Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the importance of enhancing the Party's political leadership, ideological guidance, mass organization, and social appeal to advance Chinese-style modernization [1] Group 1: Company Insights - China Railway Construction Corporation (CRCC) has demonstrated resilience and growth by adhering to the Party's comprehensive leadership, which has been crucial in navigating market challenges and achieving success in reform and innovation [1] - During the 14th Five-Year Plan period, CRCC has actively implemented national macro-control policies and major strategic initiatives, while also responding effectively to natural disasters and emergencies, embodying the principle of "two safeguards" in its operations [1] Group 2: Industry Perspective - The commitment to strengthening the Party's comprehensive leadership is seen as a fundamental guarantee for advancing Chinese-style modernization, ensuring a bright and prosperous future for the country [1] - Looking ahead to the 15th Five-Year Plan, CRCC is positioned as a pillar of the national economy, pledging to continue its adherence to the Party's leadership and to explore improvements in the system of state-owned enterprises with Chinese characteristics [1]

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Core Viewpoint - The real estate industry is accelerating financing through various channels such as credit bonds, overseas bonds, and asset securitization to address year-end debt maturity pressures and prepare for future development amid increased supply of quality land parcels [1][3][10]. Financing Trends - In September, the total bond financing in the real estate sector reached 561 billion yuan, marking a year-on-year increase of 31%, with credit bond financing alone amounting to 322 billion yuan, a significant year-on-year growth of 89.5% [3][9]. - The average issuance term for credit bonds in September was 3.65 years, indicating a trend towards longer financing terms, which helps optimize debt structure and alleviate short-term repayment pressures [7]. Company Financing Activities - Several companies are actively issuing bonds, including China Merchants Shekou with a planned issuance of 40 billion yuan at a coupon rate of 1.90%, and China Vanke with a bond issuance of up to 24 billion yuan [6][8]. - Notable issuances include Beijing Urban Construction Group's successful issuance of 18 billion yuan in medium-term notes and Poly Developments' 150 billion yuan bond application accepted by the Shanghai Stock Exchange [6][8]. Challenges in Sales and Cash Flow - Despite the positive financing trends, real estate companies face significant challenges in sales, with a reported 8.4% year-on-year decline in funds received by real estate developers from January to September, particularly in deposits and pre-sales [9][10]. - The ongoing sluggish sales market continues to exert pressure on the overall cash flow of real estate companies, making it crucial for them to balance external financing with internal cash generation [10]. Debt Restructuring Progress - Some distressed real estate companies have made substantial progress in debt restructuring, with over 75% of creditors approving restructuring plans for companies like Longfor Group and Sunac China [8].

Group 1 - The core viewpoint of the article highlights the performance of China Railway Construction Corporation (CRCC) in the real estate sector, indicating a decline in contract sales in the first three quarters of 2025 compared to the previous year [2][4]. Group 2 - In the first three quarters of 2025, the total new contracts signed amounted to 1,518.765 billion yuan, reflecting a year-on-year increase of 3.08% [2]. - The real estate development business reported a contract sales amount of 17.4875 billion yuan and a sales area of 994,800 square meters from July to September [3]. - For the first three quarters, the contract sales amount in real estate was 54.271 billion yuan, showing a year-on-year decrease of 11.53%, with a total sales area of 3,395,800 square meters [4].

Company News - China Railway Construction Corporation (01186.HK) reported a total new contract value of 1,518.765 billion yuan for the first three quarters, an increase of 3.08% year-on-year. The new contract value for the third quarter was 462.5954 billion yuan [2] - Zhiyu City Technology (09911.HK) expects total revenue from its social business for the first nine months to be between 4.38 billion and 4.44 billion yuan, representing a year-on-year growth of approximately 34.5% to 36.4%. The innovative business revenue is projected to be between 530 million and 550 million yuan, with a year-on-year growth of about 69.9% to 76.3% [2] - Ping An Good Doctor (01833.HK) reported total revenue of 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and a net profit of 184 million yuan, up 72.6% year-on-year. The company's F-end and B-end enterprise health business revenue grew by 21.5% year-on-year, serving over 4,500 corporate clients [3] - Livzon Pharmaceutical (01513.HK) reported revenue of 9.116 billion yuan for the first three quarters, an increase of 0.38% year-on-year, and a net profit of 1.754 billion yuan, up 4.86% year-on-year [3] - Mongolian Energy (00276.HK) reported a significant decrease in total revenue for the six months ending September 30, 2025, by no more than 900 million HKD, primarily due to global economic recession and a slowdown in the Chinese steel market [3] - Anning Holdings (00128.HK) issued a profit warning, expecting a profit of approximately 21 million HKD for the first three quarters, a significant turnaround from a loss [3] - Baio Family Interactive (02100.HK) reported 10.2 million active accounts in the third quarter, a quarter-on-quarter increase of 29.1% and a year-on-year increase of 37.8%. The average revenue per paid account was 141.2 yuan, down 19.2% quarter-on-quarter and 13.2% year-on-year [3] - Hengrui Medicine (01276.HK) received approval to conduct clinical trials for its injection of Rukang Qutuzumab, with global sales of similar products totaling approximately 6.557 billion USD [4] - Baixin An-B (02185.HK) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [5] - Hansoh Pharmaceutical (03692) had its application for marketing approval of HS-10365 capsules accepted by the National Medical Products Administration [6] Capital Operations and Buyback Dynamics - Minmetals Land (00230.HK) received a privatization offer from Minmetals Hong Kong, with the offer price representing a premium of 185.71% over the undisturbed closing price [7] - Qizhi Group (00917.HK) received a voluntary lock-up commitment from directors and concert parties, with a lock-up period of 12 months starting from October 23, 2025, involving 103 million shares of the company [7] - Mengniu Dairy (02319.HK) repurchased 700,000 shares at a cost of 10.0692 million HKD, with a repurchase price of 14.33 to 14.4 HKD [7] - Lianlian Digital (02598.HK) repurchased approximately 755.55 million HKD worth of 967,000 shares, with a repurchase price of 7.63 to 7.96 HKD [8]

