香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國中鐵股份有限公司於2025年8月19日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2024年面向專業投資者公開發行科技創新可續期公司債券（第四期）（品種 一）2025年付息公告」，僅供參閱。 承董事會命 中國中鐵股份有限公司 陳文健 董事長 於本公告日期，本公司的執行董事為陳文健先生（董事長）及王士奇先生；本公司的非執 行董事為文利民先生及房小兵先生；本公司的獨立非執行董事為修龍先生、孫力實女士 及屠海鳴先生。 证券代码：601390.SH/0390.HK 证券简称：中国中铁 债券代码：241530.SH 债券简称：24 铁 YK07 2025年8月19日 2、债券简称：24 铁 YK07 5、发行总额：人民币 15 亿元。 6、债券期限：本期债券基础期限为 5 年，以每 5 个计息年度为 1 个周期， 在每个周期末 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 承董事會命 中國中鐵股份有限公司 陳文健 董事會會議召開日期 中國中鐵股份有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二零二五年八月 二十九日（星期五）舉行董事會會議，藉以（其中包括）批准宣佈本公司及其附屬公司截至 二零二五年六月三十日止六個月的中期業績。 董事長 中國•北京 2025年8月19日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及王士奇先生；本公司的非執 行董事為文利民先生及房小兵先生；本公司的獨立非執行董事為修龍先生、孫力實女士 及屠海鳴先生。 ...

Core Insights - The central government has clarified its stance on addressing "involution" competition, transitioning from policy formulation to implementation since the second half of 2024 [1][2] - In July 2025, 33 construction-related central enterprises, state-owned enterprises, and private enterprises issued a "Proposal" advocating for the "Four No's" principle: no scale assembly, no blind expansion, no excessive debt, and no shell structures, aiming to resist "involution" competition and shift focus from price competition to value competition [1][2] Construction Industry Analysis - The report emphasizes the shift from price competition to value competition in the construction industry, driven by the "anti-involution" policy [2] - The analysis categorizes the construction industry into three major segments: central state-owned enterprise blue chips, international engineering, and steel structure [2] Central State-Owned Enterprises - For traditional undervalued central state-owned enterprise blue chips, the focus should be on three dimensions: dividend capability, price elasticity, and technological transformation [3] - In Q1 2025, the market share of nine major construction central enterprises increased to 59.89%, indicating strong order acquisition capabilities [3] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [3] International Engineering Sector - The international engineering sector benefits from price elasticity, particularly with rising expectations for resource prices [4] - North China International, which has a significant coal sales volume, is highlighted for its potential profit contributions from coal business in 2026 [4] Steel and Cement Industries - The steel and cement industries are expected to improve profitability through the exit of outdated capacities and product structure upgrades [5] - Companies like China National Materials and China Steel International are recommended, with China Aluminum International suggested for attention [5] Steel Structure Sector - The steel structure sector is divided into manufacturing and installation segments, with rising steel prices benefiting manufacturing companies like Honglu Steel Structure [6] - The transition towards intelligent construction and green building is expected to enhance the competitive advantages of leading companies in the installation segment, such as Jinggong Steel Structure and Jianghe Group [6]

Group 1 - The core project is the Zhizhen Energy 1 million kW photovoltaic hydrogen production and ammonia synthesis integrated project in Yili Prefecture, Xinjiang, with a total construction area of 122,381.3 square meters [1] - The project includes 64 sets of 1000Nm³/h electrolysis hydrogen production devices, 20 sets of 2000Nm³ hydrogen storage devices, and a 170,000 tons/year ammonia synthesis device [1] - The winning bid for the project was awarded to China Railway Tunnel Group with a bid price of 261,848.2124 million yuan [1] Group 2 - The total estimated contract amount for the bidding project is 960 million yuan, with a total construction period of 790 calendar days [2] - The project includes construction drawing design, engineering construction, and warranty work during the defect liability period [2] Group 3 - The winning bid for the liquid-cooled ultra-fast charging low-carbon comprehensive energy station project (Phase I) was awarded to China Railway 14th Bureau Group with a bid price of 95,904 million yuan [4] - The project aims to accelerate the construction of charging infrastructure for new energy vehicles, with a total investment of 82 million yuan for 200 ultra-fast charging stations in Hubei and Hunan [4] Group 4 - The Gansu Zhangye City 200MW/800MWh independent energy storage project has a total investment of 818 million yuan, with the winning bid announced for China Railway Construction Bridge Engineering Group [5] - The project includes a 200MW/800MWh energy storage power station and a 330kV/35kV/10kV booster substation [5] Group 5 - The total investment for the International Cooperation Education Sample Area Science and Technology Innovation Hub project is estimated at 157,543.65 million yuan, with a construction scale of approximately 1,277 meters for the road [8] - The project includes tunnel construction, road engineering, and various auxiliary facilities [8] Group 6 - The Three Gorges Waterway New Channel Project has a static total investment of approximately 766 billion yuan, with a total construction period of 100 months [11] - The project includes the construction of a water supply system with a design scale of 76,500 m³/d [10][11] Group 7 - The project for the renovation of old residential areas in Shenyang's Shenbei New District involves the renovation of infrastructure for 12 old residential areas, impacting 4,904 households [21][22] - The renovation includes road reconstruction, water supply, drainage, heating pipeline updates, and the addition of public service facilities [22]

