【中国中铁、中国铁建前三季度业绩承压 营收与利润均下滑】2025年前三季度，中国中铁股份有限公 司（601390.SH、00390.HK，以下简称"中国中铁"）营业收入达7738.14亿元，扣非净利润为152.01亿 元，同比分别下降5.46%和20.04%。中国铁建股份有限公司（601186.SH、01186.HK，以下简称"中国铁 建"）营收和扣非净利润分别为7284.03亿元和138.69亿元，同比分别下降3.92%和6.14%。中国中铁与中 国铁建（以下简称"二铁"）近日发布的2025年第三季度报告，显示上述内容。 对于业绩下滑的原因，中国铁建党委常委、总会计师朱宏标11月3日在上证路演中心召开的2025年第三 季度业绩说明会上对《中国经营报》记者回应表示，今年前三季度公司营收和利润下降，主要受建筑行 业和市场影响，前三季度全国完成公路交通固定资产、房地产开发投资同比呈下降趋势。公司坚持高质 量经营，从源头提升订单质量，开展精细化管理和供应链管理，提升资产质量。 就海外业务实现高增长的原因，中国铁建党委书记、董事长戴和根在上证路演平台对记者回应表示，公 司高度重视海外业务发展，今年以来先后召开境外经营 ...

2025Q1、Q2、Q3 各季度公司营收增速分别为-6.61%、-3.63%、- 1.15%，Q3 公司营收降幅环比收窄。Q3 公司归母净利润 41.10 亿 元（yoy+8.34%），Q3 营收下滑背景下公司归母净利润仍实现同比 增长，主要因税费和少数股东权益同比减少所致。Q3，公司所得 税费用 4.38 亿元，同比减少 4.55 亿元；少数股权权益 5.57 亿 元，同比减少 6.53 亿元。Q3 公司经营性现金流净流出 2.99 亿 元，同比少流出 235.411 亿元，公司现金流同比大幅改善。 境外新签合同同比高增，在手订单充足保障未来业绩释放。 前三季度，公司新签合同额 1.52 万亿元，同比增长 3.08%。其中， 境内新签 1.31 万亿元（yoy-3.96%），占新签合同总额的 86.51%； 境外新签合同额 2048.21 亿元（yoy+94.52%），占新签合同总额的 13.49%。分产业看，工程承包新签合同 1.11 万亿元（yoy-0.39%）， 其中铁路工程新签 2166.53 亿元（yoy+65.66%）、公路工程新签 1450.17 亿元（yoy+48.26%），二者同比高增主要 ...

Market Overview - Amazon shares surged nearly 10% following strong earnings, boosting tech stocks, while major US indices closed higher. Apple opened high but closed slightly down. Meta fell 2.72%, marking a nearly 12% decline in October [3] - The 10-year US Treasury yield dipped by 0.4 basis points, with a weekly increase of 9.23 basis points. The dollar rose for three consecutive days, gaining 0.27% [3] - Bitcoin rebounded by 1.80%, testing $111,000, while Ethereum saw a rise of over 3.9% [3] - Spot gold decreased by 0.55%, trading at $4002, briefly falling below $4000. Oil prices fluctuated due to the situation in Venezuela [3] Key Economic Indicators - China's official manufacturing PMI fell to 49 in October, while the non-manufacturing index rose to 50.1, indicating expansion in three key sectors [22] - High-tech manufacturing, equipment manufacturing, and consumer goods sectors maintained expansion with PMIs of 50.5%, 50.2%, and 50.1% respectively [22] - The new orders index remained at 46.0%, indicating weak market demand in the non-manufacturing sector [22] AI Sector Developments - Nvidia reached a significant AI agreement with South Korean tech giants, deploying 260,000 Blackwell chips to create Asia's first "Industrial AI Cloud" [25] - The AI sector is witnessing a shift towards off-balance-sheet financing, with companies like Meta raising $30 billion through special purpose vehicles (SPVs) [26] Company Performance - The "hottest AI sector" saw mixed results, with "Yizhongtian" experiencing significant growth, while only Zhongji Xuchuang met high expectations with a steady increase in revenue and profit margins [23] - The lithium battery industry reported a notable recovery, with a 32.86% year-on-year increase in net profit for the first three quarters, driven by surging demand in energy storage [30] International Relations Impact - Xi Jinping emphasized the importance of open development and economic globalization during the APEC meeting, proposing five key suggestions to maintain trade stability and promote inclusive growth [20] - The meeting between Xi and Canadian Prime Minister Carney highlighted the need for mutual understanding and cooperation in various sectors, including trade and energy [20]

