铜钼矿产待重估，承建海南商业航天发射场 中国中铁(601390) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 本报告导读： 铜、钴、钼保有储量国内领先，铜、钼产能国内前列。2025 年新签订单增长 1%， 其中海外订单增长 17%。 投资要点： [维持增持 Table_Summary] 。维持预测 2025–2027 年 EPS0.98/0.98/1.00 元同比-13.0%/- 0.1%/1.9%，给予公司 2026 年 9.3 倍 PE，对应维持目标价 9.07 元。 LME 铜现货结算价维持高位，中国中铁铜、钴、钼保有储量国 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 9.07 CNY, based on a PE ratio of 9.3 times for 2026 [3][9]. Core Insights - The company holds leading reserves of copper, cobalt, and molybdenum in China, with significant production capacity in these metals. The new order growth is projected at 1% for 2025, with overseas orders expected to increase by 17% [2][4]. - The LME copper spot price remains high, recorded at 12,980 USD/ton, a year-on-year increase of 43.4%. The company’s production for the first half of 2025 includes 148,789 tons of cathode copper, 2,830 tons of cobalt, and 7,103 tons of molybdenum [4]. - The company’s subsidiary, China Railway Resources, is expected to achieve a net profit of 2.58 billion CNY in the first half of 2025, a year-on-year increase of 27.4% [4]. Financial Summary - Total revenue for 2023 is reported at 1,263.5 billion CNY, with a projected decline to 1,099.3 billion CNY in 2025, reflecting a decrease of 5.3% [7]. - The net profit attributable to the parent company is expected to decrease from 33.5 billion CNY in 2023 to 24.3 billion CNY in 2025, a decline of 13.0% [7]. - Earnings per share (EPS) are forecasted to be 0.98 CNY for 2025, with a slight increase to 1.00 CNY in 2027 [3][7]. Order Growth and Structure - The company signed new contracts totaling 27,509 billion CNY in 2025, representing a year-on-year increase of 1.3%. The overseas business saw a significant increase of 16.5% [5][20]. - The breakdown of new contracts includes 18,505 billion CNY from engineering construction, 4,725 billion CNY from emerging businesses, and 2,041 billion CNY from asset management [5][20]. Strategic Initiatives - The company is actively promoting an "AI+" initiative and has launched its first enterprise-level model, "Pioneer Model," aimed at various sectors including surveying, design, and construction [6]. - The company is involved in significant projects such as the construction of the Hainan commercial space launch site and has secured contracts for the China-Kyrgyzstan-Uzbekistan railway [6].

行业专题报告 | 建筑装饰 建筑央企有望受益于国资央企战略性/专业化重组 证券研究报告 2026 年 01 月 28 日 核心结论 行业评级 超配 政策层面：导向明确，加强国资央企战略性、专业化重组。2024 年 12 月， 国务院国资委召开中央企业负责人会议便已经提出"加大力度推进战略性重 组和专业化整合"。2025 年下半年国资委表述开始频繁，比如 2025 年 9 月， 国务院国资委副主任李镇在国新办举行的新闻发布会上表示，下一步"大力 推动国资央企战略性专业化重组整合"；2025 年 12 月，国务院国资委主任 张玉卓在《充分激发各类经营主体活力》一文中强调，要"加强战略性、专 业化重组，加大力度合并'同类项'，避免重复建设和无序竞争"；2025 年 12 月国务院国资委召开中央企业负责人会议，以及 2026 年 1 月国新办举行 新闻发布会介绍 2025 年国资央企高质量发展情况，均表明 2026 年国资央 企要"大力推进战略性、专业化重组整合和高质量并购"。 行业层面：需求承压，专业化重组或助力建筑央企提升综合竞争力。大建筑 央企市占率相对较低：2024 年八大建筑央企合计市占率达到 21.4%， ...

