香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對 其準確性或完整性亦不發表任何聲明，幷明確表示，概不對因本檔全部或任何部份內 容而産生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：00525） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條而作出。 茲載列廣深鐵路股份有限公司（「本公司」）在上海證券交易所網站刊登的《2025 年 度審計報告(含經審計的財務報表及附注)》，僅供參閱。 承董事會命 廣深鐵路股份有限公司 唐向東 公司秘書 中國·深圳 2026 年 3 月 30 日 於本公告發出之日，本公司董事會成員包括： 审计报告 德师报(审)字(26)第 P03799 号 (第1页,共4页) | 執行董事 | 非執行董事 | 獨立非執行董事 | | --- | --- | --- | | 輝 蔣 | 寧 鐘 | 湯小凡 | | 陳少宏 | 李丹江 | 邱自龍 | | 周尚德 | 劉啟義（職工代表董事） | 王 琴 | 广深铁路股份有限公司 财务报表及审计报告 2025 年 12 月 ...

Group 1: Passenger Transport - The national railway sent a total of 121 million passengers during the Spring Festival holiday, averaging 13.41 million passengers per day, an increase of 11.5% compared to last year [1] - On February 23, a record 18.73 million passengers were sent in a single day, marking the highest daily passenger volume in Spring Festival history [1] - During the holiday, the railway operated an average of 12,380 passenger trains daily, with a peak of 2,314 additional trains on the busiest days [2][3] Group 2: Service Enhancements - The railway introduced new service measures to improve passenger experience, including optimized ticket sales strategies and enhanced waiting areas at major stations [3] - Beijing South Station underwent renovations to improve traffic flow and increase taxi waiting capacity, enhancing overall efficiency [3] - The railway implemented a dynamic ticket allocation system, allowing for better management of long-distance and short-distance travel needs [3] Group 3: Freight Transport - The railway transported 85.38 million tons of goods during the Spring Festival, a slight increase of 0.5% compared to last year [1] - The Taiyuan Railway Bureau monitored coal transport closely, achieving an average of 20,046 coal cars loaded daily during the holiday, an increase of 2,335 cars compared to last year [5] - The railway ensured the smooth transportation of essential goods, including food and fertilizers, by optimizing logistics and maintaining operational efficiency [6] Group 4: Cultural Integration and Tourism - The railway collaborated with local cultural and tourism departments to enhance travel experiences, offering themed trains and cultural activities at stations [7] - Special trains were introduced to connect tourists with local attractions, promoting tourism and boosting consumer spending [7][8] - The Harbin Railway Bureau launched themed trains for ice and snow tourism, providing unique travel experiences and promoting regional tourism [8]

Group 1 - During the Spring Festival holiday from February 15 to February 23, the China Railway Taiyuan Bureau Group Co., Ltd. reported a significant increase in both passenger and freight transport, with 2.236 million passengers sent, a year-on-year increase of 5.2%, and freight volume reaching 10.362 million tons [1][2] - On February 23, the bureau set a new record for single-day passenger transport during the Spring Festival, sending 405,000 passengers [1] - To meet travel demand, the bureau increased capacity by operating 38 pairs of high-speed trains and adding 261 high-speed train services during the holiday period [1] Group 2 - The Taiyuan Bureau conducted comprehensive monitoring of 476 coal mines to ensure coal transport demand during the Spring Festival, optimizing transportation organization for major coal channels [2] - The average daily loading of coal reached 20,046 cars during the holiday, an increase of 2,335 cars compared to the previous year, with 8.529 million tons of coal sent via the Daqin line [2] - The bureau also achieved record daily loading for non-coal products, with 8,398 containers loaded on average, and set new single-day loading records for coke and alumina [2]

Core Insights - The core viewpoint of the article highlights the significant increase in both passenger and freight transportation by China's national railway during the 2026 Spring Festival holiday period compared to the previous year [1] Group 1: Passenger Transportation - The national railway sent a total of 121 million passengers during the Spring Festival holiday from February 15 to 23, 2026, marking an increase of 11.5% compared to the same period last year [1] Group 2: Freight Transportation - The national railway transported a total of 85.38 million tons of goods during the same holiday period, which represents a slight increase of 0.5% year-on-year [1]

