新华社北京7月26日电 题：流动中国彰显经济发展活力——透视上半年我国交通运输运行数据 新华社记者叶昊鸣、王聿昊 交通运输是国民经济的"大动脉"，承载着人员和货物流动的重任。日前，交通运输部公布今年上半 年行业经济数据，"海陆空"行业发展总体平稳、稳中有进。 暑运以来，北京首都国际机场航站楼内，旅客熙熙攘攘，不少旅客"全家出动"，前往成都、昆明、 新加坡等海内外热门目的地旅行。 "今年以来，驻场航空公司不断新增国内外航线，旅客吞吐量不断提升。"首都机场航空业务部航空 发展主管石萌萌介绍，上半年，首都机场旅客吞吐量达3417万人次，同比增长4.5%。 人员出行持续旺盛。上半年，我国跨区域人员流动量为337.6亿人次，同比增长4.2%。其中，民航 全行业客运量为3.7亿人次，同比增长6%；国际航线客运量同比增长28.5%，实现快速增长。 沿着京沪高铁一路向南，安徽蚌埠南站全力以赴应对暑运大客流。 蚌埠南站党支部书记曹怀宾表示，以大学生、中小学生为主体的研学旅行团体数量较去年同期大幅 增长，热门目的地主要为北京、上海、南京、合肥等城市。"我们在蚌埠南站为研学团体开辟专属候车 休息区，在安检、候车、乘车全流程开辟绿色 ...

Core Points - The Harbin Railway Bureau Group announced the official operation of the Jingha High-speed Railway's Jing-Shen section, reducing the travel time from Harbin West to Beijing Chaoyang from 4 hours and 49 minutes to 4 hours and 35 minutes [1][5] - During the 2025 summer transportation period, which runs from July 1 to August 31, the Harbin Railway Bureau expects to send 20.52 million passengers, a year-on-year increase of 1.8%, averaging 331,000 passengers daily [3] - The new train operation schedule, effective from July 1, includes the addition of 13.5 pairs of passenger trains and increases the frequency of high-speed trains between major cities in the province [3][5] Group 1 - The new train operation schedule will enhance the railway's passenger and freight transport capacity, service quality, and operational efficiency [3][5] - The introduction of the high-speed railway's Jing-Shen section is expected to further improve the overall efficiency of the high-speed rail network [3] - The number of trains from Harbin to Beijing Chaoyang has increased to 23 pairs, with the introduction of pet transportation services for cats and dogs on two train services [5]

Core Points - The national railway system in China will add 236 new passenger trains following the timetable adjustment on July 1, enhancing travel options for tourists during the summer season [1] - New high-speed trains will connect popular tourist destinations, creating new travel routes for passengers [1][5] - The G3763 high-speed train will take a unique route from Xi'an to Changsha, passing through scenic areas and cultural sites, effectively serving as a "tourism special line" [3] Group 1 - The new high-speed train routes will provide more connections between cities along the Yellow River and Yangtze River, as well as new options from central cities to coastal areas [5] - The Chongqing to Qianjiang section of the Yuxia high-speed railway will officially open on July 1, increasing the number of train services from Zhangjiajie West Station to 108 [5] - The addition of trains such as D6286/5 and G9834/3 will facilitate travel between Fuzhou and Xiamen, with trains running every 15 minutes, enhancing accessibility to coastal tourism [7] Group 2 - Eight new intercity trains will be added between Nanchang and Jingdezhen, with schedules designed to maximize travel during cooler morning and evening hours, allowing for frequent stops at various attractions [9]

