证券日报网讯1月12日，中国铁建（601186）在互动平台回答投资者提问时表示，公司高度关注国家重 点工程项目建设，积极把握市场机遇。公司凭借在高原隧道、高原铁路以及大型水利水电领域的深厚技 术与丰富经验，积极参加相关工程基建项目投标工作，并充分发挥工业制造行业龙头企业铁建重工在国 内隧道掘进机、盾构机等工程施工设备方面的优势，充分发挥全系统物资物流供应链优势，积极为项目 工程提供关键装备、物资物流支持。后续，公司也将持续跟踪项目进展，积极参与项目建设，相关中标 信息若达到法定披露标准，公司将严格按照信息披露规则及时履行公告义务。公司始终聚焦基建主业， 积极参与重大工程建设，有关项目具体信息，请以公司在上海证券交易所网站及指定信息披露媒体发布 的公告为准。 ...

Core Viewpoint - The stock price of China Railway Construction Heavy Industry Co., Ltd. (铁建重工) has shown a positive trend recently, with a year-to-date increase of 5.92% and a notable rise of 4.47% over the past five trading days, despite a slight decline of 2.01% over the last 60 days [2][3]. Group 1: Stock Performance - As of January 7, the stock price increased by 2.09%, reaching 5.37 CNY per share, with a trading volume of 1.64 billion CNY and a turnover rate of 0.58%, resulting in a total market capitalization of 28.641 billion CNY [1]. - The stock has experienced a year-to-date increase of 5.92%, a 4.47% rise over the last five trading days, and a 5.50% increase over the past 20 days, while it has decreased by 2.01% over the last 60 days [2]. Group 2: Company Overview - China Railway Construction Heavy Industry Co., Ltd. was established on November 23, 2006, and went public on June 22, 2021. The company is located in Changsha Economic and Technological Development Zone, Hunan Province [2]. - The company's main business includes the design, research and development, manufacturing, sales, leasing, and service of tunneling machines, rail transit equipment, and specialized equipment. The revenue composition is as follows: tunneling machines (64.05%), rail transit equipment (22.66%), specialized equipment (12.87%), and leasing business (9.32%) [2]. Group 3: Financial Performance - As of September 30, the number of shareholders increased to 69,300, a rise of 16.93%, while the average circulating shares per person decreased by 14.48% to 76,999 shares [3]. - For the period from January to September 2025, the company reported a revenue of 6.634 billion CNY, a year-on-year decrease of 2.44%, and a net profit attributable to shareholders of 1.004 billion CNY, also down by 2.47% year-on-year [3]. Group 4: Dividend and Shareholding - Since its A-share listing, the company has distributed a total of 2.011 billion CNY in dividends, with 1.488 billion CNY distributed over the past three years [4]. - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 36.9683 million shares, an increase of 12.9458 million shares from the previous period. New shareholders include the Sci-Tech Innovation 100 ETF and the Bosera SSE Sci-Tech Innovation Board 100 ETF [4].

12月25日，铁建重工盘中上涨2.17%，截至13:48，报5.18元/股，成交1.37亿元，换手率0.50%，总市值 276.28亿元。 铁建重工今年以来股价涨20.05%，近5个交易日涨4.23%，近20日涨4.44%，近60日跌4.25%。 机构持仓方面，截止2025年9月30日，铁建重工十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股3696.83万股，相比上期增加1294.58万股。南方中证500ETF（510500）位居第五大流通股 东，持股2324.64万股，相比上期减少57.70万股。科创100ETF基金（588220）位居第八大流通股东，持 股966.36万股，为新进股东。博时上证科创板100ETF联接A（019857）位居第九大流通股东，持股 926.41万股，为新进股东。国联优势产业混合A（014329）退出十大流通股东之列。 今年以来铁建重工已经3次登上龙虎榜，最近一次登上龙虎榜为7月23日，当日龙虎榜净买入2653.81万 元；买入总计1.21亿元 ，占总成交额比34.47%；卖出总计9454.93万元 ，占总成交额比26.92%。 责任编辑：小浪快报 资料显示，中国铁 ...

