高铁基建股涨幅居前，截至发稿，中国中铁（601390）(00390)涨8.27%，报4.19港元；中国中冶 （601618）(01618)涨7.61%，报3.11港元；中国中车（601766）(01766)涨4.83%，报6.29港元；时代电气 (03898)涨4.73%，报45.6港元；广深铁路（601333）股份(00525)涨2.38%，报2.58港元。 消息面上，近日，据国铁集团统计数据显示，2025年前8个月，全国铁路完成固定资产投资5041亿元， 同比增长5.6%，其中8月完成711亿元，同比增长5.6%。铁路投资首次在前8个月即超5000亿元大关，投 资进度再破历史纪录。同时5.6%的增幅与前7个月持平，继续维持今年增幅最高纪录。国铁集团人士预 测，三季度还剩最后一个月，铁路投资会保持现有规模不降低；第四季度将是全年集中发力阶段，预计 铁路投资将会在前三季度的基础上，再有实质性增长，以确保铁路"十四五"规划各项任务圆满完成， 为"十五五"规划奠定坚实基础。 值得关注的是，"十五五"铁路发展规划编制工作已启动。国家铁路局人士透露："规划主要聚焦于路网 补强、区域协调和智能化升级。初步规划，'十五五 ...

公司深度研究 | 中国交建 交通基建龙头，充分受益大基建开工+国际化发展 证券研究报告 2025 年 09 月 19 日 中国交建（601800.SH）首次覆盖报告 【核心结论】中国交建在交通基建领域龙头地位稳固，为世界最大的港口、 公路与桥梁的设计与建设公司、世界最大的疏浚公司，竞争优势显著，有望 充分受益国内大基建开工带动的整体基建景气度提升；并且公司为中国最大 的国际工程承包公司，国际化历史积淀深厚、优势突出，海外发力，为业绩 提供增长动力。此外，公司发布分红规划，稳定投资者分红预期。我们给予 公司 2025 年 8 倍 PE，对应目标价为 11.78 元/股，首次覆盖，给予"买入" 评级。 行业层面：1）建筑行业整体需求承压，但反内卷+PPP 新政有望改善行业 环境。2024 年我国建筑业总产值同比+3.9%，增速较 2023 年下降 1.9pct， 新签合同额同比-5.21%，降幅较 23 年扩大 2.4pct。2）细分领域分化：运河 工程景气度高。2024 年开始中央和地方政策高频发布，支持内河水运工程 建设。目前江淮运河已通航，平陆运河预计明年通航；浙赣粤运河、湘桂运 河、荆汉运河和河南内河航运 ...

Core Viewpoint - The railway construction in China has shown robust progress in the first seven months of the year, with fixed asset investment reaching 433 billion yuan, a year-on-year increase of 5.6%, contributing positively to the country's economic recovery [1] Group 1: Investment and Economic Impact - The National Railway Group is focusing on 102 major railway projects outlined in the "14th Five-Year Plan," promoting high-quality railway planning and construction, as well as the upgrading of old railway equipment, which effectively stimulates overall social investment [1] - The investment in railway construction is expected to inject new momentum into the continuous recovery of the Chinese economy [1] Group 2: Project Progress and Safety Measures - Since July, the National Railway Group has actively responded to flooding in certain regions, implementing strict construction safety measures and enhancing project quality control, leading to significant progress in multiple railway construction projects [1] - Key projects such as the completion of track laying for the Guizhou Panxian to Xingyi high-speed railway and the completion of new station buildings for the Nanning to Pingxiang high-speed railway have been achieved [1] Group 3: Future Plans - The National Railway Group plans to accelerate the construction of a modern railway infrastructure system and increase investment in railway construction to maximize the completion of physical work, ensuring the successful fulfillment of the tasks outlined in the "14th Five-Year Plan" [1]

Core Insights - The China National Railway Group (referred to as "the company") reported a fixed asset investment of 433 billion RMB from January to July this year, representing a year-on-year increase of 5.6%, contributing positively to the economic recovery [1] Investment and Development - The company is focusing on 102 major railway projects outlined in the national "14th Five-Year Plan," emphasizing high-quality railway planning, construction, and the upgrading of old railway equipment [1] - Significant progress has been made on various railway construction projects since July, including the completion of track laying for the Panxian to Xingyi high-speed railway and the completion of new station buildings for the Nanning to Pingxiang high-speed railway [1] - Ongoing coordinated testing is being conducted for several projects, including the Wuhan to Yichang section of the Huhuo Railway, the Shenyang to Baihe high-speed railway, and the Xiangyang to Jingzhou high-speed railway [1]

