织密航道网，畅通水运"大动脉" 眼下，金宝航线淮安段航道整治工程各关键节点工程正高效协同推进。截至9月25日，项目累计完 成年度计划的84.01%，为全年建设目标顺利实现奠定坚实基础。 金宝航线连接淮河与京杭运河，既是南水北调东线工程的重要输水通道，也是安徽、河南等内陆地 区煤炭、建材等大宗物资通江达海的便捷水运通道。 "石港大桥等多座旧桥已拆除、桩基施工推进，航道整治工作全面展开，船闸建设多点突破，石港 船闸上、下游围堰土方填筑及上游连接段道路填筑稳步推进，蒋坝船闸已完成老船闸下闸首拆除。"淮 安市港航中心主任罗衍庆介绍，项目建成后，将有效缓解苏北运河和淮河出海航道的航运压力，全面释 放区域水网通过能力。 作为省港口集团承担的"拨改投"模式下的重要工程——淮河入海水道二期配套通航工程、连申线黄 响河至淮河入海水道段航道整治工程日前相继取得进展。 9月29日，淮河入海水道二期配套通航工程盐城段盐阜船闸施工现场，三轴水泥搅拌桩机钻进喷浆 进行地基加固，地连墙进行混凝土浇筑，履带吊、旋挖钻机、地连墙成槽机等超30台设备高效配合…… "截至目前，累计完成船闸主体区域三轴水泥搅拌桩施工7000余幅，占总任务的30%， ...

西安市聚焦货运物流基础设施"硬联通"、规则标准"软联通"、区域协同机制"活联通"，建成"一带一 路"海铁联运中心、哈萨克斯坦西安码头等10个综合货运枢纽项目和全国首个拥有3束6线的铁路集装箱 中心站，新增和改扩建综合货运枢纽面积超50万平方米，集疏运里程突破25公里。 近年来，陕西省西安市以国家综合货运枢纽建设为抓手，加速构建陆空联动、多式联运的现代化物流体 系，以"陆空双港"协同格局推动高水平对外开放迈上新台阶。 截至目前，中欧班列（西安）累计开行3万列，超过全国总量的25%；今年上半年，全国中欧（亚）班 列开行列数16659列，其中西安占比约15%，开行量、货运量、重箱率等核心指标稳居全国前列。 西安市交通运输局局长马胜利介绍，下一步，西安将夯实基础设施建设硬件供给能力，加速提升多式联 运等柔性服务水平，持续壮大区域枢纽经济，加快融入全国统一大市场。 （文章来源：经济日报） 硬件升级打通"物流动脉"，规则创新则激活"神经末梢"。西安首创《多式联运信息共享规范》等5项标 准，推动海关、铁路数据互联互通，报关时效从过去的5小时至7小时缩短至5分钟。依托中欧班列长安 号综合服务平台，企业可享受"一票制"全程服务 ...

每天晨光熹微中，郑州东站数十列银白色动车组整装待发，犹如一支支蓄势待发的箭矢，即将沿 着"米"字形高铁网通向四面八方。 天时地利聚英才。9月19日，第三届全国技能大赛在郑州开幕，3420名参赛选手将在竞技场上续 写"技能照亮前程"的中国故事。 "本届大赛在郑州举办，既是国家对河南及郑州技能人才队伍建设成果的肯定，也是基于郑州无可 替代的战略区位和超级交通枢纽优势的综合考量。"见证郑州航空业蓬勃发展的南航河南公司工作人员 杨现利告诉记者，郑州密集的国内航线网络为远距离的嘉宾和选手提供了快捷选择，此外大赛还涉及大 量精密设备、工具、布展材料的运输，郑州的"航空+铁路+公路"等多式联运体系为此提供了完美解决 方案。 枢纽优势铸就发展新引擎，机遇之城扬帆正当时。纵横交错的高铁网络、辐射全球的航空运输、贯 通南北东西的公路网在此交会，正赋予郑州这座千年商都前所未有的发展动能与时代机遇。郑州交通优 势正转化为流通优势，为融入服务全国统一大市场建设提供坚实的物流支撑。 "米"字形高铁网 重塑经济地理格局 高效互联互通的基础设施，是全国统一大市场建设的血脉经络。郑州如何发挥区位交通优势，更好 地服务国内国际双循环？在"米"字 ...