Core Insights - The engineering machinery industry is expected to maintain steady growth in 2025, driven by domestic infrastructure investment and overseas market expansion, achieving a high-quality development pattern of "stable growth, structural optimization, and improved efficiency" [10] - The report maintains a "leading the market" rating for the engineering machinery sector, highlighting the potential of intelligent logistics and mining machinery as key investment areas [10] Industry Performance Overview - The engineering machinery industry index has outperformed major market indices, with a year-to-date increase of 33.14% as of December 21, 2025, significantly surpassing the Shanghai Composite Index and Shenzhen Component Index [9][14] - The revenue and net profit of the engineering machinery industry grew by 10.84% and 19.72% year-on-year, respectively, in the first three quarters of 2025, indicating a recovery in operational performance [21][23] Intelligent Logistics Equipment - The demand from e-commerce has driven rapid transformation in the logistics market, with the logistics total amount reaching 263.2 trillion yuan in the first three quarters of 2025, a year-on-year increase of 5.4% [38][49] - Policies at both national and local levels are establishing a supportive framework for the development of intelligent logistics, focusing on technology empowerment, equipment upgrades, and scenario innovation [10][55] Mining Machinery and Tunnel Engineering Equipment - The "14th Five-Year Plan" emphasizes the development of deep-earth economy, with mining machinery showing significant work hour differentiation, particularly for non-road dump trucks [10][19] - The demand for intelligent mining equipment is accelerating due to stringent policies related to carbon neutrality and safety regulations, driving the production of advanced machinery [10][21] Investment Recommendations - The report suggests focusing on companies involved in intelligent logistics equipment such as Anhui Heli and Hangcha Group, as well as traditional earth-moving machinery like SANY Heavy Industry and Zoomlion [10][7] - The mining machinery sector is highlighted for its growth potential, particularly in non-road dump trucks and tunnel boring machines, with companies like Tiedao Heavy Industry and Wuxin Tunnel Equipment recommended for investment [10][7]

证券日报网讯12月10日，铁建重工在互动平台回答投资者提问时表示，公司为工业母机在高端装备制造 领域的应用单位，专注于隧道掘进机、轨道交通装备及特种专业装备的设计、研发、制造、销售、租赁 与服务。公司深度践行"新型工业化"发展内涵，推动掘进机、特种专业装备等产业向智能化、绿色化升 级；深度融合人工智能与数字孪生技术，实现研发设计数字化与智能运维；贯彻绿色发展理念，建设绿 色工厂、拓展电动化产品，全面融入国家制造强国战略。 ...

Core Viewpoint - China Railway Construction Heavy Industry Group Co., Ltd. is experiencing fluctuations in its stock performance and financing activities, indicating a complex market environment and potential investment opportunities [1][2]. Financing Activities - On November 14, the company's stock price fell by 0.38%, with a trading volume of 88.8 million yuan. The financing buy-in amount was 7.6 million yuan, while the financing repayment was 16.5 million yuan, resulting in a net financing outflow of 8.9 million yuan [1]. - As of November 14, the total financing and securities lending balance for the company was 666 million yuan, with the financing balance accounting for 2.35% of the circulating market value, indicating a high level compared to the past year [1]. - The company repaid 6,400 shares in securities lending and sold 1,400 shares on the same day, with a selling amount of 7,378 yuan. The securities lending balance was 4.68 million yuan, also at a high level compared to the past year [1]. Business Overview - China Railway Construction Heavy Industry was established on November 23, 2006, and listed on June 22, 2021. Its main business includes the design, research and development, manufacturing, sales, leasing, and service of tunneling machines, rail transit equipment, and specialized equipment [2]. - The revenue composition includes tunneling machines (64.05%), rail transit equipment (22.66%), and specialized equipment (12.87%), with various subcategories contributing to the overall revenue [2]. - For the period from January to September 2025, the company reported a revenue of 6.63 billion yuan, a year-on-year decrease of 2.44%, and a net profit attributable to shareholders of 1.00 billion yuan, also down by 2.47% year-on-year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 69,300, with an average of 76,999 circulating shares per person, a decrease of 14.48% from the previous period [2]. - The company has distributed a total of 2.01 billion yuan in dividends since its A-share listing, with 1.49 billion yuan distributed over the past three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest, holding 36.97 million shares, an increase of 12.95 million shares from the previous period [3].

