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 董事會會議通知 中 國 鐵 建 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈，董 事 會 將 於2025年8月29日（星 期 五）於 中 華 人 民 共 和 國 北 京 市 海 淀 區 復 興 路40 號 中 國 鐵 建 大 廈 舉 行 董 事 會 會 議，藉 以 審 議 批 准（其 中 包 括）本 公 司 及 其 附屬公司截至2025年6月30日 止 六 個 月 未 經 審 計 的 中 期 業 績。 承董事會命 中國鐵建股份有限公司 戴和根 中 國 • 北 京 2025年8月15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 ...

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 董事會會議通知 中 國 鐵 建 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈，董 事 會 將 於2025年8月29日（星 期 五）於 中 華 人 民 共 和 國 北 京 市 海 淀 區 復 興 路40 號 中 國 鐵 建 大 廈 舉 行 董 事 會 會 議，藉 以 審 議 批 准（其 中 包 括）本 公 司 及 其 附屬公司截至2025年6月30日 止 六 個 月 未 經 審 計 的 中 期 業 績。 承董事會命 中國鐵建股份有限公司 戴和根 中 國 • 北 京 2025年8月15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 ...

Core Points - The Shanghai Composite Index fell by 0.46% to close at 3666.44 points, while the Hang Seng Index decreased by 0.37% to 25519.32 points [1] - China Railway Construction Corporation (CRCC) has an AH premium of 53.92%, ranking 64th among AH stocks [1] - CRCC's A-shares closed at 8.09 yuan, down 0.98%, and H-shares closed at 5.75 HKD, up 0.17% [1] Company Overview - CRCC was listed on the Shanghai and Hong Kong stock exchanges on March 10 and 13, 2008, respectively, with A-share code 601186 and H-share code 1186 [1] - CRCC is one of the world's largest and most powerful comprehensive construction groups, ranked 43rd in the 2024 Fortune Global 500, marking its 19th consecutive year in the list [1] - The company's business scope includes engineering contracting, planning and design consulting, investment operations, real estate development, industrial manufacturing, material logistics, green environmental protection, industrial finance, and other emerging industries, operating in over 140 countries and regions [1]

Group 1 - The core viewpoint of the article highlights the continued rise in Hong Kong's high-speed rail infrastructure stocks, with China Metallurgical Group leading the gains at over 6% and a cumulative increase of 30% for the month [1] - Several high-speed rail projects have been approved since Q3 2024, including the "Shanghai-Chongqing-Chengdu High-Speed Railway Hefei to Wuhan Section" and "Zhanjiang to Haikou High-Speed Railway," with total investments exceeding 300 billion [1] - There are plans to add 12,000 kilometers of new high-speed rail lines by 2025, focusing on the construction of the "Eight Vertical and Eight Horizontal" backbone network, with a new emphasis on high-speed rail in central and western regions [1] Group 2 - Analysts suggest short-term focus on policy-driven thematic opportunities and long-term investment in leading companies with technological barriers and overseas expansion capabilities [1] - Recommendations include combining performance certainty and growth potential, particularly in the high-speed rail intelligent sub-sector [1] Group 3 - Stock performance details include: - China Metallurgical Group (01618) latest price at 2.220 with a rise of 6.22% and a market cap of 46.006 billion - Times Electric (03898) latest price at 35.700 with a rise of 2.18% and a market cap of 48.479 billion - China Railway (00390) latest price at 4.070 with a rise of 1.24% and a market cap of 100.696 billion - Guangzhou-Shenzhen Railway (00525) latest price at 2.000 with a rise of 1.01% and a market cap of 14.167 billion - China Communications Construction (01800) latest price at 5.860 with a rise of 0.86% and a market cap of 95.393 billion - China Railway Construction (01186) latest price at 5.770 with a rise of 0.52% and a market cap of 78.354 billion - CRRC Corporation (01766) latest price at 5.730 with a rise of 0.17% and a market cap of 164.447 billion [1]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [12] Core Insights - Xinjiang has significant development potential despite its poor infrastructure, with ongoing investments in major infrastructure projects such as transportation, water conservancy, and energy [2][5] - The region's GDP is projected to grow by 6.1% in 2024, with fixed asset investment expected to increase by around 10% by 2025 [5][27] - Major projects in Xinjiang, including coal chemical projects and significant transportation infrastructure, are expected to drive economic growth and create investment opportunities [7][10] Summary by Sections Economic Overview - Xinjiang's GDP for 2024 is estimated at 20,534.08 billion yuan, with a per capita GDP of 78,660 yuan, reflecting a growth of 6.1% and 5.4% respectively [5][21] - The region's infrastructure is lagging, with road and rail density significantly below national averages, which constrains economic development [24][26] Infrastructure Investment - The Xinjiang government plans to utilize various funding sources, including central budget investments and local government bonds, to support infrastructure development [27] - By 2025, Xinjiang aims for a GDP growth of around 6% and a fixed asset investment increase of approximately 10% [27] Major Projects - Significant projects include the Xinjiang coal chemical industry, with investments expected to accelerate, and major transportation projects like the China-Kyrgyzstan-Uzbekistan railway and the New Tibet Railway [7][10] - The total investment for the China-Kyrgyzstan-Uzbekistan railway is estimated at 8 billion USD, with construction expected to start by the end of 2024 [7] Strategic Positioning - Xinjiang is positioned as a key hub in the Belt and Road Initiative, with its foreign trade growth rate leading the nation [9] - The region's strategic location and resource advantages are expected to enhance its role in national economic development [44][45] Investment Recommendations - Companies such as China Chemical and China Railway Construction are highlighted as potential beneficiaries of the increasing infrastructure investments in Xinjiang [10] - The report suggests monitoring local engineering firms for order releases as infrastructure projects ramp up [10]

