1月13日消息，从中国国家铁路集团有限公司（以下简称"国铁集团"）获悉，1月26日零时起，全国铁路 将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，较现图增加243列，开行货物列 车23748列，较现图增加177列，全国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。 国铁集团运输部相关负责人介绍，此次调图优化京津冀、长三角和东北地区列车运行图，服务京津冀协 同发展、长三角一体化发展和东北全面振兴等战略。在京津冀地区，增开北京西至天津西动车组列车4 列，沿途停靠保定东、白洋淀、大兴机场等站，优化雄安新区至北京地区早晚高峰4列动车组列车的运 行时刻，增加通勤列车在燕郊、顺义西、怀柔南、廊坊等站停靠15站次，为进京、环京通勤旅客出行提 供更多便利。 在长三角地区，利用新开通的合肥至新沂高铁合肥至泗县段，安排开行汉口至泗县东的直通动车组列车 2列，利用新开通的合肥西站，优化合肥铁路枢纽分工，安排杭州东至郑州东、新乡东至潮汕等16列动 车组列车变更运行区段或运行径路，利用新开通的杭州至衢州高铁，安排开行武汉至杭州西、婺源至上 海虹桥等直通动车组列车20列，进一步密切各地与长三角地区的联系。 ...

人民财讯1月13日电，据"中国铁路"公众号消息，1月26日零时起，全国铁路将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，较现图增加243列，开行货物列车23748列，较现图增加177 列，全国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。 ...

中经记者 路炳阳 北京报道 中国国家铁路集团有限公司（以下简称"国铁集团"）在防范化解经营风险，合理安排债务融资规模上持 续向好，推动国铁集团资产负债率稳中有降。 截至2025年年底，国铁集团总资产突破10万亿元，达到10.2万亿元，资产负债率再次下降至62.5%。国 铁集团近日发布《加快建设世界一流铁路企业努力为中国式现代化建设贡献更大力量》的报告，公布了 上述信息。 《中国经营报》记者统计，这已经是国铁集团负债率近期连续第6次下降。2024年，国铁集团负债率由 2023年的65.56%下降至63.52%；2025年上半年，国铁集团负债率为62.84%。目前，国铁集团负债率已 经回落到13年前的水平。 2013年上半年，国铁集团前身中国铁路总公司（以下简称"中铁总"）负债率为62.66%。2015—2019年， 中铁总及国铁集团负债率均维持在65%左右，2020年国铁集团负债率超过66%，达到顶峰。 近年来，国铁集团总资产增幅大幅跑赢总负债增幅。记者统计，"十四五"期间，国铁集团资产总额由 8.7万亿元增加到10.2万亿元，增长了17.1%；运输收入由6500亿元增至1.02万亿元，增长56.8%，资产负 ...

中央经济工作会议提出"坚持内需主导，建设强大国内市场"。日前，国铁集团召开工作会议，提出2026 年的主要目标是，国家铁路完成旅客发送量44.02亿人、同比增长3.5%，货物发送量41.3亿吨、同比增 长1.5%，投产新线2000公里以上。这一组组数字，托举起我们向内挖潜、激活需求的信心。 当然，铁路一切的担当与愿景，都牢牢构筑在安全基石之上。2026年春运的大幕即将开启，围绕"平安 春运、便捷春运、温馨春运"的核心目标，扎实的安全风险管控与精益求精的优质服务，将成为检验铁 路初心的试金石。每一次列车的平安抵达、每一位旅客的顺畅出行，都是对"人民至上"理念最朴素的诠 释；每一处风险隐患的严密排查、每一次应急预案的精准演练，都是对责任使命无声的忠诚坚守。唯有 牢牢守住安全这条不可逾越的底线与红线，铁路的高质量发展才有坚实根基，服务内需的战略才能行稳 致远。 铁路的现代化进程，从来不是一条孤独延伸的平行线，而是与经济社会高质量发展同频共振、交织共鸣 的宏大交响。从铁路建设运营带动的重点群体稳岗扩容提质，到路网完善促进区域协调间接支撑民生福 祉提升，铁路发展与人民生活的改善紧密相连、休戚与共。每一次出行承载着人们的 ...

Core Viewpoint - The China Railway Shenyang Bureau Group is actively responding to heavy snowfall in Northeast China to ensure the safety of passenger travel and the smooth transportation of key goods [1][2]. Group 1: Emergency Response Measures - The Shenyang Bureau has initiated an emergency response to manage passenger and freight transport, equipment snow and ice removal, and passenger service during the snowfall [1]. - Various systems including engineering, electrical, power supply, and passenger services have defined responsibilities and mobilized specialized equipment such as snow removal vehicles and de-icing materials [1][2]. - A total of 106 ice-clearing locomotives have been deployed to continuously perform ice removal operations on key lines, effectively eliminating ice hazards [1]. Group 2: On-Site Operations - Railway workers are actively engaged in snow removal, particularly focusing on areas prone to snow accumulation, ensuring that switches operate smoothly [2]. - Workers are equipped with specialized tools to meticulously clear ice from critical components, maintaining operational safety despite harsh weather conditions [2]. Group 3: Passenger Services - Major train stations have implemented safety measures by laying down anti-slip mats and increasing staff presence to guide passengers and ensure their safety [2]. - Additional services such as extended hours for ticketing and real-time updates on train operations have been provided to assist travelers [2]. - Special assistance services, referred to as "green channels," are available for vulnerable groups such as the elderly, pregnant women, and those with disabilities, ensuring they receive necessary support [2]. Group 4: Transportation of Key Goods - The Shenyang Bureau has enhanced scheduling and transportation organization to prioritize the delivery of essential goods like coal and grain [2]. - Key stations have been instructed to prioritize the departure of coal trains, and efforts are being made to minimize vehicle dwell times during loading and unloading [2]. - As of now, coal inventories at 55 major power plants within the Shenyang Bureau's jurisdiction remain sufficient [2].

Core Insights - The national railway system in China has achieved record passenger and freight transport volumes in the first 11 months of 2025, with 4.28 billion passengers and 4.83 billion tons of goods transported, marking year-on-year increases of 6.6% and 2.4% respectively [1][3]. Freight Transport - In the first 11 months of 2025, the total freight volume reached 48.30 billion tons, a 2.4% increase year-on-year, with November alone accounting for 4.60 billion tons, up 1.2% [1]. - The national railway's total freight dispatch volume was 37.28 billion tons, reflecting a 2.7% year-on-year growth, with November's volume remaining stable at 3.5 billion tons [1]. - Specific categories showed significant growth: container transport increased by 16.2% to 96.3 million tons, grain transport rose by 15.4% to 5.7 million tons, and fertilizer and pesticide transport grew by 6.7% to 4.6 million tons [1]. - The Daqin Railway maintained stable operations, with a total freight volume of 35.6 million tons in the first 11 months, and November's volume reached 37.22 million tons, up 1.75% [2]. Cross-Border Transport - The Central Asia and China-Europe freight trains have maintained stable operations, with the Central Asia trains operating 13,100 times, a 22.0% increase year-on-year, and the China-Europe trains operating 18,100 times, a 1.2% increase [3]. Passenger Transport - The national railway transported 4.28 billion passengers in the first 11 months, achieving a historical high with a 6.6% increase year-on-year, while the national railway alone accounted for 3.96 billion passengers, up 4.1% [3]. - The national railway has completed 92.5% of its annual passenger transport target, which is set at 4.28 billion passengers, reflecting a 4.9% year-on-year growth [3]. - The average daily operation of passenger trains increased by 7.1% to 11,258 trains, with a focus on optimizing train schedules based on passenger demand [4]. Future Outlook - The Daqin Railway is expected to continue increasing its freight volume in December, with projections for the entire year suggesting a total volume close to 5 billion tons [2]. - The national railway aims to dynamically adjust train operations to meet passenger demand and support economic growth through enhanced service offerings [4].

