Core Viewpoint - China Railway Industry reported a decline in both revenue and net profit for the third quarter and the first three quarters of the year, indicating potential challenges in the industry [1] Financial Performance - The revenue for the third quarter was 6.503 billion, a year-on-year decrease of 0.88% [1] - The net profit for the third quarter was 305 million, a year-on-year decrease of 20.55% [1] - For the first three quarters, the total revenue was 20.086 billion, reflecting a year-on-year decline of 2.20% [1] - The net profit for the first three quarters was 999 million, showing a year-on-year decrease of 24.67% [1]

格隆汇10月29日丨中铁工业公告，2025年1-9月新签合同额319.38亿元，同比下降14.44%。其中，专用 工程机械装备及相关服务业务101.47亿元，同比下降0.51%；交通运输装备及相关服务业务199.39亿 元，同比下降18.83%；其他业务18.52亿元，同比下降27.77%。按地区看，境内293.43亿元，同比下降 16.46%；境外25.95亿元，同比增17.73%。2025年第三季度重大合同签约/中标金额合计8.78亿元，约占 公司2024年营业收入的3.03%。 ...

证券代码：600528 证券简称：中铁工业 编号：临 2025-034 中铁高新工业股份有限公司 2025 年 1-9 月主要经营数据 单位：万元 币种：人民币 序 号 业务类型 2025 年 1-9 月 2024 年 1-9 月 同比增减 1 专用工程机械装备及相关服务业务 1,014,750 1,019,903 -0.51% ① 隧道施工装备及相关服务业务 915,867 807,493 13.42% ② 工程施工机械及相关服务业务 98,882 212,410 -53.45% 2 交通运输装备及相关服务业务 1,993,916 2,456,552 -18.83% ① 道岔业务 372,170 551,509 -32.52% ② 钢结构制造与安装业务 1,621,746 1,905,043 -14.87% 3 其他 185,167 256,348 -27.77% 合计 3,193,833 3,732,802 -14.44% 二、2025 年第三季度重大合同签约/中标情况 上述合同金额合计人民币 87,757 万元，约占本公司 2024 年营业收入 的 3.03%。 特此公告。 单位：万元 币种：人民币 地 ...

人民财讯10月29日电，中铁工业（600528）10月29日公告，1—9月新签合同额为319.38亿元，同比下降 14.44%。 ...

中铁工业公告，2025年1-9月新签合同额319.38亿元，同比下降14.44%。其中，专用工程机械装备及相 关服务业务101.47亿元，同比下降0.51%；交通运输装备及相关服务业务199.39亿元，同比下降 18.83%；其他业务18.52亿元，同比下降27.77%。按地区看，境内293.43亿元，同比下降16.46%；境外 25.95亿元，同比增17.73%。2025年第三季度重大合同签约/中标金额合计8.78亿元，约占公司2024年营 业收入的3.03%。 ...

Core Insights - The rail transit equipment sector experienced a slight increase of 0.08% on October 28, with Lei Erwei leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Sector Performance - Lei Erwei (301016) saw a significant increase in closing price to 22.20, up 10.39%, with a trading volume of 118,800 shares and a transaction value of 259 million [1] - Other notable performers included Bid Technology (605298) with a closing price of 45.01, up 1.95%, and Tieda Technology (920541) at 15.49, up 1.31% [1] - The overall trading volume and transaction values for various companies in the sector were detailed, indicating active trading [1] Capital Flow - The rail transit equipment sector experienced a net outflow of 30.83 million from institutional investors, while retail investors saw a net outflow of 31.06 million [2] - Conversely, speculative funds recorded a net inflow of 61.89 million, indicating a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Bid Technology (605298) had a net inflow of 67.71 million from institutional investors, while it faced a net outflow of 82.53 million from retail investors [3] - Lei Erwei (301016) recorded a net inflow of 13.37 million from institutional investors but a net outflow of 27.41 million from retail investors [3] - The data reflects varying levels of investor confidence and activity across different stocks within the sector [3]

证券代码：600528 证券简称：中铁工业 编号：临 2025-033 资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季 度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信 息披露允许的范围内就投资者普遍关注的问题进行回答。 中铁高新工业股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担法律 责任。 重要内容提示： 投资者可于 2025 年 10 月 28 日（星期二）至 11 月 3 日（星期一） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 ztgyir@crhic.cn 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 中铁高新工业股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地 了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 4 日（ ...