Investment Rating - The report maintains a "Recommendation" rating for the transportation sector, emphasizing the value of transportation assets [1]. Core Insights - The port container sector shows relatively good market conditions, with only the port segment outperforming the CSI 300 and transportation indices [4][10]. - The overall performance of transportation assets is average, with highway and railway segments underperforming [10][11]. - The report highlights a low interest rate environment, which is conducive to capital operations and market activity [20][21]. Monthly Market Performance - In January 2026, the performance of transportation assets was generally average, with only the port sector showing positive growth [4][8]. - The cumulative performance from January 1 to January 27, 2026, showed declines of -1.50% for highways, -3.14% for railways, and an increase of +2.96% for ports [10][11]. - The average daily transaction volume for ports increased significantly, while highway transaction volumes decreased [22]. Industry Data - Highway passenger traffic in November 2025 was 961 million, down 2.4% year-on-year, while freight traffic increased by 3.6% [33]. - Railway passenger volume in December 2025 was 323 million, up 8.5% year-on-year, while freight volume decreased by 2.6% [51]. - Port cargo throughput for the first four weeks of 2026 was 1.036 billion tons, a year-on-year increase of 4.3% [60]. Investment Recommendations - The report identifies high-dividend quality stocks in the transportation sector, recommending companies such as Sichuan Chengyu and Daqin Railway for their stable growth and high dividend yields [4][19]. - It emphasizes the potential for growth in highway operations, particularly in light of favorable policy changes and local state-owned enterprise actions [4][19]. - The report suggests focusing on companies with strong dividend yields and stable performance, such as Jiangsu Ninhuhighway and Qingdao Port [4][19].

Core Viewpoint - The new train operation schedule implemented by China Railway aims to enhance both passenger and freight transport efficiency, supporting regional development and international supply chain stability [1][2]. Passenger Transport - The new schedule includes a total of 12,130 scheduled passenger trains, optimizing routes in the central and western regions to support development initiatives [1]. - New high-speed rail lines are utilized to improve the passenger transport network in South China, aiding the construction of the Guangdong-Hong Kong-Macao Greater Bay Area [1]. - Adjustments have been made to the train operation maps in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and Northeast China to facilitate coordinated development strategies [1]. Freight Transport - The new schedule features 23,748 freight trains, with an increase of 20 cross-railway group freight trains, enhancing the capacity for transporting key materials such as coal, grain, and iron ore [1]. - The operation of 421 direct freight trains for bulk goods has been established, providing strong support for winter energy supply and stable economic operation [1]. - Additional freight trains have been added to the Lanzhou-Xinjiang Railway and the Geku Railway, further strengthening freight capacity into and out of Xinjiang [1]. International Transport - The new schedule strengthens international transport organization by adding seven new full timetable China-Europe freight train routes from cities including Zhengzhou, Xi'an, Jinan, Changsha, Chongqing, and Shijiazhuang [2]. - Three new China-Laos Railway Central Asia freight train routes have also been introduced to ensure the stability and smooth operation of international supply chains [2].

Core Viewpoint - The new railway operation schedule implemented on January 26 enhances both passenger and freight transport capabilities across the national railway network, utilizing newly opened lines to optimize transport structure [1]. Passenger Transport - The new schedule includes a total of 12,130 scheduled passenger trains, an increase of 243 trains compared to the previous schedule [4]. - Key highlights include the opening of the Baoyin High-speed Railway, which reduces travel time from Yinchuan to Beijing to 6 hours and 22 minutes, and the Xiyan High-speed Railway, connecting Yan'an to Beijing in 5 hours and 42 minutes [5]. - Yan'an is now integrated into the national high-speed rail network, significantly reducing travel times to major cities like Beijing, Shanghai, and Chongqing [5]. Freight Transport - The number of scheduled freight trains has increased to 23,748, up by 177 trains from the previous schedule [4]. - The new schedule enhances the efficiency of freight transport by increasing the number of freight trains and optimizing routes, particularly for key materials like coal, grain, and iron ore [12]. - A total of 473 cross-bureau freight trains are now scheduled, an increase of 20 trains, ensuring robust transportation of essential goods [12]. International Logistics - The international logistics service network has been expanded with the addition of 7 new scheduled China-Europe freight train routes from cities like Zhengzhou, Xi'an, and Jinan, along with 3 routes for the China-Laos railway [16]. - The railway department is enhancing international intermodal capabilities and efficiency, maintaining stable operations for the West Land-Sea New Corridor's iron-sea intermodal trains [16]. Logistics Product Development - The railway sector is focusing on diversifying logistics product offerings, including intercity express trains and cold chain trains, while promoting multimodal transport and railway logistics financial services to reduce overall logistics costs [18].

