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]

格隆汇10月9日丨ST长园（维权）(600525.SH)公布，格力金投计划自公告披露之日起90日内（自2025年 10月10日至2026年1月7日止，但法律法规禁止减持的期间除外），以集中竞价方式减持长园集团股份不 超过3956.34万股（约占上市公司总股本比例3%）。 本次所减持股份系通过证券交易所集中竞价交易买入，本公告为自愿性披露公告。长园集团无控股股 东、无实际控制人。格力金投减持后，若其他股东权益发生变动，格力金投可能将不再是长园集团第一 大股东。 ...

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]

Group 1 - High-speed rail infrastructure stocks have seen significant gains, with China Railway (00390) up 8.27% to HKD 4.19, China Metallurgical (01618) up 7.61% to HKD 3.11, and China CNR (01766) up 4.83% to HKD 6.29 [1] - According to the National Railway Group, fixed asset investment in railways reached CNY 504.1 billion in the first eight months of 2025, a year-on-year increase of 5.6%, with August alone accounting for CNY 71.1 billion, also up 5.6% year-on-year [1] - The investment progress has set a historical record, with the 5.6% growth rate matching the highest record for the year, and expectations for continued investment in the third quarter and substantial growth in the fourth quarter to meet the "14th Five-Year Plan" objectives [1] Group 2 - The "15th Five-Year" railway development planning has commenced, focusing on network reinforcement, regional coordination, and smart upgrades, with plans to construct over 17,000 kilometers of railway, including 10,000 kilometers of high-speed rail [2] - Recent data indicates steady growth in capital expenditure for the railway industry, with improving demand for passenger and freight transport, and a commitment to increase railway construction investment to ensure the completion of the "14th Five-Year Plan" tasks [2]

Group 1 - Hong Kong high-speed rail infrastructure stocks surged, with China Railway leading with a rise of over 10%, followed by China Metallurgical with a 7% increase, and other companies like Times Electric and CRRC rising over 4% [1] - The recent increase in copper prices is attributed to supply shortages and the logic of a computing power revolution, prompting CITIC Construction Investment 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 capacity of 12,800 tons of ore processed daily 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] - Changjiang Securities previously noted that China Railway currently has five modern mines invested in, either wholly or partially, both domestically and internationally; the company's mineral resource business operates steadily, and there is a focus on the revaluation of its mineral resources [1] - The stock performance of key companies includes: China Railway (4.190, +8.27%), China Metallurgical (3.090, +6.92%), Times Electric (45.440, +4.36%), CRRC (6.250, +4.17%), and China Railway Construction (5.570, +3.53%) [1]

Group 1 - Goldman Sachs reported that the net profit performance of Guangzhou-Shenzhen Railway (0525.HK) for the first half of the year met expectations [1] - The adjusted profit forecasts for 2019-2021 have been lowered by up to 4.2% to reflect the new international financial reporting standards regarding operating leases [1] - The target price for H-shares has been reduced from HKD 3.75 to HKD 3.4, while the target price for A-shares has been adjusted from RMB 4.4 to RMB 4.25, maintaining a "Buy" rating [1] Group 2 - Goldman Sachs indicated that with the completion of major maintenance cycles last year, related costs are expected to decrease, leading to a projected recovery in annual profits for Guangzhou-Shenzhen Railway [2]