October 29，Construction of Haidongxi-Huangshengguan Section of Xining to Chengdu High-speed Railway，It marks China's high-speed railway network.“Eight vertical and eight horizontal”Lan（West）Construction of the Xining to Chengdu section, an important part of the Guangzhou-Chengdu high-speed railway corridor, has started.。The length of the main line from Haidong West to Huangshengguan is 502..5 kilometers，The design speed is 200 kilometers per hour，From Langmusi to Hongyuan, the speed can reach 250 kilometers per hour.。

October 30，East Guangdong Intercity Railway“One ring and one ray”The mobilization activities for the commencement of the whole project were held in Shantou，It marks that the inter-city railway in eastern Guangdong has entered the construction stage in an all-round way.。

Successive railway projects under construction，It has become a microcosm of the acceleration of railway investment in the fourth quarter.。It is understood that，The fourth quarter of this year，More than 30 railway projects are planned to start or have started.，Railway investment was further accelerated.。

In fact，Starting in September，Railway investment will be stepped on“Throttle”。This year 1-August，Railway construction completed investment of 402.8 billion yuan，Year-on-year decrease of 4.4%，But October 31，China National Railway Corporation Limited（Hereinafter“State Railway Group”）The three quarterly reports released show that，In the first three quarters, the national railway fixed assets investment totaled 475 billion yuan.，Progress increased by 1% over the same period last year.8 percentage points。

Calculate according to this，September single month，Railway completed investment of 72.2 billion yuan。

However，While investment is increasing，The debt ratio also increased slightly.。According to the person in charge of the Finance Department of the State Railway Group.，As of September 30, 2022，Total assets of China Railway Group 9.06 trillion yuan，Total liabilities of 6.04 trillion yuan，Asset-liability ratio 66.69%。

A railway system insider is right.《China Times》The reporter said，Railway liabilities correspond to high-quality assets.，A small increase in debt ratio will not stop the pace of railway construction in the future.，Construction is expected to further accelerate in the fourth quarter.。

Investment is accelerating

In the view of the industry，The new projects started one after another are a signal.，It means that a series of major projects will be accelerated in the fourth quarter.。

According to the target of 2021，The national railway completed 748.9 billion yuan of investment in fixed assets.，That means，If we want to reach the same level as last year，In the fourth quarter, 273.9 billion yuan of investment needs to be completed.，This accounted for 37% of last year's total%。

“The first three quarters，Railway gives full play to the pulling role of effective investment in infrastructure construction in stabilizing the economic market.，Promoting the construction of key projects such as the Sichuan-Tibet Railway in a scientific and orderly manner，Promote integration into planning、Projects with mature conditions should be started.、Work as much as possible、Start early，Section from Xiongan New District to Shangqiu of Jingxiong Business high-speed railway.、Five projects, including the Nanchang-Jiujiang high-speed railway, have started construction.，It will also promote the high-speed railway from Chengdu to Chongqing during the year.、Tianjin-Weifang high-speed railway and other 20 projects have been started one after another.，During the year, a total of 5387 kilometers of new lines were constructed for new projects.，The total investment reached 1198.1 billion yuan.。”The financial officer told reporters.。

Not only that，Recently，The line to be started in the fourth quarter is gradually settled.，For example，《Tender Announcement for Lump Sum Contract Bid Section of Pre-station and Related Engineering Construction of New Nantong-Ningbo High-speed Railway》Publish，In which it is indicated，Hangzhou Bay Sea-Crossing Bridge of Tongsu-Jiayong high-speed railway Control Project、The construction of Suzhou East Tunnel will be officially started in early December.。This gives the market more confidence.。

However，Railway fixed assets investment maintained a high level in the first three quarters.，This has also led to an increase in total railway liabilities.。The above financial officer pointed out.，End of the third quarter，The debt ratio of China Railway Group is 66.69%，Up 0. 5% from the end of last year.36 percentage points。

Railway liabilities are mainly effective investment liabilities of railway infrastructure.，It is essentially different from the operating liabilities that maintain simple reproduction.，It corresponds to high-quality assets.。Railway passenger and freight transport、Diversified operation with stable cash flow，Have good solvency，Debt risk is stable and controllable.。

It is worth noting that，To support railway construction，The National Development and Reform Commission announced the news.，Agree to China Railway Group to issue 300 billion yuan of China Railway Construction Bonds，Funds Raised100 2.600 million yuan for railway construction projects，25 billion yuan for equipment purchase，1747.400 million yuan for debt restructuring，Among them, 50 billion yuan will be used for the relief of holding enterprises.。

Losses were further reduced

Although investment is accelerating.，But the first three quarters，Affected by the unexpected spread of the epidemic in many places，Railway revenue is on the way down.。

The data shows，The first three quarters，National Rail Sends Passengers 13.300 million person-times，Year-on-year decline of 33.3%，Passenger transport revenue of the State Railway Group decreased by 63.3 billion yuan over the same period last year.、Down 26.4%。

Affected by this，China Railway Group achieved a total operating income of 7822.2.4 billion yuan，Year-on-year decrease of 0.5%；Net profit loss 947.4.3 billion yuan，The loss margin increased by 35 percent.73%。

However，The rail freight is very bright.。The data shows，National Railways Sending Goods 29.2.1 billion tons，Year-on-year growth of 6.3%。

The person in charge of Finance Department of State Railway Group introduced.，Since this year，While doing a good job in epidemic prevention and control at railway ports,，Priority should be given to the transportation of epidemic prevention materials，A total of 1,493 batches of epidemic prevention materials were transported in the first three quarters、6,960 tons。

At the same time，Do a good job of logistics security and smooth work deployment requirements，Deeply carry out the general battle of freight transport，Make every effort to ensure the transportation of key materials for the national economy and the people's livelihood，The number of cars loaded in a single day has repeatedly reached a record high.，The first three quarters，National Railways Delivered a Total of 29 Goods.2.1 billion tons，Year-on-year growth of 6.3%，Among them, 1.1 billion tons of thermal coal were sent.，Year-on-year growth of 17%。

At the same time，The total number of trains between China and Europe is 1..20,000 columns、1.18 million TEUs of goods delivered，Year-on-year growth of 7%、8%；Western New Land-Sea Passage Sea-Rail Intermodal Transport Containers Delivered a Total of 55.50,000 TEUs，Year-on-year growth of 22%。Actively overcome the impact of the epidemic，Under the flexible formulation of passenger train operation plan，Meet the needs of passengers for safe travel，The share of the national railway passenger turnover in the total social passenger turnover increased by 3.1 percentage point，Market share has gradually increased.。

“There are many sporadic outbreaks this year.，It has brought an unexpected impact on railway passenger transport and diversified operation.，Facing the severe and complicated business situation，Railway plays an effective role in stimulating investment，Guarantee the stability and smoothness of the industrial chain and supply chain，Serve all kinds of market players and people's livelihood needs with high quality and efficiency。At the same time，Firmly established“Tight days”Thought，Strictly implement comprehensive budget management，Do everything possible to increase revenue, reduce expenditure and create efficiency，Operating income grew for two consecutive quarters.，Net profit loss in the third quarter narrowed by 20 billion yuan.。”The person in charge pointed out。

According to the data，China Railway Group lost about 46.1 billion yuan in the first quarter.、Second quarter loss of about 34.3 billion yuan、Loss of about 14.3 billion yuan in the third quarter。As can be seen from this，Although it is still losing money，But specific to each quarter.，The quarterly loss margin is narrowing.。

According to plan，Next step，Railway will strive to complete the annual target task，Achieve the best business results，Make more contributions to the steady and healthy development of the economy and society。