Core Viewpoint - The new railway operation map implemented from January 26 aims to optimize transportation structure, enhancing both passenger and freight transport capacity across the national railway network [1]. Group 1: Passenger and Freight Transport Enhancements - The new schedule includes 12,130 scheduled passenger trains, an increase of 243 trains compared to the previous schedule [2] - The number of freight trains has been increased to 23,748, with an addition of 177 trains [2] - The opening of new lines, such as the Baoyin High-speed Railway, has significantly reduced travel time from Yinchuan to Beijing to 6 hours and 22 minutes, achieving a "half-day reach" [3] - The Xiyan High-speed Railway connects Yan'an directly to Beijing for the first time, with a travel time of 5 hours and 42 minutes [3] Group 2: Service Upgrades - The new operation map expands the quiet carriage service to 97 train sets, catering to passengers seeking a quieter travel experience [7][8] - The pilot program for pet transportation on high-speed trains has been expanded to cover 43 stations and 57 train sets, making it more convenient for pet owners [8] - Various services have been optimized for different passenger groups, including student ticket reservations and special tourism trains [8] Group 3: Freight Transport and Logistics - The new schedule has introduced 473 cross-bureau freight trains, an increase of 20 trains, enhancing the transportation of essential goods like coal, grain, and iron ore [10] - The logistics network has been expanded with new international freight routes, including 7 new routes from cities like Zhengzhou and Xi'an to Europe [10] - The railway department is also focusing on diversifying logistics products, such as intercity express trains and cold chain services, to reduce overall logistics costs [11] Group 4: Regional Development Support - The new operation map supports the development of the Guangdong-Hong Kong-Macao Greater Bay Area by optimizing train connections, significantly reducing travel times between cities [12] - In the Northeast region, additional train services have been introduced to boost the ice and snow economy, with increased stops at popular ski destinations [12] - The new lines in the central and western regions have improved connectivity with developed areas, reducing travel times significantly, such as from Wuhai to Beijing in 5 hours [12]

Core Viewpoint - The new train operation schedule implemented on January 26 aims to enhance the capacity and efficiency of national railway passenger and freight transport, contributing to high-quality economic and social development [3]. Group 1: Train Operations - The new schedule will arrange a total of 12,130 scheduled passenger trains, an increase of 243 trains compared to the current schedule [3]. - The number of freight trains will increase to 23,748, which is an addition of 177 trains from the existing schedule [3]. - The adjustments in train operations are expected to optimize the supply of transportation products [3].

Group 1 - The new train operation schedule will increase the number of passenger trains operated by Harbin Railway Bureau Group Company to 247 pairs, including 99 pairs of through trains and 148 pairs of local trains, enhancing transportation capacity and service quality [1] - The new schedule expands the external passageways of Northeast China, introducing multiple pairs of through passenger trains, including the first direct train from Gagadachi to Tianjin, ending the lack of direct service between the two locations [1][2] - The travel time for several routes has been significantly reduced, with the G724 train from Qitaihe West to Dalian North having its travel time cut by 46 minutes, and the K1452/49 train from Mudanjiang to Rizhao reduced by 1 hour and 30 minutes [2] Group 2 - The quality of train services is being improved, with 9 pairs of high-speed trains from Beijing Chaoyang to Harbin and other destinations upgraded to high-quality benchmark trains, all using the "Fuxing" train model [2] - The new schedule also optimizes the structure of freight train operations, adding new freight services and prioritizing the transportation of key materials like electric coal, thereby enhancing logistics service capabilities in Northeast China [3] - The 2026 Spring Festival travel season will start on February 2 and end on March 13, with tickets for the first day of travel going on sale on January 19 [4]