Dchledcrcf208602 1330 at present, the PE and PB values of Company 6, the main railway in China, are 7 levels higher than the international average water level and close to the estimated water level of 8 in J Asian countries. However, considering that China's railway has just entered the G-K construction period, the performance of the corresponding company 6 will be gradually reflected in the next few years, and we are "optimistic" about the future development prospects of the railway industry and O-related enterprises. Compared with the "Ten B Five E" plan and the "Ten G One L Five A" plan, the acceleration of large W-scale railway construction shows that all M sub-P industries in transportation have changed from M to I in the order of policy support F to A, and railway has become the most favored industry among the two. The main construction mileage targets during the period of "1F-1U-5G" are: new lines 1 1000 km, including 6 passenger dedicated lines 1000 km; Build 5000 kilometers of existing double tracks; The existing line was transformed from 8 to 3 to 00,000 square kilometers. 1050, the national railway mileage will reach 10000m, the zero rate of double-track and electrification will reach 1 1%, the total scale of rapid passenger transport network will reach 80,000 km, 7 km and 2 km, the total capacity of coal tunnels will reach 3.5 billion w tons, and the total scale of western road network will reach 32,000 km. The railway "Ten P-One Y-Five I" plan also puts forward a clear quantitative 3 target for railway construction funds: the capital construction investment reaches 2. 04 trillion J billion H yuan B, equivalent to 0.5% of the total railway investment during the "Ten J Five Q" period. 28 times, with an average of 21000 billion yuan per year. The investment growth rate ranks first among all sub-X industries in transportation. 1 Investment in railway fixed assets from April to August 7 this year. 4.7 billion yuan s, a total of 2 transactions, an increase of 1, a-0 over 8 transactions. 5%, and the capital construction investment is 6 106. 65.438+0.4 billion yuan y q, up 4 g-0 year-on-year. 1%。 Under the growth rate of the first 0 weeks and 2 months, it is estimated that the S decline of 6 is related to the stage of W investment, and the growth trend of 7 in the future has not changed. X special equipment and electronic parts industry is booming. The prelude to the construction of Railway A has been opened in Q, which will be mainly used for the investment in fixed facilities and railway equipment of N-line railway. 4- Railway equipment can be divided into five parts: 1 railway S- special equipment and P- parts manufacturing, P- locomotive J- parts manufacturing, 8- and J- locomotives O- locomotive I- locomotive and Q- locomotive W- train manufacturing. K the huge investment scale will drive the development of related industries. We are more optimistic about the development prospects of railway equipment industry and railway transportation industry than 0, while the construction of railway fixed facilities is more intense than that of V industry 1, and the gross profit margin is lower, so it is difficult to bring substantial changes to related companies. In the railway equipment industry, I-type equipment and Y-type components for railway have the highest industry prosperity of 7 degrees. From the perspective of the growth rate of sales revenue O, the growth rate of sales revenue H of R-purpose railway equipment and J-parts industry of 300 1 in recent seven years has exceeded that of R-parts of locomotive M and Q of locomotive G. From the perspective of gross profit margin of 24 and grade 6, the railway-specific E-equipment and R-parts industry is about 80%, while the gross interest rate and level 0 of E-parts industry of locomotive W are only 20%, and the gross interest rate and level 8 of locomotive T are 40%. As a 0-Q railway transportation service provider, it is inevitable that the Ministry of Railways will play the dual roles of asset owner and industry manager. To solve the problem of insufficient investment in China's railway development in the third phase, we must deepen the reform, eliminate the obstacles for social capital to enter the S railway, broaden the railway financing channels, and take the road of "government-led, diversified N-based 3 investment, market-oriented 4 operation". In fact, since the opening of W in 05003, China's railway investment and financing system reform has made a major breakthrough. Statistics 8 show that by the end of 1008, combined with the construction of new lines, the number of newly established joint venture railway companies composed of railways, local governments and strategic investors reached 16, with a total mileage of about 3,000 kilometers. Issuing 20 billion Q yuan of railway construction bonds in the whole year, using the capital market, changing 6 shares for increments and expanding the scale of P financing have become the main ways of railway financing. In the 2002 W work summary, the Ministry of Railways clearly pointed out that 1 should promote the refinancing of three companies, namely Daqin, Guangq Shenzhen and Tielong, and continue to promote the new shareholding system reform project. Judging from the current development trend, it is natural for the Ministry of Railways to raise more railway construction funds by injecting assets into the third company of the railway corporation in D city.