智通财经APP讯，中国铁建(01186)发布公告，于2025年第三季度新签合同总额4625.954亿元人民币;前三 季度新签合同总额15187.65亿元人民币，同比增加3.08%。 ...

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。 证券代码：601186 证券简称：中国铁建 公告编号：临 2025—042 中国铁建股份有限公司 2025 年第三季度主要经营数据公告 现将本公司 2025 年第三季度主要经营情况公布如下，供各位投 资者参阅。 一、 主要经营情况 （一）按产业类型统计 二、已签订尚未执行的重大项目进展情况 证券代码：601186 证券简称：中国铁建 公告编号：临 2025—042 | 开工面积（万 | m 2） | 42.17 | 249.61 | | --- | --- | --- | --- | | 竣工面积（万 | m 2） | 168.39 | 465.47 | （二）按地区分布统计 | 地区分布 | 新签合同额（亿元人民币） | 同比增减 | | --- | --- | --- | | 境内 | 13139.441 | -3.96% | | 境外 | 2048.209 | 94.52% | | 合计 | 15187.650 | 3.08% | 上述经营指标和数据为初步统计数据，与定期 ...

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。 （二）按地區分佈統計 | 地區分佈 | 新簽合同額 | 同比增減 | （億 | 幣） | 人 | 元 | 民 | | --- | --- | --- | --- | --- | --- | --- | --- | | 境 | 內 | 13,139.441 | -3.96% | 境 | 外 | 2,048.209 | 94.52% | | 合 | 計 | 15,187.650 | 3.08% | | | | | （上 市 債 務 證 券 代 號：40686、40687和84570） 2025年第三季度主要經營數據公告 本 公 告 乃 中 國 鐵 建 股 份 有 限 公 司（「本公司」）根 據 香 港 法 例 第571章證券 及期貨條例第XIVA部及香港聯合交易所有限公司證券上市規則第13.09 條及第13.10B條 而 作 出。 現將本公 ...

10月21日，中国中煤党委书记、董事长王树东在中国中煤总部会见中国铁建党委书记、董事长戴和根，双方就进一步深化合作展开交流。中国中煤党委常 委、副总经理倪嘉宇，中国铁建党委常委、副总裁黄昌富参加会见。 王树东对戴和根一行的到访表示欢迎，介绍了中国中煤发展历史、产业结构、生产经营、科技创新等基本情况，以及加快推进"两个联营+"、构建"两个对 冲"机制的思路举措，重点介绍了煤炭开采领域聚焦"少人无人"，煤炭消费领域聚焦"少人少碳"，煤基新材料领域聚焦"少人无碳"的发展思路。他表示， 中国铁建与中国中煤合作基础扎实、前景广阔，希望双方进一步加强对接与合作交流，延伸合作领域，共同推动央企间协同发展迈上更高水平、取得更实 成效。 中国中煤办公室、规划发展部、煤炭事业部、电力及新能源事业部、建设集团有关负责人，中国铁建总工程师代敬辉，相关部门、单位负责人参加会见。 来源：中国中煤 编辑：孔欣慰 校对：刘卓 戴和根对中国中煤近几年取得的成绩表示祝贺，感谢中国中煤对中国铁建的信任与支持，介绍了中国铁建历史沿革、业务结构、经营管理等基本情况，期 待双方进一步密切工作对接交流，加强在能源基础设施建设、绿色矿山、深部地下空间综合利 ...

Core Viewpoint - China Railway Construction Corporation (CRCC) announced the issuance of its fourth phase of technology innovation perpetual corporate bonds aimed at professional investors, with interest payments starting from October 28, 2025 [1] Group 1: Bond Details - The bonds are categorized into two types: "Tie Jian YK16" and "Tie Jian YK17" [1] - "Tie Jian YK16" has a coupon rate of 2.35%, with an interest payment of 23.50 CNY per 1,000 CNY face value [1] - "Tie Jian YK17" has a coupon rate of 2.50%, with an interest payment of 25.00 CNY per 1,000 CNY face value [1]