公路网络提质升级成效显著。建成苏锡常南部高速、京沪高速公路新沂至江都段改扩建等重点工程，全 省高速公路里程达5560公里，较"十三五"末新增635公里，六车道及以上高速公路占比48.4%，位列全国 第二；打通普通公路"断头路"420公里，普通国省道一级公路占比79.1%，远高于全国18%的平均水平； 农村公路二级及以上占比19.2%，居各省区第一，"四好农村路"全国示范县达30个。 过江通道建设提速推进。相继建成南京燕子矶、宁扬、常泰、南京新生圩等过江通道，累计建成21座、 在建8座，基本实现隔江相望的县（市）均有过江通道联通。 轨道交通建设持续加密。连徐、沪宁沿江、沪苏湖等高铁建成运营，北沿江、通苏嘉甬等项目开工建 设，全省高速铁路里程达2594公里，较"十三五"末新增379公里，面积密度居各省区首位；南京港 （002040）龙潭港区、苏州港太仓港区等10条重点铁路专用线开通，重点港区铁路进港覆盖率提升 25%。 1月7日，2026年江苏省交通运输工作会议召开。记者从会上了解到，"十四五"以来，全省交通基础设施 建设完成投资1万亿元，是"十三五"的1.6倍，也是投资最多、网络建设最快的五年。承接国家政策性金 ...

记者从1月7日召开的全省交通运输工作会议上获悉，"十四五"期间全省交通基础设施建设完成投资 1万亿元，是投资力度最大、网络拓展最迅速的五年。今年，全省计划完成交通投资2400亿元，继续保 持高位推进。到2030年，基本实现交通运输现代化，交通运输总体发展水平居全国前列，交通物流降本 提质增效持续走在全国前列。更高效、更畅达的现代化综合交通运输体系加速构建，为全省高质量发展 持续夯实支撑、畅通动脉。 强基拓网，构建立体交通新格局 打通"最后一公里"，农村物流也在悄然升级。泰州市姜堰区通过"公交代邮+智车递达+人工补网"创 新模式，在江淮平原织就"1小时物流圈"，让日均25万件包裹高效投递。 数据印证成效，"十四五"期间，我省建成多式联运型货运枢纽42个、国家级多式联运示范工程5 个，稳定运行152条多式联运线路，重点培育63条精品线路。开通124条内河集装箱航线，内河集装箱吞 吐量突破200万标箱，铁水联运量平均增幅超过15%。全省水路货运量占比约38.9%，高出全国平均水平 约21.4个百分点。县乡村三级农村物流服务中心（站、点）覆盖率分别达到100%、95%、90%以上，其 中，5个案例入选交通运输部农村物 ...

《每日经济新闻》记者注意到，近年来，我国的多式联运蓬勃发展为区域协同注入了新的动力。我国在 推进长江经济带多式联运发展方面取得了哪些成绩？下一步有哪些部署？ 长江经济带发展是我国区域重大战略。1月5日，国新办举办新闻发布会，介绍长江经济带发展十年工作 进展和成效。 交通运输部综合规划司负责人金敬东在发布会现场回答《每日经济新闻》记者上述提问时表示，随着长 江经济带综合立体交通网的日益完善，多式联运发展明显加快。"十四五"时期，长江干线主要港口铁路 进港率超过90%，集装箱铁水联运年均增长率超过30%。 "十五五"期间实施多式联运攻坚行动 金敬东回答《每日经济新闻》记者提问时表示，大力发展多式联运对于优化运输结构、降低物流成本、 推动建设全国统一大市场具有重要意义。这些年，交通运输部在大力推动多式联运发展特别是推进长江 经济带多式联运发展方面开展了多项工作。 在健全制度规则方面，主要是强化政策标准的引领。交通运输部联合相关部门印发了《"一港一策"推进 集装箱铁水联运深度融合发展行动计划（2025~2027年）》《关于加快推进多式联运"一单制""一箱 制"发展的意见》等政策性文件，引导联运环境持续向好。同时，以综 ...

