证券研究报告 公司深度（R4）- 五新隧装(920174.BJ) 机械设备 ｜ 工程机械 布局高景气增量赛道，并购协同成长 | 2026 年 01 月 27 日 | | | | --- | --- | --- | | 评级 | 增持 | | | | 评级变动 | 维持 | | 交易数据 | | | | 当前价格（元） | | 47.98 | | 52 周价格区间（元） | 25.46-82.27 | | --- | --- | | 总市值（百万） | 4318.62 | | 流通市值（百万） | 4174.30 | | 总股本（万股） | 9000.87 | | 流通股（万股） | 8700.08 | 涨跌幅比较 | | 五新隧装 | | 工程机械 | | | --- | --- | --- | --- | --- | | 248% | | | | | | 198% | | | | | | 148% | | | | | | 98% | | | | | | 48% | | | | | | -2% | | | | | | 2025-01 | 2025-04 | 2025-07 | 2025-10 | 2026-0 ...

Core Viewpoint - The company, 德石股份 (301158), is actively involved in the geothermal energy sector and has seen significant growth in product exports, particularly in the Middle East, while also participating in major industry exhibitions to secure new orders. Group 1: Company Performance - As of December 25, 2025, 德石股份 closed at 22.06 yuan, with a 0.5% increase, a turnover rate of 4.06%, a trading volume of 59,500 shares, and a transaction value of 132 million yuan [1]. - The company has sufficient orders on hand compared to the previous year and is actively pursuing industry integration along the supply chain [2]. Group 2: Product and Market Development - The company's screw drill products are widely used in geothermal drilling projects, highlighting its role in the renewable energy sector [2]. - The company has developed intelligent drilling tools, including MWD (Measurement While Drilling) systems and rotary steerable drilling motors, which are crucial for drilling operations [2]. - At the Abu Dhabi International Petroleum Exhibition in November, the company successfully generated numerous cooperation intentions, indicating strong market interest [2]. Group 3: Financial and Investment Insights - On December 25, there was a net outflow of 9.34 million yuan from major funds, while retail investors saw a net inflow of 11.55 million yuan, suggesting a shift in investor sentiment [3].

Core Viewpoint - The deep earth economy sector experienced a rise of 0.97% on December 24, with ShenKai Co., Ltd. leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3940.95, up by 0.53% [1] - The Shenzhen Component Index closed at 13486.42, up by 0.88% [1] Group 2: Capital Flow - The main funds in the deep earth economy sector saw a net outflow of 75.5485 million yuan [1] - Retail investors contributed a net inflow of 23.1 million yuan [1] - The net outflow from speculative funds amounted to 155 million yuan [1]

Core Insights - The engineering machinery industry is expected to maintain steady growth in 2025, driven by domestic infrastructure investment and overseas market expansion, achieving a high-quality development pattern of "stable growth, structural optimization, and improved efficiency" [10] - The report maintains a "leading the market" rating for the engineering machinery sector, highlighting the potential of intelligent logistics and mining machinery as key investment areas [10] Industry Performance Overview - The engineering machinery industry index has outperformed major market indices, with a year-to-date increase of 33.14% as of December 21, 2025, significantly surpassing the Shanghai Composite Index and Shenzhen Component Index [9][14] - The revenue and net profit of the engineering machinery industry grew by 10.84% and 19.72% year-on-year, respectively, in the first three quarters of 2025, indicating a recovery in operational performance [21][23] Intelligent Logistics Equipment - The demand from e-commerce has driven rapid transformation in the logistics market, with the logistics total amount reaching 263.2 trillion yuan in the first three quarters of 2025, a year-on-year increase of 5.4% [38][49] - Policies at both national and local levels are establishing a supportive framework for the development of intelligent logistics, focusing on technology empowerment, equipment upgrades, and scenario innovation [10][55] Mining Machinery and Tunnel Engineering Equipment - The "14th Five-Year Plan" emphasizes the development of deep-earth economy, with mining machinery showing significant work hour differentiation, particularly for non-road dump trucks [10][19] - The demand for intelligent mining equipment is accelerating due to stringent policies related to carbon neutrality and safety regulations, driving the production of advanced machinery [10][21] Investment Recommendations - The report suggests focusing on companies involved in intelligent logistics equipment such as Anhui Heli and Hangcha Group, as well as traditional earth-moving machinery like SANY Heavy Industry and Zoomlion [10][7] - The mining machinery sector is highlighted for its growth potential, particularly in non-road dump trucks and tunnel boring machines, with companies like Tiedao Heavy Industry and Wuxin Tunnel Equipment recommended for investment [10][7]

