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7月30日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2022年面向專業投資者公開發行可續期公司債券（第二期）（品種一）不行使 發行人續期選擇權的公告」，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 2025年7月30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。 证券代码： 601390.SH/0390.HK 证券简称：中国中铁 债券简称：22铁工Y3 债券代码： 137912.SH 中国中铁股份有限公司 2022 年面向专业投资者公开发行可续期公司债券 （第二期）（品种一）不行使发行人续期选择权的公告 本公司全体董事或具有同等职责的人员保证本 ...

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7月30日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2022年面向專業投資者公開發行可續期公司債券（第三期）（品種二）不行使 續期選擇權的公告」，僅供參閱。 承董事會命 中國中鐵股份有限公司 陳文健 2、债券简称：22 铁工 Y6 董事長 2025年7月30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。 债券代码：138647.SH 债券简称：22 铁工 Y6 中国中铁股份有限公司 2022 年面向专业投资者公开发行可续期公 司债券(第三期)(品种二)不行使续期选择权的公告 本公司全体董事或具有同等职责的人员保证本公告内容不存 在任何虚假记载、误导性陈述或者重 ...

Investment Rating - The report maintains a "Recommended" rating for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with special bond issuance accelerating to support major projects [3][6] - Real estate investment and sales are under pressure, but the decline in new construction and completion has narrowed [3][44] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard benchmarks [3][65] Summary by Sections Special Bond Issuance - The pace of special bond issuance has accelerated in 2025, with a total of 2.16 trillion yuan issued in the first half of the year, a 45% year-on-year increase [6] - The government plans to issue 4.4 trillion yuan in new local government special bonds this year, focusing on infrastructure and housing projects [6] Infrastructure Investment - Fixed asset investment (excluding rural households) reached 24.87 trillion yuan in the first half of 2025, with a year-on-year growth of 2.8% [3][27] - Broad infrastructure investment growth was 8.9%, while narrow infrastructure investment growth was 4.6% [30] - Investment in electricity, heat, gas, and water supply grew by 22.8%, while transportation and storage investment increased by 5.6% [3][35] Real Estate Market - Real estate development investment totaled 46.66 billion yuan, down 11.2% year-on-year, with sales area declining by 3.5% [44] - New construction area decreased by 20.0%, but the decline rate has narrowed [46] - The policy measures are expected to improve the supply-demand structure in the real estate market [3][44] Fund Holdings in Construction - As of Q2 2025, the fund holdings in the construction sector accounted for 0.43% of the total market, slightly up from the previous quarter [65] - The construction sector remains underweight compared to the standard allocation ratio of 1.77% [65] - Institutional investors are increasingly favoring segments such as housing construction, decoration, and engineering consulting [65][71]

Group 1 - As of July 29, 2025, China Railway's stock price is 5.78 yuan, down 0.17% from the previous trading day, with a trading volume of 775 million yuan and a turnover rate of 0.66% [1] - China Railway is one of the largest multifunctional construction groups in China and Asia, and is the world's largest construction contractor, with business operations covering infrastructure construction, surveying and design consulting services, engineering equipment and parts manufacturing, and real estate development [1] - China Railway's subsidiary, China Railway Investment Construction Group Co., Ltd., has recently co-invested with Suzhou Wujiang Economic and Technological Development Zone Development Group Co., Ltd. to establish Suzhou Wujiang Railway Investment Development Co., Ltd., with a registered capital of 60 million yuan, focusing on construction engineering and real estate development [1] Group 2 - On July 29, China Railway saw a net inflow of main funds amounting to 11.1143 million yuan [2]

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, indicating a positive outlook for major projects and regional development strategies [4][10]. Core Insights - The initiation of the Yaxia Hydropower Station signals a clear trend of central government leveraging, with expectations for further major projects and regional development strategies to stabilize overall infrastructure investment and total demand [1][9]. - The report highlights that infrastructure and manufacturing investments are experiencing a high-level continuous decline, with real estate investment, sales, and funding showing significant drops, indicating a core issue of insufficient demand [1][14]. - It is anticipated that fiscal policies will continue to strengthen in the second half of the year, improving the funding situation for infrastructure and accelerating the implementation of physical workloads [1][14]. Summary by Sections Major Projects and Regional Development Strategies - Significant transportation projects are expected, including the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway, with total investments of approximately $8 billion and 960 billion yuan respectively [2][21]. - The report outlines several large canal projects, such as the Pinglu Canal, with a total investment of about 72 billion yuan, which is expected to enhance logistics efficiency and stimulate economic growth [3][26]. - The Xinjiang regional strategy is highlighted, with over 800 billion yuan in coal chemical projects planned, driven by the region's abundant coal resources [7][10]. Key Recommendations - The report recommends major construction enterprises that will benefit from large-scale transportation and water conservancy projects, including China Energy Engineering, China State Construction, and China Railway Construction [10][11]. - It also emphasizes companies involved in coal chemical development in Xinjiang, such as China Chemical Engineering and Donghua Technology, as key beneficiaries of the regional strategy [10][11]. - Companies like Sichuan Road and Bridge are recommended due to their involvement in the construction of the national strategic hinterland [10][11].

