Group 1 - Hong Kong high-speed rail infrastructure stocks collectively strengthened, with China CRRC leading the rise by over 6%, followed by Times Electric with a 4% increase, and China Railway Construction, China Railway, and China Metallurgical Group each rising nearly 3% [1] - According to a report from招商宏观, the next phase should focus on the rebound effect of infrastructure-related fiscal expenditure growth, which may significantly support the currently weak infrastructure investment growth [1] - The cumulative year-on-year growth rate of public budget expenditure in the infrastructure sector from January to July was -5%, but it is expected to rebound to over 7% from August to December [1] Group 2 - The stock performance of key companies includes: China CRRC at 6.20%, Times Electric at 3.86%, China Railway Construction at 2.97%, China Railway at 2.72%, China Metallurgical Group at 2.63%, China Communications Construction at 1.55%, and Guangzhou-Shenzhen Railway at 1.02% [2]

港股高铁基建股集体走强，其中，中国中车涨超6%领衔，时代电气涨4%，中国铁建、中国中铁、中国 中冶涨近3%，中国通号涨超2%，中国交通建设涨1.55%。 消息上，招商宏观研报称，下阶段可重点关 注基建相关财政支出增速的回补效应，或对当前相对疲弱的基建投资增速形成显著支撑，同时也构成上 游"反内卷"需求侧政策的重要部分。为完成全年支出预算，后续基建领域支出进度须有明显加速。1-7 月一般公共预算支出基建领域支出累计同比增速仅为-5%，8-12月增速中枢有望反弹至7%以上。 有分 析称，短期关注政策催化下的主题机会，中长期聚焦具备技术壁垒及海外拓展能力的龙头。建议结合业 绩确定性与成长性(如高铁智能化细分赛道)布局。(格隆汇) 相关事件 港股异动丨高铁基建股强势 中国中车涨超6% 中国铁建等多股涨近3% 中国铁建(01186.HK)拟8月29日举 行董事会会议批准中期业绩 中国中冶(01618.HK)拟8月29日举行董事会会议批准中期业绩 港股异动丨高 铁基建股持续上涨 中国中冶涨超6%，月内累计升幅达30% 港股异动丨高铁基建股强势 中国中车涨超 6% 中国铁建等多股涨近3% 中国中车(01766.HK)8月2 ...

Group 1 - China CRRC (01766.HK) increased by 4.99% [1] - Times Electric (03898.HK) rose by 3.26% [1] - China Railway (00390.HK) saw a gain of 3.21% [1] - China Railway Construction (01186.HK) grew by 2.97% [1]

Investment Rating - The report does not explicitly state an investment rating for the real estate industry in 2024 Core Insights - The average revenue of the top 30 listed real estate companies in China is projected to decline by approximately 13.83% in 2024, totaling around RMB 2.77 trillion [9] - The average gross margin for these companies is expected to decrease to about 14.42%, down by 1.86% from the previous year [13] - The average net profit margin is projected to be around -10.81%, reflecting a significant decline of 12.45% compared to the previous year [16] - The average return on equity is expected to drop to approximately -20.75%, a decrease of 16.44% from 2023 [59] Summary by Sections 1. Revenue Overview - The total revenue for the top 30 listed real estate companies in 2024 is estimated at RMB 2.77 trillion, a decline of 13.83% year-on-year [9] - Financial Street leads the revenue growth with an increase of 51.74%, reaching RMB 190.75 billion [8] - 20 companies experienced revenue declines, with Midea Real Estate facing the largest drop at 94.94% [9] 2. Gross Margin Overview - The average gross margin for the top 30 companies is projected to be 14.42%, down 1.86% from the previous year [13] - Midea Real Estate shows the highest increase in gross margin at approximately 24.21% [14] - 23 companies reported a decline in gross margin, with Jinhui experiencing the largest drop of 30.80% [13] 3. Net Profit Overview - The average net profit for the top 30 companies is expected to be a loss of RMB 11.65 billion, a decline of 62.09 billion from a profit of RMB 50.44 billion in 2023 [23] - China Resources leads in net profit with RMB 336.78 billion, although this represents a 9.72% decrease from the previous year [24] - Over 70% of companies reported a decline in net profit, with Vanke transitioning from a profit of RMB 204.56 billion to a loss of approximately RMB 487.04 billion [23] 4. Inventory Overview - The total inventory for the top 30 companies is projected to be approximately RMB 60.85 billion, a decrease of 13.58% year-on-year [33] - Only one company, Ruian, reported an increase in inventory, with a growth of 16.03% [33] - Midea Real Estate experienced the largest inventory decline at 99.11% [33] 5. Liquidity Ratios - The average current ratio for the top 30 companies is expected to be 152.86%, a slight increase of 0.15% from the previous year [42] - 16 companies reported a decline in their current ratios, with Xinda showing the largest drop of 39.17% [42] 6. Cash Short-term Debt Ratio - The average cash short-term debt ratio is projected to be 1.52, a decrease of 0.11 from the previous year [54] - Ocean Group has the lowest cash short-term debt ratio at 0.01, while Binhai has the highest at 5.53 [54] 7. Return on Equity Overview - The average return on equity is expected to be -20.75%, a decline of 16.44% from 2023 [59] - Only two companies, Jinmao and New Town, are expected to report positive returns on equity [59]

