Core Viewpoint - China Railway Construction Corporation (CRCC) has successfully completed the issuance of its fifth phase of technology innovation renewable corporate bonds aimed at professional investors, with significant demand reflected in the subscription rates [1] Group 1: Bond Issuance Details - The total issuance size for the first type of bonds reached 34.50 billion yuan, with a coupon rate of 2.15% for the initial period and a subscription multiple of 1.79 times [1] - The second type of bonds had a final issuance size of 10.00 billion yuan, with a coupon rate of 2.40% for the initial period and a subscription multiple of 1.99 times [1]

发行人的董事、监事、高级管理人员、持股比例超过5%的股东及其他关联方未参与本期债券认购。 本期债券承销机构中信证券股份有限公司及关联方获配6.00亿元，中信建投证券股份有限公司及关联方 获配6.40亿元，国泰海通证券股份有限公司及关联方获配5.70亿元，华泰联合证券有限责任公司及关联 方获配1.50亿元，中国国际金融股份有限公司及关联方获配4.20亿元，申万宏源证券有限公司及关联方 获配5.70亿元，中信证券股份有限公司为本期债券联席主承销商中信建投证券股份有限公司的关联方。 上述认购报价公允，程序合规。 格隆汇12月29日丨中国铁建(01186.HK)公布，经中国证券监督管理委员会"证监许可〔2025〕2683号"注 册生效，同意中国铁建股份有限公司(以下简称"中国铁建"或"发行人")面向专业投资者公开发行面值总 额不超过300亿元(含300亿元)的公司债券，可在注册有效期内分期发行。 根据《中国铁建股份有限公司2025年面向专业投资者公开发行科技创新可续期公司债券(第五期)发行公 告》，中国铁建股份有限公司2025年面向专业投资者公开发行科技创新可续期公司债券(第五期)(以下简 称"本期债券")的发行规模 ...

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2025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）發 行 結 果 公 告」，僅 供 參 閱。 承董事會命 中國鐵建股份有限公司 董事長 戴和根 本期债券承销机构中信证券股份有限公司及关联方获配 6.00 亿元，中信建 投证券股份有限公司及关联方获配 6.40 亿元，国泰海通证券股份有限公司及关 中國北京 2025年12月29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 先 生（獨 ...

Core Viewpoint - The successful opening of the Tiger Mountain Tunnel marks a significant achievement in urban infrastructure, enhancing the connectivity of Qingdao's rapid road network and supporting regional economic development [1] Group 1: Project Details - The Tiger Mountain Tunnel, constructed by China Railway 14th Bureau and funded by Qingdao Urban Investment Group, features a dual-lane, dual-tunnel design with a maximum excavation cross-section exceeding 400 square meters, making it a rare example of a large municipal traffic tunnel in China [1] - The tunnel spans a total length of 1,551 meters, with a maximum excavation width of 31.8 meters and a maximum height of 17.88 meters, resulting in a maximum cross-sectional area of approximately 447.62 square meters, larger than a standard basketball court [1] - During construction, the project faced 18 different excavation cross-section transitions, successfully overcoming challenges related to "multiple cross-section transitions, small clearance construction, and super-large span excavation" [1] Group 2: Impact on Infrastructure - The opening of the Tiger Mountain Tunnel allows for the operational launch of the main line of the Qingdao Tangshan Road Rapid Road Project, which efficiently connects with other major routes such as Chongqing Road and the Qingyin Expressway [1] - This development is expected to enhance the overall road network in Qingdao, facilitating easier travel for citizens and contributing to high-quality regional economic and social development [1]

