Group 1: Federal Reserve Officials' Perspectives - San Francisco Fed President Daly supports the recent 25 basis points rate cut, suggesting further slight reductions are appropriate given inflation is around 3%, above the 2% target, but has significantly decreased [2] - Chicago Fed President Goolsbee expresses a more hawkish stance, undecided on supporting a December rate cut, citing a higher threshold for easing due to persistent inflation above target for four and a half years [2] - Fed Governor Cook leans dovish, indicating that the December meeting remains a potential opportunity for a rate cut, highlighting rising risks in both inflation and employment [2] Group 2: Market Activity and Debt Issuance - GLPCHI has repurchased and canceled $205 million of notes, approximately 29.29% of the initial principal amount [3] - China Cinda (Hong Kong) is considering issuing offshore bonds in USD and RMB to raise about $1.2 billion [3] - Ronsin China plans to extend the maturity of six company bonds by six months to gain more time for debt restructuring [3] Group 3: Bond Yield Information - As of November 3, the yield on China's two-year government bonds is 1.41%, while the ten-year yield is 1.79% [6] - The yield on the US two-year government bonds increased by 1 basis point to 3.60%, and the ten-year yield rose by 2 basis points to 4.13% [6] Group 4: Market Performance of Chinese Dollar Bonds - The top gainers in Chinese dollar bonds include DAFAPG with a price increase of 221.739% and ZHPRHK with an increase of 148.949% [9] - The top losers include DAFAPG with a price decrease of 78.402% and JINGRU with a decrease of 34.072% [9] Group 5: Central Bank Operations - The People's Bank of China conducted a reverse repurchase operation of 117.5 billion yuan at a fixed rate of 1.40%, with a net withdrawal of 357.8 billion yuan on the day [11]

Core Insights - China's foreign contracting engineering business has been continuously growing, with "Belt and Road" new contracts maintaining over 80% share, indicating future development potential [1][6] - Major construction companies are facing challenges domestically, with five out of eight major state-owned enterprises experiencing revenue declines and seven seeing profit reductions [1][8] - The overseas market is becoming a crucial path for transformation, with significant growth in foreign contracts despite domestic pressures [2][3][8] Group 1: Overseas Contract Growth - China Communications Construction Company (CCCC) secured overseas contracts worth 359.73 billion yuan in 2024, a 12.50% increase year-on-year [2] - China Railway's overseas contracts reached 166.64 billion yuan in the first three quarters of 2023, up 35.2% year-on-year [2] - China State Construction Engineering Corporation (CSCEC) reported a 94.52% increase in overseas contracts, totaling 204.82 billion yuan in the same period [3] Group 2: Domestic Challenges - Major construction firms are at a crossroads due to declining domestic revenues, with China Metallurgical Group's revenue dropping by 18.78% to 335 billion yuan [8][9] - The overall revenue for major state-owned construction companies has decreased, with only a few like China Electric Power Construction achieving growth [8][9] - The net profit of China Metallurgical Group fell by 41.88%, highlighting the significant impact of domestic market pressures [8][9] Group 3: Strategic Shifts and Opportunities - Companies are increasingly focusing on overseas markets as a strategy to counteract domestic revenue declines, with a notable emphasis on the "Belt and Road" initiative [5][10] - The global infrastructure investment gap is projected to reach 15 trillion USD by 2030, with Asia accounting for over 60%, presenting opportunities for Chinese firms [5][6] - The demand for diverse infrastructure projects, including renewable energy and digital construction, is expected to grow significantly, further driving overseas expansion [6][10]