Core Viewpoint - The company, 铁建重工, confirmed that it does not engage in nuclear power or controllable nuclear fusion-related businesses, focusing instead on tunnel boring machines, rail transit equipment, and specialized equipment for various sectors [2]. Company Overview - 铁建重工 primarily engages in the design, research and development, manufacturing, sales, leasing, and service of tunnel boring machines, rail transit equipment, and specialized professional equipment [2]. - The company's applications are mainly in the fields of railways, rail transit, water conservancy and hydropower (including pumped storage), and mining [2]. Business Focus - The company has not ventured into nuclear power, nuclear energy, or controllable nuclear fusion-related businesses as of now [2].

Core Viewpoint - The article highlights a significant recovery in the engineering machinery sector, driven by increased domestic and international sales, marking a turning point in the industry after a prolonged adjustment period of 2-3 years [1] Group 1: Market Insights - The engineering machinery sector is expected to see a turning point in Q3 2025, becoming a key driver of industry prosperity after a long period of adjustment [1] - The development of the "deep earth economy" indicates a massive demand for underground excavation, leading to increased applications for advanced tunneling equipment such as tunnel boring machines and fully automated rock drilling rigs, with higher entry barriers and profit margins compared to standardized equipment [1] Group 2: Supply Chain Dynamics - A sudden recovery in orders from main engine manufacturers in the engineering machinery sector is likely to trigger a more significant production increase among component suppliers, with leading companies already validating the recovery in operational data [1]

Core Insights - The company reported a new contract amount of 10.207 billion yuan for the period from January to September 2025, representing a year-on-year decrease of 3.61% [1] Summary by Category By Business Type - The tunnel boring machine segment signed new contracts worth 4.948 billion yuan, down 28.46% year-on-year [1] - The special professional equipment segment achieved new contracts of 2.265 billion yuan, an increase of 44.92% year-on-year [1] - The rail transit equipment segment secured new contracts totaling 2.993 billion yuan, reflecting a year-on-year increase of 41.89% [1] By Region - Domestic new contracts amounted to 8.013 billion yuan, showing a year-on-year increase of 2.23% [1] - International new contracts reached 2.193 billion yuan, down 20.25% year-on-year [1] Major Contracts - The significant contract signing/bidding amount from July to September 2025 was 1.255 billion yuan, accounting for approximately 12.49% of the 2024 revenue [1]

Core Viewpoint - China Railway Construction is planning to integrate its subsidiary China Railway Equipment with another wholly-owned subsidiary, China Railway Heavy Industry, to form a new entity called China Railway Heavy Industry Group Limited. The integration is still in the planning stage, and specific methods have yet to be determined [1]. Group 1: Integration Details - The integration aims to combine two major equipment manufacturing subsidiaries of China Railway Construction, enhancing the company's position in the industry and diversifying its revenue sources beyond just railway maintenance machinery [2][3]. - China Railway Heavy Industry, established in 2007, has become the largest underground engineering equipment and rail equipment manufacturer in China, with a strong product lineup including tunnel boring machines and special equipment [2]. Group 2: Financial Implications - In 2016, China Railway Heavy Industry reported a net profit of 960 million RMB, which is 2.1 times that of China Railway Equipment, and a net asset value of 6.9 billion RMB, 1.2 times that of China Railway Equipment. The merger is expected to significantly enhance the revenue scale and return on equity (ROE) of the listed company [3]. - The combined net profit of both companies in 2016 was 1.43 billion RMB, with total net assets of 12.43 billion RMB. If the merger is completed, the estimated market value could reach 14.76 billion HKD based on a 9x price-to-earnings (PE) ratio [4]. Group 3: Market Position and Future Prospects - The integration is theoretically feasible, and if fully merged, the new entity could qualify as a target for the Shenzhen-Hong Kong Stock Connect, given its projected market value exceeds the 5 billion HKD threshold [4][5]. - The current stock price of China Railway Equipment corresponds to a 9x PE ratio and a 0.85x price-to-book (PB) ratio, indicating a potential undervaluation compared to peers. The target price is set at 4.6 HKD, reflecting a 12x PE ratio for 2017 [5].