Group 1 - The report highlights a significant increase in the State Grid's capital expenditure during the "14th Five-Year Plan" period, with a projected investment of approximately 4 trillion yuan during the "15th Five-Year Plan," representing a 40% increase compared to the previous plan [15][18][21] - The report recommends focusing on power engineering companies, specifically China Electric Power Construction, China Huadian Engineering, and China Energy Engineering, which are well-positioned to benefit from the increased capital expenditure [21][22] - The report emphasizes the importance of selecting companies with strong fundamentals and low valuations based on ROE and valuation percentiles, recommending firms such as China Chemical, China National Materials, and Donghua Technology [23][24] Group 2 - Weekly tracking indicates steady progress in coal chemical projects, with significant contract awards for the coal-to-natural gas project in Xinjiang, totaling over 15 billion yuan [28][29] - The hydrogen energy sector is gaining momentum, with government initiatives promoting zero-carbon factory construction and the launch of major projects like the Baowu Green Hydrogen Industrial Park, which has a total investment of 110.9 billion yuan [31][32] - The report notes a slight decline in steel prices, with average prices for medium-thick plates and rebar decreasing by 0.5% and 0.8% respectively, indicating a stable but low price environment [31]

2026 年 01 月 25 日 站院/行业 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 册分歧式行 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 T 一周板块回顾：板块表现方面，SW 建筑装饰指数+1.88%，沪深 300 指 数-0.62%，相对收益为+2.00pct。周涨幅最大的三个子行业分别为钢结 构 (+6.80%)、基建民企 (+6.61%)、专业工程 (+5.88%)，对应行业 内三个公司：东南网架（+10.79%）、成都路桥（+15.65%）、志特新材 (+49.21%)；年涨幅最大的三个子行业分别是钢结构（+22.00%）、专 业工程（+21.74%）、装饰幕墙（+10.85%），对应行业内三个公司：杭 萧钢构 (+30.98%)、志特新材 (+256.3 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603815 | 交建股份 | 8.13 | -2.05% | 32.43万 | 2.64亿 | | 600039 | 四川路桥 | 9.98 | -1.96% | 22.99万 | 2.31亿 | | 601186 | 中国铁建 | 7.39 | -1.86% | 183.07万 | 13.65 Z | | 601390 | 中国中铁 | 5.31 | -1.85% | 386.19万 | 20.68亿 | | 603316 | 诚邦股份 | 14.03 | -1.82% | 12.89万 | 1.82亿 | | 300355 | 蒙草生态 | 4.13 | -1.67% | 66.94万 | 2.75亿 | | 605303 | 元林股份 | 18.68 | -0.69% | 4.58万 | 8540.34万 | | 601800 | 中国交建 | 8.42 | -0.59% | 47.09万 | 3.97亿 | | 601611 | 中国核建 ...

Group 1 - The article discusses the presence of specific keywords such as "snow," "pet," and "quiet" next to certain train services on the 12306 platform, indicating special features for travelers [3][4] - The keyword "snow" refers to a service that allows ski enthusiasts to carry ski equipment with dimensions exceeding 130 cm but not exceeding 200 cm, facilitating convenient travel for skiers [4] - The keyword "pet" indicates that travelers can transport up to two healthy domestic pets, such as cats or dogs, with specific weight and size restrictions, enhancing the travel experience for pet owners [4] - The keyword "quiet" signifies the availability of a "quiet carriage" service where the onboard video system is muted, and staff provide services in a low voice, catering to passengers seeking a peaceful environment [4]

1月22日，中国中铁盘中下跌2.01%，截至13:25，报5.37元/股，成交11.86亿元，换手率1.07%，总市值 1325.65亿元。 资金流向方面，主力资金净流出3.61亿元，特大单买入1.58亿元，占比13.30%，卖出4.19亿元，占比 35.37%；大单买入2.92亿元，占比24.66%，卖出3.91亿元，占比33.01%。 中国中铁今年以来股价跌0.74%，近5个交易日跌1.47%，近20日跌0.56%，近60日跌4.41%。 中国中铁所属申万行业为：建筑装饰-基础建设-基建市政工程。所属概念板块包括：万达私有化、中特 估、证金汇金、证金持股、大央企重组等。 截至9月30日，中国中铁股东户数48.69万，较上期增加5.38%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，中国中铁实现营业收入7738.14亿元，同比减少5.46%；归母净利润174.90亿元，同比减 少14.97%。 分红方面，中国中铁A股上市后累计派现471.91亿元。近三年，累计派现165.75亿元。 机构持仓方面，截止2025年9月30日，中国中铁十大流通股东中，中国证券金融股份有限公司位居第四 大流通股东 ...

盘后数据出炉。 1月21日，A股市场整体上涨。截至收盘，上证指数报4116.94点，上涨0.08%；深证成指报14255.13点，上涨0.7%；创业板指数报3295.52点，上涨0.54%； 北证50指数上涨0.14%。 1.A股市场主力资金净流入56.08亿元 今日A股市场主力资金开盘净流出41.97亿元，尾盘净流入6.26亿元，A股市场全天主力资金净流入56.08亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2026-1-21 | 56. 08 | -41.97 | 6.26 | 154. 57 | | 2026-1-20 | -764. 07 | -221.93 | -61. 61 | -471.97 | | 2026-1-19 | -397.98 | -162.72 | -58. 29 | -209.12 | | 2026-1-16 | -238.85 | -106. 45 | -38. 37 | -133.83 | | 2026 ...

智通财经APP讯，中国中铁(00390)发布公告，该公司于2026年1月19日斥资17.62万元人民币回购6.37万 股A股，每股回购价格为2.766元人民币。 ...

Group 1 - The core point of the article is that China Railway (00390.HK) announced a share buyback on January 19, 2026, spending RMB 176,200 to repurchase 63,700 A-shares at a price of RMB 2.766 per share [1] Group 2 - The total amount spent on the buyback is RMB 176,200, which indicates the company's commitment to enhancing shareholder value [1] - The number of shares repurchased is 63,700, reflecting the company's strategy to manage its capital structure [1] - The buyback price per share is RMB 2.766, which may suggest the company's valuation perspective on its own shares [1]

中国中铁（601390）(00390)发布公告，该公司于2026年1月19日斥资17.62万元人民币回购6.37万股A 股，每股回购价格为2.766元人民币。 ...

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國中鐵股份有限公司 呈交日期： 2026年1月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔 ...