中国中铁（00390）盘中涨超5%，截至发稿，股价上涨4.43%，现报4.24港元，成交额2.10亿港元。 公开资料显示，中国中铁目前在运营5座矿山，铜/钴/钼储量处于行业领先地位。2024年子公司中铁资 源归母净利润30亿元，占公司整体的11%。 国盛证券此前指，如将矿产资源申请为拟培育主业，后续有望收购新矿山加速发展。预计2025年资源板 块归母净利润33亿元。申万宏源认为，资源板块持续发力，增强盈利弹性与抗周期性。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 中国中铁（00390）盘中涨超5%，截至发稿，股价上涨4.43%，现报4.24港元，成交额2.10亿港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 公开资料显示，中国中铁目前在运营5座矿山，铜/钴/钼储量处于行业领先地位。2024年子公司中铁资 源归母净利润30亿元，占公司整体的11%。 国盛证券此前指，如将矿产资源申请为拟培育主业，后续有望收购新矿山加速发展。预计2025年资源板 块归母净利润33亿元。申万宏源认为，资源板块持续发力，增强盈利弹性与抗周期性。 责任编辑：卢昱君 责任编辑：卢昱君 ...

Core Insights - The annual Spring Festival travel rush is set to begin on February 2, 2026, and will last until March 13, 2026, spanning 40 days [1] - National railways are expected to transport 539 million passengers, reflecting a year-on-year growth of 5.0% [1] Group 1 - The Wuhan high-speed train maintenance base is highlighted as the largest in Central China, showcasing the readiness of the railway system for the upcoming travel season [1] - Trains that have undergone maintenance are lined up, symbolizing the operational capacity and preparedness of the railway network to accommodate the influx of travelers [1]

每经AI快讯，中国中铁(00390.HK)涨超5%，截至发稿，涨5.17%，报4.27港元，成交额1.75亿港元。 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market saw a further decrease in trading volume, with total turnover dropping to 82.799 billion [1] - The net inflow of funds through the Hong Kong Stock Connect reached 484 million, with Shanghai and Shenzhen contributing 283 million and 201 million respectively [1] US Market Performance - The US stock market showed mixed results, with the Dow Jones down 0.58%, while the S&P 500 and Nasdaq rose by 0.03% and 0.28% respectively [2] - Notable declines were seen in Goldman Sachs and Caterpillar, both dropping over 3%, while Intel fell 17% due to a larger-than-expected Q4 loss and disappointing revenue guidance [2] - The overall market sentiment was affected by geopolitical tensions and cautious institutional outlooks on short-term performance [2] Market Outlook - The report anticipates a positive start for both Hong Kong and A-shares in 2026, with a cumulative net inflow of 43.5 billion HKD from southbound funds [3] - Key investment themes include "technological self-reliance" and AI applications, with leading companies in these sectors expected to benefit from long-term growth opportunities [3] - Recommendations for investment focus on sectors supported by policies for expanding domestic consumption, including sports apparel and non-essential services [3] - The report highlights the continued attractiveness of undervalued central state-owned enterprises with high dividends, as well as upstream non-ferrous metals benefiting from anticipated interest rate cuts by the Federal Reserve in 2026 [3] Company Highlights - Tencent announced a cash distribution of 1 billion for the Spring Festival, launching new features in its app to enhance user engagement [9][12] - Baidu is also participating in the Spring Festival cash distribution, offering 500 million in cash rewards through its app [9][12] - The report notes significant performance in the copper mining sector, with companies like China Nonferrous Metal Mining expected to benefit from rising copper prices [10]

Core Viewpoint - China Railway Group (601390) shares rose over 5%, currently up 5.17% at HKD 4.27, with a trading volume of HKD 175 million [1] Group 1: Company Performance - China Railway Group operates five mines, holding leading positions in copper, cobalt, and molybdenum reserves [1] - The net profit attributable to the parent company from its subsidiary, China Railway Resources, is projected to be RMB 3 billion in 2024, accounting for 11% of the company's overall profit [1] - The resource segment is expected to generate a net profit of RMB 3.3 billion in 2025, indicating growth potential [1] Group 2: Market Analysis - Guosen Securities suggests that if mineral resources are developed as a core business, the company may pursue acquisitions of new mines to accelerate growth [1] - Shenwan Hongyuan believes that the resource segment's ongoing development will enhance profitability and provide resilience against market cycles [1]

公开资料显示，中国中铁目前在运营5座矿山，铜/钴/钼储量处于行业领先地位。2024年子公司中铁资 源归母净利润30亿元，占公司整体的11%。国盛证券此前指，如将矿产资源申请为拟培育主业，后续有 望收购新矿山加速发展。预计2025年资源板块归母净利润33亿元。申万宏源认为，资源板块持续发力， 增强盈利弹性与抗周期性。 智通财经APP获悉，中国中铁(00390)涨超5%，截至发稿，涨5.17%，报4.27港元，成交额1.75亿港元。 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [1] Core Insights - In 2025, infrastructure and real estate investments declined, with a potential opportunity for increased domestic demand in 2026. The cleanroom and overseas markets are expected to maintain a positive outlook [3][15] - The report highlights that in 2025, China's GDP reached 140 trillion yuan, growing by 5.0% year-on-year, while fixed asset investment (excluding rural households) fell by 3.8% [1][15] - Infrastructure investment decreased by 2.2%, while manufacturing investment grew by 0.6%. Real estate development investment saw a significant decline of 17.2% [1][15] - The report indicates that the construction sector is under pressure due to shrinking downstream demand and slow capital allocation for infrastructure projects, leading to a decline in revenue and performance for construction companies in 2025 [3][17] - In 2026, the demand for infrastructure remains robust, supported by proactive fiscal policies from the government, ensuring that overall spending increases and key areas are prioritized [3][17] Summary by Sections Industry Dynamics - The report notes a decline in narrow and broad infrastructure investment in 2025, with year-on-year changes of -2.20% and -1.48%, respectively. The investment growth rate in December continued to decline [1][15] - The cleanroom construction demand is expected to continue rising, benefiting leading companies in this sector [7][12] Market Performance - The construction industry saw a weekly increase of 1.88%, outperforming major indices such as the Shenzhen Composite Index and the Shanghai Composite Index [18] - The chemical engineering and steel structure sectors performed particularly well, with increases of 10.95% and 7.33%, respectively [18] Key Companies to Watch - Recommended companies include low-valuation state-owned enterprises such as China State Construction Engineering, China Communications Construction Company, and China Railway Construction Corporation, which are expected to see improvements in key operational indicators and dividend payouts [10][11] - Cleanroom engineering leaders like Yaxiang Integration and Shenghui Integration are highlighted for their rapid order growth and strong overseas business performance [11][12] - Companies with significant overseas contracts, such as China National Materials and China Steel International, are also recommended due to their strong growth in international markets [10][11] Financial Metrics - The construction industry’s price-to-earnings (P/E) ratio is reported at 13.28 times, with a price-to-book (P/B) ratio of 0.88 times, indicating a relative valuation position among various sectors [23] - The report identifies companies with the lowest P/E ratios, including Shandong Road and Bridge and China State Construction, suggesting potential investment opportunities [23][26]

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 ...

通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 AI基金中泰红利优选一年持有混合发起（014771）披露2025年四季报，第四季度基金利润1689.01万元，加权平均基金份额本期利润0.0249元。报告期内， 基金净值增长率为1.74%，截至四季度末，基金规模为10.37亿元。 该基金属于偏股混合型基金。截至1月21日，单位净值为1.506元。基金经理是姜诚和王桃，目前共同管理的2只基金近一年均为正收益。其中，截至1月21 日，中泰红利优选一年持有混合发起近一年复权单位净值增长率最高，达13.49%；中泰红利价值一年持有混合发起最低，为13.19%。 基金管理人在四季报中表示，我们深知投资收益高低与投资决策的难度并没有显著的相关性，我们红利策略追求的是高置信度前提下的高胜率。在认知构建 层面，我们秉持开放勤奋的态度，通过持续学习不断外扩能力圈的边界；但回到投资决策，我们恪守严苛的标准和纪律，保持高度的克制与定力，兜住下 限、并努力提高长期投资回报。感谢大家的信任。 截至1月21日，中泰红利优选一年持有混合发起近三个月复权单 ...