Core Viewpoint - China Railway Construction Corporation (CRCC) is issuing two types of technology innovation perpetual bonds aimed at professional investors, with a total issuance amount of RMB 30 billion [1] Group 1: Bond Issuance Details - The first type of bond, "铁建YK19," has an issuance amount of RMB 10 billion and a coupon rate of 2.26%, providing an interest payment of RMB 22.60 per 1,000 yuan face value [1] - The second type of bond, "铁建YK20," has an issuance amount of RMB 20 billion and a coupon rate of 2.45%, providing an interest payment of RMB 24.50 per 1,000 yuan face value [1] - Interest payments for both bonds will commence on November 11, 2025, covering the period from November 11, 2024, to November 10, 2025 [1]

Core Viewpoint - China Railway Construction Corporation (CRCC) is issuing two types of corporate bonds aimed at professional investors, with a total issuance amount of RMB 30 billion, to support its technological innovation initiatives [1] Group 1: Bond Issuance Details - The first type of bond, "铁建YK19," has an issuance amount of RMB 10 billion and a coupon rate of 2.26%, providing an interest payment of RMB 22.60 per 1,000 yuan face value [1] - The second type of bond, "铁建YK20," has an issuance amount of RMB 20 billion and a coupon rate of 2.45%, providing an interest payment of RMB 24.50 per 1,000 yuan face value [1] - Interest payments for both bonds will commence on November 11, 2025, covering the period from November 11, 2024, to November 10, 2025 [1]

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。 海外監管公告 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 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司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 五 期）2025年 付 息 公 告」，僅 供 參 閱。 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、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担相应 的法律责任。 承董事會命 中國鐵建股份有限公司 董事長 戴和根 中 國 • 北 京 2025年11月4日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生（董 事 長、執 行 董 事）、郜 烈 陽 先 生（非 執 行 董 事）、馬 傳 景 ...

Core Insights - Traditional infrastructure giants are facing challenges in revenue and profit due to a slowdown in real estate and infrastructure projects, with five out of eight major state-owned construction enterprises reporting revenue declines and seven experiencing profit shrinkage [1] - The shift towards overseas markets, particularly in Southeast Asia, is becoming a crucial path for transformation and growth for these companies [1][3] Group 1: Revenue and Profit Trends - In the first three quarters of this year, major construction enterprises like China Railway and China State Construction reported significant revenue declines, with China Metallurgical Group experiencing a nearly 20% drop [10][11] - Only a few companies, such as China Electric Power Construction and China Energy Construction, managed to achieve revenue growth, with increases of 3.04% and 9.62% respectively [10] - The overall profit situation is concerning, with most companies, except for China Chemical, showing declines in net profit, particularly China Metallurgical Group, which saw a 41.88% decrease [10][11] Group 2: Overseas Expansion - Chinese construction companies are increasingly focusing on overseas projects, with China Communications Construction Company (CCCC) signing contracts worth 319.7 billion yuan abroad in 2023, a 47.50% increase year-on-year [3][4] - China Railway and China Railway Construction Corporation also reported significant growth in overseas contracts, with increases of 35.2% and 94.52% respectively [4][5] - The trend of overseas expansion is driven by the need to offset domestic revenue declines, with companies like China Railway achieving an 8.34% increase in overseas revenue despite a 6.83% drop domestically [12] Group 3: Market Opportunities - The global infrastructure investment gap is projected to reach 15 trillion USD by 2030, with Asia accounting for over 60%, presenting significant opportunities for Chinese companies [6] - The demand for low-carbon infrastructure is expected to grow, with an estimated investment of 9.2 trillion USD in renewable energy projects from 2023 to 2030 [6][7] - Major infrastructure projects in countries like Indonesia, Vietnam, and Thailand indicate a robust pipeline of opportunities for Chinese construction firms [7]

Group 1 - The core viewpoint of the article emphasizes the successful issuance of a super short-term financing bond by China Railway Construction Corporation, amounting to 3 billion yuan with a maturity of 180 days and a coupon rate of 1.63% [2] - The issuer aligns its development strategy with national long-term goals, focusing on enhancing market competitiveness through innovation and reform in key sectors such as railways, highways, subways, municipal projects, and housing construction [2] - The collaboration between China Railway Construction and Shenwan Hongyuan in this bond issuance highlights the latter's commitment to supporting the real economy and contributing to social development [2]

