中国中铁 H/A：2026年第三季度回顾：工程建设持续疲软；采矿业务提供对冲

Weak core, but mining and valuation provide downside support. CRG's 3Q26 revenue/NPAT fell 7%/33% Y/Y, reflecting broad-based China infrastructure weakness and earnings pressure across E&C peers, though margins remained resilient. Briefing points to a 4Q order catch-up and timing-driven overseas weakness. Mining is the key differentiator, with 9M26 resource revenue up 38% Y/Y, GPM at 67% and profit already above FY25 full-year levels, providing an increasingly meaningful earnings hedge. We cut FY26-28E NPAT by 9-10% and lower H/A-share PTs to HK$4.0/Rmb5.7, but retain OW. H/A-shares trade at ~0.2x/0.3x P/B and ~4.8%/3.1% FY27E dividend yields, already pricing in a weak core outlook, while rising resource earnings, potential order recovery and deleveraging provide support. 3Q26 revenue fell 7% Y/Y to Rmb244.0bn, led by infrastructure construction -9%, design consulting -12%, equipment -2% and property -4%;