9月底，一架搭载102.7吨跨境电商货物和普货的全货机航班从南京禄口国际机场出发，飞往波兰华沙， 南京空港面向欧洲的货运通道再一次拓展；10月，长江龙潭港码头，"鸿伟"轮完成北极航线首航返 航……南京枢纽"链通全球"的场景，每天都在上演。 从《国家综合立体交通网规划纲要》首次赋予南京国际性枢纽定位，到《南京市国土空间总体规划 （2021—2035年）》获国务院批复明确城市性质，再到《南京国际性综合交通枢纽发展专项规划（2024 —2035年）》正式印发，近年来，在一系列顶层设计指引下，南京铁路、航空、港口三大枢纽协同发 力，"空铁水公管"多式联运体系日趋完善，提升城市对外辐射能力的同时，也在长三角一体化发展与国 内国际双循环中筑牢重要地位。 沪宁高铁已真正实现"公交化"通勤。 铁路枢纽："米"字形高铁网逐步完善，重塑时空格局 11月9日，南京高淳的大眼音乐节现场人头攒动，来自上海的卢女士举着手机跟着旋律摇摆。"中午12时 从上海虹桥站出发，坐高铁1小时30分钟到南京南站，转乘地铁1小时就到了现场，完全不耽误看开场表 演。"作为资深音乐爱好者，卢女士今年已通过高铁来南京看了3场演出。 便捷同样是跨区域商务出行的 ...

Core Insights - The 2025 Super Hub Expo in Hong Kong marks a significant step in consolidating the city's position as an Asian transportation hub, showcasing the latest technologies and innovations in the transport and logistics sector [1] - The event aims to promote multimodal transport development and deepen regional cooperation, creating a favorable environment for Hong Kong's future role in the transport sector [1] Group 1: Event Overview - The expo features a three-day program that includes professional exchanges, business matching, and award ceremonies, effectively promoting cross-sector collaboration and sustainable development in the transport ecosystem [1] - Key figures from the industry, including representatives from the Civil Aviation Administration of China and the Hong Kong government, participated in the event, emphasizing its importance [1] Group 2: Government Support - The Chairman of the Hong Kong Airport Authority highlighted the necessity of continuous infrastructure investment for the future of the aviation industry, mentioning the three-runway system as a major project [7] - The event received strong support from various government departments, showcasing its significance in the industry and making the "Air Silk Road Forum" a focal point of the expo [7] Group 3: Industry Participation - The expo expanded its coverage to include air cargo, rail transport, and the emerging low-altitude economy, attracting over 100 leading brands such as ARUP, AECOM, and NEC [8] - More than 200 major airports, ground service companies, airlines, and civil aviation authorities participated, marking the initiation of numerous professional exchanges and business opportunities [9] Group 4: Business Networking - The expo aims to create a vibrant business ecosystem in the Asian multimodal transport sector, featuring various activities and high-quality networking opportunities [10] - Specific initiatives include GAD Asia for practical financing and sustainable airport business growth, closed-door airport dialogues for senior executives, and structured one-on-one business matching sessions [10] Group 5: Thematic Discussions - The expo includes over 100 thematic seminars covering topics such as sustainable transport, digital transformation, and green aviation technology, providing valuable learning and networking opportunities [12][13] - The "Low Altitude Economy Forum" emerged as a key highlight, supported by the Hong Kong government's regulatory sandbox policy, showcasing innovations in urban air mobility [14]

