Sniper

The Report is produced in Chinese only.

昔日報告:
  29-04-2024 (星期一) “以舊換新”靴子落地,車市或迎小陽春
  02-04-2024 (星期二) 品牌服飾與鞋類正進入補貨週期
  11-03-2024 (星期一) 新一輪以舊換新政策或提振市場情緒
  27-11-2023 (星期一) 試點開始,智能網聯汽車關注度提升
  06-11-2023 (星期一) 2023 年第三季全球 PC 出貨量再次下降
[第1頁 / 共66頁]

中國鐵路改革預期加強

事件:

11月中旬,中國鐵路總公司(簡稱鐵總)所屬18個鐵路局完成公司制改革工商變更登記,正式掛牌,變更後,各鐵路局名稱全部改為“中國鐵路XX局集團有限公司”,路局集團依然為鐵總的全資控股公司。各鐵路局企業性質由原來的“全民所有制企業”變更為“有限責任企業”,註冊資本普遍擴大。11月底,《鐵路“十三五”發展規劃》正式出臺,提出“研究推動東部優質高鐵企業:資產證券化和優質資產股改上市。

評論:

隨著中國高速鐵路網路的不斷加密和高速列車的持續投入運營,居民出行越來越多的選擇快速便利的動車、高鐵。在此基礎上,2017年中國鐵路行業的市場化改革也在按部就班地開啟融冰之旅。譬如,今年二月國家發改委發佈了鐵路普通客車成本監審規則;四月中國東南沿海動車組進行了票價調整,為全國高鐵線路完善票價體制做了先行探索;八月鐵總在上海聯合產權交易所舉辦鐵路土地綜合開發專案推介會,推出的21個專案涉及土地20552畝。鐵總旗下18個路局改制的落地,更是標誌著中國鐵路從傳統生產型企業向現代經營型企業轉型邁出至關重要的一步,筆者看來,“名正”才能“言順”,18個路局改制是第一步。

就未來規劃,鐵總發佈的十三五規劃明確提出,2020年全國鐵路營業里程將達到15萬公里,其中高速鐵路 3萬公里。高速鐵路營業里程五年增加1.1萬公里,年均增長率達到11.6%,相比十二五期間淨增的1.8萬公里,十三五期間高鐵建設仍將維持一個相對較快的增長水準。鐵總的資本開支壓力不輕,改革動力迫在眉睫。新的時代對中國鐵路行業提出了改革要求,龐大的鐵路行業能否煥發新的活力,仍需拭目以待,但我們預計,票價上調和優質資產上市將是未來兩大主攻方向,具體推薦受惠於普客提價和土地資產重估的廣深鐵路(525.HK)。

撰稿: 章晶研究分析員
電話:
+86 21 51699400-103

電郵地址:
zhangjing@phillip.com.cn
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us