金元顺安元启灵活配置混合（004685）基金经理为缪玮彬。 截至发稿，缪玮彬累计任职时间8年312天，现任基金资产总规模13.5亿元，任职期间最佳基金回报 512.59%， 任职期间最差基金回报-28.79%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 10月21日，海波重科涨5.18%，截至发稿，报11.97元/股，成交5863.35万元，换手率4.05%，总市值 23.99亿元。 资料显示，海波重型工程科技股份有限公司位于湖北省武汉市江夏区郑店街黄金桥工业园6号，成立日 期1997年4月11日，上市日期2016年7月19日，公司主营业务涉及桥梁钢结构的制作和安装,以及相应的 技术研究、工艺设计及技术服务。主营业务收入构成为：钢结构工程99.03%，其他收入0.97%。 从海波重科十大流通股东角度 数据显示，金元顺安基金旗下1只基金位居海波重科十大流通股东。金元顺安元启灵活配置混合 （004685）二季度增持3.82万股，持有股数110万股，占 ...

Core Viewpoint - The financial performance of China Railway Industry (中铁工业) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating potential challenges in its operational efficiency and profitability [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 13.583 billion yuan, a decrease of 2.82% year-on-year [1]. - Net profit attributable to shareholders was 688 million yuan, down 26.36% year-on-year [1]. - In Q2 2025, total revenue reached 7.244 billion yuan, reflecting a year-on-year increase of 5.61, while net profit was 370 million yuan, a decline of 20.65% [1]. - The gross margin was 17.76%, down 5.47% year-on-year, and the net margin was 4.95%, down 24.90% year-on-year [1]. - The company’s accounts receivable accounted for 1031.21% of the latest annual net profit, indicating a significant collection issue [1][3]. Operational Insights - The company’s return on invested capital (ROIC) for the previous year was 6.29%, which is considered average, with a historical median ROIC of 7.19% over the past decade [3]. - The net profit margin for the previous year was 5.98%, suggesting that the added value of the company's products or services is generally low [3]. - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 27.28% [3]. Business Development - In the first half of 2025, the company secured new contracts totaling 21.41 billion yuan, with overseas contracts amounting to 1.89 billion yuan, representing a year-on-year growth of 5.24% [4]. - The growth in overseas contracts was primarily driven by high-margin products such as shield machines and bridge steel structures from regions including Western Europe, the Middle East, and Oceania [4].

Core Insights - The company reported a total new contract value of 21.41 billion yuan for the first half of 2025, with a revenue of 13.584 billion yuan and a net profit of 688 million yuan [1] - The second quarter showed significant improvement in performance, with revenue of 7.244 billion yuan, a quarter-on-quarter increase of 14.28%, and a net profit of 3.7 billion yuan, reflecting a 16.50% increase [1] Financial Performance - For the first half of 2025, the company achieved a total profit of 796 million yuan, with the second quarter contributing 434 million yuan, marking a quarter-on-quarter growth of 19.79% [1] - The overall revenue for the first half was 13.584 billion yuan, with the second quarter accounting for 7.244 billion yuan [1] Overseas Business Growth - The company secured new contracts worth 1.89 billion yuan from overseas markets, representing a year-on-year growth of 5.24%, with the turnout from the switch business overseas reaching 246 million yuan, a 39.74% increase [2] - Major overseas orders were sourced from Western Europe, the Middle East, and Oceania, focusing on TBM products and bridge steel structures [2] - The company has maintained the world's leading position in TBM sales for eight consecutive years, expanding its market share in developed countries across various regions [2] Future Outlook - The company plans to leverage its advantages in design, research, and manufacturing of tunnel construction equipment to pursue project developments in major water conservancy projects and intercity railway networks [2] - The upcoming implementation of significant projects and the industry's shift towards mechanization, intelligence, and greening are expected to provide broader market opportunities for the company's main business in tunnel boring machines [2]

Group 1 - The stock price of China Railway Industry is reported at 9.30 yuan as of July 30, 2025, with a decrease of 0.34 yuan, representing a decline of 3.53% from the previous trading day [1] - The company specializes in the research and manufacturing of high-end equipment for tunnel construction and rail transit, including products such as shield machines, TBMs, bridge steel structures, and turnouts, which are widely used in infrastructure construction across various sectors [1] - The company disclosed its semi-annual report showing a total new contract value of 21.41 billion yuan for the first half of 2025, with overseas orders amounting to 1.89 billion yuan, reflecting a year-on-year growth of 5.24% [1] Group 2 - The new contracts for tunnel construction equipment and related services reached 5.485 billion yuan, with a market share exceeding 60% in the water conservancy and hydropower sector [1] - On July 24, the company launched its first fully chain "Sichuan-made" earth pressure balance shield machine, "Chuan Shan Jia No. 1," designed specifically for extreme low-temperature environments down to -40 degrees Celsius [1] - As of July 30, 2025, the net outflow of main funds from China Railway Industry was 150 million yuan, accounting for 0.73% of its circulating market value [1]