Core Insights - The rail transit equipment sector experienced a slight increase of 0.05% on October 24, with Jiuzhou Yitui leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance Summary - Jiuzhou Yitui (688485) closed at 16.96, up 8.72% with a trading volume of 78,500 shares and a transaction value of 128 million yuan [1] - Xianghe Industrial (603500) closed at 12.45, up 4.18% with a trading volume of 151,700 shares and a transaction value of 187 million yuan [1] - Gongda Gaoke (688367) closed at 21.93, up 3.59% with a trading volume of 20,100 shares and a transaction value of 43.49 million yuan [1] - Bidetech (605298) closed at 40.14, up 3.19% with a trading volume of 32,300 shares and a transaction value of 128 million yuan [1] - Yonggui Electric (300351) closed at 17.65, up 3.16% with a trading volume of 161,700 shares and a transaction value of 282 million yuan [1] - Other notable performers include Jiaokong Technology (688015) and Times New Materials (600458), with increases of 2.05% and 1.85% respectively [1] Capital Flow Analysis - The rail transit equipment sector saw a net inflow of 48.06 million yuan from institutional investors, while retail investors experienced a net outflow of 57.13 million yuan [2] - Major stocks with significant net inflows include Yonggui Electric (300351) with 31.83 million yuan and Xianghe Industrial (603500) with 19.05 million yuan [3] - Conversely, stocks like China Iron & Steel (000927) and China Railway Industry (600528) faced net outflows of 2.13% and 1.27% respectively [2][3]

Core Viewpoint - The domestic sales of construction machinery in September 2025 continued to grow, with significant recovery in non-excavator categories, and strong export performance, indicating a positive outlook for the industry driven by equipment upgrades and internationalization [1][2][4]. Group 1: Domestic Sales Performance - In September 2025, excavator sales (including exports) reached 19,858 units, a year-on-year increase of 25.4%, with domestic sales at 9,249 units, up 21.5% [1]. - From January to September 2025, excavator sales (including exports) totaled 174,039 units, reflecting an 18.1% year-on-year growth, with domestic sales at 89,877 units, also up 21.5% [1]. - Non-excavator categories showed notable recovery, with loader sales up 25.6%, grader sales up 6.5%, truck crane sales up 40.7%, crawler crane sales up 66.7%, and truck-mounted crane sales up 29.8% in September 2025 [1]. Group 2: Market Drivers - The ongoing replacement cycle in the construction machinery sector is expected to support future excavator sales, with a projected compound growth rate of around 30% in replacement demand over the next few years [2]. - The export of used construction machinery to developing countries has reduced domestic ownership levels, further supporting new machine sales [2]. Group 3: Government Support and Infrastructure Investment - The government plans to issue 1.3 trillion yuan in long-term special bonds, increasing infrastructure investment, which is expected to boost demand for construction machinery [3]. - The government aims to enhance urban infrastructure, including underground engineering and municipal construction, which will sustain demand for construction machinery [3]. Group 4: Export Performance - In September 2025, excavator exports reached 10,609 units, a year-on-year increase of 29.0%, with total exports from January to September at 84,162 units, up 14.6% [4]. - The export value of construction machinery in September 2025 was $5.27 billion, reflecting a 29.6% year-on-year growth, with total export value from January to September at $43.86 billion, up 13.3% [4]. Group 5: Electrification Trends - In September 2025, electric loader sales surged to 2,586 units, a remarkable year-on-year increase of 176.0%, with an electrification rate of 24.6%, up 13.0 percentage points [5]. - From January to September 2025, electric loader sales totaled 21,407 units, up 157.2%, with an electrification rate of 22.8%, an increase of 13.6 percentage points [5][6]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost demand for construction machinery, with equipment demand projected to reach 120 to 180 billion yuan [7]. - The project will require various types of construction machinery, including large excavators and concrete machinery, further driving industry growth [7]. Group 7: Recommended Companies - Recommended companies include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, along with component manufacturers like Hengli Hydraulic [8]. - Companies related to the Yarlung Tsangpo project, such as China Railway Engineering Corporation and others, are also suggested for attention [8].

Core Points - China Railway Industry (SH 600528) announced on October 22 that Mr. Wang Jianxi has completed a reduction of 5,000 shares through centralized bidding [1] - The company's revenue composition for the first half of 2025 includes: 56.91% from transportation equipment and related services, 34.94% from specialized engineering machinery and related services, and 8.14% from other sources [1] - As of the report, the market capitalization of China Railway Industry is 19.5 billion yuan [1] Revenue Composition - Transportation equipment and related services account for 56.91% of total revenue [1] - Specialized engineering machinery and related services contribute 34.94% [1] - Other sources make up 8.14% of revenue [1] Shareholder Activity - Mr. Wang Jianxi's share reduction plan has been fully implemented as of October 22, 2025 [1]