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昔日報告:
  07-01-2019 (星期一) 2019年中國鐵路投資有望維持高位
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  12-11-2018 (星期一) 帶量採購對部分藥企業績增長影響有限
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2019年中國鐵路投資有望維持高位

2019年1月3日,中國鐵路總公司召開年度工作會議,資訊顯示,2018年全國鐵路投產新線里程是4683公里,其中包括高鐵4100公里。預計2019年將投產新線6800公里,其中高鐵3200公里。2018年全國鐵路固定資產投資完成額為8028億元,中鐵總在2018年年初制定的計畫完成額是7320億元,全年超額完成投資任務708億元,超出計畫9.67%。中鐵總指出2019年全國鐵路固定資產投資將保持強度規模,並沒有公佈2019年具體的全國鐵路固定資產投資額。

建議關注基礎設施建設類股票,如中國通號(3969HK)。中國通號從事軌道交通控制系統的設計與集成、設備製造及系統交付,是全球唯一可在整個產業鏈獨立提供全套產品和服務的軌道交通控制系統解決方案提供商。未來幾年公司的鐵路業務收入將保持較快增速,主要受益於鐵路投資增長提速、高鐵控制系統面臨更新等因素。另外,中國城軌市場潛力巨大。2012-17年,中國通號公司來自城市軌道交通業務收入的年均複合增速保持在33.5%以上。2018年前9個月,公司在城市軌道交通領域簽訂的外部合同總額為人民幣79.0億元,較2017年同期增長40.0%。城市軌道交通業務將繼續是公司發展的重要增長點。

撰稿: 周霖研究分析員
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