Core Viewpoint - China Railway has recently won several major engineering contracts, totaling approximately 432.92 billion yuan in bid amounts, indicating strong growth and opportunities in the infrastructure sector [1]. Group 1: Railway Projects - The company secured contracts for the Dongjiakou to Wulian Railway and Jiaoxin Railway expansion, with a total bid amount of 64.27 billion yuan [1]. - New contracts for the Liu'an to Anqing Railway and related electrical engineering projects amounted to 61.48 billion yuan [1]. - Contracts for the Yichang to Changde Railway in Hunan and Hubei sections totaled 59.65 billion yuan [1]. - The Guangzhou East Station renovation and related construction contracts were awarded for 48.10 billion yuan [1]. - The new railway from Bomi to Ranwu received a bid amount of 47.58 billion yuan [1]. - The Chongqing to Qianjiang Railway station and transportation hub contracts totaled 30.23 billion yuan [1]. - The Beijing suburban railway northeast ring line contracts amounted to 26.46 billion yuan [1]. - The Jiaozuo to Pingdingshan Railway contracts totaled 22.44 billion yuan [1]. Group 2: Highway Projects - The company won the G4001 connection line project with a bid amount of 31.66 billion yuan [1]. - The G0611 line from Chuanzhusi to Wenchuan received a bid of 17.11 billion yuan [1]. - The G217 line project from Shache to Tashkurgan County was awarded 10.30 billion yuan [1]. Group 3: Municipal and Other Projects - The company also secured the Nanning Yongbei irrigation project in Guangxi with a bid amount of 13.63 billion yuan [1].

Market Overview - The infrastructure sector experienced a decline of 0.17% on January 29, with Guosheng Technology leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Individual Stock Performance - Chengbang Co., Ltd. (603316) saw a closing price of 14.02, with an increase of 4.63% and a trading volume of 283,200 shares, totaling a transaction value of 405 million yuan [1] - Yingfan Technology (001396) closed at 44.55, up 4.19%, with a trading volume of 44,700 shares and a transaction value of 195 million yuan [1] - Guosheng Technology (603778) reported a significant decline of 9.44%, closing at 13.82, with a trading volume of 1,131,400 shares and a transaction value of 1.613 billion yuan [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 2.431 billion yuan from major funds, while retail investors saw a net inflow of 1.502 billion yuan [2] - Major funds showed a net inflow in Chengbang Co., Ltd. (603316) of 55.093 million yuan, while retail investors had a net outflow of 29.029 million yuan [3] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active in the market [2][3]

| GUOTAI HAITONG SECURITIES | | --- | | 国泰海通证券 | 精 选 目 录 | | 每日报告精选（2026-01-28 09:00——2026-01-29 15:00） 2 | | --- | --- | |  | 宏观专题：《美联储如期按兵不动》2026-01-29 2 | |  | 宏观专题：《白银牛市：价格破 怎么看》2026-01-28 3 100 | |  | 行业专题研究：计算机《制度闭环叠加 催化，迎接数据要素"价值释放年"》2026-01-28 3 AI | |  | 行业专题研究：可选消费品《智能眼镜产品力系列二：大模型催化，AI 眼镜异军突起评》2026-01-28 4 | |  | 行业专题研究：耐用消费品《3D 打印行业：产业浪潮已至，工业消费双向驱动》2026-01-28 5 | |  | 公司跟踪报告：中国中铁（601390）《铜钼矿产待重估，承建海南商业航天发射场》2026-01-29 6 | |  | 公司信息点评：长盈精密（300115）《股权激励落地绑定核心成员，机器人业务前景广阔》2026-01-29 7 | |  | ...

国泰海通证券研报指出，中国中铁铜、钴、钼保有储量国内领先，铜、钼产能国内前列。2025年新签订 单增长1%，其中海外订单增长 17%。维持"增持"评级及目标价9.07元。假设2025 下半年中铁资源利润 与上半年相同，以全年51.6亿元计，按照紫金矿业和江西铜业平均估值24.6倍，公司矿产资源业务可比 市值1269亿元，公司总市值1432亿元，相当于建筑业务市值163亿元，建筑业务PE约0.8倍。2025新签订 单规模同比增加1.3%。境外业务同比增加16.5%。全面推进"人工智能+"专项行动，承建海南商业航天 发射场项目。 ...

