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铁路产业毛利较高的细分行业是车辆配件、铁轨制造、铁路运输,分别位于铁路产业链的最上端和最下端。另外,我们认为从2006年起铁路客车制造业毛利率将得到一定的提高。随着今后几年运输能力的放出,我们坚信铁路运输的增长速度将得到明显提高。对相关子行业的分析。铁路建筑行业:事关政绩投资将优先保证;铁路货车整车制造业:车辆配件的供应紧缺现象应有所缓和;铁路客车整车制造业:政府买单形成技术寡头,未来获利能力趋强;铁路配件制造业:更新换代带来短期利润空间,境外市场的开拓决定可持续发展能力;铁路运输行业:增长来源于提速、提价和新路扩能。2006年重点关注铁路核心资产。铁路设备行业核心资产之一的四方机车和铁路线路运营核心资产之一的广深铁路已进入了上市的最后阶段,IPO重开后将与铁龙物流和G中铁一起构成我国铁路上市公司中的核心资产。
The sub-sectors with a higher gross profit margin of the railway industry are vehicle parts, rail manufacturing and railway transportation, which are respectively located at the top and the bottom of the railway industry chain. In addition, we think that the gross profit margin of railway passenger car manufacturing industry will get a certain increase from 2006 onwards. With the release of transport capacity in the coming years, we firmly believe that the growth rate of railway transport will be significantly increased. Analysis of related sub-sectors. Railway construction industry: investment in performance will be given priority; Railway truck manufacturing industry: the shortage of supply of vehicle parts should be eased; Railway bus vehicle manufacturing industry: the government pay to form a technology oligarchy, the stronger the ability to profit in the future; Railway parts manufacturing industry: upgrading brings short-term profit margins, overseas market development determines the ability of sustainable development; Railway transport industry: the growth comes from speed, price increases and expansion of new roads. 2006 focus on the core railway assets. Guangzhou Railway, one of the core assets of the railway equipment industry and one of the core assets of the railway line operation, has entered the final stage of listing. After the IPO reopened, it will form a listed company in China’s railways with Tie Long Logistics and G-China Railway Core assets.