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行业研究丨深度报告丨建筑与工程 [Table_Title] 开发蓄势待发，掘金重大工程 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 新疆地区基础较差但发展潜力巨大，近年来财政资金不断投入，支持新疆当地基建补短板、强 弱项，一大批交通、水利、能源等重大基础设施项目建成投运。近期新疆区域重大项目持续推 进，包括新疆煤化工、中吉乌铁路、新藏铁路等，关注当地工程企业订单释放。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 龚子逸 请阅读最后评级说明和重要声明 2 / 26 建筑与工程 cjzqdt11111 [Table_Title2] 开发蓄势待发，掘金重大工程 [Table_Summary2] 新疆基础较差但发展潜力巨大 新疆经济基础较差，交通建设制约发展。2024 年新疆地区生产总值 20534.08 亿元，比上年增 长 6.1%，全年人均地区生产总值 78660 元，比上年增长 5.4%。新疆地处内陆，内河资源 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and infrastructure sector, particularly those benefiting from the Xinjiang transportation infrastructure projects [9][26]. Core Viewpoints - The establishment of the Xinjiang-Tibet Railway Company, with a registered capital of 95 billion RMB, is expected to catalyze significant investment opportunities in the Xinjiang transportation infrastructure sector [1][12]. - The Xinjiang region is anticipated to receive increased policy support and major project investments, particularly in transportation infrastructure, due to its strategic importance to national energy security and ethnic unity [17][12]. - The report emphasizes the potential for substantial returns from leading construction companies such as China Railway, China Railway Construction, and China Communications Construction, as well as local firms like Xinjiang Communications Construction and Beixin Road and Bridge [1][8]. Summary by Sections Industry Investment Rating - The report recommends a "Buy" rating for major construction companies involved in Xinjiang's infrastructure projects, highlighting their strong market positions and expected growth [9][26]. Key Beneficiaries - Major construction central enterprises such as China Railway, China Railway Construction, and China Communications Construction are identified as primary beneficiaries of the Xinjiang infrastructure projects [18][24]. - Local companies like Xinjiang Communications Construction and Beixin Road and Bridge are also highlighted for their significant roles in regional infrastructure development [21][22]. Project Details - The Xinjiang-Tibet Railway, approximately 2010 kilometers long, is projected to require an investment of 96 billion RMB, with construction expected to commence in 2025 [1][12]. - The report outlines the timeline for project milestones, including geological surveys and construction start dates, indicating a structured approach to project execution [13][17]. Financial Metrics - Key financial metrics for recommended companies include projected earnings per share (EPS) and price-to-earnings (PE) ratios, with China Railway and China Railway Construction showing favorable valuations [27][28]. - The report provides detailed financial forecasts for these companies, indicating strong potential for growth and returns on investment [9][26].