国泰海通证券研报指出，中国中铁铜、钴、钼保有储量国内领先，铜、钼产能国内前列。2025年新签订 单增长1%，其中海外订单增长 17%。维持"增持"评级及目标价9.07元。假设2025 下半年中铁资源利润 与上半年相同，以全年51.6亿元计，按照紫金矿业和江西铜业平均估值24.6倍，公司矿产资源业务可比 市值1269亿元，公司总市值1432亿元，相当于建筑业务市值163亿元，建筑业务PE约0.8倍。2025新签订 单规模同比增加1.3%。境外业务同比增加16.5%。全面推进"人工智能+"专项行动，承建海南商业航天 发射场项目。 ...

Core Insights - The main focus of the news is the significant outflow of capital from various stocks, indicating a potential shift in investor sentiment and market dynamics. Group 1: Stock Performance and Capital Outflow - Industrial Fulian experienced the highest capital outflow of 5.09%, totaling 5.444 billion yuan [1][2] - Sunshine Power saw a capital outflow of 1.558 billion yuan with a decline of 4.92% [1][2] - China Aluminum had a capital outflow of 1.452 billion yuan, but its stock price increased by 3.49% [1][2] - Tongling Nonferrous Metals recorded a capital outflow of 1.204 billion yuan with a notable increase of 10.06% in stock price [1][2] - Semiconductor company SMIC faced a capital outflow of 1.109 billion yuan, with a decrease of 4.2% [1][2] Group 2: Sector Analysis - The consumer electronics sector, represented by Industrial Fulian and Luxshare Precision, showed significant capital outflows of 5.444 billion yuan and 1.068 billion yuan respectively [1][2] - The photovoltaic equipment sector, represented by Sunshine Power, experienced a capital outflow of 1.558 billion yuan [1][2] - The non-ferrous metals sector, including China Aluminum and Tongling Nonferrous Metals, had mixed results with capital outflows of 1.452 billion yuan and 1.204 billion yuan respectively [1][2] - The semiconductor sector, represented by SMIC, faced a capital outflow of 1.109 billion yuan [1][2] Group 3: Additional Stock Movements - Other notable stocks with significant capital outflows include: - Luoyang Molybdenum with 1.080 billion yuan and a slight decrease of 0.04% [1][2] - Hunan Silver with a capital outflow of 1.062 billion yuan and an increase of 4.95% [1][2] - Xiamen Tungsten with a capital outflow of 0.821 billion yuan and a decline of 7.11% [1][3] - The electronics components sector, represented by Huadian Co. and Shenghong Technology, also saw capital outflows of 0.895 billion yuan and 0.740 billion yuan respectively [1][3]

铜钼矿产待重估，承建海南商业航天发射场 中国中铁(601390) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 本报告导读： 铜、钴、钼保有储量国内领先，铜、钼产能国内前列。2025 年新签订单增长 1%， 其中海外订单增长 17%。 投资要点： [维持增持 Table_Summary] 。维持预测 2025–2027 年 EPS0.98/0.98/1.00 元同比-13.0%/- 0.1%/1.9%，给予公司 2026 年 9.3 倍 PE，对应维持目标价 9.07 元。 LME 铜现货结算价维持高位，中国中铁铜、钴、钼保有储量国 ...