Group 1 - The report highlights the steady growth in highway traffic volume, with a focus on the valuation recovery of H-shares and the systemic revaluation of A-shares, recommending specific stocks such as Zhejiang Huhangyong, Wantong Expressway, and Ninghu Expressway [3][4][32] - The railway passenger transport sector is experiencing structural changes in customer demographics, leading to a stable growth outlook, with a shift in valuation logic from PE to DCF and EV/EBITDA [3][4][56] - The railway freight sector is benefiting from the transformation of logistics and adjustments in railway freight pricing policies, with steady growth in freight volume and turnover, although the growth rate remains low [3][4][75] Group 2 - The logistics industry is being empowered by AI, which enhances traffic efficiency through the integration of traffic data models and optimization algorithms, allowing leading companies to expand their market share [3][4][105] - The report notes that the number of vehicles in China has reached 353 million by 2024, reflecting a year-on-year growth of 10.31%, indicating a robust demand for transportation services [5][11] - The report discusses the ongoing digital transformation in the railway sector, aiming for comprehensive digitization and intelligent upgrades by 2027, which will enhance operational efficiency [107][108]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][16] Core Views - The company reported a revenue of 42.16 billion yuan in 2024, an increase of 3.6%, and a net profit of 12.77 billion yuan, up 10.6% [9] - The passenger volume on the main line faced pressure, with a 2.3% year-on-year decline to 52.016 million passengers, while cross-line train operations showed steady growth [2][11] - The gross profit margin improved to 46.9% in 2024, a year-on-year increase of 1.6 percentage points, and the company’s financial expenses decreased due to reduced debt [3][12] - Long-term value is highlighted as the company is a core asset of the railway group, with strong profitability and low risk, and the gradual marketization of high-speed rail pricing opens up future growth potential [3][12] Financial Performance Summary - In 2024, the company achieved a revenue of 421.6 billion yuan and a net profit of 127.7 billion yuan, with a slight revenue increase of 0.01% in Q4 [9] - The company’s gross profit margin for 2025 Q1 was 45.4%, a decrease of 0.8 percentage points year-on-year, while the financial expense ratio decreased to 3.8% [3][12] - The projected net profits for 2025-2027 are 13.37 billion, 14.08 billion, and 14.78 billion yuan, reflecting year-on-year growth rates of 4.7%, 5.3%, and 5.0% respectively [4][16]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The report indicates that the growth of Beijing-Shanghai High-Speed Railway is slowing down, while the Beijing-Fuzhou line is on the verge of turning profitable. The company is expected to remain in a profit ramp-up period due to improved capacity utilization and a stable competitive landscape [2][4]. Financial Performance Summary - In 2024, the company achieved an operating revenue of 42.157 billion yuan, a year-on-year increase of 3.6%, and a net profit attributable to shareholders of 12.768 billion yuan, up 10.6% year-on-year. For Q1 2025, the operating revenue was 10.223 billion yuan, a 1.2% increase year-on-year, with a net profit of 2.964 billion yuan, remaining stable compared to the previous year [4][7]. - The company plans to distribute a cash dividend of 5.783 billion yuan for the year 2024, maintaining a dividend payout ratio of 50% [4][7]. Operational Insights - The passenger volume for the main line of Beijing-Shanghai High-Speed Railway decreased by 2.3% year-on-year, with limited growth potential. However, cross-line train mileage increased by 11.4% year-on-year, indicating a shift in operational focus [7][8]. - The average ticket price for main line passengers increased by 0.8% year-on-year, while cross-line train prices decreased by 3.8% year-on-year, highlighting the need to monitor pricing adjustments for cross-line services [7][8]. Cost and Profitability Analysis - The company's operating costs increased by 0.6% year-on-year to 22.179 billion yuan, with depreciation costs remaining rigid. The report notes that the company's profit margins are under pressure due to rising costs outpacing revenue growth [7][8]. - The report forecasts net profits for 2025 to 2027 at 13.6 billion, 15.1 billion, and 16.9 billion yuan, respectively, with corresponding price-to-earnings ratios of 21, 19, and 17 times [7][8].

Core Viewpoint - The report highlights the integration of sustainable development strategies into daily operations of China Shanghai High-Speed Railway Co., Ltd. (hereinafter referred to as "Shanghai High-Speed Railway"), showcasing its commitment to safety, service optimization, low-carbon development, technological innovation, and social responsibility [1][2][3]. Group 1: Safety and Operational Investment - In 2024, Shanghai High-Speed Railway invested 508 million yuan in safety operations, implementing 280 technical renovations and special rectification actions [1]. - The company has enhanced safety supervision responsibilities under the entrusted transportation management model, focusing on seasonal hazards, external environmental risks, and equipment issues to systematically improve operational safety [1]. Group 2: Passenger Service Enhancements - In 2024, Shanghai High-Speed Railway served 236 million passengers, implementing measures such as electronic tickets, optimized train schedules, and "one-stop" barrier-free services for special passenger groups [2]. - The company has initiated a "high-speed rail + cultural tourism" integration model to expand travel scenarios, enhancing the role of high-speed rail as a cultural tourism carrier [2]. Group 3: Environmental and Energy Efficiency - The report indicates a significant reduction in energy consumption, with comprehensive energy intensity decreasing by 8.8%, carbon emission intensity down by 13.6%, and water usage intensity reduced by 19.6% in 2024 [2]. - Shanghai High-Speed Railway has engaged in market-oriented electricity trading, promoted contract energy management, and constructed low-carbon smart stations to further lower energy consumption [2]. Group 4: Technological Innovation - In 2024, the company invested 10.89 million yuan in research and development, completing 22 research projects and applying for one project with the National Railway Group [3]. - The company has advanced the implementation of intelligent comprehensive operation and maintenance management systems, deepening the application of technologies such as Beidou navigation and drone inspections, and received multiple patents and software copyrights [3]. Group 5: Social Responsibility - Shanghai High-Speed Railway has focused on rural revitalization and community collaboration, selling local agricultural products worth 6.78 million yuan and supporting education and healthcare in specific regions [3]. - The company has also enhanced employee welfare and health management to safeguard employee rights [3].

Group 1 - The core viewpoint of the announcement is that Beijing-Shanghai High-Speed Railway (601816) reported its Q1 2025 revenue and net profit figures, indicating slight growth in both metrics [1] - The revenue for Q1 2025 reached 10.223 billion yuan, representing a year-on-year increase of 1.16% [1] - The net profit for the same period was 2.964 billion yuan, showing a marginal year-on-year growth of 0.03% [1]