换肤

隧道股份

i问董秘
企业号

600820

主营介绍

  • 主营业务:

    隧道、轨道交通、路桥、燃气及新能源、水务与环境、地下空间、城市公共空间等城市基础设施的投资、设计、施工、运营养护和物业管理业务,同时还包括与施工业务相配套的盾构(含智能盾构)设备制造业务。

  • 产品类型:

    施工业、设计服务、基础设施运营业务、机械加工及制造、融资租赁、投资业务、数字信息、其他业务

  • 产品名称:

    施工业 、 设计服务 、 基础设施运营业务 、 机械加工及制造 、 融资租赁 、 投资业务 、 数字信息 、 其他业务

  • 经营范围:

    建筑业,土木工程建设项目总承包,隧道、市政、建筑、公路及桥梁、交通、消防、地基与基储建筑装修装饰、拆除工程,自有房屋租赁,实业投资,自营和代理各类商品及技术的进出口业务(但国家限定公司经营或禁止进出口的商品和技术除外),经营进料加工和“三来一补”业务,经营对销贸易和转口贸易,外经贸部批准的国际经济技术合作业务,机械及机电设备生产、安装、租赁,汽修,本系统货运,附设分支机构。【依法须经批准的项目,经相关部门批准后方可开展经营活动】。

运营业务数据

最新公告日期:2026-07-16 
业务名称 2026-06-30 2026-03-31 2025-12-31 2025-09-30 2025-06-30
订单数量:运营业务(个) 263.00 182.00 765.00 631.00 505.00
订单数量:设计业务(个) 1192.00 664.00 2634.00 1912.00 1366.00
合同金额:中标合同:施工业务:按空间类型分类:地上业务(元) 255.82亿 140.25亿 640.93亿 378.48亿 252.30亿
合同金额:中标合同:施工业务:按订单类型分类:能源工程类(元) 30.34亿 10.34亿 45.47亿 32.70亿 22.22亿
订单数量:施工业务(个) 1964.00 561.00 2907.00 2564.00 1576.00
合同金额:中标合同:设计业务(元) 20.97亿 12.36亿 46.98亿 34.37亿 15.54亿
合同金额:中标合同:施工业务:按订单类型分类:市政工程类(元) 75.81亿 45.58亿 176.99亿 120.97亿 102.72亿
合同金额:中标合同:数字业务(元) 3.95亿 8120.26万 10.16亿 4.52亿 1.68亿
合同金额:中标合同:运营业务(元) 41.20亿 31.76亿 77.69亿 65.49亿 51.17亿
订单数量:数字业务(个) 70.00 24.00 333.00 174.00 91.00
合同金额:中标合同:施工业务:按订单类型分类:环境工程类(元) 24.61亿 13.73亿 102.84亿 32.20亿 14.16亿
合同金额:中标合同:施工业务:按订单类型分类:房产工程类(元) 84.32亿 54.65亿 215.51亿 110.56亿 77.77亿
合同金额:中标合同:施工业务:按订单类型分类:轨道交通类(元) 36.71亿 24.06亿 90.28亿 81.67亿 49.45亿
合同金额:中标合同:施工业务:按地域分类:境外(元) 18.50亿 18.16亿 115.06亿 39.01亿 32.63亿
合同金额:中标合同:施工业务:按订单类型分类:其他工程类(元) 24.78亿 7.04亿 39.27亿 65.82亿 51.93亿
合同金额:中标合同:施工业务:按订单类型分类:道路工程类(元) 95.97亿 18.78亿 225.22亿 141.98亿 75.44亿
合同金额:中标合同:施工业务:按空间类型分类:地下业务(元) 116.73亿 33.94亿 254.66亿 207.42亿 141.39亿
合同金额:中标合同:施工业务:按地域分类:上海市市外(元) 206.87亿 103.34亿 467.44亿 269.63亿 193.19亿
合同金额:中标合同(元) 438.67亿 219.12亿 1030.41亿 690.29亿 462.07亿
合同金额:中标合同:施工业务(元) 372.55亿 174.19亿 895.58亿 585.90亿 393.70亿
合同金额:中标合同:施工业务:按地域分类:上海市市内(元) 147.17亿 52.69亿 313.08亿 277.26亿 167.87亿
订单金额:新签订单(元) 438.67亿 - - - -
专利数量:授权专利:发明专利(项) 74.00 - 183.00 - 81.00
专利数量:授权专利(项) 135.00 - 297.00 - 151.00
项目数量:竣工验收项目:专业工程(个) - - 6588.00 - -
项目数量:竣工验收项目:其他(个) - - 904.00 - -
项目数量:竣工验收项目:基建工程(个) - - 112.00 - -
项目数量:竣工验收项目:境内(个) - - 7640.00 - -
项目数量:竣工验收项目:境外(个) - - 7.00 - -
项目数量:竣工验收项目:境外:中国澳门(个) - - 2.00 - -
项目数量:竣工验收项目:境外:印度(个) - - 3.00 - -
项目数量:竣工验收项目:境外:新加坡(个) - - 2.00 - -
项目数量:竣工验收项目:建筑装饰(个) - - 13.00 - -
项目数量:竣工验收项目:房屋建设(个) - - 30.00 - -
项目金额:竣工验收项目(元) - - 426.14亿 - -
项目金额:竣工验收项目:专业工程(元) - - 34.74亿 - -
项目金额:竣工验收项目:其他(元) - - 50.10亿 - -
项目金额:竣工验收项目:基建工程(元) - - 269.61亿 - -
项目金额:竣工验收项目:境内(元) - - 357.27亿 - -
项目金额:竣工验收项目:境外(元) - - 68.87亿 - -
项目金额:竣工验收项目:境外:中国澳门(元) - - 10.68亿 - -
项目金额:竣工验收项目:境外:印度(元) - - 29.53亿 - -
项目金额:竣工验收项目:境外:新加坡(元) - - 28.67亿 - -
项目金额:竣工验收项目:建筑装饰(元) - - 5.24亿 - -
项目金额:竣工验收项目:房屋建设(元) - - 66.45亿 - -
项目数量:新签项目(个) - - 6639.00 - -

