矿业工程服务专题报告之一：政策需求双轮驱动，聚沙成塔空间广阔

Investment Rating - The report recommends a "Buy" rating for several companies in the mining engineering service sector, including China National Materials, Northern International, and China Aluminum International [3][4]. Core Insights - The mining engineering service industry encompasses multiple stages including exploration, design, construction, mining operations, and mine closure, serving various resource sectors such as non-ferrous, ferrous, coal, chemical, and building materials [3][11]. - The market for mining engineering services has shown consistent growth, with a compound annual growth rate (CAGR) of 12.54% from 2021 to 2023 in national mineral exploration investment [3][18]. - The average contract value for mining engineering construction is approximately 423 million CNY, with significant orders in both underground and surface mining projects [3][24]. - The report highlights a trend towards integrated mining development, with increasing collaboration between explosive manufacturing and mining engineering services [3][11]. Summary by Sections 1. Mining Engineering Services Overview - The mining engineering service industry includes five main segments: mineral exploration, engineering design, construction, mining operations, and mine closure [3][11]. - Major players include state-owned enterprises and private companies, with a competitive landscape characterized by numerous participants [3][11]. 2. Policy Drivers and Outsourcing Trends - The report notes that policy changes and the deepening of mineral extraction are driving an increase in the outsourcing of mining services, with the outsourcing ratio rising significantly from 2.7% in 2018 to 11.1% in 2023 for China Coal Energy [3][3][11]. 3. Market Potential and Growth - The domestic market for non-coal mining services is estimated to be around 286.4 billion CNY in 2024, with significant contributions from both underground and surface mining services [3][3][11]. - The global market for mining services is projected to exceed one trillion CNY, indicating substantial growth opportunities [3][3][11]. 4. Investment Recommendations - The report suggests focusing on companies with strong management experience, advanced technology capabilities, and extensive client resources, particularly those providing integrated mining development services [3][3][11]. - Recommended companies include state-owned enterprises like China National Materials and Northern International, as well as private firms like Jincheng Mining and Guangdong Hongda [3][3][11].