Core Viewpoint - A 6.0 magnitude earthquake occurred in Aheqi County, Xinjiang, at a depth of 10 kilometers, prompting immediate emergency responses from the railway department [1] Group 1: Emergency Response - The railway department quickly activated an emergency plan, blocking affected sections of the Southern Xinjiang Railway and halting passenger and freight trains in the impacted areas, resulting in delays for some trains [1] - Inspection teams comprising maintenance, electrical, and power supply professionals were organized to conduct thorough checks on railway lines, bridges, tunnels, and signal equipment in the affected areas [1] Group 2: Passenger Safety and Services - Railway stations along the Southern Xinjiang Railway increased patrols to ensure passenger safety [1] - The railway department is actively working to provide service guarantees for affected passengers, including timely information updates through station announcements and broadcasts, as well as organizing catering services [1] Group 3: Restoration of Services - The China Railway Urumqi Group Co., Ltd. stated that train operations will gradually resume once all safety inspections are completed and the status of the lines and equipment is confirmed to be good [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 7.265 billion yuan for Q3 2025, representing a year-on-year increase of 2.2%. The net profit attributable to shareholders increased significantly by 17.0% to 347 million yuan, largely due to receiving 372 million yuan in land compensation. However, the non-recurring net profit dropped by 84.5% to 45 million yuan when excluding this compensation [2][4]. - The company is transitioning from a resource-based model to an operator model, focusing on high-speed rail operations. This transformation is expected to enhance business and valuation, although it may involve short-term pain due to the exit from conventional rail services and the cultivation of high-speed rail operations [6][10]. - The company anticipates profit growth from 1.44 billion yuan in 2025 to 1.77 billion yuan in 2027, with corresponding price-to-earnings ratios of 15x, 13x, and 12x respectively [6]. Summary by Sections Financial Performance - In Q3 2025, the company experienced a decline in passenger traffic across various services: intercity passengers down 11.7%, direct passengers down 7.3%, and long-distance trains down 21.6%. Despite this, the revenue increased by 2.2% to 7.265 billion yuan, while operating costs rose by 7.9% [2][4][11]. - The company received 372 million yuan in asset disposal income due to land requisition, which significantly impacted the financial results [4]. Business Transformation - The company is actively transforming its business model from traditional rail services to high-speed rail operations, which is expected to lead to a revaluation of its business. This transition is seen as a necessary response to the technological revolution in the rail industry [6][10]. - The company has begun upgrading its infrastructure, with the I and II line quality improvement projects passing inspection in September 2025, which is expected to increase operational costs in the short term [6][10]. Future Outlook - The company is projected to see a gradual increase in profits over the next few years, with estimates of 1.44 billion yuan in 2025, 1.65 billion yuan in 2026, and 1.77 billion yuan in 2027, indicating a positive growth trajectory [6][10].

Core Insights - The new railway operation schedule implemented on October 11 aims to enhance the efficiency of passenger and freight transport across China, with over 13,000 scheduled passenger trains and more than 23,000 freight trains [1][3] Passenger Transport - The railway department is leveraging newly added capacity, including the recently opened high-speed rail lines, to increase the number of passenger trains, such as 64 trains on the Shenyang to Jiamusi line and 26 trains on the Xiangyang to Jingmen line [3][4] - High-speed trains are being operated at speeds of 350 km/h on key routes, with 46 and 57 benchmark trains scheduled on the Hangzhou to Changsha and Beijing to Shenyang lines, respectively [4] Freight Transport - The structure of freight train operations has been optimized, with an increase of 15 rapid freight trains, totaling 208 trains, to enhance the railway logistics network [4] - The China-Europe (Asia) freight trains maintain stable operations, with 93 and 57 scheduled routes for China-Europe and Central Asia trains, respectively, ensuring timely transportation [4] Service Quality Improvement - The railway sector is enhancing service quality by introducing themed tourist trains and optimizing logistics services, including online booking for freight trains and flexible pricing strategies [4]

Core Points - The new train operation schedule implemented from October 11 aims to maintain the scale of passenger and freight train operations while optimizing the structure of train services, with over 13,000 scheduled passenger trains and more than 23,000 freight trains [1][2] Group 1: Passenger Transport - The railway department is leveraging new capacity added this year, including the newly opened high-speed rail lines, to enhance passenger services, with specific train arrangements such as 64 high-speed trains on the Shenyang to Jiamusi line and 26 on the Xiangyang to Jingmen line [1] - The operation of benchmark trains with fewer stops and higher speeds has been established, with 46 trains on the Hangzhou to Changsha line and 57 on the Beijing to Shenyang line, achieving a consistent operation at speeds of 350 km/h [1] Group 2: Freight Transport - The railway department is optimizing the structure of freight train operations, increasing the number of fast freight trains across railway bureau groups to 208, which is an increase of 15 trains compared to the previous schedule [2] - The China-Europe (Asia) freight trains maintain stable operations, with 93 scheduled routes for China-Europe trains and 57 for Central Asia trains, ensuring timely transportation with 17 full-schedule trains operating weekly [2] - The focus is on enhancing service quality for both passenger and freight transport, with initiatives such as themed tourist trains and the promotion of freight trains operating with passenger-like services, along with flexible pricing strategies to reduce logistics costs [2]