数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2025年1-12月，金属制品、机械和设备修理业企业数（以下数据涉及的企业，均为规模以上工业企业， 从2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000 万元）为928个，和上年同期相比，增加了69个，同比增长8.03%，占工业总企业的比重为0.18%。 2016-2025年金属制品、机械和设备修理业企业数统计图 上市公司：精达股份（600577），精工钢构（600496），东南网架（002135），中集集团（000039）， 中铁工业（600528），安徽合力（600761），柳工（000528），徐工机械（000425），宇通重工 （600817），诺力股份（603611） 相关报告：智研咨询发布的《2026-2032年中国金属制品行业市场运行格局及前景战略分析报告》 ...

Core Viewpoint - China Railway Industry (600528.SH) is a leading manufacturer in the rail transit and underground excavation equipment sector, with a strong market position and comprehensive strength globally [3]. Group 1: Company Overview - China Railway Industry is the only A-share listed platform under China Railway (601390.SH) focusing on high-end equipment for rail transit and underground excavation [3]. - The company holds the title of the world's largest manufacturer of shield tunneling machines (TBM) and the largest manufacturer of switches and bridge steel structures [3]. - It is also the largest manufacturer of railway construction equipment in China, with a complete range of products in the railway infrastructure equipment sector [3]. Group 2: Financial Performance - The company's revenue has shown a decline, with 2023, 2024, and the first three quarters of 2025 reporting revenues of 30 billion, 29 billion, and 20.09 billion respectively, reflecting growth rates of 4.3%, -3.5%, and -2.2% [12]. - Net profit has also decreased, with figures of 1.58 billion, 1.64 billion, and 0.95 billion for the same periods, showing declines of -3.8%, 3.7%, and -25.7% respectively [12]. - The new contract data for 2024 indicates a significant drop in the specialized engineering machinery segment, with a year-on-year decrease of 23.59% in tunnel construction equipment contracts [14]. Group 3: Market Dynamics - The traditional infrastructure sector has been sluggish, leading to a decrease in orders and revenue for the company [12]. - The first half of 2025 saw a 20% decline in new contracts, but there is an expectation of improvement in the second half, with an overall projected decline of only 7.79% for the year [21]. - The company is exploring new markets, particularly in water conservancy and pumped storage, where it holds a market share of over 60% for TBM products [25]. Group 4: Research and Development - The company has been increasing its R&D investment, with expenditures of 1.44 billion, 1.71 billion, and 1.83 billion from 2022 to 2024, representing 5.36%, 5.67%, and 6.32% of revenue respectively [33]. - The R&D investment has surpassed net profit, indicating a strong commitment to developing new equipment [35]. Group 5: Valuation Insights - As of February 2, 2026, the company's market capitalization was 18 billion, with a static PE ratio of around 10 times based on 2024 net profit [36]. - After accounting for net cash, the adjusted PE ratio is approximately 6.4 times, suggesting the company is undervalued [36].

Core Viewpoint - The company, China Railway Industry, has developed the world's first high-speed magnetic levitation switch capable of operating at 600 kilometers per hour, which was accepted in September 2020, marking it as the fastest high-speed maglev switch globally [2] Group 1: Technological Achievements - The company’s subsidiary, China Railway Baogao, is responsible for the research and development of the high-speed maglev switch as part of the national "863" program [2] - The company has participated in the development of four standards that have become the technical standards for the medium and low-speed maglev transportation industry [2] - The company has completed the manufacturing of the functional components for the world's first commercial operational line of the Shanghai high-speed maglev train and the overall processing of the track beams [2] Group 2: Project Involvement - The company has undertaken the manufacturing tasks for the first medium and low-speed maglev commercial operational line in China, the Changsha Maglev Express, which spans 76,760 meters [2] - The company has also produced and installed 26 sets of medium and low-speed maglev switches for the Beijing S1 line [2]

Core Viewpoint - The company, China Railway Industry, is a leading manufacturer in the field of tunnel boring machines (TBM), railway switches, steel structures, and construction machinery, holding significant market positions both domestically and internationally [2]. Group 1: Company Overview - The company is the largest global producer and seller of TBMs, as well as the largest manufacturer of railway switches and bridge steel structures [2]. - It is recognized as the only industrial enterprise in the A-share main board market that specializes in high-end equipment for rail transit and underground excavation [2]. - The company's core products, including TBMs, railway switches, steel bridges, and special engineering machinery, have been exported to numerous countries and regions worldwide [2]. Group 2: Market Position and Achievements - The TBM, often referred to as a "Chinese business card," has maintained the highest global production and sales for nine consecutive years [2]. - The company has made significant advancements in product performance and technology through years of competition and collaboration with domestic and international peers [2]. - The company's contributions have played a vital role in the rapid development of global infrastructure construction [2].

