Core Insights - China Railway Construction Corporation (CRCC) recently won significant contracts while one of its subsidiaries was suspended from military procurement, leading to stable stock performance [1] Recent Events - On February 10, 2026, CRCC announced winning 10 major projects, each valued over 1.5 billion yuan, totaling 45.142 billion yuan, which represents 4.23% of the company's audited revenue for 2024 [2] - On the same day, the military procurement website announced that the subsidiary China Railway 16th Bureau Group Co., Ltd. was suspended from participating in military material engineering service procurement due to alleged violations, effective from February 10, 2026 [2] - On February 8, 2026, the company reported that its domestic "Deep Sea Space Station" technology successfully completed high-pressure operations at a depth of 75 meters in the Yongzhou Railway's Jintang underwater tunnel, overcoming technical limitations [2] - The absence of China Railway 23rd Bureau in the recent major project announcements raised concerns about its operational capabilities [2] Stock Performance - Over the past 7 days (as of February 12, 2026), CRCC's stock price fluctuated within a range of 0.97%, with a change of 0.14% [3] - The closing price on February 12 was 7.24 yuan, with a daily change of 0.00% and a trading volume of 346 million yuan [3] - On February 12, there was a net inflow of 1.3575 million yuan from institutional investors, while retail investors experienced a net outflow of the same amount [3] - During the same period, the construction decoration sector slightly declined by 0.01%, while the infrastructure sector increased by 0.01%, and the Shanghai Composite Index rose by 0.05% [3] Financial Analysis - On February 12, 2026, CRCC disclosed its major operating data for Q4 2025, reporting a total new contract value of 3,076.497 billion yuan for the year, marking the fourth consecutive year exceeding 3 trillion yuan [4] - Among these, the total contract value for major projects was 221.971 billion yuan, accounting for 20.80% of the 2024 revenue [4] - There was a disparity in the number of contracts won by subsidiaries, with China Railway 12th and 14th Bureaus each securing 9 major projects, while China Railway 23rd Bureau only won 1 [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the number and scale of issued accounts - receivable asset - backed securities increased year - on - year. The actual financiers were still concentrated in construction central enterprises and their subsidiaries, with a more prominent head - effect. These entities were more inclined to introduce in - system factoring companies, capital companies, asset management companies, trust companies, other financial platforms, and off - system commercial factoring companies as original equity holders or agents of original equity holders to issue securitized products. - In 2025, the average issuance scale of single accounts - receivable asset - backed special plans decreased compared to the previous year, the product term was slightly shortened, the issuance interest rate continued to decline, the securities were mainly of AAAsf credit rating, and the overall product credit risk remained at a low level. The trading activity in the secondary market increased significantly [38]. 3. Summary According to the Directory Issuance Situation - In 2025, 157 accounts - receivable asset - backed securitization products were issued in the exchange market, with a total issuance scale of 180.806 billion yuan. The number of issuances increased by 22, and the issuance scale rose by 9.40% year - on - year. The issuance scale accounted for 12.37% of the total issuance scale of enterprise asset - securitization products for the whole year, a decrease of 0.85 percentage points year - on - year [4][5]. - In terms of issuance venues, 140 products with an issuance amount of 172.474 billion yuan (accounting for 95.39%) were issued on the Shanghai Stock Exchange, and 17 products with an issuance amount of 8.332 billion yuan (accounting for 4.61%) were issued on the Shenzhen Stock Exchange [8]. - Regarding the distribution of original equity holders, the top five original equity holders were China Railway Capital Co., Ltd., China Railway Trust Co., Ltd., China Railway Construction Asset Management Co., Ltd., CCCC Commercial Factoring Co., Ltd., and Shenzhen United Factoring Co., Ltd., with issuance scale proportions of 32.27%, 16.95%, 11.06%, 2.73%, and 2.48% respectively. The total issuance scale of the top five original equity holders was 118.429 billion yuan, accounting for 65.50%; the total issuance scale of the top ten was 134.983 billion yuan, accounting for 74.66% [8]. - In terms of actual financiers, the total issuance scale of the top