Core Viewpoint - The report highlights the AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums [1][2]. Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 847.37%, followed by Zhejiang Shibao (01057) at 349.31% and Beijing Jingcheng Machinery Electric (00187) at 279.42% [1][2]. - The lowest AH premium rates are recorded for Contemporary Amperex Technology (03750) at -14.34%, China Merchants Bank (03968) at -4.99%, and Heng Rui Medicine (01276) at -1.15% [1][2]. Group 2: Top AH Deviation Values - Junshi Biosciences (01877) has the highest deviation value at 22.43%, followed closely by Beijing Jingcheng Machinery Electric (00187) at 22.18% and CanSino Biologics (06185) at 21.90% [1][3]. - The lowest deviation values are observed in Changfei Optical Fiber (06869) at -50.58%, Zhejiang Shibao (01057) at -45.38%, and Nanhua Futures (02691) at -27.12% [1][4]. Group 3: Detailed AH Premium and Deviation Rankings - The top ten AH stocks by premium rate include companies like Hongye Futures (03678) with a premium of 271.30% and Sinopec Oilfield Service (01033) at 248.51% [2]. - The bottom ten AH stocks by premium rate include WuXi AppTec (02359) with a slight premium of 0.42% and Midea Group (00300) at 6.75% [2]. - The top ten stocks by deviation also feature companies like Goldwind (02208) at 19.35% and Andeli Juice (02218) at 19.04% [3].

中国中铁（601390）(00390)再涨超5%，截至发稿，涨4.63%，报4.52港元，成交额2.36亿港元。 国泰海通证券发布研报称，中国中铁铜、钴、钼保有储量在国内同行业处于领先地位，矿山自产铜、钼 产能已居国内同行业前列，2024上半年生产铜金属150,165吨；钴金属2,837吨；钼金属7,682吨；铅金属 4,565吨；锌金属10,697吨；银金属18吨。全资子公司中铁资源2025上半年归母净利润25.8亿元同比增长 27.4%，占比22%。长江证券则表示，关注公司矿产资源重估。 ...

智通财经APP获悉，中国中铁(00390)再涨超5%，截至发稿，涨4.63%，报4.52港元，成交额2.36亿港 元。 国泰海通证券发布研报称，中国中铁铜、钴、钼保有储量在国内同行业处于领先地位，矿山自产铜、钼 产能已居国内同行业前列，2024上半年生产铜金属150,165吨；钴金属2,837吨；钼金属7,682吨；铅金属 4,565吨；锌金属10,697吨；银金属18吨。全资子公司中铁资源2025上半年归母净利润25.8亿元同比增长 27.4%，占比22%。长江证券则表示，关注公司矿产资源重估。 ...

Group 1 - The top ten stocks with net financing purchases on January 27 include Mingyang Smart Energy (571 million), Zijin Mining (340 million), SMIC (228 million), China Railway (219 million), Cambricon (209 million), Yuguang Gold Lead (182 million), Chipone (162 million), Chipright (158 million), Industrial Fulian (152 million), and Aotwei (134 million) [1]

证券日报网讯 1月27日，中国中铁在互动平台回答投资者提问时表示，中铁城投"四川天府机场高速、 蒲都高速项目"不属于低效、无效资产处置范畴，是通过股权转让的方式实现资产盘活。公司后续将进 一步加快资产盘活，提升投资经营质效。 （文章来源：证券日报） ...

证券日报网讯 1月27日，中国中铁在互动平台回答投资者提问时表示，公司作为我国基础设施建设的主 力军，努力发挥全产业链优势，参与了多个核电配套项目建设。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 1月27日，中国中铁在互动平台回答投资者提问时表示，2025年以来，公司全面启动 了"隧道、桥梁、四电"等八个典型垂域的AI研发应用工作，系统性、规模化推进人工智能技术与主业深 度融合。截至2025年底，已有六个"先锋"系统行业专用大模型相继发布，形成了显著的集群效应，直接 赋能于勘察设计、施工建造、工业制造、运营维护等具体业务场景，构建了"通用底座+专业纵深"的全 产业链赋能模式。此外，数字化转型在智能建造、装备制造、供应链数智化等方面均有成效。 ...