Core Insights - The National Railway Group reported a fixed asset investment of 433 billion yuan in railway construction from January to July this year, representing a year-on-year increase of 5.6%, contributing positively to China's economic recovery [2] Investment and Economic Impact - The railway sector is actively implementing the decisions of the central government, focusing on major national strategies and regional economic development, leveraging its advantages in planning, technology, and management [2] - The railway projects included in the "14th Five-Year Plan" are being prioritized, with significant progress in the construction and upgrading of old railway equipment [2] Recent Developments - Since July, the railway sector has been responding to flooding in some regions, ensuring construction safety and quality control, with several key projects making important advancements [2] - Notable achievements include the completion of track laying for the Guizhou Panxian to Xingyi high-speed railway and the completion of new station buildings for the Nanning to Pingxiang high-speed railway [2] Future Plans - The railway sector plans to accelerate the construction of a modern railway infrastructure system, increase investment in railway construction, and aim to complete as much physical work as possible to ensure the successful completion of the "14th Five-Year Plan" tasks [2]

证券代码：002061 证券简称：浙江交科 公告编号：2025-065 浙江交通科技股份有限公司 2025年第二季度建筑业经营情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露》等相关规定，浙江交通科技股份有限公司现将子 公司浙江交工集团股份有限公司（以下简称"浙江交工"）2025 年第二季度建筑 业经营情况简报如下： 一、订单情况 1.项目概况 | 第二季度 | | 第二季度 | | 本年累计新中标且 | | 本年累计新中标未 | | 截至报告期末历年累 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 新中标且签约项目 | | 新中标未签约项目 | | 签约项目 | | 签约项目 | | 计已签约未完工项目 | | | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | | （个） | （亿元） | （个） | （亿元） ...

Core Viewpoint - The launch of the Yaxia Hydropower Station indicates a clear trend of central government leverage, with expectations for a series of major projects and regional development strategies to stabilize overall infrastructure investment and total demand [1][2] Infrastructure Investment and Major Projects - The central government is expected to introduce significant projects and regional strategies to maintain infrastructure investment and total demand, especially in light of declining economic indicators such as fixed asset investment and real estate sales [2][6] - Key upcoming projects include major transportation initiatives like the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway, with substantial investments planned [6][10] Beneficiaries of Infrastructure Projects - Recommended beneficiaries include leading state-owned construction enterprises such as China Energy Engineering, China State Construction, and China Railway Construction, which are expected to benefit from large-scale infrastructure projects [1][7] - Specific companies highlighted for their roles in construction and materials include China Communications Construction, China Railway Group, and regional players like Qing Song Jian Hua in Xinjiang [1][10] Canal Projects and Economic Impact - The development of major canal projects is anticipated to enhance logistics efficiency and stimulate economic growth, with significant investments planned for projects like the Pinglu Canal and the Zhejiang-Jiangxi-Guangdong Canal [11][14] - The estimated total investment for these canal projects is approximately 620.4 billion, which is expected to provide strong support for investment in 2023 [11][14] Xinjiang Regional Strategy and Coal Chemical Industry - The Xinjiang region is expected to receive increased support from the central government, with significant investments in coal chemical projects projected to exceed 800 billion by 2025 [16][19] - Key players in this sector include China Chemical Engineering and local construction firms, which are well-positioned to capitalize on the anticipated growth in coal chemical investments [16][19] Strategic Hinterland Development - Sichuan has been identified as a strategic hinterland for national development, with policies expected to support infrastructure and investment growth in the region [21][24] - Companies involved in transportation infrastructure, such as Sichuan Road and Bridge, are likely to benefit from these strategic initiatives [21][24]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [4] Core Viewpoints - The western fixed asset investment (FAI) is experiencing high growth, with the issuance of special bonds accelerating, which will provide stronger support for infrastructure [1][21] - The GDP growth rate in the western region from 2019 to 2024 has reached a compound annual growth rate (CAGR) of 7%, with significant support from central financial policies and national strategic planning [28][32] - The issuance of special bonds in the central and western regions has significantly accelerated, with a notable increase in new special bonds in provinces like Sichuan and Shaanxi [21][32] Summary by Sections 1. High Prosperity of Western Fixed Asset Investment - The western region has maintained double-digit growth in FAI, with provinces like Inner Mongolia, Xinjiang, and Tibet showing strong performance [1] - The issuance of special bonds has increased significantly, with Sichuan's issuance up by 162% year-on-year [21] 2. Investment Opportunities in Key Regions - **Sichuan-Chongqing**: The transportation planning investment in Sichuan during the 14th Five-Year Plan is expected to increase by 16.5% compared to the previous plan, benefiting local construction companies [2][36] - **Tibet**: Active mining and robust infrastructure projects are expected to drive high regional investment demand, with significant projects like the construction of major copper mines [2][48] - **Xinjiang**: The coal chemical industry is thriving, with nearly 500 billion yuan invested in the past five years, and the region is expected to see continued infrastructure support [3][60] 3. Major Infrastructure Projects Boosting Regional Investment - The construction of the Pinglu Canal is expected to significantly enhance water transport infrastructure in Guangxi, with a total investment of approximately 727 billion yuan [3] - The Western Land-Sea New Corridor is projected to connect multiple provinces and enhance regional infrastructure growth, with completion expected by 2035 [3][60] 4. Investment Recommendations - Key stocks recommended include Sichuan Road and Bridge, China Chemical, and China Energy Engineering, all rated as "Buy" [9][47]