Core Insights - The total sales of the top 100 real estate companies in China for the first ten months of 2025 reached 289.67 billion yuan, representing a year-on-year decline of 16.3%, with the decline rate widening by 4.1 percentage points compared to the first nine months of the year [1] - The sales performance in October showed a slight month-on-month recovery, with a total sales amount of 253 billion yuan, reflecting a 0.1% increase from the previous month [6] Group 1: Sales Performance by Company Tier - The average sales for the top 10 real estate companies was 143.09 billion yuan, down 15.0% year-on-year [4] - The average sales for companies ranked 11 to 30 was 35.51 billion yuan, down 17.8% year-on-year [4] - The average sales for companies ranked 31 to 50 was 17.21 billion yuan, down 16.6% year-on-year [4] Group 2: Company Breakdown - There are 7 companies in the 100 billion yuan and above tier, with sales figures of 222.7 billion yuan, 201.1 billion yuan, 189.1 billion yuan, 169.6 billion yuan, 156.0 billion yuan, 114.6 billion yuan, and 106.5 billion yuan respectively [4] - The second tier (500-1000 billion yuan) has 7 companies, down 2 from the previous year, with sales figures of 92.6 billion yuan, 92.1 billion yuan, 86.3 billion yuan, 68.7 billion yuan, 62.1 billion yuan, 55.7 billion yuan, and 55.3 billion yuan respectively [4] - The third tier (300-500 billion yuan) has 6 companies, down 3 from the previous year, with sales figures of 43.8 billion yuan, 43.5 billion yuan, 41.5 billion yuan, 33.9 billion yuan, and 32.7 billion yuan respectively [4] Group 3: Market Trends - In October, first-tier cities recorded a total transaction volume of 1.68 million square meters, remaining flat month-on-month but down 41% year-on-year [6] - The total transaction volume in 26 second and third-tier cities was 7.91 million square meters, with a slight month-on-month increase of 1% but a year-on-year decline of 35% [6] - The city of Chengdu led in monthly transactions with 800,000 square meters, followed by Qingdao, Wuhan, and Xi'an [6] Group 4: Policy Implications - The recent "14th Five-Year Plan" emphasizes boosting consumption and may lead to the relaxation of housing purchase restrictions in major cities [7] - The industry anticipates that as year-end performance targets approach, supply in key cities may improve, providing some support to the market [7] - A more comprehensive approach from the central government is needed to stabilize the industry and break the negative cycle [7]

Investment Rating - The report maintains a "Buy" rating for the company, projecting a stable growth in net profit for the years 2025 to 2027 [7]. Core Insights - The company has shown a positive turnaround in Q3 profit growth, with overseas business expansion accelerating. The new contracts signed in Q1-Q3 of 2025 reached 1.52 trillion yuan, a year-on-year increase of 3.08%, with overseas contracts increasing by 94.52% [7]. - The company’s net profit for Q1-Q3 of 2025 was 14.81 billion yuan, a year-on-year decrease of 5.63%, which aligns with expectations. The total revenue for the same period was 728.40 billion yuan, down 3.92% year-on-year [7]. - The company has a robust order backlog of 8.10 trillion yuan, with domestic orders at 6.51 trillion yuan and overseas orders at 1.59 trillion yuan, ensuring future growth [7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 1,092.29 billion yuan, with a year-on-year growth rate of 2.4%. The net profit for 2025 is forecasted to be 21.41 billion yuan, reflecting a decrease of 3.6% compared to the previous year [6][9]. - The earnings per share (EPS) for 2025 is expected to be 1.58 yuan, with a gross margin of 10.1% and a return on equity (ROE) of 7.6% [6][9]. - The company’s financial performance shows a decrease in operating cash flow, with a net outflow of 79.76 billion yuan in Q1-Q3 of 2025, which is a reduction of 9.26 billion yuan compared to the previous year [7].

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。 公 告 須予披露及關連交易 收購附屬公司少數股權 茲提述本公司日期為2019年12月18日 的 公 告，內 容 有 關 引 入 第 三 方 投 資 者 對 部 分 附 屬 公 司 進 行 增 資。董 事 會 謹 此 宣 佈，於2025年10月31日， 本 公 司 與 太 平 人 壽、誠通工融基金、交 銀 投 資、光 大 金 甌、中 銀 資 產、 農銀投資、建信投資及鑫麥穗投資八名投資者分別訂立股權轉讓協議。 據 此，本 公 司 同 意 按 照 各 股 權 轉 讓 協 議 的 條 款 及 條 件 分 別 向 投 資 者 收購其持有的全部標的公司股權，現 金 收 購 代 價 合 計 人 民 幣110億 元。 於 收 購 事 項 完 成 後，標 的 公 司 將 成 為 本 公 司 的 全 資 附 屬 公 司。 經考慮香港上市規則第14.22條 ...