Financial Data and Key Metrics Changes - Revenue, excluding fuel surcharge, increased by 2.4% year-over-year, while operating income declined by $31.1 million or 38.2% year-over-year due to $58 million of unusual items [15][16] - GAAP earnings per diluted share for Q3 2025 were $0.05 compared to $0.19 for Q3 2024, while adjusted EPS was $0.32 for Q3 2025 compared to $0.34 for Q3 2024, reflecting a 5.9% year-over-year decrease [15][16] - The consolidated adjusted operating ratio was 93.8%, flat year-over-year and sequentially [16] Business Line Data and Key Metrics Changes - The LTL segment held steady at 20% of consolidated revenue, its highest share since entering this segment in 2021, with revenue, excluding fuel surcharge, increasing by 21.5% year-over-year [17][20] - The truckload segment experienced a revenue decline of 2.1% year-over-year, driven by a 2.3% decrease in loaded miles, while revenue per loaded mile improved slightly year-over-year [18][19] - The logistics segment saw a revenue decline of 2.2% year-over-year, driven by a 6.2% decline in load count, but adjusted operating income grew by 1.9% year-over-year [24] - The intermodal segment improved its adjusted operating ratio by 160 basis points year-over-year to 99.8%, despite an 8.4% decline in revenue [26] Market Data and Key Metrics Changes - Freight markets are still grappling with uncertainty, with many shippers hesitant to take risks, leading to deviations from normal seasonal patterns [5][6] - There are signs of regulatory impacts on capacity availability, which may take time to consistently affect the market [10][25] Company Strategy and Development Direction - The company is adopting the AAA Cooper brand across its entire LTL business to deliver a cohesive solution to customers [11] - The strategy includes leveraging technology to enhance connectivity and operational efficiency across different business lines [17][48] - The company anticipates ongoing attrition in capacity due to regulatory enforcement and market dynamics, which could create favorable conditions for its truckload business [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding expectations for Q4 due to uncertainties in volume build and demand trends [5][6] - The company sees opportunities for margin growth in a stronger market, supported by improvements in cost structure during the down cycle [10] - Management noted that while there is some softness in LTL demand, bid discussions are encouraging, indicating potential for future growth [46][52] Other Important Information - The company projects adjusted EPS for Q4 2025 to be in the range of $0.34 to $0.40, assuming current conditions persist [30] - Full-year net cash capex is projected to be between $475 million to $525 million [31] Q&A Session Summary Question: Clarification on adjusted EPS and regulatory impacts on capacity - Management confirmed that the adjusted EPS of $0.32 reflects historical reporting practices and discussed the potential impacts of regulatory enforcement on capacity availability, noting that some states are beginning to revoke non-domiciled CDLs [71][75][36] Question: Insights on LTL margins and synergy opportunities - Management acknowledged softness in LTL demand but emphasized that pricing remains disciplined, and they are optimistic about leveraging synergies between truckload and LTL operations [45][52][48] Question: Cost-cutting initiatives and their impact - Management detailed ongoing cost-cutting initiatives across segments, highlighting progress in fixed and variable costs, and expressed confidence in achieving further improvements in margins [56][60][67]

Core Insights - Hubei Province has released a list of 101 key projects for the high-quality development of the "iron-water-public-air" multimodal transport system, with a total investment of approximately 883.79 billion yuan [1][2] - The focus is on addressing issues such as low channel capacity, suboptimal transport structure, and insufficient network intelligence, aiming to enhance the efficiency and resilience of modern supply chains [1][2] Group 1: Project Overview - The 101 projects cover various aspects including waterways, highways, railways, port railways, aviation hubs, and digital platforms [2] - Among these, 24 projects are aimed at addressing shortfalls with a total investment of 163.76 billion yuan, 48 projects focus on enhancing transport efficiency with an investment of 364.45 billion yuan, and 29 projects are dedicated to network construction with an investment of 355.58 billion yuan [2] Group 2: Key Projects and Timelines - Notable projects include the completed and operational Xiangjing High-Speed Railway, the Wuhan to Yichang section of the Yangtze River High-Speed Railway expected to open within the year, and the Huahu International Airport railway link projected for completion in December 2026 [2] - A working group has been established to expedite the progress of these key projects, with 42 projects set to commence, including the Jingjiu High-Speed Railway from Fuyang to Huanggang, which has received land pre-approval and aims to start construction in 2025 [2]

Core Insights - Jiangsu province is accelerating the construction of major water transport projects, with significant investments planned for channel construction and port development [1][2][3] Group 1: Waterway Infrastructure Development - The completion of the Xianbi first-line ship lock expansion project will double the annual maximum throughput capacity and increase channel capacity by 60%, making it the largest inland single-lift ship lock in the world [1] - The province plans to complete a total investment of 14 billion yuan in waterway construction this year, ensuring a total investment of 42.6 billion yuan during the 14th Five-Year Plan, which is an increase of over 25 billion yuan compared to the 13th Five-Year Plan [1] - The construction of the Huaihe River's second-phase navigation project and the Lianshen Line's channel improvement project has made significant progress, with over 30 pieces of equipment working efficiently on-site [2][3] Group 2: Port Development and Economic Impact - The opening of the Nanjing Port Longtan Port Area Phase VII project will enhance the utilization of deep-water coastline resources, with a designed annual throughput of 4 million tons [5] - The "Lianyungang Port—Bengbu Port" container shipping route has been launched, expected to reduce domestic transportation costs by over 30% [4] - The overall throughput of Lianyungang Port has seen a year-on-year increase of 5.97%, with foreign trade import volume up by 3.56% [5] Group 3: Multi-Modal Transport and Logistics Efficiency - The "Nanjing—Shanghai" sea-rail intermodal project has been recognized as a national brand route, significantly reducing comprehensive transportation costs by 1,200 yuan per container [7][8] - Jiangsu province aims to cultivate around 15 comprehensive multi-modal transport leading enterprises by 2030, with rapid growth in container multi-modal transport volume and inland container throughput [8][9] - The province is implementing a demonstration project to enhance transport capacity, focusing on developing a dual-directional sea-rail intermodal system [9]