Core Viewpoint - The global multi-modal transport market is expected to grow significantly, driven by various factors including the Belt and Road Initiative, supply chain restructuring, and advancements in low-altitude economy, impacting port operations and management [4][5][6]. Multi-Modal Transport Market Growth - The global multi-modal transport market is projected to reach $62.25 billion in 2024, with a year-on-year growth of approximately 6.6%, and is expected to expand to $103.29 billion by 2032 [4]. - In North America, the multi-modal transport demand is anticipated to grow due to the US-Mexico-Canada Agreement and potential tariffs, with a projected total of 18.084 million units in 2024, reflecting an 8.5% increase [4]. - The European multi-modal transport market is steadily growing, supported by the new TEN-T policy aimed at creating an efficient multi-modal network across Europe [4]. China's Multi-Modal Transport Development - China's multi-modal transport market is significantly driven by the Belt and Road Initiative, with a projected 2024 port container rail-water transport volume of 13.35 million TEUs, marking a 15.4% increase [5]. - The China-Europe Railway Express is expected to operate 19,000 trains in 2024, showing a year-on-year growth of 10.7% [5]. Supply Chain Restructuring Impact - The global supply chain landscape is undergoing profound changes due to geopolitical conflicts and supply chain restructuring, significantly affecting the port industry [9]. - The Red Sea crisis has led to a 56% increase in the diversion of dry bulk vessels and a 90% increase for container ships compared to 2023, disrupting trade and logistics [9]. Low-Altitude Economy and Port Development - The low-altitude economy, particularly low-altitude logistics, is emerging as a key component in enhancing port operations, showcasing advantages in short-distance transport and high-efficiency delivery [13][14]. - The global low-altitude economy market reached 2.08 trillion RMB in 2023, with a projected compound annual growth rate of 11.51% from 2024 to 2029 [14]. Sustainable Port Transformation - Ports are transitioning from traditional logistics nodes to multi-dimensional sustainable hubs, balancing environmental, social, and economic impacts through community collaboration and green technology [17]. - Recent initiatives in Australia, such as the redevelopment of the Darwin waterfront area, aim to enhance community sustainability while preserving ecological spaces [17].

Core Insights - The first Port and Shipping Supply Chain Development Forum in Henan was successfully held in Zhengzhou, focusing on the theme of "Port-Industry-City, Port-Shipping-Trade, Transport-Trade-Production" [1] - Nearly 200 experts and entrepreneurs from river and sea transport participated, discussing strategies for the development of Henan's port economy [1] Group 1 - The director of the Zhoukou Port Operations Office highlighted the strategic layout and achievements in industrial collaboration and logistics hub construction at Zhoukou Port [1] - Zhoukou Port has established a multi-modal transport system centered on bulk commodities like coal and grain, achieving efficient logistics integration through seamless connections of road, rail, and water transport [1] - The port is actively promoting the clustering and development of industries such as bio-chemicals and equipment manufacturing, transitioning from a "traditional port" to a "two-way circulation hub" [1] Group 2 - The forum facilitated discussions among representatives from various universities and enterprises on topics such as port industry clustering, multi-modal transport, smart ports, and green shipping [3] - The event clarified the strategic direction for Henan's transition from an "economic corridor" to a "corridor economy," providing a platform for key ports like Zhoukou to integrate into the provincial development framework [3] - Zhoukou Port aims to deepen the integration of port, industry, and city, contributing to the creation of a trillion-level port industry cluster in Henan [3]

