中国高铁是可以盈利的！看好在一带一路国家的推广

《中国高铁是可以盈利的！看好在一带一路国家的推广》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、ContentsPIVOTALQUESTIONS4Q:CanChina’srailwaysystemgeneratereasonablereturns?4WhatprogressisChina'srailwaysystemmaking?5OverviewofChina’srailwaysystem5Financialsstillweakbutimprovementswitnessed6Aggressiveexpansionleadstohighleverage8WhatcanChinalearnfromdevelopedcountries?10China'sHSRlengthdominatew

2、hileoperationsstilltoimprove10CasestudyofJapan:privatisationisthekeydriver16CasestudyofEurope:deregulationasalong-termcatalyst20WhatcandevelopingcountrieslearnfromChina?22HSRoperationmightitselfgenerategoodreturns22What'sbeyondthefinancialbenefits?23Leveragingthecapitalmarkettofinancerailwayinvestme

3、nts27CasestudiesofChineseHSRs29WHAT'SPRICEDIN33ChinarailwayrelatedresearchreviewChinaRailwaydetailedanalysis#3:Howwillhighway-to-railwayconversionaffectfreighttransportationinChina?1/14/2019ChinaRailwaydetailedanalysis#2:UBSEvidenceLab:WhatdidweobservefromouranalysisofHSRcommutetimes?8/3/2018ChinaRa

4、ilwaydetailedanalysis#1:UBSEvidenceLab:howsignificantisthehigh-speedrailwaynetworkeffect?7/3/2018ChinaConstruction:UBSEvidenceLabinside:frombuilderstooperators,whatisthemarketmissinginPPP?5/29/2019ChinaRailway:UBSEvidenceLabInside:read-throughsfromtheChinadomestictravelsurvey3/11/2019ChinaRailway:Wh

5、atcanweexpectfromrailwayreform?3/5/2019ChinaRailway:Revisingup2020railwayFAItoRmb850bn,ahistoricalhigh8/9/2018ChinaRailwaySectorUBSResearchUBSResearchTHESISMAPMOSTFAVOUREDLEASTFAVOUREDDaqinRailway,GuangshenRailway,CRCC,CRG,ZhuzhouCRRCandCRSCPIVOTALQUESTIONSQ:CanChina’srailwaysystemgeneratereasonable

6、returns?Yes.Wethinkreasonablefinancialreturnscouldbeachievedbyincreasingvolumeandtariffs,leveragingrailwaynetworksandreformingtariffstructures.Ontopofthefinancialreturns,webelievetherearealsosignificanteconomicandsocialbenefits,whichtendtobedifficulttoquantify.WeconsiderChina'sHSRexpansionareplicabl

7、emodelforotherdevelopingcountries.moregQ:Howwillthehighway-to-railway(H2R)conversionaffectvariousindustrialscompanies?WeexpecttheH2Rconversiontohelpthegovernmentreachits30%railwayfreightvolumegrowthta