Group 1 - The company achieved a total new contract value of 21.41 billion yuan in the first half of the year, with overseas contracts amounting to 1.89 billion yuan, reflecting a year-on-year growth of 5.24% [2] - Major sources of overseas orders include shield machines/TBM products from Western Europe, the Middle East, and Oceania, as well as bridge steel structures from Northern Europe and turnout orders from North Africa [2] - The company signed contracts worth 5.485 billion yuan for tunnel construction equipment and related services, with significant growth in the emerging hydropower sector despite a decrease in traditional infrastructure investment demand [2] Group 2 - The first fully "Sichuan-made" earth pressure balance shield machine, "Chuan Shan Jia No. 1," was launched, specifically designed for construction in extreme low-temperature environments [3] - The manufacturing base for this machine is a collaboration between the company and Sichuan Water Development Group, focusing on high-end equipment needs in high latitude and high altitude regions [3] - The hydropower market is identified as a key growth area for the company's tunnel construction equipment and related services, with ongoing efforts to enhance product sophistication, sustainability, and intelligence [3]

Group 1 - The core viewpoint of the article highlights the strong performance of China Railway Industry (中铁工业) in the first half of 2025, with a total new contract amount of 21.41 billion yuan, including 1.89 billion yuan from overseas markets, reflecting a year-on-year growth of 5.24% [1] - The overseas market orders primarily come from Western Europe, the Middle East, and Oceania, focusing on shield tunneling machines (TBM) and bridge steel structures [1] - China Railway Industry has maintained its position as the world's leading manufacturer of TBM products for eight consecutive years, with a growing market share in developed countries across Europe, America, Asia, and Oceania [1] Group 2 - In the first half of the year, the company signed new contracts worth 5.485 billion yuan for tunnel construction equipment and related services, with significant growth in the emerging hydropower sector despite a decrease in traditional infrastructure investment [2] - The market share of the company's TBM products in domestic hydropower projects exceeds 60%, with an 85% share in pumped storage power stations [2] - The recent launch of the "Chuan Shan Jia No. 1" shield tunneling machine, designed for extreme low-temperature conditions, marks a significant technological advancement for the company [3] Group 3 - The company is focusing on the hydropower market as a key area for growth, leveraging its technological leadership and market expansion capabilities [3] - The company aims to enhance the high-end, green, and intelligent transformation of its products, contributing to national water network construction [3]

Group 1: Research Basic Information - The research object is Haibo Heavy Industry Co., Ltd., belonging to the engineering construction industry [16] - The reception time was on June 12, 2025, and the listed company's reception staff included General Manager Da Hao, Board Secretary Zhang Xue, and Financial Controller Xu Weimin [16] Group 2: Detailed Research Institutions - The reception object was investors participating in the 2025 Investor Collective Reception Day event for listed companies in Hubei Province, and the object type was "other" [19] Group 3: Core Views of the Company - The company is exploring new growth points and potential in the traditional bridge steel structure industry through technology - driven product upgrades, market expansion and diversified business layout, and digital transformation [23] - In terms of personnel appointment, the company adheres to a modern enterprise management system and selects professionals based on ability and experience, respecting the personal career choices of the actual controller's children [25] - The company aims to consolidate the domestic market, expand overseas markets, and explore diversified businesses around steel structures while the actual controller has no current plan to introduce external strategic investors [25]

Group 1: Company Growth Potential - The company is exploring new growth highlights and potential despite being in a traditional bridge steel structure industry, focusing on technology innovation to drive product upgrades [3] - The company is expanding its market presence by responding to the "Belt and Road" initiative and actively exploring overseas markets while diversifying its business beyond traditional bridge steel structures [3][4] - Digital transformation is being prioritized to enhance management efficiency and reduce costs through the optimization of ERP systems [4] Group 2: Management and Strategic Decisions - The company adheres to a modern corporate management system, ensuring that personnel selection is based on merit and experience to maintain operational professionalism and efficiency [4] - The controlling shareholder's children are not guaranteed positions within the company, as their career choices are respected and not influenced by family ties [4] - Currently, there are no plans to introduce external strategic investors, although the company remains open to such considerations if it aligns with strategic development goals [4]