Group 1 - The core viewpoint of the article highlights the successful issuance of the asset-backed securities by China Railway Trust, which lays a solid foundation for future cooperation between the parties involved [2][4]. - The asset-backed securities include three classes: - Class A with a scale of 909 million yuan, a term of 2.75 years, a coupon rate of 2.09%, and a AAA rating [2]. - Class B with a scale of 794 million yuan, a term of 0.92+1+1 years, a coupon rate of 1.85%, and a AAA rating, supported by China Railway No. 5 Engineering Group [2]. - Class C with a scale of 990 million yuan, a term of 1+1+1 years, a coupon rate of 1.77%, and a AAA rating, supported by China Railway [2]. Group 2 - China Railway Trust Co., Ltd. is a non-bank financial institution approved by the China Banking and Insurance Regulatory Commission, with a registered capital of 5 billion yuan and a 40-year operational history [3]. - The company has established a modern financial service network centered in Chengdu, with a focus on national outreach, and has created a post-doctoral innovation practice base in collaboration with Southwest University of Finance and Economics [3]. - The successful issuance of the asset-backed securities is significant for Shenwan Hongyuan's ongoing asset securitization business and its commitment to providing comprehensive financial services to real economy enterprises [5].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - Recent listing and expansion of Sci - tech Bond ETFs have catalyzed the rush to buy Sci - tech bonds, with the constituent bonds of Sci - tech Bond ETFs performing prominently. The report outlines new changes in the Sci - tech bond market and analyzes investment opportunities brought by the issuance of Sci - tech Bond ETFs [4]. - Sci - tech bonds refer to bonds issued by enterprises in the science and technology innovation field with funds mainly used for science and technology innovation, including Sci - tech Notes and Science and Technology Innovation Corporate Bonds. The core contents of the policy include expanding the issuer scope, introducing incremental funds, and optimizing issuance and trading systems [4]. - Since its launch, the issuance scale of Sci - tech bonds has been increasing, mainly issued by state - owned and central enterprises. As of July 23, the issuance amounts of industrial, financial, and urban investment Sci - tech bonds this year were 600.9 billion, 34.5 billion, and 53.6 billion respectively [4]. - The current outstanding balance of Sci - tech bonds exceeds 2 trillion yuan, accounting for 7% of all credit bonds. Outstanding Sci - tech bonds are mainly of medium - to - high grades and within 3 - year terms, and are mostly distributed in traditional industries. Thanks to the issuance of Sci - tech Bond ETFs, the yields of constituent bonds are significantly lower than those of green bonds and ordinary bonds of the same issuer [4]. Summary by Directory What is a Sci - tech Bond? - **Policy Changes**: Since 2017, relevant policies on Sci - tech bonds have been continuously optimized. In 2025, with the breakthrough of AI technology, the support for Sci - tech bonds in the bond market has been deepened. Policies such as the innovation of the "technology board" in the bond market and the introduction of risk - sharing tools are expected to promote the expansion of Sci - tech bonds [10]. - **"Five Articles" Policy Support**: In March - April this year, the "Five Articles" financial policy was improved, which has a large support for Sci - tech bonds. Measures include optimizing the statistical system, financial institution division of labor, product service system, and encouraging bond market financing [16]. - **Concept and Variety Analysis**: Sci - tech bonds mainly include Sci - tech Notes and Science and Technology Innovation Corporate Bonds. They have similar definitions but differences in issuer identification, use of funds, etc. [20]. - **Help for Private Enterprises**: The launch of Sci - tech bonds aims to guide funds to the science and technology innovation field, helping private and small - and - medium - sized science and technology enterprises to finance. Currently, 90% of Sci - tech bonds are issued by central and state - owned enterprises, while private enterprises account for less than 10%. Central and state - owned enterprises issuing Sci - tech bonds are mainly from traditional industries, while private enterprises are from technology - based industries [28]. Primary Market: Significant Increase in Sci - tech Bond Supply - **Continuous Expansion of Issuance Scale**: Since its launch, the issuance scale of Sci - tech bonds has been increasing. From 2022 - 2024, the issuance scales were 243.2 billion, 743.4 billion, and 1178.3 billion respectively, with an average annual compound growth rate of 120%. As of July 23, 2025, the cumulative issuance was 2858.3 billion yuan [31]. - **Recent Rush to Buy**: Since March this year, with strong policy support, the market's enthusiasm for subscription has increased. After March 6, the spread between the coupon rate and the lower limit of the bid rate of Sci - tech bonds has been significantly compressed by 54bp [35]. - **Issuer Perspective**: Sci - tech bonds are mainly issued by state - owned and central enterprises, accounting for 55% and 40% respectively. Industrial issuers account for 88% of the issuance scale, while urban investment issuers account for only 10% [38]. - **Industry Perspective**: The issuers of Sci - tech bonds are mostly from traditional industries, with the construction and decoration industry having the largest issuance scale. The issuance scale of technology - based industries such as communication, electronics, and computer needs to be improved. The urban investment platforms with high issuance amounts are industrial investment platforms [44]. Secondary Market: Seize Investment Opportunities from the Expansion of Sci - tech Bond ETFs - **Reasons for Institutional Buying**: Institutions' core motives for allocating Sci - tech bonds include capital gain advantages due to the decline in yields of constituent bonds with the expansion of Sci - tech Bond ETFs, the expectation of regulatory optimization of investment - end assessment, and the potentially lower default risk of Sci - tech bonds compared to ordinary corporate credit bonds [51]. - **Rapid Decline in Valuation**: In early July, the first batch of 10 Sci - tech Bond ETFs were quickly approved and listed, and the concentrated position - building of funds significantly compressed the yields of constituent bonds. For example, the valuation of the Sci - tech Bond ETF constituent bonds of China Power Investment Ronghe Leasing Co., Ltd. is about 10bp lower than that of other bonds of the same issuer [57]. - **Continuous Increase in Outstanding Balance**: As of July 23, 2025, the outstanding balance of Sci - tech bonds accounts for 6.87% of all credit bonds, an increase of 1.5% compared to the beginning of the year [64]. - **Characteristics of Outstanding Bonds**: There are currently 2011 outstanding Sci - tech bonds with an amount of 205.25 billion yuan. In terms of implicit ratings, medium - to - high - grade bonds account for 93%. In terms of remaining terms, bonds with a remaining term of less than 3 years account for 74% [68]. - **Valuation Distribution**: Industrial Sci - tech bonds are mainly distributed in industries such as construction and decoration, coal, and public utilities. High - valuation Sci - tech bonds are mainly in industries such as basic chemicals, power equipment, and pharmaceutical biology. Urban investment Sci - tech bonds are mainly concentrated in a few provinces, and the valuation in some economically weaker provinces is relatively high [74]. - **Bond Selection**: When selecting bonds, it is recommended to focus on issuers with relatively high Sci - tech bond valuations. A list of state - owned and central enterprise industrial issuers, urban investment platforms, and financial enterprises with an implicit rating of not less than AA and an outstanding Sci - tech bond balance of not less than 1 billion yuan is provided [76]. How to View Sci - tech Bond ETFs? - **Yield Comparison**: Since the issuance of Sci - tech Bond ETFs, their average yield is about 0.1%, slightly higher than the 0.08% of credit bond ETFs. The annualized yield range of Sci - tech bonds is approximately 2.8% - 5.5%, while that of credit bond ETFs is 2.4% - 4.2%. The yield of "Fuguo CSI AAA Science and Technology Innovation Corporate Bond ETF" is 3bp higher than the Sci - tech bond index [78]. - **Increased Trading Activity**: After the launch of Sci - tech Bond ETFs, the constituent bonds have been in high demand, and both liquidity and market performance have significantly improved. In July, the number of transactions of constituent bonds of Sci - tech Bond ETFs doubled compared to June. The valuation decline of constituent bonds of different terms is more than 3bp, significantly higher than that of non - constituent bonds [87][84]. - **Valuation Difference**: For most issuers, the valuation of constituent bonds of Sci - tech Bond ETFs is significantly lower than that of ordinary bonds. It is recommended to pay attention to issuers whose constituent bond valuations have not been significantly compressed, as there may be room for further compression in the future [88][89].