Group 1 - The key clients of Sichuan Shengshi Steel Union International Trade Co., Ltd. include major state-owned enterprises directly supervised by the State-owned Assets Supervision and Administration Commission, covering various sectors such as construction, infrastructure, and energy engineering [1] Group 2 - The core list of top ten central enterprise construction companies includes China State Construction Engineering Corporation, which has a business focus on housing construction (over 50% of global super high-rise buildings) and infrastructure [4] - China Railway Group Limited specializes in railway engineering, accounting for 66% of the national railway mileage, with a significant increase of 51.6% in overseas business [4] - China Railway Construction Corporation is responsible for 52% of the national high-speed rail mileage and has established construction standards for high-speed rail in China [4] Group 3 - China Communications Construction Company focuses on port channels and cross-sea bridges, with a new contract amount of 9910.54 billion yuan in the first half of 2025 [5] - China Power Construction Group is a leader in hydropower, with a global market share exceeding 50% in overseas hydropower [5] - China Energy Engineering Group is innovating in traditional energy upgrades and has seen a growth rate of over 30% in new energy contracts [5] Group 4 - China Metallurgical Group Corporation leads the global market share in metallurgical engineering and is advancing hydrogen metallurgy technology for low-carbon transformation [5] - China Chemical Engineering Group dominates 70% of domestic petrochemical projects and has achieved a 12.3% growth in fine chemical contracts [5] - China National Nuclear Corporation is responsible for all domestic nuclear power units and plays a special role in national defense engineering and nuclear emergency support [5] - China Aneng Construction Group specializes in water conservancy and emergency rescue tasks [6]

Core Points - The Tanzania-Burundi cross-border standard gauge railway project, constructed by a consortium led by China Railway, held its groundbreaking ceremony on August 16 in Musongati, Burundi [1] - The ceremony was attended by Burundi President Évariste Ndayishimiye and Tanzanian Prime Minister Kassim Majaliwa, who jointly inaugurated the project [1] Company and Industry Summary - The project signifies a major infrastructure investment in East Africa, aimed at enhancing regional connectivity and trade [1] - The involvement of China Railway highlights the growing influence of Chinese companies in African infrastructure development [1]

Investment Rating - Investment Rating: Positive (Maintain) [5] Core Viewpoints - The construction of an efficient rail system in Xiong'an New Area is accelerating, with a focus on creating a national comprehensive transportation hub. The railway network is forming a "four vertical and two horizontal" high-speed rail system that covers the Beijing-Tianjin-Hebei core area and extends to Central China, East China, and Northwest regions [5][6][9] - The three high-speed rail lines (Xiongshan, Xionxin, and Shixiong) have a total investment of approximately 177.3 billion yuan, with significant construction progress expected between 2025 and 2027, leading to potential revenue and profit growth for related companies [5][36][39] Summary by Sections 1. Efficient Rail System Construction - Xiong'an New Area is strategically positioned to support national development, serving as a key hub for relieving Beijing's non-capital functions. The area is expected to achieve significant connectivity with major cities, including a 20-minute commute to Beijing's new airport and 30 minutes to Beijing and Tianjin [6][9] - The policy framework supporting the railway system has been established, with multiple levels of government backing the construction of high-speed rail and other transportation infrastructure [7][9] 2. High-Speed Rail Network Development - The Xiongshan High-Speed Rail connects Xiong'an to Central China, with a total length of approximately 552 kilometers and a planned completion date of 2026. The project has a total investment of 86.4 billion yuan [14][20] - The Xionxin High-Speed Rail, spanning 342.67 kilometers, is expected to enhance connectivity between Xiong'an and Shanxi, with a completion target of 2027 [21][24] - The Shixiong High-Speed Rail will connect Shijiazhuang and Xiong'an, with a total investment of approximately 33.65 billion yuan and a planned completion date of 2028 [30][33] 3. Investment Opportunities - The construction phase for the three high-speed rail lines is expected to release over 40.7 billion yuan in civil engineering funds between 2025 and 2027, creating significant opportunities for construction and equipment manufacturing companies [5][36][39] - Key construction companies involved include China Railway and China Railway Construction, which are expected to benefit from the ongoing projects [38][39] - The demand for tunnel boring machines (TBM) and related equipment is anticipated to rise due to the high proportion of tunnel construction in the projects, benefiting leading manufacturers in the sector [39][40]

