波黑《每日之声》1月29日报道。欧盟委员会在其最新的波黑局势评估报告中发出警示，该国约50%的 铁路基础设施已陷入"不安全且技术过时"的严重状态。由于实体政府长期投资不足，波黑铁路网络难以 支撑起有效的国际过境运输。报告同时敦促波黑尽快完成国内法规与欧盟第四铁路一揽子方案的对接， 核心是开放铁路运输市场并实现基础设施管理与运输运营的分离。 经济分析师佐兰.帕夫洛维奇强调，欧盟已为区域铁路现代化预留资金，但波黑需先完成市场开放及运 营机制改革。波黑联邦铁路公司坦言，长期投入不足导致基础设施持续退化，部分路段仅能限速通行。 (驻波黑使馆经商处) 数据显示，波黑铁路货运量在过去十年间大幅萎缩，已从2017年的880万吨锐减至2025年的580万吨，降 幅超过30%。波黑联邦铁路公司承认，这直接导致客货运收入无法弥补长期投资缺口，形成恶性循环。 ...

全国铁路1月26日零时起实行新的列车运行图 。 调图后，全国铁路安排图定 旅客列车12130列 ，开行 货物列车23748列 ，铁路客货运 输能力和效率进一步提升，运输产品供给持续优化，将更好地服务经济社会高质量发展。 此次调图是国铁企业全面贯彻党的二十大和二十届历次全会精神，坚持以人民为中心的发展思想，坚持以市场需求为导向，持续深化运输 供给侧结构性改革，以新需求引领新供给，以新供给创造新需求，充分运用铁路新增线路、车站和装备等运输资源，优化主要运输技术标 准，对全国铁路列车运行方案进行的一次优化调整。调图后，铁路网整体效能有效提升，为人民群众便捷高效出行、建设强大国内市场和 区域经济社会高质量发展提供有力支撑。 一是用好包银、西延、沪渝蓉沿江高铁等新线能力，优化中西部地区列车运行图，助力西部大开发和中部地区崛起。 利用新开通的包头至 银川高铁，优化北京至兰州高铁通道动车组列车开行方案，安排开行银川至北京北标杆动车组列车2列，两地最快6小时22分可达，较调图 前经银兰、银西、徐兰、京广等高铁线路运行压缩1小时14分；安排开行蒙西地区主要车站至清河、太原南、西安北、兰州西、西宁等方向 的动车组列车32列，呼和 ...

Core Insights - In 2025, Xinjiang Railway achieved record highs in both passenger and freight transport volumes, with passenger volume reaching 54.25 million and freight volume at 250 million tons, representing year-on-year increases of 6.8% and 5.3% respectively [1] Passenger Transport - The Urumqi Railway Bureau maximized capacity by increasing train services, with a peak of 231 passenger trains operating in a single day, a historical record [1] - Special trains for students and educational trips were launched, serving 139,200 group travelers [1] - Direct passenger trains were introduced between Urumqi and eight popular tourist cities, covering over 80% of county-level administrative regions in Xinjiang and 22 provinces, cities, and autonomous regions nationwide [1] Freight Transport - The Urumqi Railway Bureau established a logistics alliance during the 14th Five-Year Plan, enhancing the "road-to-rail" transport strategy, with freight volume surpassing 200 million tons for four consecutive years [1] - The introduction of logistics package projects, including "one order" transportation, streamlined the process for cross-border e-commerce and reduced transportation costs by nearly one-third [2] - In 2025, the Urumqi Railway Bureau signed contracts with 31 key enterprises for a transport volume of 207 million tons, enhancing coal transportation capabilities [3] Infrastructure and Operations - The Urumqi Railway Bureau implemented increased loading capacities on various railways, with daily loading of 12,000 cars becoming routine [3] - A new "smart railway port + local rapid customs clearance" model was introduced at the Horgos port, significantly reducing customs clearance times for imports and exports [4] - The total cargo volume at the Alashankou and Horgos railway ports reached 32.1 million tons, marking a year-on-year growth of 12.1% [4]