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

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前5大客户:共销售了131.91亿元,占营业收入的19.17%
  • 上海申通地铁建设集团有限公司
  • TRANSPORT AUTHORITY
  • 上海申铁投资有限公司
  • 上海市道路运输事业发展中心
  • 上海公路投资建设发展有限公司
  • 其他
客户名称 销售额(元) 占比
上海申通地铁建设集团有限公司
42.96亿 6.24%
TRANSPORT AUTHORITY
27.41亿 3.98%
上海申铁投资有限公司
22.84亿 3.32%
上海市道路运输事业发展中心
20.69亿 3.01%
上海公路投资建设发展有限公司
18.01亿 2.62%
前5大供应商:共采购了29.24亿元,占总采购额的14.02%
  • 上海城建物资有限公司
  • 上海熠通市政工程有限公司
  • 上海红茂实业有限公司
  • 宁波市轨道永盈供应链有限公司
  • 中交天津工贸有限公司
  • 其他
供应商名称 采购额(元) 占比
上海城建物资有限公司
13.45亿 6.45%
上海熠通市政工程有限公司
8.47亿 4.06%
上海红茂实业有限公司
4.07亿 1.95%
宁波市轨道永盈供应链有限公司
2.11亿 1.01%
中交天津工贸有限公司
1.15亿 0.55%
前5大客户:共销售了124.84亿元,占营业收入的16.83%
  • 上海申铁投资有限公司
  • 上海申通地铁建设集团有限公司
  • LAND TRANSPORT AUTHO
  • 上海市道路运输事业发展中心
  • 深圳高速公路集团股份有限公司
  • 其他
客户名称 销售额(元) 占比
上海申铁投资有限公司
42.25亿 5.70%
上海申通地铁建设集团有限公司
26.96亿 3.64%
LAND TRANSPORT AUTHO
23.17亿 3.12%
上海市道路运输事业发展中心
18.18亿 2.45%
深圳高速公路集团股份有限公司
14.28亿 1.92%
前5大供应商:共采购了62.30亿元,占总采购额的15.22%
  • 上海城建物资有限公司
  • 物产中大金属集团有限公司
  • 东证润和资本管理有限公司
  • HERRENKNECHT ASIA HE
  • 上海红茂实业有限公司
  • 其他
供应商名称 采购额(元) 占比
上海城建物资有限公司
19.80亿 4.84%
物产中大金属集团有限公司
15.72亿 3.84%
东证润和资本管理有限公司
13.56亿 3.31%
HERRENKNECHT ASIA HE
6.82亿 1.67%
上海红茂实业有限公司
6.40亿 1.56%
前5大供应商:共采购了29.86亿元,占总采购额的14.31%
  • 上海城建物资有限公司
  • 德国海瑞克公司
  • 东证润和资本管理有限公司
  • 物产中大金属集团有限公司
  • NATSTEEL HOLDINGS PT
  • 其他
客户名称 采购额(元) 占比
上海城建物资有限公司
12.66亿 6.07%
德国海瑞克公司
6.27亿 3.00%
东证润和资本管理有限公司
4.00亿 1.92%
物产中大金属集团有限公司
3.89亿 1.87%
NATSTEEL HOLDINGS PT
3.03亿 1.45%
前5大供应商:共采购了31.11亿元,占总采购额的13.24%
  • 上海城建物资有限公司
  • 东证润和资本管理有限公司
  • 长江经济联合发展(集团)股份有限公司
  • HERRENKNECHT ASIA HE
  • 上海洪铺钢结构工程有限公司
  • 其他
客户名称 采购额(元) 占比
上海城建物资有限公司
7.05亿 3.00%
东证润和资本管理有限公司
6.18亿 2.63%
长江经济联合发展(集团)股份有限公司
6.00亿 2.55%
HERRENKNECHT ASIA HE
5.95亿 2.53%
上海洪铺钢结构工程有限公司
5.93亿 2.52%
前5大客户:共销售了83.12亿元,占营业收入的15.39%
  • 杭州市地铁集团有限责任公司
  • 台州市交通运输局
  • 上海公路投资建设发展有限公司
  • 上海市道路运输事业发展中心
  • 海口城市投资建设有限公司
  • 其他
客户名称 销售额(元) 占比
杭州市地铁集团有限责任公司
27.90亿 5.17%
台州市交通运输局
15.93亿 2.95%
上海公路投资建设发展有限公司
14.18亿 2.62%
上海市道路运输事业发展中心
12.94亿 2.40%
海口城市投资建设有限公司
12.18亿 2.25%
前5大供应商:共采购了21.84亿元,占总采购额的9.94%
  • 上海城建物资有限公司
  • 中国铁路物资华东集团有限公司
  • 上海大展懿杰建设科技有限公司
  • 中交三航局工程物资有限公司
  • 浙江物产金属集团有限公司
  • 其他
供应商名称 采购额(元) 占比
上海城建物资有限公司
7.07亿 3.22%
中国铁路物资华东集团有限公司
5.37亿 2.44%
上海大展懿杰建设科技有限公司
3.36亿 1.53%
中交三航局工程物资有限公司
3.04亿 1.38%
浙江物产金属集团有限公司
3.01亿 1.37%

董事会经营评述

  一、报告期内公司所属行业及主营业务情况说明
  1、公司主要业务
  公司主要从事隧道、轨道交通、路桥、燃气及新能源、水务与环境、地下空间、城市公共空间等城市基础设施的投资、设计、施工、运营养护和物业管理业务,同时还包括与施工业务相配套的盾构(含智能盾构)设备制造业务,此外公司还广泛涉足产业基金、融资租赁、保理等类金融业务,以及与智慧城市、智能交通、低空经济等相关的新兴业务。
  (1)基础设施建设业务
  基础设施建设业务包括工程施工和工程设计两大子板块。
  ①工程施工业务
  目前公司工程施工业务主要分为地下业务及地上业务。
  地下业务方面,公司主要从事隧道、轨道交通、水务、能源和... 查看全部▼