Core Viewpoint - The railway investment in China is accelerating, with significant growth in fixed asset investment observed in the first five months of 2023, indicating a recovery from the low levels experienced in 2022 due to the pandemic [1][2]. Investment Growth - In the first five months of 2023, the total fixed asset investment in railways reached 242.1 billion yuan, a year-on-year increase of 5.9%, with May alone seeing an investment of 47.4 billion yuan, up 8.7% [1]. - The growth rates for railway investment in the first two months, first quarter, and first four months of 2023 were 5%, 5.2%, and 5.7% respectively, showing a consistent upward trend [1]. - The investment amount for the first five months of 2023 has broken historical records for the same period, although the growth rate is showing signs of slowing down compared to previous years [1]. Historical Context - The railway investment in 2022 was notably low at 710.9 billion yuan, the lowest in 12 years, primarily due to the impacts of COVID-19 [2]. - The total fixed asset investment for the "14th Five-Year Plan" period (2021-2024) has been 30.7 billion yuan, with the investments for 2021, 2022, 2023, and 2024 being 748.9 billion yuan, 710.9 billion yuan, 764.5 billion yuan, and 850.6 billion yuan respectively [4]. Future Planning - The "15th Five-Year Plan" for railway development is currently being drafted, with a focus on enhancing network efficiency and integrating various transport modes [3]. - The National Railway Administration is prioritizing the completion of network gaps in the western regions and improving urban rail connections in the eastern regions [3]. - The investment strategy for the "15th Five-Year Plan" emphasizes achieving a balance between adequate and excessive investment, ensuring that projects are scientifically evaluated and prioritized [3].

Core Viewpoint - The railway construction in China is progressing efficiently and effectively, with significant investments made in the first four months of the year, indicating a strong commitment to infrastructure development [1] Investment Summary - From January to April, the national railway completed fixed asset investments of nearly 200 billion yuan, specifically 194.7 billion yuan, which represents a year-on-year increase of 5.3% [1] - The China National Railway Group has implemented national support policies for key projects, facilitating the efficient advancement of railway engineering construction [1] Regional Development - The China Railway Chengdu Bureau completed railway construction investments of 18.19 billion yuan, accounting for nearly 10% of the total investment [1] - Key trunk line constructions in the western region are progressing smoothly, with several tunnels, including the Mopan Mountain Tunnel of the Chengdu-Chongqing High-Speed Railway and the Xian to Shiyan High-Speed Railway, successfully completed [1] Project Highlights - The Chengdu to Dazhou to Wanzhou High-Speed Railway, an important part of the "Eight Vertical and Eight Horizontal" high-speed railway network, has entered the track construction phase [1] - The Zhaoqing-Qing Special Bridge of the Xiong'an to Shangqiu High-Speed Railway has completed box girder erection, and the Gaolan River Special Bridge of the Yichang to Xingshan High-Speed Railway has successfully capped [1]