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。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：00525） 一、重要內容提示： – 1 – （一）公司董事會、監事會及董事、監事、高級管理人員保證本季度報告內容的 真實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個 別和連帶的法律責任。 （二）公司董事長蔣輝、總經理陳少宏、總會計師羅新鵬及財務部長鄧宇暉聲 明：保證本季度報告中財務信息的真實、準確、完整。 （三）第三季度財務報表是否經審計 □是 ✓否 海外監管公告 2025年第三季度報告 根據上海證券交易所（「上交所」）的規定，廣深鐵路股份有限公司（「本公司」） 需刊發第三季度報告。 本季度報告內所載的財務數據均未經審計，並根據中國企業會計準則而編製。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09(2)(a)及13.10B 條而作出。 本公司董事會及全體董事保證本公告內容不存在任何虛假記載、誤導性陳述 或者重大遺漏， ...

Core Viewpoint - The railway and highway sector experienced a decline of 0.39% on October 24, with Guangshen Railway leading the drop, while the overall stock market showed positive performance with the Shanghai Composite Index rising by 0.71% and the Shenzhen Component Index increasing by 2.02% [1][3]. Group 1: Market Performance - The Shanghai Composite Index closed at 3950.31, up 0.71% [1]. - The Shenzhen Component Index closed at 13289.18, up 2.02% [1]. - The railway and highway sector saw a decline of 0.39% compared to the previous trading day [1]. Group 2: Individual Stock Performance - The top-performing stock in the railway and highway sector was Sanfengsi, closing at 48.70 with a gain of 3.46% [1]. - Chongqing Road and Bridge closed at 6.44, up 1.58% [1]. - Anhui Expressway closed at 14.89, up 1.50% [1]. - Longjiang Transportation closed at 3.64, up 1.11% [1]. - Guangdong Expressway A closed at 11.75, up 1.03% [1]. - Other notable performances include Dazhong Transportation at 6.03 (up 1.01%) and Shandong Expressway at 9.32 (up 0.87%) [1]. Group 3: Capital Flow - The railway and highway sector experienced a net outflow of 98.87 million yuan from main funds, while retail funds saw a net inflow of 123 million yuan [3]. - Speculative funds had a net outflow of 24.10 million yuan [3].

Core Viewpoint - The company, Guangshen Railway Co., Ltd., is scheduled to hold a performance briefing for the third quarter of 2025 on October 31, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing will take place on October 31, 2025, from 09:00 to 10:00 [5]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5]. - Investors can submit questions from October 24 to October 30, 2025, through the Roadshow Center website or via the company's email [2][6]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [4][5]. - The company will address commonly asked questions during the briefing, ensuring transparency and engagement with investors [3][6]. - After the meeting, investors can access the details and main content of the briefing on the Roadshow Center website [6].

证券代码：601333 证券简称：广深铁路 公告编号：2025-019 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 10 月 24 日（星期五）至 10 月 30 日（星期四）16:00 前登录上证路 演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@gstlgs.com 进行提问。公司将 在说明会上对投资者普遍关注的问题进行回答。 广深铁路股份有限公司（以下简称"公司"）定于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营结果、财 务状况，公司计划于 2025 年 10 月 31 日（星期五）上午 09:00-10:00 举行 2025 年第三季度 业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 广深铁路股份有限公司 会议召开时间：2025 年 10 月 31 日（星期五）09:00-10:00 会议召开地点：上海证券交易所上证路 ...

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文件的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本檔全部或 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。 於其他市場發佈的公告 獨立非執行董事 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。 茲載列廣深鐵路股份有限公司（「本公司」）在上海證券交易所網站刊登的《關 於召開 2025 年第三季度業績說明會的公告》，僅供參閱。 承董事會命 廣深鐵路股份有限公司 公司秘書 唐向東 中國·深圳 2025 年 10 月 22 日 於本公告發出之日，本公司董事會成員包括： | 執行董事 | 非執行董事 | 獨立非執行董事 | | --- | --- | --- | | 蔣輝 | 胡丹 | 湯小凡 | | 陳少宏 | 張哲 | 邱自龍 | | 非執行董事 | | --- | 周尚德 王琴 證券代碼：601333 證券簡稱：廣深鐵路 公告編號：2025-019 廣深鐵路股份有限公司 關於召開 2025 年第三季度業績說明會的公告 本公司董事會及全體董事保證本公告內容不存在任何虛假記載、誤導性陳述 ...

