Core Insights - The recent launch of the "Freight Certificate" by the Zhengzhou Bureau of China Railway Group represents a significant advancement in integrating railway logistics with financial services, facilitating a win-win ecosystem for railways, finance, and enterprises [1][2] - The "Freight Certificate" offers higher financing limits, lower interest rates, and longer financing periods compared to the previous "Freight Loan" product, thus enhancing the financing model for logistics companies [1] - The first successful transaction of the "Freight Certificate" occurred on September 24, 2025, with a subsequent transaction amounting to 5 million yuan, marking it as the largest of its kind in railway logistics [2] Summary by Sections Product Overview - The "Freight Certificate" combines domestic letter of credit services with railway freight operations, allowing enterprises to pay logistics fees directly through bank-issued letters of credit [1] - This product is designed to address the core needs of reducing customer financing and logistics costs, with a focus on digital processes and flexible payment terms [2] Operational Efficiency - The process for enterprises to apply for the "Freight Certificate" has been streamlined, reducing the approval time from weeks to within 3 days, while offering repayment terms of up to 1 year [1] - The integration of data between banks and the railway system allows for real-time verification of shipment authenticity and automatic fund transfers [1] Market Impact - Since the beginning of 2025, the volume of railway logistics financial services has increased by 7.1% year-on-year, indicating a growing demand for these services [2] - The railway department aims to leverage the advantages of the "Freight Certificate" to enhance overall railway logistics service levels and contribute to the development of an efficient and low-carbon modern logistics system [2]