分析师及联系人 丨证券研究报告丨 行业研究丨点评报告丨建筑与工程 [Table_Title] 新藏铁路启航，重视稳增长，重视新疆 报告要点 [Table_Summary] 近日，新藏铁路有限公司成立，法定代表人为马殷军，注册资本 950 亿人民币，由中国国家铁 路集团有限公司全资持股。新藏铁路公司成立，指向新藏铁路建设加速，引发市场对新疆区域 进一步关注。 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 新藏铁路启航，重视稳增长，重视新疆 [Table_Summary2] 事件描述 近日，新藏铁路有限公司成立，法定代表人为马殷军，注册资本 950 亿人民币，由中国国家铁 路集团有限公司全资持股。新藏铁路公司成立，指向新藏铁路建设加速，引发市场对新疆区域 进一步关注。 事件评论 风险提示 1、政策落地不及预期；2、资金到位不及预期。 请阅读最后 ...

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities in the Xinjiang region [5][8][9]. Core Insights - The upcoming Fourth Central Xinjiang Work Conference in 2025, coinciding with the 70th anniversary of the Xinjiang Uyghur Autonomous Region, is expected to catalyze significant policy support and investment in infrastructure and industry [1][12]. - Xinjiang's strategic importance, energy security, and ethnic unity are highlighted as key factors for sustained national support for high-quality development in the region [2][4]. - Major transportation infrastructure projects, such as the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway, are set to accelerate, with significant investments projected [3][15]. - The coal chemical industry in Xinjiang is anticipated to see substantial growth, with over 800 billion yuan in planned investments by mid-2025, driven by national energy security needs [4][19]. Summary by Sections Investment Opportunities - The report emphasizes the potential for investment in Xinjiang due to upcoming policy support and infrastructure projects, particularly in transportation and coal chemical sectors [1][3][4]. - Key companies recommended for investment include major construction firms like China Railway, China Railway Construction, and local firms such as Xinjiang Communications Construction [8][23]. Transportation Infrastructure - Significant railway projects are underway, including the China-Kyrgyzstan-Uzbekistan Railway with an estimated investment of 8 billion USD and the New Tibet Railway with an investment of 96 billion yuan [3][15]. - The report suggests that these projects will benefit major construction companies and local firms involved in infrastructure development [8][15]. Coal Chemical Industry - The coal chemical sector is projected to attract over 800 billion yuan in investments, with a significant portion already underway [4][19]. - Key players in this sector include China Chemical Engineering, Donghua Technology, and Sanwei Chemical, which are expected to benefit from the acceleration of project developments [19][23].

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, indicating a positive outlook for major projects and regional development strategies [4][10]. Core Insights - The initiation of the Yaxia Hydropower Station signals a clear trend of central government leveraging, with expectations for further major projects and regional development strategies to stabilize overall infrastructure investment and total demand [1][9]. - The report highlights that infrastructure and manufacturing investments are experiencing a high-level continuous decline, with real estate investment, sales, and funding showing significant drops, indicating a core issue of insufficient demand [1][14]. - It is anticipated that fiscal policies will continue to strengthen in the second half of the year, improving the funding situation for infrastructure and accelerating the implementation of physical workloads [1][14]. Summary by Sections Major Projects and Regional Development Strategies - Significant transportation projects are expected, including the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway, with total investments of approximately $8 billion and 960 billion yuan respectively [2][21]. - The report outlines several large canal projects, such as the Pinglu Canal, with a total investment of about 72 billion yuan, which is expected to enhance logistics efficiency and stimulate economic growth [3][26]. - The Xinjiang regional strategy is highlighted, with over 800 billion yuan in coal chemical projects planned, driven by the region's abundant coal resources [7][10]. Key Recommendations - The report recommends major construction enterprises that will benefit from large-scale transportation and water conservancy projects, including China Energy Engineering, China State Construction, and China Railway Construction [10][11]. - It also emphasizes companies involved in coal chemical development in Xinjiang, such as China Chemical Engineering and Donghua Technology, as key beneficiaries of the regional strategy [10][11]. - Companies like Sichuan Road and Bridge are recommended due to their involvement in the construction of the national strategic hinterland [10][11].