Core Viewpoint - China Railway has successfully launched the first high-end equipment shield machine, "Chuan Shan Jia No. 1," designed for extreme cold conditions, marking a significant advancement in domestic manufacturing capabilities for tunnel construction equipment [2][3] Group 1: Product Features - The "Chuan Shan Jia No. 1" shield machine has a diameter of 3.72 meters and a length of approximately 135 meters, specifically designed to operate in permafrost conditions at temperatures as low as -40 degrees Celsius [2] - The machine features a 15.5-inch rolling cutter and a design that prevents mud cake formation while ensuring efficient excavation [2] - It incorporates low-temperature resistant materials and components, along with specialized heating equipment to maintain stable operation in extreme cold [2] Group 2: Technological Advancements - The shield machine has achieved breakthroughs in key technology areas, establishing a fully domestic supply chain covering control systems, monitoring, and construction equipment [3] - The independently developed main bearing, considered the "heart" of the shield machine, has surpassed the performance of imported bearings and is priced at only 60% of the import cost, with a manufacturing lead time of just one-fourth [3] Group 3: Manufacturing and Economic Impact - The China Railway Intelligent Equipment Manufacturing Base aims to become the first intelligent assembly line for full-face tunnel boring machines in the Southwest region, targeting an annual production of 14 shield machines and 50 sets of tunnel construction equipment [3] - The expected annual output value of the base is projected to reach 1.8 billion yuan, creating over a thousand jobs [3]