  一、报告期内公司所属行业及主营业务情况说明
  1、公司主要业务
  公司主要从事隧道、轨道交通、路桥、燃气及新能源、水务与环境、地下空间、城市公共空间等城市基础设施的投资、设计、施工、运营养护和物业管理业务,同时还包括与施工业务相配套的盾构(含智能盾构)设备制造业务,此外公司还广泛涉足产业基金、融资租赁、保理等类金融业务,以及与智慧城市、智能交通、低空经济等相关的新兴业务。
  (1)基础设施建设业务
  基础设施建设业务包括工程施工和工程设计两大子板块。
  ①工程施工业务
  目前公司工程施工业务主要分为地下业务及地上业务。
  地下业务方面,公司主要从事隧道、轨道交通、水务、能源和地下空间等大型工程勘察设计及施工,目前已承建的14米以上超大直径隧道工程项目已达到32项,代表项目如上海长江隧道、上海市域铁路机场联络线、上海北横通道、杭州钱江隧道、武汉三阳路隧道、珠海马骝洲交通隧道等。凭借盾构法、沉管法、管幕法等领先工艺,公司已在国内外总集成、总承包建设隧道工程上百项,产品直径基本涵盖全球现有隧道工程的所有尺寸。
  轨道交通方面,公司已先后为南京、杭州、郑州、昆明、武汉、天津、乌鲁木齐、南昌等国内众多城市成功打造了当地首条地铁线路,累计推进里程约1084公里。
  此外,公司还广泛从事引水隧道、电厂取排水隧道以及自来水、污水市政管道安装、城市燃气管线及设施施工安装业务等,代表项目包括上海青草沙水源地原水工程、上海竹园污水处理工程、上海市苏州河环境综合整治工程等。
  地上业务方面,包括高速公路、铁路、道路、桥梁以及房屋建筑等。公司全面参与了上海市高架、道路、桥梁、机场、火车站交通一体化基础设施建设。在全国范围内,公司广泛参与建设了上海东海大桥、上海昆阳路大桥、江西南昌朝阳大桥,以及上海浦东国际机场、浙江杭绍台高速公路、上海济阳路快速化改建、沪通铁路等重要工程。
  ②工程设计咨询业务
  目前公司工程设计业务主要通过下属公司——城建设计集团和上能院开展,业务范围包括城市轨道交通、隧道、市政工程、燃气管网、加氢站、天然气储气站、地下管廊、人防设计等地下空间的勘察、设计,以及相关高端咨询服务。此外,近年来,城建设计集团在城市更新、低空经济、车联网(车路云)、无人驾驶、城市生命线、数据治理、智慧水务等,上能院在储能、光伏、风能、节能环保、智慧管网、碳中和、能源咨询、资源再利用、深海经济、ESG等领域开展业务。
  截至报告期末,公司现有资质已完全覆盖公司现有业务范围。
  (2)基建投资业务
  公司主要以PPP、BOT等方式参与国内城市基础设施建设投资和运营,主要由下属子公司——上海隧道、上海基建、城建投资、市政集团等开展,近年来公司已建、在建和运营的大中型项目(含BT、BOT、PPP模式)58项。
  (3)城市运营、维保及城市公共空间物业管理业务
  公司运营业务包括两方面,一是PPP等重资产项目的运营,二是以提供专业运营服务为主的轻资产运营。轻资产运营业务主要由公司下属子公司上海城建城市运营(集团)有限公司、城盾隧安地下工程有限公司、上海瑞锦诚物业服务有限公司负责,城市运营主要为市政道路、桥梁、高速路网等基础设施提供设施维保、应急保障、智慧管养等运营服务;城盾隧安主要为隧道、轨道交通等地下基础设施提供应急抢险,以及面对地下基础设施后市场提供安全运维管养服务;并对外提供运营咨询服务;瑞锦诚服务主要依托物联网技术和智慧物业数字化运营管理平台为人居、工作、公建环境等城市公共空间提供物业服务。
  (4)数字信息业务
