1月29日，旅客在南京火车站出行。 此次春运，出行格局的变化尤为直观。国新办此前召开新闻发布会，介绍2026年春运形势及相关工作安排，国家发展改革委相关负责人表示，经综合研判， 今年春运全社会跨区域人员流动量预计将达95亿人次，创历史新高。其中自驾出行仍占主体，占比约八成；铁路、民航客运量预计分别达5.4亿人次、9500 万人次，总体规模与单日客流峰值均有望超历史同期最高水平。 一年一度的春运长卷，即将全面展开。 今年春节恰逢"大年"。春运将于2月2日正式启动，至3月13日结束，共计40天。本次春节假期还有一个特点，假期前衔接周末形成连休，累计9天假期，预计 返乡探亲与旅游出行的需求将迎来集中释放。也就是说，今年春运的客流规模将更盛，对出行规划的要求也更高，每一个出行细节，都关乎着我们能否顺利 返乡、平安过年。 春运服务也持续升级，购买火车票新增"误购补救"暖心举措。当前春运火车票已进入预售高峰，铁路部门首次推出互联网误购车票限时免费退票政策：旅客 在12306客户端购票时，若因时间仓促、信息误看、操作失误等原因误购车票，在购票支付成功30分钟内且列车开车前4小时以上办理退票，将免收退票费。 据悉，该举措后续 ...

Summary of Key Points Core Viewpoint - The company held a performance briefing on November 27, 2025, to address investor concerns regarding its financial performance and operational strategies for the upcoming periods [1]. Group 1: Financial Impact and Revenue - The revenue from the Weilai Expressway is expected to decrease by 345 million yuan in 2025 due to the cessation of tolls after its expiration on October 18, 2024 [3]. - The JiTai Expressway project is progressing normally, and the impact of construction on revenue has been adequately considered in profit forecasts [3]. - The JiHe Expressway saw a year-on-year revenue increase of 178.59% due to the restoration of two-way traffic, while the revenue from the JiTai Expressway segment decreased by 7.94% due to the expiration of tolls on the JiTai-JiQing connection line [3]. Group 2: Technological Development and Innovation - The company is focusing on "smart highways" and "green low-carbon" technologies, with a commitment to increasing research and development efforts despite a current R&D expense ratio of only 1.76% [4]. - The company is exploring new profit growth points through digital transformation and innovative services, which have already shown significant results in cost reduction and efficiency improvement [4]. Group 3: Capital Structure and Shareholder Returns - The company has experienced high capital expenditures and rising debt levels due to extensive infrastructure projects since 2016, but plans to gradually reduce its debt ratio as these projects are completed and operational [4]. - Future strategies may include asset securitization or the introduction of strategic investors to optimize the capital structure and balance large-scale infrastructure investments with shareholder returns [4]. Group 4: Profitability and Margin Management - The gross profit margin increased by 4.8 percentage points to 31.09% in Q3 2025, primarily due to a reduction in low-margin PPP construction revenue [5]. - The company aims to maintain profitability by focusing on its core business and enhancing the proportion of high-margin assets in its portfolio [5].