Core Insights - Both China Railway and China Railway Construction reported declines in revenue and profit for the first three quarters of 2025, attributed to the ongoing adjustment in the construction industry and market conditions [1][2] Financial Performance - China Railway's revenue reached 773.814 billion yuan, with a non-net profit of 15.201 billion yuan, reflecting year-on-year declines of 5.46% and 20.04% respectively [1] - China Railway Construction reported revenue of 728.403 billion yuan and a non-net profit of 13.869 billion yuan, with year-on-year declines of 3.92% and 6.14% respectively [1] Market Conditions - The construction industry remains in a deep adjustment phase, leading to increased competition and continued downward trends in revenue and profit for both companies [2] - National investments in fixed assets for road traffic and real estate development have shown a downward trend year-on-year [1] New Contracts - China Railway signed new contracts worth 1,584.92 billion yuan, a year-on-year increase of 3.7%, with domestic contracts at 1,418.28 billion yuan (up 1.0%) and overseas contracts at 166.64 billion yuan (up 35.2%) [2] - China Railway Construction's new contracts totaled 1,518.765 billion yuan, achieving 49.63% of its annual target, with a year-on-year growth of 3.08% [2] Overseas Business Growth - China Railway Construction emphasized the importance of overseas business, reporting significant growth in this area due to strategic initiatives and key project signings in regions such as Africa, Latin America, and the Middle East [3] - The company has implemented an "overseas priority" strategy, focusing on core markets and high-quality project management [3] Engineering Business - The engineering construction segment for China Railway saw new contracts of 1,065.17 billion yuan, a year-on-year decrease of 1.9%, while China Railway Construction's engineering contracting segment reported new contracts of 1,109.23 billion yuan, down 0.39% year-on-year [3]

Investment Rating - The investment rating for China Railway Construction Corporation (601186.SH) is maintained at "Buy-A" with a 12-month target price of 9.19 CNY, compared to the current stock price of 7.95 CNY [5]. Core Insights - The company's revenue for the first three quarters of 2025 was 728.403 billion CNY, a year-on-year decrease of 3.92%. The net profit attributable to shareholders was 14.811 billion CNY, down 5.63% year-on-year. However, in Q3 2025, revenue was 239.204 billion CNY, showing a smaller decline of 1.15% year-on-year, while net profit increased by 8.34% year-on-year to 4.11 billion CNY [1][2][3]. Revenue and Profitability - The decline in revenue is primarily attributed to weak demand in traditional downstream business sectors. The gross profit margin decreased to 8.77%, down 0.39 percentage points year-on-year, and the net profit margin was 2.37%, down 0.26 percentage points year-on-year [2][3]. - The operating cash flow showed significant improvement, with a net outflow of 79.757 billion CNY, which is 9.261 billion CNY less than the previous year [2][3]. Contracting and Order Backlog - The company signed new contracts worth 1.52 trillion CNY in the first three quarters, a year-on-year increase of 3.08%. Domestic contracts accounted for 1.31 trillion CNY (down 3.96% year-on-year), while overseas contracts surged to 204.821 billion CNY, up 94.52% year-on-year [4]. - As of the end of September, the total uncompleted contract amount was 8.10 trillion CNY, approximately 7.59 times the expected revenue for 2024, indicating a robust order backlog that supports future revenue generation [4]. Financial Forecast - Revenue projections for 2025-2027 are estimated at 1.08 trillion CNY, 1.10 trillion CNY, and 1.11 trillion CNY, with year-on-year growth rates of 1.50%, 1.30%, and 1.30%, respectively. The net profit for the same period is forecasted to be 22.47 billion CNY, 22.73 billion CNY, and 22.99 billion CNY, with corresponding year-on-year growth rates of 1.15% [9][10].

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]