Core Points - The "Belt and Road" initiative has achieved significant progress over the past five years, expanding cooperation with over 150 countries and 30 international organizations, benefiting various sectors such as industry, transportation, employment, and livelihood [1] - China's international influence and soft power have increased, with a focus on sharing its development model and experiences with other countries [6][7] Group 1: Infrastructure Development - The China-Kyrgyzstan-Uzbekistan railway project is advancing with a total investment of $4.7 billion and a length of approximately 304 kilometers, aimed at creating a vital transportation corridor connecting East Asia to Europe and the Middle East [4][5] - The completion of the Casablanca-Tangier high-speed rail in Morocco in 2018 marked a significant milestone for Africa, with plans to construct over 12,000 kilometers of high-speed rail across the continent [2] Group 2: Economic Cooperation - Bilateral trade between China and Kyrgyzstan has increased eightfold in recent years, reaching a record high of $23 billion [3] - The Belt and Road initiative is seen as a strategic project that will reshape trade patterns and create new opportunities for regional logistics development [5] Group 3: Open Policy and International Engagement - China has reduced its foreign investment negative list from 93 to 29 items, indicating a commitment to further opening up its economy [1] - The number of countries benefiting from visa-free policies has expanded to 47, enhancing tourism and investment opportunities [6]

Group 1 - The China-Kyrgyzstan-Uzbekistan railway is enhancing trade connections among Central Asian countries, with Tajikistan expressing interest in joining the project [1] - Tajikistan's Minister of Transport Ibrahim discussed potential support from China for joining the railway project and the possibility of a broader multimodal transport corridor connecting multiple countries [1] - The project is seen as a significant regional transportation initiative aimed at improving connectivity between Central Asia and South Asia [1] Group 2 - The construction of the China-Kyrgyzstan-Uzbekistan railway is progressing steadily, with key tunnel projects underway, marking the start of substantial construction [2] - The railway is designed for a speed of 120 km/h, with a planned completion date in July 2025, and will create a major cross-border transport corridor [2] - A feasibility study for a railway connection between China's Xinjiang region and Kyrgyzstan's Issyk-Kul area is also in progress, which could significantly reduce freight transport time and costs [2]

Core Viewpoint - The article highlights the increasing connectivity and cooperation between China and Central Asian countries, particularly through infrastructure projects like the China-Kyrgyzstan-Uzbekistan railway, which aims to enhance trade and logistics efficiency in the region [1][2][4]. Connectivity - The second China-Central Asia Summit emphasized the importance of the China-Kyrgyzstan-Uzbekistan railway, which is expected to significantly improve cross-border logistics and trade efficiency, providing a strategic transport corridor [2][4]. - The railway project is projected to generate an annual transit revenue of $200 million for Kyrgyzstan, while also enhancing the country's transportation infrastructure and economic development [2][3]. Geopolitical Positioning - Uzbekistan's unique geographical position as a double landlocked country allows it to aspire to become a central hub in Asia, with the railway providing the shortest route to international markets [3][4]. - The ongoing development of additional rail projects, such as the third railway between China and Kazakhstan, further supports regional connectivity and economic growth [3][4]. Personnel Exchange - The summit introduced initiatives to facilitate personnel exchanges, including visa exemptions between China and Central Asian countries, which are expected to boost tourism and trade [6][7]. - The implementation of visa-free travel has already begun, with the first flights from Uzbekistan arriving in China under the new agreement [6]. Trade Growth - In 2024, trade between China and the five Central Asian countries reached a record high of $94.8 billion, with a year-on-year increase of 10.4% in the first five months of the year [7]. - China has established itself as the largest trading partner and primary source of investment for Central Asia [7].

Core Viewpoint - The second China-Central Asia Summit held in Astana on June 17, 2025, marked a significant step in enhancing cooperation between China and the five Central Asian countries, focusing on building a "China-Central Asia community of shared destiny" and promoting various collaborative initiatives [1][2]. Group 1: Summit Outcomes - The summit resulted in the signing of the "Astana Declaration" and a permanent friendly cooperation treaty among China and the five Central Asian countries [1]. - A total of 12 cooperation documents were signed, covering areas such as the Belt and Road Initiative, trade facilitation, green minerals, and customs cooperation [1]. - The outcomes included a comprehensive list of 110 achievements across six priority cooperation areas, including trade, industrial investment, and agricultural modernization [1]. Group 2: Strategic Significance - The establishment of the China-Central Asia cooperation mechanism is seen as strategically significant, providing a platform for enhanced political trust and practical cooperation in various fields [2][5]. - The geographical advantages of Central Asia have become increasingly prominent, positioning the region as a crucial corridor for the China-Europe Railway Express and a source of key resources for China's green energy transition [2][5]. Group 3: Trade Dynamics - Trade between China and the five Central Asian countries has expanded significantly, with imports and exports growing from 3120.4 billion yuan in 2013 to 6741.5 billion yuan in 2024, marking a 116% increase [3][4]. - In the first five months of 2024, trade reached a historical high of 2864.2 billion yuan, with exports growing by 5.6% and imports by 21% [4]. - The import of agricultural products from Central Asia has surged, with notable increases in specific products such as flaxseed from Kazakhstan and raisins from Uzbekistan [4]. Group 4: Infrastructure Projects - The China-Kyrgyzstan-Uzbekistan railway project, which has recently entered the construction phase, is expected to significantly improve transportation conditions between China's southern regions and Central Asia [3][8]. - This railway will facilitate a new trade route to the Indian Ocean, enhancing the strategic autonomy and trade convenience for Central Asian countries [3][8]. - The project is anticipated to have a profound impact on regional connectivity and economic development, benefiting not only Central Asia but also Afghanistan [8].