人民财讯8月15日电，企查查APP显示，近日，呼和浩特铁工青云房地产开发有限公司成立，法定代表 人为袁晨亮，注册资本为3000万元，经营范围包含：房地产开发经营；停车场服务；物业管理；住房租 赁；房地产咨询；工程管理服务；市场营销策划。企查查股权穿透显示，该公司由中国中铁（601390） 间接全资持股。 ...

Group 1 - The core viewpoint of the article highlights the continued rise in Hong Kong's high-speed rail infrastructure stocks, with China Metallurgical Group leading the gains at over 6% and a cumulative increase of 30% for the month [1] - Several high-speed rail projects have been approved since Q3 2024, including the "Shanghai-Chongqing-Chengdu High-Speed Railway Hefei to Wuhan Section" and "Zhanjiang to Haikou High-Speed Railway," with total investments exceeding 300 billion [1] - There are plans to add 12,000 kilometers of new high-speed rail lines by 2025, focusing on the construction of the "Eight Vertical and Eight Horizontal" backbone network, with a new emphasis on high-speed rail in central and western regions [1] Group 2 - Analysts suggest short-term focus on policy-driven thematic opportunities and long-term investment in leading companies with technological barriers and overseas expansion capabilities [1] - Recommendations include combining performance certainty and growth potential, particularly in the high-speed rail intelligent sub-sector [1] Group 3 - Stock performance details include: - China Metallurgical Group (01618) latest price at 2.220 with a rise of 6.22% and a market cap of 46.006 billion - Times Electric (03898) latest price at 35.700 with a rise of 2.18% and a market cap of 48.479 billion - China Railway (00390) latest price at 4.070 with a rise of 1.24% and a market cap of 100.696 billion - Guangzhou-Shenzhen Railway (00525) latest price at 2.000 with a rise of 1.01% and a market cap of 14.167 billion - China Communications Construction (01800) latest price at 5.860 with a rise of 0.86% and a market cap of 95.393 billion - China Railway Construction (01186) latest price at 5.770 with a rise of 0.52% and a market cap of 78.354 billion - CRRC Corporation (01766) latest price at 5.730 with a rise of 0.17% and a market cap of 164.447 billion [1]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [12] Core Insights - Xinjiang has significant development potential despite its poor infrastructure, with ongoing investments in major infrastructure projects such as transportation, water conservancy, and energy [2][5] - The region's GDP is projected to grow by 6.1% in 2024, with fixed asset investment expected to increase by around 10% by 2025 [5][27] - Major projects in Xinjiang, including coal chemical projects and significant transportation infrastructure, are expected to drive economic growth and create investment opportunities [7][10] Summary by Sections Economic Overview - Xinjiang's GDP for 2024 is estimated at 20,534.08 billion yuan, with a per capita GDP of 78,660 yuan, reflecting a growth of 6.1% and 5.4% respectively [5][21] - The region's infrastructure is lagging, with road and rail density significantly below national averages, which constrains economic development [24][26] Infrastructure Investment - The Xinjiang government plans to utilize various funding sources, including central budget investments and local government bonds, to support infrastructure development [27] - By 2025, Xinjiang aims for a GDP growth of around 6% and a fixed asset investment increase of approximately 10% [27] Major Projects - Significant projects include the Xinjiang coal chemical industry, with investments expected to accelerate, and major transportation projects like the China-Kyrgyzstan-Uzbekistan railway and the New Tibet Railway [7][10] - The total investment for the China-Kyrgyzstan-Uzbekistan railway is estimated at 8 billion USD, with construction expected to start by the end of 2024 [7] Strategic Positioning - Xinjiang is positioned as a key hub in the Belt and Road Initiative, with its foreign trade growth rate leading the nation [9] - The region's strategic location and resource advantages are expected to enhance its role in national economic development [44][45] Investment Recommendations - Companies such as China Chemical and China Railway Construction are highlighted as potential beneficiaries of the increasing infrastructure investments in Xinjiang [10] - The report suggests monitoring local engineering firms for order releases as infrastructure projects ramp up [10]