证券研究报告 | 行业策略报告 2025 年 12 月 31 日 优选个股、长线配置红利资产 基础设施行业 2026 年度策略报告 周期/交通运输 本篇报告回顾了公路、铁路、港口行业 2025 年的市场行情变化，总体上受市场 风格变化影响、基础设施各子行业整体跑输大盘。报告对基础设施各子行业基 本面情况进行回顾分析，并展望 26 年行业发展趋势。 推荐（维持） 敬请阅读末页的重要说明 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 128 | 2.5 | | 总市值（十亿元） | 3178.0 | 3.0 | | 流通市值（十亿元） | 2986.9 | 3.1 | 行业指数 % 1m 6m 12m 绝对表现 0.7 5.9 6.2 相对表现 -2.0 -12.3 -10.1 资料来源：公司数据、招商证券 -10 0 10 20 30 Jan/25 Apr/25 Aug/25 Dec/25 (%) 交通运输 沪深300 相关报告 1、《航空行业 2026 年度策略报告— 供需筑底，关注 26 年行业盈利弹性》 2025-12-30 2、《航运行业 2026 年 ...

12月30日，基于美国经济分析局的数据，下图列出1949年/1982年/2000年/2025年美国投资总额达到峰值时占比最高的五大行 业。 1949年，美国投资主要集中在支撑快速扩张的工业化经济的行业。农业以12%的投资份额位居榜首，电力、铁路、电信和石 油天然气位列前五。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 1982年，投资重心转向石油天然气，占总投资的11%。电信和房地产也日益受到重视，银行业和电力行业亦跻身前五。 2000年，正值互联网泡沫鼎盛时期，电信业投资占比上升，计算机和电子产品也成为主要投资领域。房地产和银行业同样 占据重要地位。 2025年，信息和数据处理行业占据主导地位，但集中度降低。电力、化工产品和房地产紧随其后，各自占据总投资额的5% 至6%左右。 ...

国家知识产权局信息显示，株洲中车时代电气股份有限公司取得一项名为"一种元学习与多尺度特征融 合的受电弓状态检测方法"的专利，授权公告号CN116681928B，申请日期为2023年5月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 天眼查资料显示，株洲中车时代电气股份有限公司，成立于2005年，位于株洲市，是一家以从事铁路、 船舶、航空航天和其他运输设备制造业为主的企业。企业注册资本141154.0112万人民币。通过天眼查 大数据分析，株洲中车时代电气股份有限公司共对外投资了37家企业，参与招投标项目5000次，专利信 息3697条，此外企业还拥有行政许可151个。 ...

国家知识产权局信息显示，株洲中车时代电气股份有限公司取得一项名为"基于MBOM自动构建SBOM 的方法、系统及存储介质"的专利，授权公告号CN117611063B，申请日期为2023年12月。 天眼查资料显示，株洲中车时代电气股份有限公司，成立于2005年，位于株洲市，是一家以从事铁路、 船舶、航空航天和其他运输设备制造业为主的企业。企业注册资本141154.0112万人民币。通过天眼查 大数据分析，株洲中车时代电气股份有限公司共对外投资了37家企业，参与招投标项目5000次，专利信 息3697条，此外企业还拥有行政许可151个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 ...

2025年，湖南高速公路网络进一步织密，干线通道逐步完善。记者从湖南省交通运输厅获悉，预计到今 年年底，全省公路总里程将达27万公里。其中，高速公路达8642公里，位列全国第9，实现"县县通高 速"；普通国省道总里程达3.1万公里，位列全国第4，实现所有县市区及重要乡镇全覆盖；农村公路总 里程达23万公里，连接起千家万户。 平（平江县）洞（洞口县）高速益阳段的车流盛况（资料图片）。 湖南日报全媒体记者 童迪 摄 "家门口的高速终于通车了……"12月26日，这是邵阳市城步苗族自治县的居民李女士今年最盼望的一 天，家门口的衡南高速城步至龙胜段通车，让她去往湘桂的耗时从60分钟压缩至现在的25分钟。 2025年，湖南交通构建全域互联互通新格局。高速公路总里程突破8600公里，"县县通高速"目标全面达 成，"七纵七横"路网串联城乡，"市市通高铁"实现闭环。 ■文/视频 三湘都市报全媒体记者 李致远 今年湖南高速公路总里程突破8600公里 12月26日，G7221衡南高速城步至龙胜（湘桂界）段、G59呼北高速张家界至官庄段（高坪互通至终点 段）建成通车，湖南高速路网进一步织密。 衡南高速城步至龙胜（湘桂界）段，北起城步 ...