  公司数字信息业务主要由全资子公司——上海城建数字产业集团有限公司开展。作为国家高新技术企业,数字集团基于高性能的CIM城市信息模型技术应用,提供基础设施全生命周期的数字化解决方案、软硬件产品和系统集成的专业服务。主要业务及产品从项目级建筑信息化技术应用到城市级智能监管平台,覆盖数字化咨询、智慧基建、智慧交通、智慧环境、智慧医疗、建筑信息化、韧性城市、数据治理、数字孪生、车路协同、行业大模型、工业机器人、智能化安装等多个领域。
  (5)设备制造业务
  公司盾构设备相关业务主要由全资子公司——上海城建隧道装备有限公司负责。该公司能够生产制造直径15m级以上超大直径盾构机,具有年产量Φ8米以下盾构40台、Φ10米~Φ16米大盾构6台的生产制造能力,拥有中国工程机械协会认证的“全断面隧道掘进机生产企业与服务水平一级”资质。掘进机产品主要包括:土压平衡盾构、泥水平衡盾构、复合铰接式盾构、双模式单护盾TBM掘进机、类矩形盾构、矩形顶管机、地面出入式盾构等,规格大小涵盖:Φ1米以下微型至Φ15米以上超大型,形态涵盖:圆形、矩形、类矩形等多种开挖断面,适应于多种复杂地层环境和各类苛刻施工条件,可满足我国城市地下空间开发如大型越江公路隧道、轨道交通、人行通道、集成式综合管廊等各类工程建设需求。
  公司数字盾构业务主要由公司下属上海数字盾构技术创新中心开展,通过融合大数据、5G网络和人工智能等新兴技术,在施工信息的精准感知基础上,快速判断盾构状态并认知周边环境特征,实现盾构自动掘进。
  (6)融资租赁和保理业务
  公司融资租赁业务主要由全资孙公司——上海元晟融资租赁有限公司负责,主要围绕隧道股份产业链上下游,提供直接租赁、售后回租、经营性租赁服务,打造定制化金融解决方案;业务区域选择方面,聚焦公司传统重点市场区域,深耕江苏、浙江等经济发达省份,同时积极布局其他重点潜力地区;行业选择上,主要围绕隧道股份产业链上下游,重点布局基建业务领域。
  保理业务主要由公司下属上海晟元商业保理有限公司负责,晟元保理主要业务为正向保理和反向保理(即供应链保理)。客户范围主要为公司体系内相关基建企业,及部分体系外关联企业。
  2、公司业务经营模式
  (1)基础设施建设业务①工程施工及设计业务
  行业主要的经营模式有工程总承包、施工总承包、专业承包等。
  工程总承包模式,即总承包商与业主签订总承包合同,合同规定了勘察设计、原材料采购、施工、项目管理等工程各环节的内容。总承包商再将合同部分内容分包给有资质的分包商。分包商由总承包商统一协调、管理,以分包合同对总承包商负责,总承包商以总承包合同对业主负责。工程总承包是建筑企业基于纵向一体化战略的模式,有利于控制项目投资、加快建设周期、提高管理效率。
  施工总承包模式指总承包商仅对工程施工进行总承包,勘察设计、原材料采购等环节由业主负责。
  专业承包模式指专业施工单位就建设项目的某些分项工程(如:桩基工程、防水工程、屋面工程、门窗安装工程、通风管道工程、弱电工程、消防工程等)实施专业承包。
  ②基建投资和运营业务
  PPP投资模式(公私合作模式):公共政府部门与企业合作模式,政府部门或地方政府通过政府采购形式与中标单位组成的项目签订特许合同,由项目公司负责筹资、建设及经营。
  (2)设备制造业务
  盾构制造业的经营模式主要是以销定产,即通过设备的需求量确定设备的生产规模。具体模式为:在业务获得阶段,通过向目标客户投标的方式确定购买数量,并与客户签订购买合同;设备生产阶段,在编制设计方案的基础上,按照设备生产量采购相关材料并安排生产;生产完成后进行测试、安装并移交相关设备;此外,在设备使用期,制造商还可为客户提供设备的操作培训、维护以及质量跟踪等服务。
