证券研究报告 hyzqdatemark 2026 年 01 月 10 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com | | | | 基本数据 | 2026 | 年 | 01 月 | 08 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 10.25 | | | 一年内最高/最低（港 | | | | 10.31/5.31 | | | 元） | | | | | | | 总市值（百万港元） | | | | 20,808.94 | | | 流通市值（百万港元） | | | | 20,808.94 | | | 资产负债率（%） | | | | 56.67 | | | 资料来源：聚源数据 | | | | | | 中集安瑞科(03899.HK) 机械设备 | 专用设备 港股|首次覆盖报告 投资评级： 买入（首次） ——在手 ...

相关上市企业：中集环科（301559）、四方科技（603339）、胜狮货柜（00716）、中信特钢（000708）、鞍钢股份（000898）、首钢股份（000959）、博 威合金（601137）、纽威股份（603699）、方正阀门（920082）、中鼎股份（000887）等。 内容概况：罐式集装箱是集装箱家族的主要成员之一，长期以来作为液体化工、液体食用品、清洁能源等的专业物流装备，在国际市场早已被证明其安全、 高效、绿色、经济的物流绩效水平。罐式集装箱进入中国市场走过了二十个春秋，如今，我国已经成为全球最大的罐式集装箱生产国，我国罐式集装箱占全 球产销量高达92%，全产品系列、全产业链配套能力、全面技术研发能力，在我国长三角地区形成了高效的罐式集装箱产业链。经过二十余年的发展，我国 形成了罐式集装箱生产、运营、租赁、堆场、清洗、检验等全链条服务能力，罐式集装箱广泛应用在国际航运市场，也大量出现在中国铁路上，中国罐式集 装箱已经成为运输物流市场不可或缺的重要领域。我国作为全球化工贸易第二大市场，作为全球第一人口大国的食品消费市场，罐式集装箱有着广阔的应用 空间。液体化工品、食品饮料、清洁能源等物流市场，是罐式 ...

Core Insights - The article highlights the significant growth and dominance of China's tank container industry, which now accounts for 92% of global production and sales, establishing itself as a crucial player in the logistics of liquid chemicals, food, and clean energy [1][13]. Industry Overview - Tank containers are specialized logistics equipment for transporting liquid, gas, and bulk materials, recognized for their safety, efficiency, and environmental sustainability [4]. - The industry has evolved through four stages in China, from initial awareness in the 1950s to becoming the world's largest manufacturer by the 21st century [6][7]. Industry Development - China's tank container production is projected to reach 40,000 units in 2024, representing 95% of global output, with CIMC Anruihuan Technology maintaining a leading market share [1][13]. - The industry has developed comprehensive service capabilities, including production, operation, leasing, and inspection, making it indispensable in both international shipping and domestic rail transport [1][13]. Policy Environment - Recent policies have supported the growth of the tank container sector, emphasizing safe and environmentally friendly logistics for chemical products [8][9]. - The Ministry of Transport's initiatives aim to enhance port infrastructure and promote integrated transport solutions, targeting a 15% annual growth in container rail-water intermodal transport by 2027 [8]. Industry Chain - The tank container industry chain includes upstream raw materials, midstream manufacturing, and downstream applications in energy, chemicals, and food sectors [9]. - The steady growth in China's oil and gas production is expected to drive demand for tank containers, facilitating the transport of liquid and gaseous energy products [10]. Current Market Trends - The global tank container market saw a production peak in 2022, but a decline is anticipated in 2024 due to reduced demand and overcapacity, with China's production dominating at 95% [11]. - The global tank container fleet is projected to reach 882,000 units by the end of 2024, reflecting a stable growth trend [11]. Key Companies - Major players in the tank container industry include CIMC Anruihuan Technology, Sifang Technology, and Shengsi Container, which have replaced foreign manufacturers due to their competitive advantages [16]. - CIMC Anruihuan Technology focuses on the design, production, and lifecycle services of tank containers, while Sifang Technology specializes in cold chain equipment and tank containers [16][17]. Future Trends - The industry is expected to evolve towards high-end, green, and intelligent solutions, incorporating advanced materials and technologies to enhance efficiency and sustainability [18][19][20]. - Innovations will include the use of lightweight materials, modular designs, and IoT integration for real-time monitoring and optimization of logistics processes [19][20].