Core Viewpoint - The article discusses the performance of deep value fund managers during different market conditions, highlighting their underperformance in the current bull market compared to growth-style fund managers, particularly in sectors like technology and innovation [4][20]. Group 1: Performance Comparison - In the past three years of bear markets, deep value fund managers performed relatively well, with many managing over 10 billion in assets [5]. - As of September 24, 2023, mainstream deep value fund managers like Xu Yan and Jiang Cheng had annual returns below 20%, while the average return of the CSI Active Equity Fund Index reached 34.11% [6][12]. - The article notes that deep value fund managers typically focus on low-valuation, stable companies, which leads to lower returns in bull markets but better performance in bear markets [14][19]. Group 2: Investment Philosophy - Deep value fund managers invest from an owner's perspective, focusing on long-term intrinsic value rather than short-term market fluctuations [16]. - They emphasize "quality and price," seeking high-quality companies that are undervalued due to market sentiment [17]. - Safety margins are crucial in their investment decisions, as they aim to protect against errors and downside risks [17][18]. Group 3: Market Trends and Strategies - The current bull market has favored growth-style funds, particularly those heavily invested in technology, with some achieving over 200% annual returns [7]. - Deep value fund managers often hold significant positions in traditional sectors like finance and real estate, which have underperformed in the current market [14][19]. - The article suggests that deep value funds should be considered for core portfolio allocations, especially for conservative investors [23][24]. Group 4: Selection Criteria - Not all low-valuation stocks represent deep value; some may belong to contrarian or cyclical strategies [29]. - Investors should focus on the stability of deep value fund managers' styles, as many have shifted towards growth or other strategies over time [36][38]. - The article advises that deep value funds can serve as a bottom-layer allocation in a diversified portfolio, balancing risk and return [24][26].

Group 1 - The core point of the article is that Gree Jin Investment, a shareholder of ST Changyuan, plans to reduce its stake in Changyuan Group by up to 39.5634 million shares, which accounts for approximately 3% of the company's total share capital [1] Group 2 - The reduction will take place through centralized bidding from October 10, 2025, to January 7, 2026 [1]

Core Viewpoint - Gree Jin Investment plans to reduce its stake in ST Changyuan (600525.SH) by up to 39.5634 million shares, representing approximately 3% of the company's total share capital, within a 90-day period starting from October 10, 2025, to January 7, 2026, excluding any legally prohibited periods for share reduction [1] Summary by Relevant Sections - **Share Reduction Details** - Gree Jin Investment will reduce its holdings through centralized bidding on the stock exchange [1] - The reduction is voluntary and follows the announcement [1] - **Ownership Structure** - ST Changyuan has no controlling shareholder or actual controller [1] - Post-reduction, if other shareholders' rights change, Gree Jin Investment may no longer be the largest shareholder of ST Changyuan [1]

Group 1 - High-speed rail infrastructure stocks showed significant gains in early trading, with China Railway (00390) rising by 8.53% to HKD 4.20 [1] - China Metallurgical Group (01618) increased by 5.54%, reaching HKD 3.05 [1] - Times Electric (03898) saw a rise of 5.01%, trading at HKD 45.72 [1] - China CNR Corporation (01766) experienced a 4.50% increase, priced at HKD 6.27 [1] - Guangzhou-Shenzhen Railway (00525) rose by 1.19%, with a price of HKD 2.55 [1]

Group 1 - Hong Kong high-speed rail infrastructure stocks surged significantly, with China Railway rising over 10%, China Metallurgical increasing by 7%, and other companies like Times Electric and China CNR rising over 4% [1] - The recent rise in copper prices is attributed to supply shortages and the logic of a computing power revolution, prompting CITIC Securities to suggest focusing on investment opportunities in the non-ferrous metals sector, including gold, silver, and copper [1] - China Metallurgical's copper-gold project in Pakistan has a design production scale of 12,800 tons of ore per day and an annual smelting capacity of 20,000 tons, producing crude copper [1] Group 2 - The Aynak copper mine project in Afghanistan has a resource volume of 662 million tons, with a copper metal content of 11.08 million tons and an average copper grade of 1.67%, classified as a world-class super-large copper deposit [1] - China Railway currently has five modern mines built through wholly-owned, controlling, or joint ventures both domestically and internationally, with stable production operations in its mineral resources business [1] - Longjiang Securities previously pointed out that there is a focus on the revaluation of mineral resources for China Railway [1]