Core Concept - The concept of "deep earth economy" has gained significant attention in the capital market as of October 2025, indicating a strategic shift towards resource extraction from deep within the Earth, impacting various sectors such as oil and gas, mining, and infrastructure [1] Group 1: Market Response and Strategic Initiatives - The capital market has reacted positively to the emergence of the deep earth economy, with multiple sectors showing strength, suggesting a multi-trillion yuan new growth avenue [1] - The Ministry of Natural Resources has outlined plans for the 14th Five-Year Plan, emphasizing the need for standardization in emerging industries such as deep-sea and deep-earth exploration [1][2] - A special fund has been established at the central level to guide social capital and accelerate the formulation of national standards in deep earth drilling and equipment manufacturing [1] Group 2: Resource Potential and Development Opportunities - China possesses significant deep and ultra-deep oil and gas resources, totaling 671 million tons of oil equivalent, which accounts for approximately 34% of the nation's total oil and gas resources [2] - The Sichuan Basin, particularly the city of Bazhong, is identified as a key area for deep oil and gas exploration, benefiting from favorable geological conditions and substantial resource reserves [3][5] - Bazhong's natural gas geological reserves are estimated at 1.4 trillion cubic meters, with shale oil resources around 25 million tons, indicating high economic value and development potential [5] Group 3: Investment and Development Metrics - From January to October this year, Bazhong completed investments of 1.692 billion yuan, a year-on-year increase of 63.5%, with a notable rise in the number of oil and gas wells [7] - The city has seen a significant increase in natural gas production, reaching 360 million cubic meters, a 71.4% year-on-year growth, and oil production of 14,000 tons, a 600% increase [7] Group 4: Industrial Layout and Future Plans - Bazhong aims to establish a "billion-level energy and chemical industry cluster," focusing on natural gas and oil chemical projects, with a total investment of approximately 13.15 billion yuan [11] - The city is targeting advanced materials and clean energy sectors, with investments planned for high-end products such as electronic-grade epoxy resin and carbon nanotubes [11] - The strategic deployment in Bazhong aligns with the anticipated growth of the deep earth economy, which is projected to exceed 5 trillion yuan during the 14th Five-Year Plan period [9] Group 5: Collaborative Efforts and Governance - The 2025 Bazhong Oil and Gas Development Conference highlighted the collaboration between state-owned enterprises and local government, forming a comprehensive support system for resource exploration and development [12][15] - A series of agreements were signed during the conference, showcasing the government's commitment to rapid project initiation and efficient service delivery [13][15] - Bazhong is positioning itself as a replicable model for the deep earth economy, integrating government organization, enterprise collaboration, and research support to achieve resource exploration breakthroughs [16]