Group 1 - The core viewpoint of the news is that China Railway Construction Corporation (CRCC) has experienced a decline in both revenue and net profit in its latest quarterly report, indicating potential challenges in its financial performance [1][3] - As of August 13, 2025, CRCC's stock price closed at 8.17 yuan, down 0.37%, with a trading volume of 540,000 hands and a transaction amount of 442 million yuan [1] - The company's total operating revenue for the first quarter of 2025 was 256.76 billion yuan, a year-on-year decrease of 6.61%, while the net profit attributable to shareholders was 5.15 billion yuan, down 14.51% year-on-year [1] Group 2 - CRCC has made investments in 126 companies and participated in 5,000 bidding projects, showcasing its active engagement in the industry [2] - The company holds 331 trademark registrations and 928 patents, indicating a strong focus on intellectual property [2] - CRCC has 95 administrative licenses, reflecting its compliance and operational capabilities within the regulatory framework [2]

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - The industry is benefiting from a favorable environment characterized by loose liquidity and low interest rates, making high-dividend, low-valuation stocks attractive for investment [4] - The establishment of the Xinjiang-Tibet Railway Company marks a significant step in the construction of the new railway, with a total investment expected to be between 300 billion to 350 billion yuan, primarily in infrastructure [6][13] - The report emphasizes the importance of companies with clear transformation directions and strong growth potential, particularly in sectors like new energy, intelligent manufacturing, and digital construction [4] Summary by Sections Industry Performance - The Shanghai Composite Index rose by 2.11%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 0.49% during the week, while the construction decoration index increased by 1.75% [24] Major Projects - The Xinjiang-Tibet Railway, with a total length of 1980 kilometers, is set to connect Xinjiang and Tibet, with a registered capital of 95 billion yuan [6][9] - The project is expected to significantly boost the construction sector, with major construction companies like China Railway and China Railway Construction likely to benefit [16][18] Investment Scale - The total investment for the Xinjiang-Tibet Railway is estimated at 300 billion to 350 billion yuan, with over 60% allocated to infrastructure [13][14] - The investment composition includes civil engineering (44%-51%), track (6%-7%), and vehicle procurement (5%-7%) [14] Key Companies to Watch - Major construction firms such as China Railway, China Railway Construction, and Xinjiang Communications Construction are highlighted as key beneficiaries of the new railway project [16][18] - Companies involved in foundational and material supply, such as Zhongyan Dadi for geotechnical engineering and Huaxin Cement for cement supply, are also recommended [19][20][21] Market Review - A total of 125 construction stocks rose during the week, with Shanghai Port (+30.49%) and Beautiful Ecology (+22.75%) leading the gains [24]

Group 1 - The construction industry is currently facing a labor shortage, primarily among workers born in the 1960s, 1970s, and even 1980s, but innovations like AI and robotics are helping to address this issue [1] - The traditional infrastructure sector is undergoing a digital transformation, with AI technology injecting new momentum, effectively alleviating the challenges posed by structural labor shortages [1] - A company under China Railway Construction Corporation is utilizing remote control and AI technology for mining operations, allowing technicians to monitor and direct work from a control room in Beijing [1] Group 2 - The adoption of AI in repetitive and hazardous tasks is proving indispensable, filling the gap left by the shortage of workers from the 1980s and driving the industry’s transition from labor-intensive to technology-intensive [2] - Digitalization and AI are significantly impacting the infrastructure construction industry by reducing costs, improving efficiency, and enhancing competitiveness in international markets [2] - The industry aims to empower infrastructure construction through digital intelligence, with a focus on developing new infrastructure areas such as computing power centers and digital intelligence centers, which represent substantial market growth potential [2]

Core Insights - As of August 12, 2025, China Railway Construction Corporation (CRCC) shares closed at 8.2 yuan, down 0.36% with a turnover rate of 0.44% and a trading volume of 503,600 hands, amounting to 413 million yuan in transaction value [1] - The latest quarterly report shows CRCC's total operating revenue at 256.76 billion yuan, a year-on-year decrease of 6.61%, and a net profit attributable to shareholders of 5.15 billion yuan, down 14.51% year-on-year [1] - The company has a current ratio of 1.031, a quick ratio of 0.772, and a debt-to-asset ratio of 77.59% [1] Financial Performance - Total operating revenue for Q1 2025 was 256.76 billion yuan, reflecting a 6.61% decrease compared to the previous year [1] - Net profit attributable to shareholders was 5.15 billion yuan, which is a 14.51% decline year-on-year [1] - Non-recurring net profit stood at 4.98 billion yuan, down 13.87% year-on-year [1] Investment and Operations - CRCC has made investments in 126 companies and participated in 5,000 bidding projects [2] - The company holds 331 trademark registrations and 928 patents, along with 95 administrative licenses [2] - Established in 2007 and headquartered in Beijing, CRCC primarily engages in civil engineering construction [1][2]

Group 1 - Fujian Aotian Industrial Investment Co., Ltd. has been established with a registered capital of 100 million yuan [1] - The legal representative of the company is Tian Xue [1] - The business scope includes investment activities with self-owned funds, bamboo product manufacturing, bamboo material harvesting, bamboo planting, bamboo product sales, and park management services [1] Group 2 - The company is jointly held by China Railway Construction Corporation's subsidiary, China Railway Eighteenth Bureau Group Co., Ltd., among others [1]