Core Viewpoint - The 2025 Chengdu Real Estate Fashion Evaluation List highlights the resilience and evolving consumer preferences in the Chengdu real estate market, marking a new consumption era that influences housing decisions and market dynamics [3][8]. Group 1: Market Performance - Chengdu's new housing transaction area has ranked first in the nation for five consecutive years since 2019, with over 220,000 second-hand residential transactions recorded in the past two years [3]. - This year, high-value properties have seen record-breaking transactions, and numerous new projects have achieved significant sales milestones [3][5]. Group 2: Consumer Trends - The market is witnessing a shift towards "emotional consumption," where the focus is on creating desirable living spaces that meet buyer expectations [5][7]. - Innovations in property design, such as larger balconies and high-quality materials, are being implemented to enhance aesthetic appeal and functionality [5][7]. Group 3: Industry Recognition - The 2025 Chengdu Real Estate Fashion Evaluation List serves as a platform for recognizing industry leaders and innovative projects, with awards focusing on urban impact and project quality [10][12]. - Notable companies such as Poly, China Railway Construction, and Longfor participated in the event, showcasing their contributions to the market [7][12]. Group 4: Future Outlook - The evaluation list emphasizes the importance of developing "good houses" that cater to consumer needs, indicating a clear trend for the industry's future [8][10]. - Upcoming projects and potential market leaders are anticipated to emerge from the evolving landscape, with awards recognizing sustainable development and innovative community designs [15][16].

Core Insights - The national housing and urban construction work conference emphasized the need to stabilize the real estate market, focusing on city-specific policies to control supply, reduce inventory, and improve quality [1][2] - Guangzhou's real estate market is expected to stabilize and recover, with a consensus among industry experts on the importance of quality housing and urban renewal for high-quality development [1][3] Policy Direction - In 2026, Guangzhou will focus on "stabilizing the market" by controlling supply, reducing inventory, and improving housing quality [2] - The city aims to balance supply and demand, promote the construction of quality housing, and accelerate the pace of inventory reduction through the acquisition of existing properties for affordable housing [2] - The national meeting highlighted the need to address inventory issues, with the average inventory cycle in 100 cities reaching a historical high of 27.4 months in November [2] Urban Renewal and Quality Development - The policy shift from merely stabilizing the market to enhancing quality development emphasizes urban renewal as a key driver of economic growth [5] - Guangzhou has launched an investment plan exceeding 800 billion yuan for urban renewal, integrating stock updates with functional repairs and industry cultivation [5][6] Industry Consensus - A clear consensus is forming among industry representatives that stabilizing expectations is crucial, with product quality, urban renewal, and long-term operational capabilities being key variables for the industry's future [7][9] - Companies believe that Guangzhou's innovative policies in areas like purchase restrictions, financial support, and urban renewal provide a conducive environment for market recovery [7] - The market is entering a phase of "refined development," where competition will focus on product quality and comprehensive operational capabilities rather than mere scale expansion [9]

Core Viewpoint - China Railway Construction Corporation (CRCC) announced the issuance of the fifth phase of its technology innovation perpetual corporate bonds, with a total issuance scale of up to RMB 4.5 billion [1] Group 1 - The bonds will be offered to professional investors and the issuance is scheduled for December 23, 2025 [1] - The initial coupon rate for the first type of bonds is set at 2.15%, while the second type has a coupon rate of 2.40% [1]

Core Viewpoint - China Railway Construction Corporation (CRCC) announced the issuance of its fifth phase of technology innovation renewable corporate bonds, with a total issuance scale not exceeding 4.5 billion RMB [1] Group 1: Bond Issuance Details - The bonds will be publicly issued to professional investors in 2025 [1] - The coupon rate for the first type of bonds is set at 2.15% for the first cycle [1] - The coupon rate for the second type of bonds is set at 2.40% for the first cycle [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。 董事長 戴和根 中國‧北京 2025年12月24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 先 生（獨 立 非 執 行 董 事）、解 國 光 先 生（獨 立 非 執 行 董 事）、錢 偉 倫 先 生（獨 立 非 執 行 董 事）、王 俊 先 生（獨 立 非 執 行 董 事） 及 朱 霖 女 士（職 工 董 事）。 – 1 – 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2025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）票 ...

Core Viewpoint - China Railway Construction Corporation (CRCC) plans to issue a public offering of technology innovation perpetual bonds for professional investors, with a total scale not exceeding RMB 4.5 billion [1] Group 1 - The bond issuance is scheduled for December 24 and 25, 2025 [1] - The bonds will be issued in two varieties, with a face value of RMB 100 per bond and an issuance price of RMB 100 per bond [1] - The net proceeds from the fundraising will be used entirely for productive expenditures, including debt repayment and supplementing working capital, in compliance with legal requirements [1]