Core Insights - The Yangtze River Delta (YRD) region is solidifying its role as a strong growth engine and a model for high-quality development, with significant advancements in technological and industrial innovation, high-level openness, ecological protection, and improved public welfare in 2024 [1] Economic Development - The YRD's demonstration index for high-quality economic development reached 129.8 in 2024, a 2.4 increase from 2023, and an average annual increase of 2.3 since 2018 [2] - The region's GDP reached 33.17 trillion yuan, 1.5 times that of 2018, accounting for 24.7% of the national total, a slight increase of 0.1 percentage points from 2023 [2] - The digital economy is thriving, with the value added by the information transmission, software, and IT services sector reaching 1.88 trillion yuan, 2.3 times that of 2018, and nearly 30% of the national total [2] Innovation and R&D - The innovation co-construction index rose to 160.6 in 2024, an increase of 8.2 from 2023, with an average annual growth of 6.4 since 2018 [3] - R&D investment in the region reached 1.12 trillion yuan, a 10.5% increase from 2023, representing 30.9% of the national total [3] - The region saw nearly 300,000 new invention patents, with a per capita rate exceeding 12 patents per 10,000 people, 1.6 times that of 2018 [3] Infrastructure and Connectivity - The coordination index for the YRD remained stable at 131.0 in 2024, with an average annual increase of 4.4 since 2018 [4] - The region's railway network expanded to over 15,000 kilometers, a 43.6% increase since 2018, with high-speed rail accounting for over half of the total [4] - The income disparity among residents across provinces narrowed from 2.68:1 in 2018 to 2.40:1 in 2024 [4] Environmental Protection - The green co-protection index reached 163.8 in 2024, a 6.3 increase from 2023, with an average annual growth of 5.6 since 2018 [5] - The air quality improved, with an average of 84.5% of days classified as good air quality across 41 cities, a 0.8 percentage point increase from 2023 [5] - The proportion of good quality surface water reached 94.3%, an increase of 0.9 percentage points year-on-year, marking a historical high [6] Trade and Economic Openness - The openness index for the YRD was 106.6 in 2024, reflecting a resilient outward-oriented economy [7] - The region's total import and export volume exceeded 16 trillion yuan, accounting for 36.5% of the national total, with exports nearing 10 trillion yuan, representing 39.1% of the national total [7] - The seventh China International Import Expo attracted 3,496 exhibitors from 129 countries, with intended transactions exceeding 80 billion USD, of which the YRD accounted for 34% [7] Public Welfare and Services - The public welfare index increased to 130.4 in 2024, a 0.9 increase from 2023, with an average annual rise of 3.1 since 2018 [8] - The average disposable income per capita reached 57,137 yuan, a nominal increase of 5.2% year-on-year [8] - The number of hospital beds in the region increased to 1.6525 million, a rise of 361,800 since 2018, with nearly 7 beds per 1,000 people [8]

来源：市场资讯 天眼查显示，近日，广州汇天飞行汽车制造有限公司发生工商变更，注册资本由6.5亿人民币增至9亿人民币，增幅约38%。 该公司成立于2024年8月，法定代表人为赵德力，经营范围包括工业自动控制系统装置制造、科技中介服务、人工智能理论 与算法软件开发等，由广东汇天飞行汽车有限公司全资持股，后者为小鹏汽车旗下HT Flying Car (Hong Kong) Limited全资 子公司。 | | TIAN 都在用的意业资治工具 | 面包板 市关系 面风险 | | | | | --- | --- | --- | --- | --- | --- | | | | 广州汇天飞行汽车时遭有限公司 | 23 大殿一下 | 器应用 · | 商务合作 企业级产品· ★ 开通会员 · 鱼 费米 · | | 基本信息 40 | 法律诉讼 | 经营风险5 | 经营信息 78 公司发展 | 知识产权 6 | 历史信息 1 0 | | 工商信息 ● | | | | | 心天眼直 | | 工商信息 历史工商信息 | | | | | 【開目网站服 ■ 导出 | | 企业名称 | 广州汇天飞行汽车制造有限公司 | | | | | | ...