Group 1 - Morgan Stanley reports that the recently announced Yarlung Tsangpo River hydropower development plan in Tibet is directing funds towards engineering machinery stocks [1] - The complex terrain makes traditional machinery crucial in the early stages of the project, with Weichai Power (000338) identified as a leading enterprise in heavy-duty truck engines and construction machinery, placed on a positive catalyst watchlist with "overweight" rating and target prices of HKD 22 and RMB 24 for H-shares and A-shares respectively [1] - Sany Heavy Industry (600031) and XCMG (000425) are also recognized as leaders in large machinery, both receiving "overweight" ratings with target prices of RMB 25 and RMB 11.1 respectively [1] Group 2 - China Railway (601390) holds a 40% market share in tunnel machinery and is rated "overweight" with target prices of HKD 5 and RMB 8.2 for H-shares and A-shares respectively [1] - Traditional infrastructure stocks such as CRRC (601766) and Conch Cement (600585) have recently strengthened, indicating a market shift from risk control to support for new project launches, with CRRC receiving an "overweight" rating and target prices of HKD 6.8 and RMB 10.1 [1] - The Yarlung Tsangpo River hydropower development plan is expected to boost demand in upstream industries such as construction, machinery, cement, and steel, benefiting companies like XJ Electric (000400), Siyuan Electric (002028), and Huaming Equipment (002270) in the power equipment sector [2]

Market Overview - The Hong Kong stock market showed volatility, with the Hang Seng Index closing at 25,130.03 points, up 0.54% or 135.89 points, with a total turnover of HKD 266.07 billion [1] - The Hang Seng China Enterprises Index rose 0.39% to 9,075.6 points, while the Hang Seng Tech Index increased by 0.38% to 5,606.83 points [1] Blue Chip Performance - BYD (01211) saw a significant increase of 5.09%, closing at HKD 134.2, contributing 37.78 points to the Hang Seng Index [2] - In the first half of 2023, BYD's domestic sales exceeded 2.113 million units, a year-on-year increase of 31.5%, while overseas sales reached 472,000 units, up 128.5% [2] - Other notable blue chips included Xinyi Glass (00868) up 7.23%, Zhongsheng Holdings (00881) up 6.15%, while New Oriental (09901) and Bank of China Hong Kong (02388) saw declines of 4.92% and 3.5% respectively [2] Sector Highlights - Coal stocks surged, with Mongolian Coking Coal (00975) up 11.55% and Yancoal Australia (01171) up 9.53%, driven by rumors of capacity control measures in the coal industry [3][4] - Infrastructure stocks performed strongly, with China Communications Construction (01800) rising 7.57% and China Railway Construction (01186) up 6.03% [4] - The launch of the Yarlung Tsangpo River downstream hydropower project, with an investment of approximately CNY 1.2 trillion, is expected to boost infrastructure investment [5] Commodity and Material Stocks - Non-ferrous metal stocks continued to rise, with Ganfeng Lithium (01772) up 8.94% and Luoyang Molybdenum (03993) up 7.12%, supported by upcoming policies aimed at stabilizing growth in key industries [6] - The photovoltaic sector was active, with Kaisa New Energy (01108) rising 8% and GCL-Poly Energy (03800) up 6.67%, as supply-side reforms are anticipated to improve industry conditions [7] Notable Stock Movements - China Longgong (03339) surged 15.83% after announcing a significant profit increase forecast for the first half of 2025 [8] - Fufeng Group (00546) rose 10.8% on expectations of a substantial profit increase due to higher sales and lower raw material costs [9] - Lijun Pharmaceutical (01513) reached a new high, up 9.37%, following positive clinical trial results for a new drug [10] - Harbin Electric (01133) climbed 8.14% after announcing a profit forecast that exceeded expectations [11] - Meizhong Jiahe (02453) faced pressure, down 6%, due to a planned share placement at a discount [12]