Core Insights - In 2025, China's national railway achieved a cargo volume of 4.066 billion tons, marking a 2.1% year-on-year increase and surpassing the 4 billion ton milestone for the first time, continuing a growth trend for nine consecutive years [1][2] Group 1: Cargo Transport Performance - The national railway exceeded its freight target in 2025, with an expected cargo volume of 4.03 billion tons, reflecting a 1.1% year-on-year growth [2] - The growth rate of railway freight has been narrowing before 2023 but expanded again post-2023, with annual growth rates from 2017 to 2025 recorded as 10.1%, 9.3%, 7.8%, 4.07%, 4.0%, 4.7%, 0.26%, 2.05%, and 2.1% respectively [2] - The "total-to-total" marketing strategy led to a logistics package volume of 1.12 billion tons, accounting for 27.5% of the national railway's freight volume, a significant increase of 20.6 percentage points [2] - Container transport reached 4.1883 million TEUs, with a year-on-year growth of 14.2%, while freight train volume increased by 24.5% [2] Group 2: Passenger Transport Performance - In 2025, the national railway transported 4.255 billion passengers, a 4.2% increase year-on-year, with peak daily passenger volume reaching 23.132 million, setting a new historical record [2] Group 3: Revenue and Future Goals - The total transport revenue of the national railway group surpassed 1 trillion yuan for the first time, reaching 1,020.4 billion yuan, a 3.1% increase year-on-year [4] - For 2026, the national railway aims to achieve a passenger volume of 4.402 billion, a 3.5% increase, and a cargo volume of 4.13 billion tons, a 1.5% increase [4] - The company plans to enhance passenger services by optimizing product offerings and implementing flexible pricing strategies, while also focusing on developing a leading multi-modal transport enterprise [4][5]

Group 1: Infrastructure Industry Market Performance Review - The infrastructure sub-sectors underperformed relative to the Wind All A and Shenwan Transportation indices in 2025, with the Shenwan Highway Index down 9.2%, the Shenwan Railway Index down 13.3%, and the Shenwan Port Index down 1.4%, lagging behind the Wind All A by 17.9, 22, and 10 percentage points respectively [6][11] - The overall market style shift has led to a significant decline in the highway sector, which has seen a cumulative drop of 11.7% in 2025, underperforming the CSI 300 by 27.8 percentage points [17] Group 2: Highway Sector - The highway sector's fundamentals remain stable, with traffic revenue affected by road network changes and expansions, leading to varied performance among companies [20][24] - In 2025, the national highway passenger volume reached 8.57 billion people, a year-on-year decrease of 2.6%, while freight volume was 31.91 billion tons, showing a year-on-year increase of 4.1% [20] - Investment recommendations suggest focusing on individual stocks, particularly Anhui Expressway, which has shown significant revenue growth due to recent acquisitions and expansions [31] Group 3: Railway Sector - The railway sector has shown steady growth in passenger volume, with a total of 3.54 billion passengers transported in the first three quarters of 2025, reflecting a year-on-year increase of 6% [35] - Freight volume in the railway sector has been under pressure, with a total of 3.91 billion tons transported in the same period, showing a year-on-year increase of 3% [36] - The outlook for the railway sector remains positive, with expectations of continued growth in passenger volume and potential improvements in freight volume as macroeconomic conditions stabilize [43] Group 4: Port Sector - The port sector has demonstrated stable performance, with total cargo throughput reaching 1.357 billion tons in the first three quarters of 2025, a year-on-year increase of 4.6% [48] - Container throughput has outperformed bulk cargo, with a total of 26 million TEUs handled, reflecting a year-on-year increase of 6.3% [56] - Investment recommendations highlight Qingdao Port and China Merchants Port as attractive options due to their low valuations and strong cash flow, with expectations for dividend growth [79]