Group 1: Fund Analysis - The public FOF fund scale increased in Q4 2025, with a new issuance scale of 458.54 billion yuan, primarily in bond-type funds [6][7] - The proportion of positive returns for FOF was 49%, with the top performer being CITIC Securities' selected fund [6][8] - Fund managers are optimistic about the market outlook, focusing on structural opportunities with technology and cyclical sectors as the main themes [6][11] Group 2: Electric Vehicle Market - The European electric vehicle market is entering a new phase, with a projected penetration rate of 29% in 2025 and 35% in 2026 due to supply-side drivers and supportive policies [14][15] - The introduction of affordable electric models by European automakers is expected to stimulate consumer demand significantly [15] - Chinese lithium battery companies are positioned to capitalize on the growth of the European market, enhancing their competitive landscape [14][16] Group 3: Construction and Decoration Industry - The construction state-owned enterprises are expected to benefit from strategic and professional restructuring policies initiated by the state [18][19] - The market share of major construction state-owned enterprises remains relatively low, with significant competition and operational pressure evident [19][20] - Recommendations include companies like China Communications Construction, China Railway, and China Chemical, which are likely to enhance their competitiveness through restructuring [21] Group 4: Beauty and Personal Care - The beauty industry in China is transitioning from incremental expansion to competitive positioning, with domestic brands gaining market share [23][24] - The company aims to achieve 30 billion yuan in sales by 2030, driven by research and development, brand expansion, and global operations [25] - The application of AI in production and marketing is expected to enhance operational efficiency and support long-term growth [25] Group 5: Basic Chemicals - The price of hafnium has surged by 21.64% since the beginning of 2026, driven by high demand in sectors like semiconductors and aerospace [27][28] - The company is advancing its zirconium-hafnium separation project, which is expected to significantly contribute to future earnings [29] - Hafnium's unique properties make it essential in high-tech applications, indicating strong future demand [28] Group 6: Electronics - The company is set to benefit from the high demand for PCB and packaging substrates, with projected net profits for 2025 expected to increase by 68% to 78% [31][32] - The expansion of production capacity is ongoing, with new facilities in Thailand and South China expected to enhance growth potential [33] - The company is recognized as a leading provider of electronic circuit technology, with a positive outlook for future performance [33]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 9.07 CNY, based on a PE ratio of 9.3 times for 2026 [3][9]. Core Insights - The company holds leading reserves of copper, cobalt, and molybdenum in China, with significant production capacity in these metals. The new order growth is projected at 1% for 2025, with overseas orders expected to increase by 17% [2][4]. - The LME copper spot price remains high, recorded at 12,980 USD/ton, a year-on-year increase of 43.4%. The company’s production for the first half of 2025 includes 148,789 tons of cathode copper, 2,830 tons of cobalt, and 7,103 tons of molybdenum [4]. - The company’s subsidiary, China Railway Resources, is expected to achieve a net profit of 2.58 billion CNY in the first half of 2025, a year-on-year increase of 27.4% [4]. Financial Summary - Total revenue for 2023 is reported at 1,263.5 billion CNY, with a projected decline to 1,099.3 billion CNY in 2025, reflecting a decrease of 5.3% [7]. - The net profit attributable to the parent company is expected to decrease from 33.5 billion CNY in 2023 to 24.3 billion CNY in 2025, a decline of 13.0% [7]. - Earnings per share (EPS) are forecasted to be 0.98 CNY for 2025, with a slight increase to 1.00 CNY in 2027 [3][7]. Order Growth and Structure - The company signed new contracts totaling 27,509 billion CNY in 2025, representing a year-on-year increase of 1.3%. The overseas business saw a significant increase of 16.5% [5][20]. - The breakdown of new contracts includes 18,505 billion CNY from engineering construction, 4,725 billion CNY from emerging businesses, and 2,041 billion CNY from asset management [5][20]. Strategic Initiatives - The company is actively promoting an "AI+" initiative and has launched its first enterprise-level model, "Pioneer Model," aimed at various sectors including surveying, design, and construction [6]. - The company is involved in significant projects such as the construction of the Hainan commercial space launch site and has secured contracts for the China-Kyrgyzstan-Uzbekistan railway [6].

行业专题报告 | 建筑装饰 建筑央企有望受益于国资央企战略性/专业化重组 证券研究报告 2026 年 01 月 28 日 核心结论 行业评级 超配 政策层面：导向明确，加强国资央企战略性、专业化重组。2024 年 12 月， 国务院国资委召开中央企业负责人会议便已经提出"加大力度推进战略性重 组和专业化整合"。2025 年下半年国资委表述开始频繁，比如 2025 年 9 月， 国务院国资委副主任李镇在国新办举行的新闻发布会上表示，下一步"大力 推动国资央企战略性专业化重组整合"；2025 年 12 月，国务院国资委主任 张玉卓在《充分激发各类经营主体活力》一文中强调，要"加强战略性、专 业化重组，加大力度合并'同类项'，避免重复建设和无序竞争"；2025 年 12 月国务院国资委召开中央企业负责人会议，以及 2026 年 1 月国新办举行 新闻发布会介绍 2025 年国资央企高质量发展情况，均表明 2026 年国资央 企要"大力推进战略性、专业化重组整合和高质量并购"。 行业层面：需求承压，专业化重组或助力建筑央企提升综合竞争力。大建筑 央企市占率相对较低：2024 年八大建筑央企合计市占率达到 21.4%， ...