证券日报网12月18日讯中集环科（301559）在12月17日回答调研者提问时表示，依托国内化工行业的规 模优势及加强多式联运的政策推动，罐式集装箱拥有广阔的发展前景。2025年，国务院常务会议指出要 持续推动物流降本提质增效，加快建设供需适配、内外联通、安全高效、智慧绿色的现代物流体系，深 化货物运输结构调整，加强多式联运管理制度、规则标准协调衔接。罐式集装箱与传统的装载运输方式 相比，具有安全可靠、运输灵活、快捷便利、经济实用、绿色环保等方面的优势，促进了化工物流的高 效运输。2025年前三季度，公司罐式集装箱业务保持发展韧性，市场份额稳居首位，罐式集装箱营业收 入131，324.42万元。近年来，公司罐箱制造能力不断增强，订单交付速度不断提升。同时，公司正积 极壮大并购团队，积极拓展高端装备等新兴领域，以相关多元化布局驱动长期价值增长。 ...

证券代码：301559 证券简称：中集环科 2025 年，国务院常务会议指出要持续推动物流降本提质增效， 加快建设供需适配、内外联通、安全高效、智慧绿色的现代物流体系， 深化货物运输结构调整，加强多式联运管理制度、规则标准协调衔接。 罐式集装箱与传统的装载运输方式相比，具有安全可靠、运输灵 活、快捷便利、经济实用、绿色环保等方面的优势，促进了化工物流 的高效运输。 2025 年前三季度，公司罐式集装箱业务保持发展韧性，市场份 额稳居首位，罐式集装箱营业收入 131,324.42 万元。 中集安瑞环科技股份有限公司 投资者关系活动记录表 编号：2025-013 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 _________ | | 活动参与人员 | 上海赢仕投资管理有限公司 李柯兵 | | | 蜂投财富管理有限公司 陈正标 | | | 上海国科龙晖私募基金管理有限公司 姜俊峰 | | | 北京疆亘星能国际投资有限公司 胡保才 | | | 九一私募基金 ...

每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 （记者 张明双） 每经AI快讯，四方科技（SH 603339，收盘价：12.65元）12月15日晚间发布公告称，公司第五届第六次 董事会会议于2025年12月13日在公司会议室以现场结合通讯形式召开。会议审议了《关于召开2025年第 二次临时股东会的议案》等文件。 2024年1至12月份，四方科技的营业收入构成为：罐式集装箱行业占比58.62%，冷冻设备占比38.62%， 其他业务占比2.76%。 截至发稿，四方科技市值为39亿元。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][10]. Core Insights - The company is a clean energy equipment platform under CIMC, focusing on LNG transportation, storage, and processing equipment, with a strong financial position and a projected CAGR of 17% for net profit from 2020 to 2024, driven by the growth in clean energy equipment [9][10]. - The company has a robust order book, with total orders amounting to 30.8 billion yuan as of Q3 2025, including 27.3 billion yuan in clean energy equipment [10][51]. - The report highlights the potential for growth in hydrogen and methanol businesses, supported by national policies and increasing demand for clean energy solutions [12][10]. Summary by Sections 1. Company Overview - The company, established in 2004, is a subsidiary of CIMC, primarily engaged in the production of various transportation, storage, and processing equipment for clean energy, chemical environments, and liquid food industries [20][21]. - The company has shown steady revenue and profit growth, with a CAGR of 19% for revenue and 17% for net profit from 2020 to 2024 [26][32]. 2. Energy Equipment - The company benefits from a full order book in clean energy equipment, with significant growth expected in LNG storage and transportation due to declining natural gas prices and increasing demand [9][10]. - The report notes that the company is well-positioned to capitalize on the LNG market, with a projected increase in LNG-powered vessels and infrastructure [62][66]. 3. Energy Operations - The company is expanding its operations in blue hydrogen and green methanol production, with projects expected to come online in the near future [10][12]. - The focus on utilizing by-products from steel production for hydrogen and LNG production is highlighted as a key growth area [21][61]. 4. Chemical and Food Industries - The company holds a significant market share in chemical tank containers, although it faces short-term pressures from the chemical cycle [32][34]. - The liquid food segment is also impacted by consumer trends, but diversification strategies are in place to enhance resilience [32][34]. 5. Investment Analysis - The projected net profits for 2025-2027 are 1.133 billion, 1.469 billion, and 1.762 billion yuan, respectively, with corresponding PE ratios of 13, 10, and 8 [10][11]. - The report suggests a reasonable valuation of 19.1 billion yuan for 2026, indicating a potential upside of 29% from the current market capitalization [10][11].

