香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （上 市 債 務 證 券 代 號：40686、40687、84570、85087和85088） – 2 – （二）按地區分佈統計 | | 地區分佈 | | 新簽合同額 | | 同比增減 | | --- | --- | --- | --- | --- | --- | | | | （億 元 人 | 民 | 幣） | | | 境 | 內 | | 27,131.572 | | -0.43% | | 境 | 外 | | 3,633.398 | | 16.46% | | 合 | 計 | | 30,764.970 | | 1.30% | 上 述 經 營 指 標 和 數 據 為 初 步 統 計 數 據，與 定 期 報 告 披 露 的 數 據 可 能 存 在 差 異，僅 供 參 考。 2025年第四季度主要經營數據公告 本 公 告 乃 中 國 鐵 建 股 ...

（一）按产业类型统计 | 产业类型 | 2025 | 年 10-12 月 | | 本年累计 | | | --- | --- | --- | --- | --- | --- | | | 新签项目 | 新签合同额 | 新签项目 | 新签合同额 | 同比增减 | | | 数量 | | 数量 | | | | 新签合同总额（亿元人民币） | / | 15577.320 | / | 30764.970 | 1.30% | | 1.工程承包及相关业务情况 | | | | | | | 工程承包 | 3158 | 12547.303 | 7475 | 23639.603 | 1.52% | | 绿色环保 | 545 | 1905.683 | 1196 | 3350.973 | 5.76% | | 规划设计咨询 | 3223 | 60.649 | 10451 | 202.531 | -1.12% | | 工业制造 | / | 221.856 | / | 439.448 | 3.93% | | 物资物流 | / | 459.817 | / | 1981.365 | 0.33% | | 产业金融 | / | 19.165 | / | ...

中国铁建公告称，2025年第四季度新签合同额15577.32亿元，全年累计新签合同额30764.97亿元，同比 增长1.3%。按产业类型，工程承包及相关业务中，工程承包新签合同额23639.603亿元，同比增1.52%； 绿色环保同比增5.76%等。房地产开发签约合同额785.82亿元，同比降19.55%。按地区分布，境内新签 合同额27131.572亿元，同比降0.43%；境外3633.398亿元，同比增16.46%。目前无已签订尚未执行的重 大项目。 ...

铜钼矿产待重估，承建海南商业航天发射场 中国中铁(601390) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 本报告导读： 铜、钴、钼保有储量国内领先，铜、钼产能国内前列。2025 年新签订单增长 1%， 其中海外订单增长 17%。 投资要点： [维持增持 Table_Summary] 。维持预测 2025–2027 年 EPS0.98/0.98/1.00 元同比-13.0%/- 0.1%/1.9%，给予公司 2026 年 9.3 倍 PE，对应维持目标价 9.07 元。 LME 铜现货结算价维持高位，中国中铁铜、钴、钼保有储量国 ...