  (3)融资租赁及保理业务
  融资租赁行业主要的经营模式有售后回租、直接租赁、经营性租赁模式等。
  售后回租模式,是指承租人为了实现融资的目的,将其自有物的所有权转让给出租人,再从出租人处租回该物使用,并按期向出租人支付租金的交易方式。
  直接租赁模式,指出租人根据承租人对租赁物件的特定要求和对供货人的选择,出资向供货人购买租赁物件,并租给承租人使用,承租人则分期向出租人支付租金的交易方式。
  经营性租赁模式,是指出租人将自己经营的租赁资产进行反复出租给不同承租人使用,由承租人支付租金,直至资产报废或淘汰为止的交易方式。
  保理业务是以债权人转让其应收账款为前提,集应收账款催收、管理、坏账担保及融资于一体的综合性金融服务。正向保理业务的债权人是公司成员单位,反向保理(即供应链保理)的债权人是公司成员单位供应商。
  (4)数字信息业务
  数字信息业务主要的经营模式有合同项目模式、通用产品模式、运营模式等。
  合同项目模式:为主要的经营模式,即开发方与需求方签订合同开发指定项目,合同规定了客户需求、开发周期、验收条件等内容,项目的产权通常属于需求方。
  通用产品模式:即开发方立项出资研制产品(产权属于自身),产品具有一定的通用性,适合于所有目标消费群体。
  运营模式:通过用户不断地使用运营商的产品或服务,使运营商持续获益。
  3、质量控制评价体系
  报告期内,公司持续健全和完善安全健康、低碳环保的质量、环境、职业健康安全管理体系:质量控制体系满足GB/T19001-2016/ISO9001:2015标准、GB/T50430-2017《工程建设施工企业质量管理规范》标准、GB/T24001-2016/ISO14001:2015《环境管理体系要求及使用指南》标准、GB/T45001-2020/ISO45001:2018《职业健康安全管理体系要求》等国家及上海市相关标准要求,并通过了体系审核机构的认证。公司及下属各子公司成立了质量安全、环境管理监督小组,对工程施工过程全面管控、检查和监督,并持续加大日常内部质量检查、监督的力度,定期组织内部质量检查和互查,以提高员工的质量意识、整体质量管理和实物质量水平。
  4、安全管理体系建设
  制度建设方面,期内,公司修订完成《工程类保险业务集中管理办法》《安全风险分级管控和隐患排查治理规定》《突发事件应急预案管理实施办法及总体预案、分类综合预案》。治本攻坚方面,公司围绕“基层责任强化年”工作主线,推动安全责任体系向出租承租、项目外包、劳务派遣、合作单位等关联方延伸,把责任压实到岗、传导到人,统筹开展“防风险、除隐患、保安全”专项整治行动,统一划定消防、高处坠落、机械伤害、有限空间四项通用整治内容。安全生产教育培训方面,上半年,公司持续深耕以《安全科学》内参期刊为核心的成果展示和传播平台,推动期刊从“单一纸媒”向“融媒体矩阵”转型升级。应急处置保障体系建设方面,期内,公司根据上海市突发事件应急预案管理实施办法和突发事件总体应急预案相关要求,将城市基础设施建设的“应急抢险”纳入企业整个产业链,修订完成《突发事件应急预案管理实施办法及总体预案、分类综合预案》,全面规范应急预案全流程管理,提升响应效率。科技创新赋能安全方面,隧道股份数智施工平台依托行业大模型落地智能化管控能力,实现班前安全教育、现场风险排查、农民工实名制全流程智能闭环,规范劳务用工合规管理,赋能工地精细化、数字化高效管控。

