公 司 研 究 / 机 械 设 备 / 证 券 研 究 报 告 中铁工业（600528）财报点评 Q2 现金流同环比改善，水利矿山下游 及海外持续拓展 2025 年 09 月 02 日 【投资要点】 挖掘价值 投资成长 增持（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 相对指数表现 -10% 6% 22% 38% 54% 70% 2024/9 2025/3 2025/9 中铁工业 沪深300 | 基本数据 | | | --- | --- | | 总市值（百万元） | 18,883.19 | | 流通市值（百万元） | 18,883.19 | | 52 周最高/最低（元） | 11.01/6.66 | | 52 周最高/最低（PE） | 14.49/8.76 | | 52 周最高/最低（PB） | 1.01/0.61 | | 52 周涨幅（%） | 27.63 | | 52 周换手率（%） | 39.35 | 注：数据更新日期截止 2025 年 09 月 01 日 相关研究 《时隔七年控股股东再次公告顶格增持计 ...

Investment Rating - Investment Rating: Positive (Maintain) [5] Core Viewpoints - The construction of an efficient rail system in Xiong'an New Area is accelerating, with a focus on creating a national comprehensive transportation hub. The railway network is forming a "four vertical and two horizontal" high-speed rail system that covers the Beijing-Tianjin-Hebei core area and extends to Central China, East China, and Northwest regions [5][6][9] - The three high-speed rail lines (Xiongshan, Xionxin, and Shixiong) have a total investment of approximately 177.3 billion yuan, with significant construction progress expected between 2025 and 2027, leading to potential revenue and profit growth for related companies [5][36][39] Summary by Sections 1. Efficient Rail System Construction - Xiong'an New Area is strategically positioned to support national development, serving as a key hub for relieving Beijing's non-capital functions. The area is expected to achieve significant connectivity with major cities, including a 20-minute commute to Beijing's new airport and 30 minutes to Beijing and Tianjin [6][9] - The policy framework supporting the railway system has been established, with multiple levels of government backing the construction of high-speed rail and other transportation infrastructure [7][9] 2. High-Speed Rail Network Development - The Xiongshan High-Speed Rail connects Xiong'an to Central China, with a total length of approximately 552 kilometers and a planned completion date of 2026. The project has a total investment of 86.4 billion yuan [14][20] - The Xionxin High-Speed Rail, spanning 342.67 kilometers, is expected to enhance connectivity between Xiong'an and Shanxi, with a completion target of 2027 [21][24] - The Shixiong High-Speed Rail will connect Shijiazhuang and Xiong'an, with a total investment of approximately 33.65 billion yuan and a planned completion date of 2028 [30][33] 3. Investment Opportunities - The construction phase for the three high-speed rail lines is expected to release over 40.7 billion yuan in civil engineering funds between 2025 and 2027, creating significant opportunities for construction and equipment manufacturing companies [5][36][39] - Key construction companies involved include China Railway and China Railway Construction, which are expected to benefit from the ongoing projects [38][39] - The demand for tunnel boring machines (TBM) and related equipment is anticipated to rise due to the high proportion of tunnel construction in the projects, benefiting leading manufacturers in the sector [39][40]

中铁工业股价报9.01元，较前一交易日下跌0.66%。当日成交量为495138手，成交金额达4.47亿元。 资金流向方面，8月13日主力资金净流出4385.24万元，近五日累计净流出1.58亿元。 中铁工业主营业务涵盖铁路工程装备、隧道掘进设备、道岔、钢结构制造与安装等。公司是中国中铁旗 下核心工业制造平台，产品广泛应用于国内外基础设施建设领域。 风险提示：投资有风险，入市需谨慎。 公司8月13日公告显示，副总经理王建喜计划自9月5日起三个月内减持不超过5000股公司股份，占其持 股总数的25%。2025年一季度公司实现营业收入63.39亿元，净利润3.18亿元。 ...

Group 1 - China Railway Industry has experienced a decline for seven consecutive trading days, with a cumulative drop of -18.35% [1] - China Railway High-tech Industry Co., Ltd. is a subsidiary of China Railway Group Limited, listed on the A-share market (SH.600528), and operates various subsidiaries covering tunnel excavation equipment, railway turnouts, steel bridges, railway construction machinery, and more [1] - The company holds a leading market share and comprehensive strength in its main business globally [1] Group 2 - Southern Fund's Southern CSI 500 ETF is among the top ten shareholders of China Railway Industry and has reduced its holdings in the first quarter of this year [1] - The fund has achieved a year-to-date return of 10.67%, ranking 961 out of 2658 in its category [2][4]