Core Viewpoint - The national railway system is entering a critical phase as it focuses on ensuring safety and transportation efficiency in response to increasing passenger and freight demands, while implementing stringent safety measures and optimizing service quality [1][2][3] Group 1: Safety and Infrastructure - The railway system is enhancing its infrastructure by conducting comprehensive inspections and seasonal maintenance on key equipment such as tracks, bridges, tunnels, and signaling systems, utilizing advanced technologies like big data analysis and drone inspections [1][2] - Preparations for winter conditions are being prioritized to ensure equipment remains operational, including measures for cold weather and snow removal [1] Group 2: Risk Management - A dual prevention mechanism is being implemented to assess seasonal safety risks, focusing on critical areas such as construction safety, vehicle operations, and passenger organization [2] - The railway system is increasing on-site inspections and utilizing information technology tools for enhanced supervision, while also emphasizing safety education and training for employees [2] Group 3: Transportation Optimization - The railway department is optimizing transportation organization by enhancing scheduling and route planning to improve overall network efficiency, prioritizing the transport of essential goods like coal, grain, and fertilizers [2] - Dynamic adjustments to passenger transport capacity are being made based on real-time analysis of passenger flow, ensuring compliance with health protocols and improving travel experiences [2] Group 4: Commitment to Service - Railway staff are dedicated to maintaining safety and efficiency, ensuring that every train arrives safely and that transportation channels remain unobstructed, contributing to economic and social development [3] - The implementation of various safety measures is expected to lead to a successful conclusion of the year's operations and enhance public safety in travel [3]

Group 1: Ningbo-Zhoushan Port Achievements - Ningbo-Zhoushan Port has achieved an annual container throughput of over 40 million TEUs for the first time, making it the second in China and the third in the world to reach this milestone [1] - The port's container throughput has increased significantly, growing from 30 million TEUs to 40 million TEUs in just four years, marking it as the fastest-growing major port globally in the last decade [1] - The port is currently the only one in the world with two "ten million TEU-level" single container terminals [3] Group 2: Future Plans and Developments - By 2025, the port plans to extend its shipping routes to the Arctic Ocean, maintaining over 300 total shipping routes and increasing overseas logistics nodes to 11 [3] - The port is enhancing its service chain through "overseas warehouses" and "full logistics" to address cross-border bottlenecks, thereby building a global port logistics network [4] Group 3: Cross-Border Railway Developments - The China-Laos Railway has been operational for four years, with cumulative passenger numbers exceeding 62.5 million and cargo exceeding 72.5 million tons [9] - The railway has seen a significant increase in the number of international passenger trains, with daily operations rising from 8 to a peak of 86 trains [10] - Cross-border freight trains have expanded from 2 to a maximum of 23 trains per day, with over 1.6 million tons of cross-border cargo transported [12]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].

Core Points - The new train operation schedule implemented nationwide starting today includes over 13,000 scheduled passenger trains and more than 23,000 freight trains [1][2] Group 1: Passenger Train Adjustments - The new schedule includes adjustments to passenger trains, with specific details available through channels like the railway 12306 [2] - High-speed trains such as the Shenyang to Changbai Mountain route will operate 64 trains, significantly reducing travel time between major cities in Liaoning and Jilin provinces [3] - The Chongqing East to Qianjiang segment of the Yuxia High-speed Railway will have 54 trains, enhancing connectivity between western cities and central-southern cities [3] Group 2: Freight Train Operations - The number of freight trains scheduled has increased to over 23,000, with 208 fast freight trains operating across railway bureaus, an increase of 15 trains compared to the previous schedule [2] - Key freight corridors like the Jingjiu and GeKu railways will see an additional 24 freight trains, while heavy-load railways will increase the operation of 10,000-ton trains to enhance winter coal supply transportation [4] - The China-Europe and China-Central Asia freight trains maintain their operational scale, with 93 and 57 scheduled routes respectively, and a weekly operation of 17 trains to improve logistics quality and efficiency [4]

Group 1 - Goldman Sachs reported that the net profit performance of Guangzhou-Shenzhen Railway (0525.HK) for the first half of the year met expectations [1] - The adjusted profit forecasts for 2019-2021 have been lowered by up to 4.2% to reflect the new international financial reporting standards regarding operating leases [1] - The target price for H-shares has been reduced from HKD 3.75 to HKD 3.4, while the target price for A-shares has been adjusted from RMB 4.4 to RMB 4.25, maintaining a "Buy" rating [1] Group 2 - Goldman Sachs indicated that with the completion of major maintenance cycles last year, related costs are expected to decrease, leading to a projected recovery in annual profits for Guangzhou-Shenzhen Railway [2]