  二、经营情况的讨论与分析
  2026年上半年,中国经济继续保持稳中有进发展态势,新旧动能转换不断加快。
  隧道股份董事会带领公司全体员工,面对建筑产业依旧严峻的经营形势,紧密围绕公司“十五五”战略规划,扎实推进各项生产经营工作。报告期内,公司累计新签各类施工、设计、运营业务订单总量为438.67亿元,较上年同期下降5.07%,其中施工业务中的能源工程和环境工程类业务分别较上年同期增长36.54%和73.77%,增速显著。
  报告期内,公司重大项目建设总体平稳受控。
  上海市内,白龙港污水处理厂污水调蓄工程BLGT-2.2标设备全部安装完成;周邓快速路(S3-G1503)新建工程5标桥梁结构贯通;内环高架设施提升及功能完善工程(金沙江路-南浦大桥)2025年实施段完工;上海市轨道交通市域线崇明线土建21标完工;上海轨道交通市域线嘉闵线工程JMSG-13标隧道区间完成贯通;沪通铁路4标完成全线盾构区间贯通。
  上海市外,中原区域:兰封高速6月底完成全线通车。川渝区域:东升龙桥教育基地项目完成大基坑开挖;四川全兴酒业改扩建项目完成整体二次结构施工。长三角区域:江苏启东产业园区项目08-02、09-01地块6月16日完成二结构施工;江苏通江大道快速化一期(瞻江立交-望江立交)工程TJ12标主线高架通车。境外区域:新加坡地铁CR102项目5月盾构区间全部贯通;新加坡T316项目1月完成全部地下基础设施。
  投融资方面,期内公司出资44.44亿元资金,通过参与非公开发行和二级市场集中竞价方式投资中国能源建设股份有限公司A+H股,共持有中国能建22.04亿股,持股比例4.98%。此举有利于提升公司基础设施产业链资源集成能力,持续打造隧道股份能源建设领域竞争力并不断优化公司海外市场业务布局。
  期内,由公司作为发起人的“东方红隧道股份高速公路封闭式基础设施证券投资基金”(代码:508020)在上海证券交易所成功上市,发售规模46.8亿元。该项目是上海市属国企首单以异地项目作为底层资产的公募REITs,也是上海市属国企发起的首单经营权类公募REITs。
  此外,公司上半年还顺利完成30亿元可续期公司债券、40亿元超短期融资券、15亿元中期票据、15亿元永续中票,以及54.36亿元储架式ABS的发行工作,有力助推公司主业发展。