交通固定资产投资将超3.6万亿元，全年跨区域人员流动量将超660亿人次，完成营业性货运量超580亿 吨，同比均增长3.5%左右，新增高速铁路超2000公里、高速公路约8000公里、高等级航道约900公里， 新增颁证民用运输机场5个……时值年末，交通运输业交出了一份亮眼的"成绩单"。 "回顾即将过去的一年，交通运输总体上运行平稳、稳中有进，顺利完成全年各项目标任务。"交通运输 部副部长李扬说。 服务保障能力不断提升 春运40天90亿人次，国庆8天超24亿人次——2025年的两个出行高峰，我国的公众出行都创下历史同期 新高；全年港口外贸集装箱吞吐量增长约9.6%，国际航空货运增长20%，快递业务量增长13.5%左右。 这一组客货运数据，彰显出交通行业的蓬勃态势，有力支撑了经济社会正常运转。 李扬表示，当前，群众出门旅行的选择更多，运输服务效率大幅提升，这些都得益于基础设施、运输服 务等方面的大幅提升。 铁路方面，12月23日，由中铁上海工程局、中铁十局一公司等单位参建的包银高铁包惠段正式建成通 车，包头至银川高铁实现全线贯通运营，将为新时代西部大开发注入新动能。由铁四院总体勘察设计， 中铁二十四局等单位参与施工的 ...

Group 1: Technological Breakthroughs - China has achieved a world record in superconducting electric magnetic levitation, accelerating a test vehicle weighing tons to 700 km/h in just two seconds, marking the fastest speed for this type of platform globally [1] - The world's first methanol dual-fuel intelligent super-large oil tanker, "Kai Tuo," has been successfully delivered, featuring a length of approximately 333 meters and a capacity to carry about 2.1 million barrels of crude oil [2] - The first near-zero carbon steel production line in China has been fully connected, capable of reducing carbon emissions by over 3.14 million tons annually, equivalent to reforesting 2,000 square kilometers [3] Group 2: Energy and Infrastructure Developments - China's largest offshore oil field, Bohai Oilfield, is projected to produce over 40 million tons of oil and gas equivalent by 2025, providing a solid guarantee for national energy security [6] - The "Linglong No. 1," the world's first land-based commercial modular small reactor, successfully completed its non-nuclear commissioning test, laying a solid foundation for future nuclear operations [8] - The first unit of China's largest pumped storage power station has been connected to the grid, marking a significant breakthrough in hydropower equipment and engineering [13] Group 3: Transportation Expansion - Multiple high-speed rail lines have been opened, including the Guangzhou-Zhanjiang high-speed rail, which can reach Zhanjiang in as little as 1 hour and 32 minutes [20] - The Shantou-Shantou South high-speed rail has officially commenced operations, with a total length of 162 kilometers and a design speed of 350 km/h [21] - The Baotou-Yinchuan high-speed rail has achieved full operation, bringing high-speed rail access to Inner Mongolia [23] - The Xi'an to Yan'an high-speed railway has been opened, contributing to a total high-speed rail network exceeding 50,000 kilometers [24] - The Wuhan to Yichang section of the Huhangyu Railway has been opened, enhancing rapid passenger transport in the Jianghan Plain and western Hubei [25] - The Hangzhou to Quzhou high-speed rail has been opened, adding a new artery to the Yangtze River Delta intercity rapid transit network [26] - The Ankang to Lanhua Expressway has been completed, becoming an important inter-provincial passage between Shaanxi and Chongqing [27] - The world's longest highway tunnel, the Tianshan Victory Tunnel, has been opened, significantly reducing travel time between Urumqi and Korla [28] - The Cangzhou-Zhao Expressway has been officially opened, ending reliance on ferry transport for over 10,000 residents [29] - The Guiyang to Beihai Expressway has been opened, providing a new north-south route to the Beibu Gulf [30] - The first "6-lane to 12-lane" expressway expansion project in China has been completed, enhancing the capacity of the Jing-Tai Expressway [31]

交通固定资产投资将超3.6万亿元，全年跨区域人员流动量将超660亿人次，完成营业性货运量超580亿 吨，同比均增长3.5%左右，新增高速铁路超2000公里、高速公路约8000公里、高等级航道约900公里， 新增颁证民用运输机场5个……时值年末，交通运输业交出了一份亮眼的"成绩单"。 "回顾即将过去的一年，交通运输总体上运行平稳、稳中有进，顺利完成全年各项目标任务。"交通运输 部副部长李扬说。 服务保障能力不断提升 春运40天90亿人次，国庆8天超24亿人次——2025年的两个出行高峰，我国的公众出行都创下历史同期 新高；全年港口外贸集装箱吞吐量增长约9.6%，国际航空货运增长20%，快递业务量增长13.5%左右。 这一组客货运数据，彰显出交通行业的蓬勃态势，有力支撑了经济社会正常运转。 李扬表示，当前，群众出门旅行的选择更多，运输服务效率大幅提升，这些都得益于基础设施、运输服 务等方面的大幅提升。 金敬东表示，"十五五"时期，交通运输部将加快完善现代化综合交通运输体系，谋划建设一批重大工程 项目，加快推进交通运输一体化融合、安全化提升、数智化升级、绿色化转型，加力贯通综合运输大通 道，更好服务保障国民经济循环 ...