Summary of China Railway Group's Conference Call Company Overview - **Company**: China Railway Group - **Period**: First three quarters of 2025 Key Financial Metrics - New contracts signed amounted to **¥1,585 billion**, a year-on-year increase of **3.7%** [3] - Domestic contracts totaled **¥1,418 billion**, up **1%** year-on-year [3] - Overseas contracts reached **¥166.6 billion**, a significant increase of **35%** [3] - Total revenue for the period was **¥776 billion**, reflecting a decline of **5%** year-on-year [3] - Profit before tax was **¥23.7 billion**, down **12.8%** year-on-year [3] Industry Insights - The construction industry is facing challenges, with infrastructure investment showing a **negative growth** for the first time in ten months [3] - Railway new contracts surged by **47%**, indicating a strong demand in the railway sector [3][5] - The company is awaiting detailed planning from the National Railway Administration and China National Railway Group regarding the **14th Five-Year Plan** for railway construction [5] International Expansion - **70%** of overseas new contracts are from the **Belt and Road Initiative** regions [6][7] - The **China-Kyrgyzstan-Uzbekistan Railway** project is highlighted as a key achievement [6] - Overseas projects have a gross profit margin comparable to domestic projects, but face risks such as political instability and currency fluctuations [8] Mining and Resource Management - Rising prices of non-ferrous metals have improved the profit margins in the mining sector [10] - The company is actively seeking new mining reserves while focusing on existing mineral types [4][14] - Plans to enhance competitiveness through the acquisition and development of mineral resources are in place [9] Strategic Focus Areas - The company is involved in **deep earth economy** projects, including underground space engineering and tunnel construction [9] - Significant growth is noted in the **water conservancy and clean energy sectors**, driven by national policies addressing water resource imbalances [11] Financial Management and Shareholder Returns - The company has not adjusted its annual operational targets and aims to narrow the revenue and profit decline [17] - A mid-term dividend has been issued, reflecting a commitment to shareholder returns [19] - Future dividend policies aim for a gradual increase to enhance investor confidence [20] Project Selection and Risk Management - The company is adopting stricter project selection criteria, focusing on profitability rather than merely increasing the number of new contracts [22][23] - The impact of debt relief policies on cash flow and project advancement is being monitored, with specific measures in place to ensure healthy cash flow management [16] Market Perception and Value Management - Despite a decline in market focus on state-owned enterprise value management, the company remains committed to improving its market value through operational improvements [24] Conclusion - China Railway Group is navigating a challenging environment with a focus on strategic growth areas, international expansion, and maintaining financial health while responding to market expectations and risks associated with project execution.

Core Viewpoint - Dayu Water-saving focuses on the water conservancy and agriculture sectors, emphasizing its experience in groundwater resource exploration and water-saving technologies related to deep well construction [2] Group 1: Company Strategy - The company has accumulated practical experience in groundwater resource exploration and water-saving technologies for deep well construction [2] - Dayu Water-saving will continue to monitor policy trends and technological advancements in the context of the "deep economy" development trend [2] - The company plans to explore opportunities related to groundwater resource development and supporting deep water conservancy projects, with future strategic layouts to be disclosed to the market [2]

Core Insights - Company expresses gratitude for investor support and highlights its core business in oil and gas development, specifically in perforation services, which are at an internationally leading level [1] Group 1: Business Overview - Company specializes in perforation services, a critical aspect of oil and gas development [1] - The perforation technology utilized by the company is recognized as being at the forefront internationally [1] Group 2: Market Position and Clients - The company's primary domestic clients include major state-owned enterprises in the oil sector, referred to as the "Three Barrels of Oil" [1] - The company's U.S. subsidiary, TWG, is a leading player in the North American perforation market with a market share of 15% [3] - TWG possesses world-leading technologies in shale oil and gas development, particularly in perforation segment technology and cable logging technology [3]

Core Viewpoint - The company is positioned to benefit from the recovery in shale gas development equipment demand, supported by international oil price stabilization and the national "Deep Earth Economy" policy under the 14th Five-Year Plan [1] Group 1: Company Overview - The company, Tongyuan Petroleum, specializes in the core segment of oil and gas development, specifically in perforation services [1] - The company's perforation technology is at an internationally leading level, indicating a strong competitive position in the market [1] Group 2: Market Position and Clients - The company's U.S. subsidiary, TWG, is a leading player in the North American perforation sector with a market share of 15% [1] - Major domestic clients include the "Big Three" oil companies in China, commonly referred to as the "Three Barrels of Oil" [1]

Core Viewpoint - Oil and gas stocks are experiencing a strong performance, with notable increases in share prices for companies such as Sinopec Oilfield Services and Shandong Molong, driven by significant developments in shale oil production in China [1] Group 1: Company Performance - Sinopec Oilfield Services (01033) saw an increase of 8.97%, trading at 0.85 HKD [1] - Shandong Molong (00568) rose by 7.33%, with shares priced at 4.39 HKD [1] Group 2: Industry Developments - China's largest shale oil production base, Changqing Oilfield, has achieved a cumulative production of over 20 million tons, marking a significant milestone in the country's "shale revolution" [1] - The Ministry of Natural Resources has indicated plans to accelerate the standardization of emerging and future industries during the 14th Five-Year Plan, focusing on deep-sea and deep-earth resources [1] - Several provinces are incorporating "deep earth economy" as a core direction in their respective 14th Five-Year Plans [1]