Core Viewpoint - China Railway Construction Corporation (CRCC) has entered into equity transfer agreements with eight investors to acquire their stakes in certain subsidiaries for a total cash consideration of RMB 11 billion, aiming to enhance control and operational capabilities [1] Group 1: Acquisition Details - The company will acquire approximately 18.38% of China Railway 11th Bureau for a total of RMB 2.8 billion [1] - The company will acquire approximately 14.36% of China Railway Construction for a total of RMB 2 billion [1] - The company will acquire approximately 12.66% of CRCC Investment for a total of RMB 3.2 billion [1] - The company will acquire approximately 29.23% of Kunlun Investment for a total of RMB 3 billion [1] Group 2: Strategic Rationale - The acquisition aims to increase the company's control over the target companies, thereby enhancing its risk resistance, sustainability, and profitability [1]

Core Viewpoint - China Railway Construction Corporation (CRCC) has entered into equity transfer agreements with eight investors to acquire their entire stakes in certain target companies for a total cash consideration of RMB 11 billion, aiming to enhance control and operational capabilities [1] Summary by Sections Acquisition Details - The company will acquire approximately 18.38% of China Railway 11th Bureau for a total consideration of RMB 2.8 billion - The company will acquire approximately 14.36% of China Railway Construction for a total consideration of RMB 2 billion - The company will acquire approximately 12.66% of Railway Construction Investment for a total consideration of RMB 3.2 billion - The company will acquire approximately 29.23% of Kunlun Investment for a total consideration of RMB 3 billion [1][1][1][1] Strategic Rationale - The acquisition aims to increase the company's control over the target companies, enhance its risk resistance, and improve its sustainability and profitability through the cash purchase of minority stakes held by investors [1][1]

2019年，公司通过实施市场化债转股，积极贯彻落实党中央、国务院关于推进供给侧结构性改革、做 好"三去一降一补"工作的决策部署，落实国务院关于积极稳妥降低企业杠杆率的政策，进一步完善企业 治理结构、推动国有企业改革。按照2019年建议增资相关约定及各订约方于2023年1月签署的补充协 议，在2019年建议增资完成后72个月内，各方协商后，公司可以以向投资者定向发行的本公司股票为对 价收购投资者所持有的标的股权，但由于市场时机不成熟，公司迄今未向投资者发行股票。 为增加公司对标的公司的控制权，提升公司抗风险能力、持续经营能力和盈利能力，经与投资者友好协 商，公司决定以现金收购方式收回由投资者持有标的公司少数股权。于收购事项完成后，标的公司将成 为公司全资附属公司。 格隆汇10月31日丨中国铁建(01186.HK)公告，于2025年10月31日，公司与太平人寿、诚通工融基金、交 银投资、光大金瓯、中银资产、农银投资、建信投资及鑫麦穗投资八名投资者分别订立股权转让协议。 据此，公司同意按照各股权转让协议的条款及条件分别向投资者收购其持有的全部标的公司股权，现金 收购代价合计人民币110亿元。于收购事项完成后，标的公 ...

格隆汇10月31日丨中国铁建(01186.HK)公告，于2025年10月31日，公司与太平人寿、诚通工融基金、交 银投资、光大金瓯、中银资产、农银投资、建信投资及鑫麦穗投资八名投资者分别订立股权转让协议。 据此，公司同意按照各股权转让协议的条款及条件分别向投资者收购其持有的全部标的公司股权，现金 收购代价合计人民币110亿元。于收购事项完成后，标的公司将成为本公司的全资附属公司。"标的公 司"指中铁十一局、中铁建设、铁建投资和昆仑投资。 2019年，公司通过实施市场化债转股，积极贯彻落实党中央、国务院关于推进供给侧结构性改革、做 好"三去一降一补"工作的决策部署，落实国务院关于积极稳妥降低企业杠杆率的政策，进一步完善企业 治理结构、推动国有企业改革。按照2019年建议增资相关约定及各订约方于2023年1月签署的补充协 议，在2019年建议增资完成后72个月内，各方协商后，公司可以以向投资者定向发行的本公司股票为对 价收购投资者所持有的标的股权，但由于市场时机不成熟，公司迄今未向投资者发行股票。 为增加公司对标的公司的控制权，提升公司抗风险能力、持续经营能力和盈利能力，经与投资者友好协 商，公司决定以现金收购方 ...