（编辑 丛可心 王雪儿） 证券日报网讯 12月22日，中国中铁在互动平台回答投资者提问时表示，当前建筑企业受市场环境影 响，合同边界条件逐步发生变化，随着项目的推进，公司符合确认长期应收款项目及金额呈增长趋势。 ...

证券日报网讯12月22日，中国中铁（601390）在互动平台回答投资者提问时表示，公司所属单位正在参 与哈国克孜勒奥尔达州欧亚通道公路升级改造项目建设。 ...

Group 1 - The company, China Railway (601390), emphasizes its role as a key player in China's infrastructure construction and its commitment to leveraging its full industry chain advantages [1] - The company's strategic planning is closely aligned with national strategic planning initiatives [1]

证券日报网讯12月22日，中国中铁（601390）在互动平台回答投资者提问时表示，截至2025年9月30 日，公司普通股股东总数486853户。 ...

格隆汇12月22日丨中国中铁(601390.SH)在互动平台表示，公司在福建海峡在建项目有厦金大桥、东山 跨海大桥等等。 ...

格隆汇12月22日丨中国中铁(601390.SH)在互动平台表示，公司暂未在乌克兰开展基建项目。 ...

Investment Rating - The report rates the industry as "Overweight" [7] Core Insights - The potential for investment growth in new infrastructure remains significant, with a focus on expanding effective investment space and enhancing private investment vitality [2][3] - Central enterprises are encouraged to identify new growth areas, particularly in renewable energy, aerospace, and low-altitude economy sectors [4] - The government is increasing support for capital in key infrastructure projects, including railways and smart construction initiatives [5] Summary by Relevant Sections Recent Key Reports - The report highlights the importance of strategically expanding investment in new infrastructure and emphasizes the need for a coordinated approach to urbanization and rural revitalization [3][4] Key Company Recommendations - Recommended companies include China Railway, China Communications Construction, and China State Construction, all of which are expected to benefit from high dividend yields and stable growth [8][11] - Specific sectors such as clean rooms, commercial aerospace, and controlled nuclear fusion are highlighted for their growth potential, with recommended stocks including Yaxiang Integration and Shanghai Port [6][10] Macro/Meso/Micro Data - The report indicates a projected increase in broad infrastructure funding by 7.3% in 2025, driven by enhanced fiscal policies and the issuance of special bonds [31][32] - It also notes that the construction industry is experiencing a decline in net profit margins, with a 10% year-on-year decrease in net profit reported [14][15]

Core Viewpoint - China Railway Beijing Bureau has completed the steel truss lifting operations for the Bohai New Area Station and Huanghua New Station of the Shijiazhuang-Hengshui-Cangzhou-Huanghua Intercity Railway, marking a significant milestone in the project [1][7]. Group 1: Project Overview - The Shijiazhuang-Hengshui-Cangzhou-Huanghua Intercity Railway is a high-speed railway in Hebei Province, connecting Shijiazhuang City to Bohai New Area, with a total length of 333.8 kilometers. The newly constructed section from Hengshui to Bohai New Area (Henghuang Section) is 223.8 kilometers long, designed for a speed of 250 kilometers per hour [3][9]. - Bohai New Area Station and Huanghua New Station are key stations along this segment of the railway [3][9]. Group 2: Structural Details - The steel truss structure of Bohai New Area Station measures 58.8 meters in length and 36.4 meters in width, with a truss area of 1822.8 square meters. Huanghua New Station's truss structure measures 111 meters in length and 25.2 meters in width, with a truss area of 2797.2 square meters. Both trusses are designed as regular four-cornered pyramidal trusses, with welded ball nodes and elastic spherical steel supports [5][12]. Group 3: Strategic Importance - The Shijiazhuang-Hengshui-Cangzhou-Huanghua Intercity Railway is part of the "four vertical, four horizontal, and one ring" planning of the Beijing-Tianjin-Hebei intercity railway network, serving as a core project to create a regional "one-hour traffic circle." Once operational, it will enhance connectivity between regions, improve transportation efficiency for cities along the route, and promote economic and social development in the central and southern Hebei region, as well as support the coastal openness of Bohai New Area [7][14].

Core Viewpoint - The report highlights the significant growth in China's railway locomotive production, with a projected increase in output and a strong year-on-year growth rate for 2025 [1] Group 1: Industry Overview - The railway locomotive production in China is expected to reach 137 units in October 2025, representing a year-on-year increase of 71.3% [1] - Cumulatively, the production of railway locomotives from January to October 2025 is forecasted to be 762 units, showing a cumulative growth of 23.9% [1] Group 2: Companies Involved - Listed companies in the railway locomotive sector include China CRRC (601766), China Railway (601390), China Railway Construction (601186), Jinxi Axle (600495), Taiyuan Heavy Industry (600169), Times New Material (600458), Shenzhou High-speed Railway (000008), Kanni Electromechanical (603111), Huihong Technology (002296), and Jinyi Industrial (601002) [1] Group 3: Research and Analysis - The report titled "2025-2031 China Railway Locomotive Industry Market Status Analysis and Future Outlook" was published by Zhiyan Consulting, a leading industry consulting firm in China [1] - Zhiyan Consulting has been dedicated to industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1]

Core Viewpoint - Recently, China Railway Seventh Group (Xiong'an) Engineering Co., Ltd. was established, indicating a strategic expansion in construction and related services by China Railway [1] Company Summary - The legal representative of the newly established company is Li Dongmao [1] - The company's business scope includes construction engineering, residential interior decoration, specialized construction operations, sales of building materials, environmental emergency management services, and land remediation services [1] - China Railway Seventh Group is wholly owned by China Railway through indirect shareholding [1]