  三、报告期内核心竞争力分析
  截至2026年上半年末,公司拥有“国家工程研究中心”、“国家企业技术中心”等2家国家级研发平台,9家市级企业技术中心,6家市级工程技术研究中心,1家市级工程技术创新中心,10家市住建行业科技创新平台,19家市交通行业创新基地(中心)以及2家博士后工作室等创新载体,同时拥有26家高新技术企业,拥有13家专精特新中小企业、3家专精特新“小巨人”企业。企业业务覆盖交通、建筑与房地产、水利水务、能源、地下空间、重大装备、绿色材料、数字化业务、建设金融等众多领域。截至2026年上半年,公司累计获得3209项授权专利,其中发明专利1183项;上半年新增授权135项,其中发明专利74项;新增标准编制53项,在编标准295项,当年完成19项。
  科创平台方面,公司围绕国家战略和行业发展方向,依托城市更新、数字盾构、智慧运营、新材料、双碳、环境六大科创中心,致力于提升科技创新平台的整体能级。数字盾构科创中心持续健全智能盾构2.0技术体系,推广应用于上海15号线南延伸工程和杭州文一西路西延伸工程,并逐步构建起相应的技术管理标准,为后续规模化推广提供了扎实的规范支撑与标准化依据。智慧运营科创中心立足智慧运营产业优势,围绕“技术创新、产品培育、产业转化、企业孵化”主线,积极参与申报交通部“人工智能+”重大攻关工程,牵头申报“AI+超大城市基础设施精细化智慧治理”中试基地,聚焦道路智能巡检与交通设施低空巡检,加快产品打磨与市场拓展。城市更新科创中心围绕基础设施更新改造中的快速修复、功能提升与智慧化治理等关键技术方向,重点突破地聚物新型修复材料、排水管网规建管养一体化技术等关键技术,并在城市更新实际场景中深化产学研协同研究。双碳科创中心聚焦城镇燃气、综合能源、氢基新能源等核心板块,在LNG冷能综合利用、独立储能、数智化能碳管家、综合能源系统优化集成等方向形成核心竞争力,完成超高层燃气改造示范项目。新材料科创中心聚焦新型工程材料核心技术攻关,持续深耕转锈剂、流态固化土、UHPC、双液浆等材料体系研发,拓展污染土资源化利用、坡面生态修复固化剂等前沿方向,相关成果已在港铁SGI隧道综合治理、香港北部都会区及南京地铁等项目中实现示范应用验证。环境科创中心围绕管网健康评估、智慧运维、固废处置等领域开展技术攻关,在供水管网健康评估、盾构渣土协同处置、带水修复工艺等方面形成系列成果,构建覆盖管网运维与水环境治理的技术体系。
  科技创新方面,公司持续夯实智慧城市数字化领域的技术底座,推动生态体系日趋成熟。公司在2026世界人工智能大会发布了两项国内首创AI成果:STEC AgentOps智能体开发与运行平台——国内首个具备企业级业务系统连接能力的智能体操作系统,提供开发、连接、托管、治理等一体化服务,支持知识服务、文档生成、流程办理等多场景应用,推动智能体从试点走向规模化运行;“智城+”运营大模型——国内首个面向城市交通基础设施运维领域的大模型,以智能体框架为调度中枢、大模型为认知决策引擎,通过百余个智能体协同、上千个Skills能力封装及MCP协议工具调用,实现复杂任务的高效拆解与闭环执行。
  期内,公司持续孵化战略性AI科技企业:中城交科技发布交通视觉大模型系列产品,面向高速公路、隧道及工程现场,实现全要素感知与事件闭环管理;中数途科技展示数字化道路管养法,贯穿“检测—诊断—决策”全流程,依托多源数据融合与权威算法,提供预防性养护最优解。

