【正文】 g services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 資料來源 :公司數(shù)據 ,中金公司研究部注： *為 2023年股權結構調整后控股比例深圳西部港區(qū)股權結構圖26深赤灣： 07年上半年業(yè)績展望資料來源 :公司數(shù)據 ,中金公司研究部This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 27中國鐵路行業(yè)分析 分析員 :鄭棟2023年 8月 12日28目錄? 第一章 行業(yè)基本面回顧? 第二章 重點公司推薦 This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 29第一章行業(yè)基本面回顧30? 我國經營性鐵路可分為國家鐵路、地方鐵路和合資鐵路，截至 2023年，營業(yè)里程分別占全國鐵路營業(yè)里程的%, %及%。? 國家鐵路運輸由鐵道部下轄的 18個鐵路局（公司）和 3家專業(yè)運輸公司分路段獨家經營。資料來源：鐵道部，中金公司研究部This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 中國鐵路現(xiàn)狀分析：鐵路組織結構我國鐵路行業(yè)經營主體及業(yè)務架構 31? 截至 2023年 7月，京滬、京哈、沿海、京九、京廣、大湛、包柳、蘭昆 “八縱 ”和京蘭（藏）、煤運北、煤運南、陸橋、寧西、沿江、滬昆（成）、西南出海 “八橫 ”組成的 “八縱八橫 ”鐵路運輸通道已初具規(guī)模。 ? 主要干線運輸能力緊張 ，西部地區(qū)鐵路運輸能力不足。 ? 橫貫東西、溝通南北、干支結合的鐵路運輸網絡正在逐步完善中。資料來源：鐵道部，中金公司研究部This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 中國鐵路現(xiàn)狀分析：中國鐵路發(fā)展現(xiàn)狀中國鐵路路網圖32? 截至 2023年底，全國鐵路營業(yè)里程達到 ，居世界第三位。? 1995年至 2023年全國鐵路營業(yè)里程年復合增長率僅為%，明顯落后于公路的建設速度與GDP增長速度。 資料來源：鐵道部， CEIC，中金公司研究部This report is based on information available to the public. No representation is made that it is accurate or plete. This document is not an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. China International Capital Corporation Limited and others associated with it (CICC) may have positions in, and may effect transactions in securities of panies mentioned herein and may also perform or seek to perform investment banking services for those panies. This report may also be made available in Hong Kong by China International Capital Corporation (Hong Kong) Limited and/or China International Capital Corporation Hong Kong Securities Limited. Copyright of this document belongs to CICC. Any form of unauthorized distribution, reproduction, publication, release or quotation by any institution or individual is prohibited without CICC’s written permission. 中國鐵路現(xiàn)狀分析：鐵路建設速度落后于經濟增長速度 我國鐵路營業(yè)里程及基本建設投資 33? 中國鐵路客貨周轉量市場份額的下降源于投資力度的不足，在貨運部門體現(xiàn)得尤為突出。 資料來源：鐵道部，中金公司研究部This report is based on information available to the public. No representation is made that it is accurate or pl