Group 1 - The core power source of the shield machine is high-voltage electricity, supplemented by hydraulic and pneumatic systems for power transmission and execution [2] - The power configuration of different types of shield machines may vary slightly based on construction conditions [2]

Core Viewpoint - China Railway Industry emphasizes its commitment to investor returns and sustainable development through a consistent cash dividend policy, with an increase in both dividend ratio and amount for the 2024 fiscal year [2] Group 1: Dividend Policy - The company adheres strictly to the regulatory guidelines from the CSRC and the State-owned Assets Supervision and Administration Commission regarding cash dividends [2] - Since its restructuring and listing, the company has distributed a total of 2.372 billion yuan in cash dividends to investors [2] - The dividend ratio and amount for the 2024 fiscal year will be higher compared to the previous year [2] Group 2: Future Plans - The company aims to develop a sustainable and reasonable cash dividend plan focused on long-term interests and sustainable development goals [2] - There is a commitment to enhance shareholder returns and share the operational achievements of the company with investors [2]

Core Viewpoint - The company has successfully entered the mining tunnel construction sector, leveraging its strong R&D and manufacturing capabilities, and has developed advanced tunneling machines and specialized equipment for the mining industry [1] Group 1: Company Developments - The company has developed a range of high-performance tunneling machines and specialized equipment that are widely used in domestic mining projects, providing safe, high-quality, and efficient solutions for tunnel construction [1] - A significant number of mining tunnel boring machines (TBMs) and specialized equipment have been successfully applied in various mines, including the Fuzhijiao Coal Mine in Shanxi, the Ningtiaota Coal Mine, and the Yanjin Silver-Zinc Mine, among others [1] Group 2: Industry Trends - The company is actively promoting the development of green mining practices, which are essential for transforming the mining economy and enhancing the quality of mining development in line with the ongoing "dual carbon" policy [1] - Future efforts will focus on the technological transformation and application of shield machines/TBMs and specialized equipment, particularly in developing unmanned equipment suitable for deep mining and extremely hard rock geology [1]

Core Viewpoint - The company, China Railway Industry, is focused on specialized engineering machinery and related services, being the only A-share listed company in China that specializes in high-end equipment for rail transportation and underground excavation [2] Group 1: Business Overview - The main business segments include tunnel construction equipment, engineering construction machinery, switch manufacturing, and steel structure installation [2] - The company operates within the manufacturing industry, specifically in the specialized equipment manufacturing sector [2] Group 2: Corporate Governance and Market Communication - Since its listing in early 2017, the company has been committed to enhancing its value creation and realization capabilities while maintaining stable and healthy development [2] - The company has implemented measures to strengthen corporate governance and improve information disclosure, actively engaging with various levels of investors in the capital market [2] Group 3: Shareholder Engagement - On May 8, the company announced a plan for its controlling shareholder, China Railway Group Limited, to increase its stake in the company within 12 months, with a minimum investment of 160 million RMB and a maximum of 300 million RMB [2] - This is the second share buyback initiative by the controlling shareholder since the company's restructuring and listing [2] Group 4: Future Plans - The company aims to enhance its intrinsic value in compliance with securities and state-owned asset regulations, while further strengthening its market value management efforts to provide better returns for shareholders [2]

Core Viewpoint - China Railway Industry focuses on the European market, aiming for significant growth in overseas orders by 2025, with nearly 50% of new contracts expected from this region [2] Group 1: Market Strategy - The company emphasizes direct exports as the core of its sales strategy in the EU market, supported by localized service networks and strategic partnerships [2] - A multi-layered operational structure is being developed to enhance market service capabilities and brand influence [2] Group 2: Market Focus - The European market is identified as a key operational area for China Railway Industry, indicating a strategic priority for future growth [2] - By 2025, the company anticipates that the European market will account for a substantial portion of its overseas new contracts [2]

Group 1 - The core point of the article is that China Railway Industry (stock code: 600528) has disclosed its shareholder count, which is expected to reach 102,904 by the end of Q3 2025 [1] Group 2 - The company has indicated that shareholder numbers for other time points can be provided upon request via email, after verification of shareholding [1]