Core Viewpoint - Jushen Logistics Group Co., Ltd. plans to issue convertible bonds to unspecified objects, with the underwriting and sponsorship provided by Guolian Minsheng Securities [1][2]. Group 1: Company Overview - Jushen Logistics Group was established on November 10, 2011, and is listed on the Shenzhen Stock Exchange under the stock code 001202 since April 29, 2021 [1][2]. - The company has a registered capital of 166.69 million yuan and is headquartered in Foshan, Guangdong Province [1][2]. Group 2: Main Business Operations - The company operates primarily in the modern logistics industry, focusing on bulk commodity logistics and warehousing [2][3]. - Jushen Logistics offers multimodal transport services, integrating road, rail, and waterway resources to provide efficient logistics solutions [2][3]. - The company has developed a network freight platform to enhance transportation efficiency and reduce costs for clients [3]. - Jushen Logistics also provides self-operated transportation services, leveraging its industry experience to expand operations in Guinea, a major source of bauxite for China [3][4]. Group 3: Financial Data and Indicators - As of June 30, 2025, the total assets of the company amounted to 1.641 billion yuan, with total liabilities of 839.96 million yuan and owner's equity of 801.06 million yuan [6]. - The company's revenue for the first half of 2025 was 661.80 million yuan, with a net profit of 62.19 million yuan [7]. - The company reported a decrease in net profit by 8.83% in the first half of 2025 compared to the previous year, attributed to losses from its Guinea operations [7][8]. Group 4: Future Projects and Expectations - The funds raised from the convertible bond issuance will be used for the Jushen Guinea transshipment project, working capital, and repaying bank loans [10][11]. - The Guinea transshipment project is expected to generate an average annual revenue of 308.98 million yuan and a net profit of 93.88 million yuan once fully operational [10][11]. - The project has already secured contracts with major companies, covering 45.37% of the projected business volume for the first year [10][11].

Investment Rating - The investment rating for Zhonggu Logistics is maintained as "Buy" with a target price of RMB 12.50 [1][4]. Core Views - The report highlights strong profit growth, with a significant increase in net profit by 41.6% year-on-year, driven by a high demand in the foreign trade container leasing market [1][4]. - The company announced an interim dividend of RMB 0.43 per share, resulting in a dividend payout ratio of 84.3%, which is attractive for investors [1][4]. - The outlook for the second half of the year is optimistic, with expectations of improved freight rates in the domestic market due to seasonal demand and sustained high rental income from foreign trade [1][4]. Summary by Sections Financial Performance - In the first half of 2025, Zhonggu Logistics reported revenue of RMB 5.34 billion, a decrease of 7.0% year-on-year, while net profit attributable to shareholders reached RMB 1.07 billion, an increase of 41.6% [1][4]. - The company's non-recurring net profit was RMB 820 million, showing a remarkable growth of 94.3% year-on-year [1][4]. Market Analysis - The foreign trade container leasing market is experiencing high demand, with the average one-year lease rate for small and medium-sized container ships increasing by 82.0% to USD 61,146 per day [2]. - The report notes that the supply of small and medium-sized container ships is at a historically low level, which supports high rental rates [2]. Domestic Market Insights - The domestic market saw a 10.6% year-on-year increase in container freight rates, driven by reduced supply as some capacity was leased to foreign trade [3]. - The company's water transport business revenue was RMB 4.48 billion, down 1.4% year-on-year, while land transport revenue fell by 28.2% to RMB 860 million [3]. Profit Forecasts and Valuation - The profit forecasts for 2025, 2026, and 2027 have been raised by 2%, 19%, and 9% respectively, with expected net profits of RMB 1.94 billion, RMB 2.05 billion, and RMB 1.96 billion [4]. - The target price has been adjusted upwards by 3% to RMB 12.50 based on a price-to-earnings ratio of 13.6x for 2025 [4].