Group 1: Fund Analysis - The public FOF fund scale increased in Q4 2025, with a new issuance scale of 458.54 billion yuan, primarily in bond-type funds [6][7] - The proportion of positive returns for FOF was 49%, with the top performer being CITIC Securities' selected fund [6][8] - Fund managers are optimistic about the market outlook, focusing on structural opportunities with technology and cyclical sectors as the main themes [6][11] Group 2: Electric Vehicle Market - The European electric vehicle market is entering a new phase, with a projected penetration rate of 29% in 2025 and 35% in 2026 due to supply-side drivers and supportive policies [14][15] - The introduction of affordable electric models by European automakers is expected to stimulate consumer demand significantly [15] - Chinese lithium battery companies are positioned to capitalize on the growth of the European market, enhancing their competitive landscape [14][16] Group 3: Construction and Decoration Industry - The construction state-owned enterprises are expected to benefit from strategic and professional restructuring policies initiated by the state [18][19] - The market share of major construction state-owned enterprises remains relatively low, with significant competition and operational pressure evident [19][20] - Recommendations include companies like China Communications Construction, China Railway, and China Chemical, which are likely to enhance their competitiveness through restructuring [21] Group 4: Beauty and Personal Care - The beauty industry in China is transitioning from incremental expansion to competitive positioning, with domestic brands gaining market share [23][24] - The company aims to achieve 30 billion yuan in sales by 2030, driven by research and development, brand expansion, and global operations [25] - The application of AI in production and marketing is expected to enhance operational efficiency and support long-term growth [25] Group 5: Basic Chemicals - The price of hafnium has surged by 21.64% since the beginning of 2026, driven by high demand in sectors like semiconductors and aerospace [27][28] - The company is advancing its zirconium-hafnium separation project, which is expected to significantly contribute to future earnings [29] - Hafnium's unique properties make it essential in high-tech applications, indicating strong future demand [28] Group 6: Electronics - The company is set to benefit from the high demand for PCB and packaging substrates, with projected net profits for 2025 expected to increase by 68% to 78% [31][32] - The expansion of production capacity is ongoing, with new facilities in Thailand and South China expected to enhance growth potential [33] - The company is recognized as a leading provider of electronic circuit technology, with a positive outlook for future performance [33]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 9.07 CNY, based on a PE ratio of 9.3 times for 2026 [3][9]. Core Insights - The company holds leading reserves of copper, cobalt, and molybdenum in China, with significant production capacity in these metals. The new order growth is projected at 1% for 2025, with overseas orders expected to increase by 17% [2][4]. - The LME copper spot price remains high, recorded at 12,980 USD/ton, a year-on-year increase of 43.4%. The company’s production for the first half of 2025 includes 148,789 tons of cathode copper, 2,830 tons of cobalt, and 7,103 tons of molybdenum [4]. - The company’s subsidiary, China Railway Resources, is expected to achieve a net profit of 2.58 billion CNY in the first half of 2025, a year-on-year increase of 27.4% [4]. Financial Summary - Total revenue for 2023 is reported at 1,263.5 billion CNY, with a projected decline to 1,099.3 billion CNY in 2025, reflecting a decrease of 5.3% [7]. - The net profit attributable to the parent company is expected to decrease from 33.5 billion CNY in 2023 to 24.3 billion CNY in 2025, a decline of 13.0% [7]. - Earnings per share (EPS) are forecasted to be 0.98 CNY for 2025, with a slight increase to 1.00 CNY in 2027 [3][7]. Order Growth and Structure - The company signed new contracts totaling 27,509 billion CNY in 2025, representing a year-on-year increase of 1.3%. The overseas business saw a significant increase of 16.5% [5][20]. - The breakdown of new contracts includes 18,505 billion CNY from engineering construction, 4,725 billion CNY from emerging businesses, and 2,041 billion CNY from asset management [5][20]. Strategic Initiatives - The company is actively promoting an "AI+" initiative and has launched its first enterprise-level model, "Pioneer Model," aimed at various sectors including surveying, design, and construction [6]. - The company is involved in significant projects such as the construction of the Hainan commercial space launch site and has secured contracts for the China-Kyrgyzstan-Uzbekistan railway [6].

Investment Rating - The investment rating for the company is "Buy" [2] Core Viewpoints - The company focuses on the tunnel construction and mining equipment sector, emphasizing research, design, production, sales, and service across various markets including railways, highways, and hydropower [5][12] - The company has achieved self-research and industrialization of full-process equipment for the drilling and blasting method, which is widely used in the market [12][17] - The company is actively expanding into new growth areas such as hydropower and mining, which are expected to become key growth drivers [6][7] Summary by Relevant Sections 1. Business Overview - The company has a clear focus on tunnel intelligent equipment, with a robust governance structure supporting healthy cash flow [5][11] - It has developed a comprehensive product matrix that includes various types of equipment tailored for tunnel and mining construction [12][17] 2. Market Opportunities - The tunnel construction industry is rooted in traditional infrastructure, with ongoing demand driven by high-speed rail and urbanization [5][6] - The company is expanding its market presence in hydropower and mining, which are expected to provide significant growth opportunities [6][7] 3. Financial Performance - The company's revenue reached a historical high of 9.54 billion yuan in 2023, reflecting a year-on-year increase of 76.34% [33] - In 2024, revenue is projected to decline to 7.99 billion yuan due to funding pressures in the highway sector, leading to reduced equipment procurement [5][33] - The company maintains a strong cash flow, with cash reserves increasing from 0.52 billion yuan in 2020 to 2.68 billion yuan in the first three quarters of 2025, a year-on-year increase of 25.54% [5][33] 4. Strategic Developments - The company is undergoing significant asset restructuring, which has been approved by regulatory authorities, aimed at enhancing performance and creating synergies [7][8] - The acquisition of related companies is expected to significantly boost earnings and establish a second growth curve in high-end port logistics equipment manufacturing [7][8] 5. Customer Base - The company primarily serves large state-owned enterprises and top domestic construction and mining groups, with a growing focus on international markets due to the Belt and Road Initiative [22][25] - Major clients include China Railway, China Communications Construction, and China State Construction, contributing significantly to the company's revenue [22][25]