  四、可能面对的风险
  1、市场竞争风险
  公司所属行业为建筑业,主要从事基础设施建设投资和市政工程设计施工业务,虽然公司在超大型隧道和越江隧道建设方面行业地位突出,技术优势较为明显,但随着行业向纵深发展,竞争格局不断变化,竞争对手日益增多,竞争态势日趋激烈,由此给公司经营业绩带来不确定影响。对此,一方面公司在深耕江浙沪等传统区域市场的同时,积极推行“走出去”战略,做大产业规模;另一方面,公司持续加大科研创新投入力度,不断强化技术壁垒。
  提升核心竞争力。公司还充分发挥全产业链协同运作优势,在为客户提供高端、全面、优质的技术、产品和服务的同时,努力提高品牌附加值和行业影响力。
  2、投资业务风险
  近年来,在国家宏观政策扶持引导下,基建领域投资模式也在不断更新和变化中,对项目后续运作和风险控制提出了更高要求。对此,公司将在加强市场调研的基础上,不断完善风险控制流程,强化过程监督管理。对于公司近年来参与的股权投资基金、融资租赁等新兴业务,公司一方面对投入资金进行总量控制,另一方面依照监管法规严格规范相关业务运作,确保合规经营,在基金投向上,主要围绕公司基建主业进行上下游适度延伸,同时兼顾投资市场前景广阔、国家重点扶持的朝阳产业,努力做到产业拓展、利润回报与风险控制的平衡兼顾。
  3、安全生产风险
  公司主要从事工程施工业务,主要包括轨道交通、大型越江隧道、高架道路、水环境、燃气管线等项目建设,这些项目普遍具有技术难度高、建设周期长、管理跨度大及风险点集中等特点。对公司旗下各业务板块安全防范能力、技术管理水平提出了较高要求。
  4、法律风险
  随着公司业务规模的不断扩大,所面对的法律相关事务也逐渐增加,特别是在工程建设总承包及分包合同的签订上以及知识产权的认定上,如何夯实公司法务工作组织体系,保障公司合法权益,避免不必要的法律纠纷和民事诉讼;同时在面对已经存在的法律纠纷,公司如何形成有效的应对机制尚不明确;这些问题都将会对公司日常经营生产管理的合法合规带来一定风险。对此,公司在合同签订流程规范化方面将努力建立完善、科学、成熟的控制体系,对项目前期尽调、中期审核、后期履行进行全过程跟踪管控。
  5、海外业务风险
  随着公司海外业务的不断扩张,有些国家地区可能存在国家经济、法律制度不够健全,市场营销环境不够规范的情况,对公司生产经营带来一定风险。对此,公司将依靠自身专业团队或外部咨询机构,加强对项目所在国的社会人文环境、法律环境等的相关信息的调研分析,并进而提出完善且有操作性的应对方案。 收起▲

产品价格

数据截至(20260914)
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20260914,5.50,2.83,1.4760147601476,0,20260914
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