Core Viewpoint - The integration of multiple transportation modes in Yantai, including rail, road, water, and air, is enhancing logistics efficiency and reducing costs, exemplified by the newly completed Delong-Yantai Railway and its impact on logistics operations [2][3][4]. Group 1: Transportation Efficiency - The Delong-Yantai Railway has established a new cross-province sea-rail intermodal channel, significantly reducing transportation distance by 152 kilometers and cutting transport time by 6 hours compared to traditional road transport [2]. - The new railway connection has led to a reduction in freight rates by over 70%, supporting the national initiative to shift bulk cargo from road to rail [2]. - The integration of various transport modes has allowed Yantai to create a comprehensive logistics network, enhancing operational efficiency and cost-effectiveness [2][3]. Group 2: Company Innovations - Shandong Debao Multimodal Transport Co., Ltd. has successfully implemented a multi-modal transport solution that combines road, rail, and sea, resulting in over 12% savings in transportation costs and improved delivery times [3]. - The company has invested in a large multimodal transport base at Delong-Yantai Railway Fushan North Station, providing comprehensive services such as storage, loading, and unloading, thereby enhancing the overall logistics capabilities [3]. Group 3: Cross-Border Logistics - The "sea-air intermodal" service from Yantai has demonstrated significant advantages, with cross-border e-commerce goods being shipped to Korea and then flown to Europe and South America, achieving a 20% reduction in overall logistics costs [4]. - A logistics supply-demand matching conference in Yantai gathered over 120 enterprises from various sectors to promote the development of multimodal transport, creating a "golden platform" for collaboration [4]. - Yantai is also exploring low-altitude economic opportunities, successfully conducting test flights for drone transport across the sea, further enhancing its logistics capabilities [4].

Core Insights - The company reported a revenue of 2.255 billion yuan for the first half of 2025, representing a year-on-year growth of 3.31% [2] - The total profit decreased to 58.316 million yuan, indicating a significant decline compared to the previous year [2] - Net cash flow from operating activities reached 239 million yuan, showing a substantial increase of 372.88% year-on-year [2] Financial Performance - Revenue for the first half of 2025 was 2.255 billion yuan, up 3.31% year-on-year [2] - Total profit amounted to 58.316 million yuan, reflecting a decline compared to the previous year [2] - Operating cash flow was 239 million yuan, marking a 372.88% increase year-on-year [2] Operational Highlights - The company completed a cargo throughput of 34.923 million tons, achieving 50.6% of the annual target and a year-on-year growth of 12.2% [2] - The natural tonnage of loading and unloading reached 33.27 million tons, fulfilling 49.7% of the annual plan with an 8.9% year-on-year increase [2] - Container throughput was 702,000 TEUs, representing a year-on-year growth of 25.2% [2] - Passenger volume was 110,000, showing an 11.3% decline year-on-year [2] Strategic Initiatives - The company deepened rail-port collaboration and optimized the rail-water intermodal network, achieving a 23.3% increase in railway dispatch volume [3] - It enhanced the "Shanghai-Chongqing Direct Fast Line" efficiency and quality, and strengthened the operational support for the new land-sea corridor [3] - The company launched a direct river-sea route from Chongqing to Zhoushan, achieving regular operations [3] - Significant progress was made in digital transformation, with the company being recognized as the first "Double Four-Star" smart port in the upper reaches of the Yangtze River [3]

Core Viewpoint - Hubei province is enhancing its multi-modal transport network to establish a global logistics framework, focusing on the development of the China-Europe Railway Express (Wuhan) and its integration with various transport modes [1][2] Group 1: Development of Multi-Modal Transport - As of July this year, the China-Europe Railway Express (Wuhan) has dispatched 630 trains with a cargo value of 10.166 billion RMB [1] - The railway has developed over 10 international multi-modal transport routes, connecting various regions including Europe, Southeast Asia, and Japan [1] - Hubei is committed to building a comprehensive multi-modal transport network that links globally, with Wuhan Yangluo Port designated as a second starting point for the China-Europe Railway Express [1] Group 2: Performance Metrics - In the first half of this year, Hubei province achieved a significant increase in port container rail-water intermodal transport, reaching 190,900 TEUs, a year-on-year growth of 49% [2] - This volume is close to 80% of the total expected for the entire year of 2024 [2] Group 3: Infrastructure Projects - Key infrastructure projects include the expansion of the Huhang Expressway and the second phase of the Ezhou Airport Expressway, aimed at improving the logistics system centered around Huahu Airport [1] - The establishment of a core international free trade air port is also a priority for Hubei's logistics development [1]