Group 1 - The company, China Railway Construction Corporation, announced that it will hold a half-year performance briefing on September 4, 2025 [2]

证券代码：601186 证券简称：中国铁建 公告编号：临 2025—037 中国铁建股份有限公司 关于召开 2025 年半年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： ● 会议召开时间：2025年9月4日（星期四）14:00-15:00 ● 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2025年8月28日（星期四）至9月3日（星期三） 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 公司投资者关系邮箱ir@crcc.cn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。 中国铁建股份有限公司（以下简称公司）将于2025年8月30日发 布公司2025年半年度报告，为便于广大投资者更全面深入地了解公司 2025年半年度经营成果、财务状况，公司计划于2025年9月4日（星期 四）14:00-15:00举行2025年半年度业绩说明会，就投资者关心 ...

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關於召開2025年半年度業績說明會的公告」，僅 供 參 閱。 承董事會命 中國鐵建股份有限公司 關於召開2025年半年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 或 者 重 大 遺 漏，並 對 其 內 容 的 真 實 性、準 確 性 和 完 整 性 承 擔 法 律 責 任。 中國鐵建股份有限公司 董事長 戴和根 中 國‧北 京 2025年8月20日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 ...

Group 1 - The core project is the Zhizhen Energy 1 million kW photovoltaic hydrogen production and ammonia synthesis integrated project in Yili Prefecture, Xinjiang, with a total construction area of 122,381.3 square meters [1] - The project includes 64 sets of 1000Nm³/h electrolysis hydrogen production devices, 20 sets of 2000Nm³ hydrogen storage devices, and a 170,000 tons/year ammonia synthesis device [1] - The winning bid for the project was awarded to China Railway Tunnel Group with a bid price of 261,848.2124 million yuan [1] Group 2 - The total estimated contract amount for the bidding project is 960 million yuan, with a total construction period of 790 calendar days [2] - The project includes construction drawing design, engineering construction, and warranty work during the defect liability period [2] Group 3 - The winning bid for the liquid-cooled ultra-fast charging low-carbon comprehensive energy station project (Phase I) was awarded to China Railway 14th Bureau Group with a bid price of 95,904 million yuan [4] - The project aims to accelerate the construction of charging infrastructure for new energy vehicles, with a total investment of 82 million yuan for 200 ultra-fast charging stations in Hubei and Hunan [4] Group 4 - The Gansu Zhangye City 200MW/800MWh independent energy storage project has a total investment of 818 million yuan, with the winning bid announced for China Railway Construction Bridge Engineering Group [5] - The project includes a 200MW/800MWh energy storage power station and a 330kV/35kV/10kV booster substation [5] Group 5 - The total investment for the International Cooperation Education Sample Area Science and Technology Innovation Hub project is estimated at 157,543.65 million yuan, with a construction scale of approximately 1,277 meters for the road [8] - The project includes tunnel construction, road engineering, and various auxiliary facilities [8] Group 6 - The Three Gorges Waterway New Channel Project has a static total investment of approximately 766 billion yuan, with a total construction period of 100 months [11] - The project includes the construction of a water supply system with a design scale of 76,500 m³/d [10][11] Group 7 - The project for the renovation of old residential areas in Shenyang's Shenbei New District involves the renovation of infrastructure for 12 old residential areas, impacting 4,904 households [21][22] - The renovation includes road reconstruction, water supply, drainage, heating pipeline updates, and the addition of public service facilities [22]