Core Points - The "China-Central Asia Spirit" is highlighted as the main achievement of the second China-Central Asia Summit, emphasizing the deepening cooperation and shared values between China and Central Asian countries [1] - The launch of the China-Kyrgyzstan-Uzbekistan railway is a significant strategic project aimed at enhancing connectivity and logistics efficiency in the region, expected to generate substantial economic benefits for Kyrgyzstan [3][4] - The establishment of mutual visa exemption agreements between China and Central Asian countries is set to facilitate travel and trade, with a record trade volume projected for 2024 [6] Connectivity - The China-Kyrgyzstan-Uzbekistan railway is crucial for improving cross-border logistics and trade, with an expected annual transit revenue of $200 million for Kyrgyzstan [3] - The railway will position Central Asia as an important transportation hub between Europe and Asia, enhancing the region's economic, cultural, and technological development [4] - Additional railway projects, such as the third railway between China and Kazakhstan, are progressing, contributing to regional infrastructure development [5] Personnel Exchange - The "China-Central Asia Mechanism to Promote Personnel Exchange Facilitation" initiative aims to enhance travel convenience among the countries [6] - The mutual visa exemption agreements are expected to boost tourism and trade, with significant increases in trade volume already observed [6] - In the first five months of the year, trade between China and Central Asia grew by 10.4%, solidifying China's position as the largest trading partner in the region [6]

Core Viewpoint - The Shanghai Cooperation Organization (SCO) has made significant progress in international road transport cooperation among member states, focusing on green and low-carbon transportation transformation, which will provide targeted solutions for countries with different national conditions [1][2]. Group 1: Achievements and Initiatives - Since its establishment, the SCO has deepened international road transport cooperation, promoting green and low-carbon transformation in transportation [1]. - The number of China-Europe Railway Express trains passing through SCO countries is set to reach 19,000 in 2024, representing a year-on-year increase of 10.7% [1]. - Key infrastructure projects such as the China-Kyrgyzstan-Uzbekistan railway and the completion of the Sino-Russian Tongjiang railway bridge and Heihe highway bridge have been highlighted as important developments [1][2]. Group 2: Upcoming Events and Discussions - The 12th meeting of the SCO Transport Ministers will take place from June 30 to July 2 in Tianjin, focusing on promoting international road transport facilitation and developing efficient transport corridors [2]. - The global sustainable transport summit will discuss three main topics: the framework for global sustainable transport development, the global sustainable transport development report, and best practice cases [2]. Group 3: Best Practices and Innovations - The China International Sustainable Transport Innovation and Knowledge Center has collected 22 representative best practice cases in sustainable transport, including projects from both developed and developing countries [5][6]. - These best practices encompass various fields such as infrastructure connectivity, digitalization, green development, and public transport services, showcasing innovative and replicable policies and technologies [5][6]. Group 4: Regional Development and Connectivity - Tianjin is positioned as a key node in the China-Mongolia-Russia Economic Corridor and the "Belt and Road" initiative, enhancing its role in domestic and international dual circulation [6]. - The Tianjin Port has opened 147 container shipping routes, aiming to become the best outlet for Central Asia, while the Tianjin Binhai International Airport is undergoing expansion to improve connectivity [6].

Core Points - The meeting between Chinese President Xi Jinping and Kyrgyz President Sadyr Japarov on February 5, 2025, highlighted the significant development of China-Kyrgyzstan relations, achieving a new height of comprehensive strategic partnership [4] - Both leaders emphasized the importance of the China-Kyrgyzstan-Uzbekistan railway project, which is seen as a key infrastructure initiative under the Belt and Road Initiative, aimed at enhancing regional connectivity and economic development [7] Group 1: Bilateral Relations - China-Kyrgyzstan relations have seen rapid development, with political mutual trust being continuously strengthened and cooperation across various fields flourishing [4] - Kyrgyzstan supports China on issues related to Taiwan, Xinjiang, and Hong Kong, indicating a strong political alignment between the two nations [4] - The two countries are committed to building a community of shared destiny, with a focus on mutual benefits and cooperation [4][6] Group 2: Infrastructure Development - The China-Kyrgyzstan-Uzbekistan railway project was officially launched on December 27, 2024, with both leaders expressing hopes for high-quality construction and successful implementation [5][7] - The railway is expected to enhance Kyrgyzstan's status as a transportation hub, create numerous job opportunities, and promote development in trade, tourism, and industry [7] - Trade between China and Kyrgyzstan has significantly increased, from $53 million at the time of diplomatic relations to a record $22.7 billion in 2024, showcasing the growing economic ties [7]