来源：新浪证券-红岸工作室 12月12日，中集环科涨0.06%，成交额2150.41万元，换手率1.51%，总市值94.86亿元。 异动分析 医疗器械概念+一带一路+天然气+物联网+人民币贬值受益 1、2023年10月11日互动易回复：公司的医疗设备部件主要应用于医学影像设备，作为核磁共振影像设 备的整体结构支撑，能够有效防止氦泄漏，保护被检测人员。公司医疗设备部件主要客户包括西门子、 联影医疗及健信核磁等。 2、公司招股书:公司罐式集装箱产品主要面向欧洲、亚洲、北美洲等主要地区市场，在罐式集装箱细分 领域中全球市场份额超过 50%，连续多年排名世界第一。 3、根据公司招股说明书：公司气瓶产品主要用于用于储存天然气、氢气等能源气体，与配套的框架和 管路可组成模块化供气系统。 资金分析 今日主力净流入-136.23万，占比0.06%，行业排名152/245，连续3日被主力资金减仓；所属行业主力净 流入9.37亿，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入-136.23万-738.66万-1201.13万-1763.69万-4813.23万 主力持仓 主力没有控盘，筹码 ...

证券代码：301559 证券简称：中集环科 中集安瑞环科技股份有限公司 投资者关系活动记录表 编号：2025-011 投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他 电话会议 活动参与人员 泓德基金 李昕阳 华泰证券 李倩倩 公司副总裁、首席财务官兼董事会秘书 张 毅 公司董事会办公室主任 王延民 时间 2025 年 12 月 4 日 10:00-10:30 地点 中集环科会议室 形式 □现场 □网上 ☑电话会议 交流内容及具体问 答记录 公司基本情况介绍： 公司主要从事罐式集装箱的设计研发、生产制造和销售，是全球 领先的液体、液化气体（常温）集装箱化物流装备制造企业和全生命 周期服务商，并衍生出医疗设备部件业务。 2025 年，受美国贸易政策不确定性以及全球地缘政治紧张等因 素影响，全球经济局势在多重因素交织下呈现出复杂态势，公司下游 化工行业承压，罐式集装箱市场需求下降，市场竞争加剧。公司面对 复杂竞争局面，坚持高质量发展主线，罐式集装箱业务市场份额稳居 首位，医疗设备部件业务保持增长态势，后市场业务服务能力不断提 升。 问题 1 ...

Summary of CIMC Enric's Conference Call Company Overview - **Company**: CIMC Enric - **Industry**: Clean Energy, Chemical Environment, Liquid Food Key Financial Metrics - **Revenue**: RMB 19.35 billion for the first three quarters of 2025, a year-on-year increase of 7.7% [2][3] - **Net Profit**: RMB 767 million, up 12.9% year-on-year, driven by the clean energy sector and accelerated ship deliveries [2][4] - **Clean Energy Contribution**: 77.7% of total revenue, with a clean energy segment revenue of nearly RMB 15 billion, a 19.4% increase [2][5] Business Segment Performance Clean Energy - **Waterborne Clean Energy Revenue**: RMB 4.8 billion, over 60% growth year-on-year, with 14 ships delivered in the first three quarters [2][5] - **Future Projections**: Expected to deliver 18 ships in total for the year, contributing over RMB 6 billion in revenue [2][5] - **Order Backlog**: Close to RMB 20 billion in clean energy orders as of September 2025, providing strong future performance support [6] Chemical Environment - **Revenue**: RMB 1.57 billion, facing challenges due to macroeconomic conditions, but new high-end medical equipment orders are increasing [2][5] Liquid Food - **Revenue**: RMB 2.74 billion, a decline of 13% year-on-year, but stable in Q3 with new orders around RMB 1 billion [2][5] Strategic Initiatives - **Expansion into Emerging Fields**: Plans to expand into green methanol and hydrogen sectors, with a green methanol production line expected to start in Q4 2025 [2][11] - **Strategic Partnerships**: Collaborations with China Merchants Energy and Sinopec to promote green methanol bunkering in Hong Kong [14] Market Outlook - **LNG Market**: Anticipated strong growth in LNG consumption in China, projected to increase by over 20% in 2026 [8] - **Shipbuilding Orders**: Current shipbuilding orders extend to 2028, with expected revenue from waterborne new energy business of no less than RMB 6 billion in 2025 [7] Management Confidence - **Share Buyback Plan**: The board approved a share buyback plan not exceeding HKD 200 million, reflecting confidence in the company's intrinsic value [13][17] - **Dividend Policy**: Maintains a dividend payout ratio of 50%, with plans to increase dividends as projects stabilize [18] Challenges and Risks - **Impact of IMO Regulations**: Delays in IMO regulations may slow short-term progress, but the long-term trend towards green transformation remains intact [15] Conclusion CIMC Enric demonstrates robust growth in its clean energy segment, with strategic expansions and partnerships positioning it well for future opportunities in emerging energy markets. The management's confidence is reflected in their financial strategies and commitment to maintaining shareholder returns.