Group 1 - The key clients of Sichuan Shengshi Steel Union International Trade Co., Ltd. include major state-owned enterprises directly supervised by the State-owned Assets Supervision and Administration Commission, covering various sectors such as construction, infrastructure, and energy engineering [1] Group 2 - The core list of top ten central enterprise construction companies includes China State Construction Engineering Corporation, which has a business focus on housing construction (over 50% of global super high-rise buildings) and infrastructure [4] - China Railway Group Limited specializes in railway engineering, accounting for 66% of the national railway mileage, with a significant increase of 51.6% in overseas business [4] - China Railway Construction Corporation is responsible for 52% of the national high-speed rail mileage and has established construction standards for high-speed rail in China [4] Group 3 - China Communications Construction Company focuses on port channels and cross-sea bridges, with a new contract amount of 9910.54 billion yuan in the first half of 2025 [5] - China Power Construction Group is a leader in hydropower, with a global market share exceeding 50% in overseas hydropower [5] - China Energy Engineering Group is innovating in traditional energy upgrades and has seen a growth rate of over 30% in new energy contracts [5] Group 4 - China Metallurgical Group Corporation leads the global market share in metallurgical engineering and is advancing hydrogen metallurgy technology for low-carbon transformation [5] - China Chemical Engineering Group dominates 70% of domestic petrochemical projects and has achieved a 12.3% growth in fine chemical contracts [5] - China National Nuclear Corporation is responsible for all domestic nuclear power units and plays a special role in national defense engineering and nuclear emergency support [5] - China Aneng Construction Group specializes in water conservancy and emergency rescue tasks [6]

Investment Rating - Investment Rating: Positive (Maintain) [5] Core Viewpoints - The construction of an efficient rail system in Xiong'an New Area is accelerating, with a focus on creating a national comprehensive transportation hub. The railway network is forming a "four vertical and two horizontal" high-speed rail system that covers the Beijing-Tianjin-Hebei core area and extends to Central China, East China, and Northwest regions [5][6][9] - The three high-speed rail lines (Xiongshan, Xionxin, and Shixiong) have a total investment of approximately 177.3 billion yuan, with significant construction progress expected between 2025 and 2027, leading to potential revenue and profit growth for related companies [5][36][39] Summary by Sections 1. Efficient Rail System Construction - Xiong'an New Area is strategically positioned to support national development, serving as a key hub for relieving Beijing's non-capital functions. The area is expected to achieve significant connectivity with major cities, including a 20-minute commute to Beijing's new airport and 30 minutes to Beijing and Tianjin [6][9] - The policy framework supporting the railway system has been established, with multiple levels of government backing the construction of high-speed rail and other transportation infrastructure [7][9] 2. High-Speed Rail Network Development - The Xiongshan High-Speed Rail connects Xiong'an to Central China, with a total length of approximately 552 kilometers and a planned completion date of 2026. The project has a total investment of 86.4 billion yuan [14][20] - The Xionxin High-Speed Rail, spanning 342.67 kilometers, is expected to enhance connectivity between Xiong'an and Shanxi, with a completion target of 2027 [21][24] - The Shixiong High-Speed Rail will connect Shijiazhuang and Xiong'an, with a total investment of approximately 33.65 billion yuan and a planned completion date of 2028 [30][33] 3. Investment Opportunities - The construction phase for the three high-speed rail lines is expected to release over 40.7 billion yuan in civil engineering funds between 2025 and 2027, creating significant opportunities for construction and equipment manufacturing companies [5][36][39] - Key construction companies involved include China Railway and China Railway Construction, which are expected to benefit from the ongoing projects [38][39] - The demand for tunnel boring machines (TBM) and related equipment is anticipated to rise due to the high proportion of tunnel construction in the projects, benefiting leading manufacturers in the sector [39][40]