and exports was 37,028 billion yuan, with exports decreasing by 0.8% and imports increasing by 1.4% [6][7]. - From January to October, general trade grew by 2.3%, accounting for 63.4% of total trade [7]. Group 6: Employment and Prices - The urban survey unemployment rate was 5.1% in October, a decrease of 0.1 percentage points from the previous month [8]. - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing from a decline of 0.3% in the previous month [9].

Core Viewpoint - The China National Railway Group has effectively advanced railway construction, achieving a fixed asset investment of 671.5 billion yuan from January to October, representing a year-on-year increase of 5.7%, which supports high-quality economic and social development [1] Investment and Construction Progress - The railway construction has been scientifically and orderly promoted, contributing to the establishment of a world-class modern railway network [1] - New lines and stations, such as the Shenyang to Jiamusi high-speed rail and the Xiangyang to Jingmen high-speed rail, have been completed and put into operation, enhancing network accessibility and coverage [1] Key Project Developments - In October, the China National Railway Group coordinated resources to strengthen construction organization, leading to significant progress in key engineering projects [1] - The Panxian to Xingyi high-speed rail has entered the operational testing phase, while the Guangzhou to Zhanjiang high-speed rail's Guangzhou to Xinxing South section has entered the joint debugging phase [1] - The main structure of the Xi'an East Station has been successfully completed, and the control project of the Chengdu to Dazhou to Wanzhou high-speed rail, specifically the Suining Fuxi River Grand Bridge, has been successfully capped [1]

Core Viewpoint - In October, under the strong leadership of the Central Committee with Xi Jinping at its core, the national economy maintained overall stability and progressed steadily, with improvements in employment, market expectations, and price levels, while promoting the construction of a unified national market and facilitating domestic and international dual circulation [1]. Group 1: Industrial Production - In October, the industrial added value above designated size increased by 4.9% year-on-year and 0.17% month-on-month [2]. - The equipment manufacturing industry saw an 8.0% year-on-year increase, while high-tech manufacturing grew by 7.2%, both outpacing the overall industrial growth by 3.1 and 2.3 percentage points respectively [2]. - The manufacturing purchasing managers' index was recorded at 49.0, indicating a slight contraction in manufacturing activity [2]. Group 2: Service Industry - The service production index increased by 4.6% year-on-year in October, with significant growth in information transmission, software, and IT services at 13.0% [3]. - The business activity index for the service industry was at 50.2, indicating stable activity levels [3]. - For the first ten months, the service production index grew by 5.7% year-on-year [3]. Group 3: Market Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, a year-on-year increase of 2.9% [4]. - Online retail sales amounted to 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods accounting for 25.2% of total retail sales [4]. - The growth rate of service retail sales accelerated to 5.3% year-on-year in the first ten months [4]. Group 4: Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) totaled 408,914 billion yuan, a year-on-year decrease of 1.7% [5]. - Manufacturing investment increased by 2.7%, while real estate development investment fell by 14.7% [5]. - High-tech industries, such as information services and aerospace manufacturing, saw significant investment growth of 32.7% and 19.7% respectively [5]. Group 5: Trade and Employment - In October, the total value of goods imports and exports was 37,028 billion yuan, with exports decreasing by 0.8% and imports increasing by 1.4% [6]. - The urban surveyed unemployment rate was 5.1% in October, showing a slight decrease from the previous month [7]. - The average working hours for employed persons were recorded at 48.4 hours per week [7]. Group 6: Price Trends - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing from a decline of 0.3% in the previous month [8]. - The Producer Price Index (PPI) for industrial producers decreased by 2.1% year-on-year, with the decline narrowing compared to the previous month [9]. - The core CPI, excluding food and energy, increased by 1.2% year-on-year, reflecting a slight acceleration in inflationary pressures [8].

（原标题：专访老挝国家工商会会长：中老铁路有望成为区域"绿色走廊"） 南方财经 21世纪经济报道记者郑青亭、实习生陈颖 北京报道 "中老铁路是共建'一带一路'倡议中老挝最重要的基础设施项目，不仅打通了中国与东盟的互联互通通 道，也为老挝带来巨大的贸易与投资潜力。"近日，老挝国家工商会会长吴迪·苏万那冯（Oudet Souvannavong）北京在接受21世纪经济报道记者采访时说道。 11月7日，由中国国际商会主办的2025"一带一路"贸易投资论坛在北京举行。 苏万那冯在会上指出，中 老铁路正助力老挝开辟一条低碳数字赋能与可持续供应链的新路径，其发展不仅连接中国与东盟，也契 合区域发展方向及全球绿色转型目标。 苏万那冯：中国是老挝最大的外商直接投资（FDI）来源国。传统上，中资在老挝主要集中于矿业、水 电、基础设施和农业等领域。随着共建"一带一路"倡议的推进，尤其是中国—东盟自贸区3.0版升级议 在当天的论坛期间，他告诉21世纪经济报道记者，老挝国家工商会高度重视中老铁路项目，已专门成 立"中老经贸投资合作委员会"，以进一步挖掘沿线投资机遇，推动中国与东南亚地区的联动发展。 中老铁路是一条连接中国云南省昆明市与 ...

11月13日，满载45个集装箱汽车零配件的X9015次列车从西安国际港站缓缓驶出，一路向西。这标 志着陕西首趟"中吉乌"铁公联运国际班列顺利开行。这批货物先经铁路运输至喀什北站，随后转公路运 输从伊尔克什坦口岸出境，全程预计20天抵达乌兹别克斯坦吉扎克，较以往的运输方式压缩时效4至5 天。这是中国铁路西安局集团有限公司（以下简称"西安铁路局"）创新采用"铁路+公路"物流总包模 式，为外贸企业降低物流成本、助力陕西与中亚地区经贸交流的最新实践，为共建"一带一路"高质量发 展注入新动能。 此次班列的成功开行为陕西打造"中吉乌"铁公联运国际通道积累了宝贵的运营经验，为后续规模 化、常态化开行奠定坚实基础。（记者：杨光） 此次班列由西安铁路局联合中铁集装箱运输有限责任公司西安分公司共同打造，以"一次付款、一 次委托、一单到底"的物流总包服务模式，实现货源组织、箱源调配、运输调度全流程无缝衔接；依托 全程"一单制"，对协议签订、单证填报、进站核验及多式联运数据传输、提单签发等环节精准把控，有 效提升运输组织效率，为中国与中亚国家贸易往来提供更优物流解决方案。 班列搭载货物来自西安本地工厂，客户统一采用45英尺自备集装箱 ...