Core Insights - The Shandong provincial government is accelerating the integration of urban clusters and the coordinated development of the Jinan and Qingdao metropolitan areas, with plans to implement 100 landmark projects by 2026 [2][9] - The Jinan metropolitan area covers 22,300 square kilometers with a population of approximately 18.1 million, while the Qingdao metropolitan area spans 21,500 square kilometers with around 15.6 million residents [4] - The integration of these metropolitan areas is driven by national policies aimed at creating a unified market and enhancing regional economic connections [4][6] Urban Cluster Integration - The Jinan and Qingdao metropolitan areas were approved for construction during the 14th Five-Year Plan period, marking a shift from isolated development to collaborative growth [3][4] - The government emphasizes the importance of urban clusters as a driver for regional coordinated development, with Shandong being the only northern province with two national-level metropolitan areas [6] Infrastructure Development - Significant progress has been made in transportation infrastructure, including the "bus-like" operation of the Jinan-Qingdao high-speed railway, facilitating a one-hour commute within the metropolitan area and 1.5 hours between the two [5][9] - The completion of key projects like the Weifang-Yantai high-speed railway and various highway upgrades supports the connectivity needed for metropolitan integration [5] Economic Impact - From 2018 to 2024, the combined GDP of the Jinan and Qingdao metropolitan areas increased from 38.8% to 42.1% of Shandong's total GDP, with their population share rising from 32.0% to 33.7% [5] - The provincial government aims to enhance policy coordination and deepen collaborative efforts to strengthen the competitive position of the Shandong Peninsula urban cluster [6][7] Industrial Collaboration - The integration of industries between Jinan and Qingdao is crucial, with a focus on creating a collaborative industrial development plan and identifying resource advantages [8][9] - The establishment of joint industrial parks and landmark projects is essential for fostering inter-city investment and ensuring mutual benefits through shared revenue mechanisms [9][10]

行业专题报告 | 建筑装饰 建筑央企有望受益于国资央企战略性/专业化重组 证券研究报告 2026 年 01 月 28 日 核心结论 行业评级 超配 政策层面：导向明确，加强国资央企战略性、专业化重组。2024 年 12 月， 国务院国资委召开中央企业负责人会议便已经提出"加大力度推进战略性重 组和专业化整合"。2025 年下半年国资委表述开始频繁，比如 2025 年 9 月， 国务院国资委副主任李镇在国新办举行的新闻发布会上表示，下一步"大力 推动国资央企战略性专业化重组整合"；2025 年 12 月，国务院国资委主任 张玉卓在《充分激发各类经营主体活力》一文中强调，要"加强战略性、专 业化重组，加大力度合并'同类项'，避免重复建设和无序竞争"；2025 年 12 月国务院国资委召开中央企业负责人会议，以及 2026 年 1 月国新办举行 新闻发布会介绍 2025 年国资央企高质量发展情况，均表明 2026 年国资央 企要"大力推进战略性、专业化重组整合和高质量并购"。 行业层面：需求承压，专业化重组或助力建筑央企提升综合竞争力。大建筑 央企市占率相对较低：2024 年八大建筑央企合计市占率达到 21.4%， ...

Group 1 - The core viewpoint of the article emphasizes the integration and collaborative development of the Jinan and Qingdao urban agglomerations, aiming to enhance connectivity and economic cooperation by 2026 [2] - The Shandong provincial government plans to implement the "Strong Provincial Capital" strategy for Jinan and the "Strong Leading Role" strategy for Qingdao, while supporting Yantai's development as a green and low-carbon high-quality demonstration city [2] - By 2025, 130 collaborative demonstration projects between the two urban areas are expected to complete investments exceeding 160 billion yuan, with key projects like the Weichai Qingdao Smart Heavy Industry Project and Jinan CRRC Sifang Liangwang Vehicle Base being completed [2] Group 2 - The transportation network is being optimized with the opening of the Weifang-Yantai high-speed railway and the acceleration of the Weifang-Suzhou high-speed railway connection, contributing to the formation of a 1-1.5 hour commuting circle [2] - A "Cloud Hand-in-Hand Alliance" for government services has been established between Qingdao and Jinan, enabling 27 government service items to be processed across cities [3] - The establishment of the Shandong Modern Marine Higher Education Community, involving 83 universities, research institutes, and enterprises, aims to enhance educational collaboration and public service sharing [3]