2025年1月份全国铁路主要指标点评：铁路客运量同比高增，铁路货运量受假期影响承压

Investment Rating - The industry investment rating is "Positive" [1] Core Insights - In January 2025, the national railway passenger volume reached 36.866 million, a year-on-year increase of 12.1%, while freight volume decreased by 2.7% to 42.322 million tons due to holiday impacts [3] - The increase in passenger turnover volume by 17.6% indicates improved travel distances, which can enhance the profitability of passenger transport companies [3] - The freight volume is under pressure mainly due to the early Spring Festival holiday and weak demand for coal transportation, leading to a decline in overall freight volume [3] - The trend of "structural adjustment" in transportation is evident, with market-oriented reforms in the railway sector expected to enhance operational efficiency and profitability [3] - Recommended stocks include Beijing-Shanghai High-Speed Railway and Daqin Railway, with attention on Guangzhou-Shenzhen Railway, Tielong Logistics, and China Railway Special Cargo [3] Summary by Sections Passenger Transport - In January 2025, the passenger sending volume was 36.866 million, up 12.1% year-on-year, and passenger turnover volume was 144.617 billion person-kilometers, up 17.6% year-on-year, indicating improved travel distances [3] Freight Transport - The total freight sending volume was 42.322 million tons, down 2.7% year-on-year, with total freight turnover at 288.472 billion ton-kilometers, down 7.7% year-on-year, primarily affected by the Spring Festival holiday and coal transport demand [3] Market Outlook - The railway market is undergoing structural adjustments, with market-oriented reforms expected to improve operational efficiency and profitability for both passenger and freight transport companies [3]