Core Insights - Xi'an, Shaanxi Province is accelerating the construction of a modern logistics system through the development of a national comprehensive freight hub, enhancing its high-level opening-up with a "dual-port" collaborative framework [1][2] Group 1: Logistics Infrastructure Development - As of now, the China-Europe Railway Express (Xi'an) has operated a total of 30,000 trains, accounting for over 25% of the national total [1] - In the first half of this year, the national China-Europe (Asia) Railway Express operated 16,659 trains, with Xi'an contributing approximately 15% [1] - Xi'an has focused on "hard connectivity" in freight logistics infrastructure, "soft connectivity" in rules and standards, and "active connectivity" in regional collaboration mechanisms, establishing 10 comprehensive freight hub projects [1] Group 2: Innovations and Efficiency Improvements - Xi'an has pioneered five standards, including the "Multimodal Transport Information Sharing Specification," enhancing data interconnectivity between customs and railways, reducing customs clearance time from 5-7 hours to 5 minutes [2] - The container rail-road transport volume has seen an annual growth of 10.29%, while the air-land transport volume has increased by 21.05% [2] - A new air logistics model has been developed in collaboration with cities like Yinchuan and Qingdao, creating an efficient supply chain connection with international transport networks [2] Group 3: Future Plans - The Xi'an Transportation Bureau plans to strengthen infrastructure construction capabilities, enhance flexible service levels in multimodal transport, and continue to grow the regional hub economy [2]

Group 1: National Skills Competition - The third National Skills Competition opened in Zhengzhou, featuring 3,420 participants, highlighting the importance of skill development in China [1] - Zhengzhou's strategic location and transportation advantages were key factors in hosting the event, showcasing its role as a logistics hub [1] Group 2: High-Speed Rail Network - Zhengzhou has established the first "米" shaped high-speed rail network in China, connecting major cities and enhancing its role in the national transportation framework [2] - The high-speed rail network allows for a 2-hour travel radius to cities like Beijing and Xi'an, and a 5-hour reach to the Guangdong-Hong Kong-Macau Greater Bay Area, positioning Zhengzhou as a strategic transportation hub [2] Group 3: Economic Impact of High-Speed Rail - The high-speed rail has significantly reduced travel times, exemplified by a tea merchant who now travels from Xinyang to Xi'an in just 3 hours, compared to over 10 hours previously [3][4] - The expansion of the high-speed rail network is expected to further enhance Zhengzhou's logistics capabilities and support the construction of a unified national market [4] Group 4: Aviation Development - Zhengzhou is also making strides in aviation, with a focus on enhancing its cargo capabilities and establishing international connections [5][6] - The collaboration between Zhongyu Aviation Group and Luxembourg Cargo aims to strengthen air freight and develop green routes, enhancing Zhengzhou's role in global logistics [6][7] Group 5: Multi-Modal Transportation - Zhengzhou has developed a multi-modal transportation system that integrates air, rail, road, and sea, covering over 200 cities globally [8][9] - The innovative "one order, one container" model allows for real-time tracking of shipments, addressing logistical challenges and improving efficiency [8][9] Group 6: Future Prospects - The rapid development of Zhengzhou's multi-modal transport is reshaping the open landscape of inland China and providing new solutions for global supply chains [9][10] - Zhengzhou's comprehensive transportation network is continuously injecting vitality into the national unified market construction [10]