ten actual financiers was 165.964 billion yuan, accounting for 91.79%, an increase of 1.89 percentage points year - on - year. The actual financiers were mainly concentrated in central enterprises and their subsidiaries, with an issuance scale of 162.126 billion yuan, accounting for 89.67%, a year - on - year increase of 3.06 percentage points. In terms of industries, the actual financiers in the construction industry had an issuance scale of 165.423 billion yuan, accounting for 91.49% [10]. - Regarding the distribution of managers, the top five managers with the highest proportion of new management scale were CITIC Securities Co., Ltd., Huaxi Securities Co., Ltd., Ping An Securities Co., Ltd., Shanghai Guotai Haitong Securities Asset Management Co., Ltd., and CITIC Construction Securities Co., Ltd., with scale proportions of 17.61%, 16.95%, 14.64%, 10.13%, and 9.39% respectively. The total new management scale of the top five managers was 124.244 billion yuan, accounting for 68.72%, a year - on - year increase of 5.54 percentage points; the total new management scale of the top ten managers was 160.486 billion yuan, accounting for 88.76%, a year - on - year increase of 9.70 percentage points [14]. - In terms of product scale distribution, the highest single - product issuance scale was 5.4 billion yuan, and the lowest was 100 million yuan. The products with a single - scale in the (5, 10] billion yuan range had the largest number of issuances, with 51 units and a scale proportion of 21.47%. The average single - issuance scale was 1.152 billion yuan, a decrease of 73 million yuan compared to the previous year [16]. - Regarding the term distribution, the shortest term was 0.69 years, and the longest was 4.99 years. The products with a term in the (1, 3] - year range had the largest number of issuances, with 88 units and a scale proportion of 49.97%. The weighted average term was 2.14 years, slightly shorter than the previous year [17]. - In terms of level distribution, in 2025, AAAsf - rated securities accounted for 90.08%, AA + sf - rated securities accounted for 6.33%, and sub - grade securities accounted for 3.59% [19]. - Regarding the issuance interest rate, the median issuance interest rate of AAAsf - rated securities with a term of around 1 year was 1.85%, a year - on - year decrease of about 29BP [4][21]. Issuance Spread Statistical Analysis - Compared with government bonds of the same term, the average issuance spreads of 1 - year and 3 - year accounts - receivable asset - backed securities in 2025 narrowed compared to the previous year. For example, the average 1 - year spread decreased from 0.74 percentage points in 2024 to 0.48 percentage points in 2025 [26][28]. - Compared with AAA - rated corporate bonds of the same term, the average issuance spreads of 1 - year and 3 - year AAAsf - rated accounts - receivable asset - backed securities in 2025 also narrowed compared to the previous year. The average 1 - year spread decreased from 0.18 percentage points in 2024 to 0.14 percentage points in 2025 [31][32]. - In terms of issuance cost, the average issuance interest rate of 1 - year AAAsf - rated accounts - receivable asset - backed securities issued in 2025 decreased by 32BP year - on - year [32]. Filing Situation - In 2025, 105 accounts - receivable asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 129.051 billion yuan. Compared with the previous year, the number of filings decreased by 12, and the filing scale decreased by 14.02% [4][33]. Secondary Market Trading Situation - In 2025, accounts - receivable asset - backed securities had 5,596 transactions in the secondary market, a year - on - year increase of 102.90%. The total transaction scale was 147.768 billion yuan, a year - on - year increase of 47.63%. The transaction scale accounted for 13.76% of the total transaction scale of enterprise asset - backed securities in the current period, a decrease of 1.11 percentage points year - on - year, ranking second in terms of transaction scale [4][36]. Maturity Situation in 2026 - It is estimated that 261 outstanding accounts - receivable asset - backed securities will mature in the exchange market in 2026, with a maturity scale of 168.808 billion yuan, accounting for 21.19% of the total maturity scale of all enterprise asset - backed securities in 2026, ranking second in terms of maturity scale [4][37]. - From the perspective of original equity holders, China Railway Capital Co., Ltd. had 43 maturing accounts - receivable asset - backed securities, with a repayment scale of 43.229 billion yuan, accounting for 25.61%; China Railway Trust Co., Ltd. had 33 maturing securities, with a repayment scale of 33.605 billion yuan, accounting for 19.91%; China Railway Construction Asset Management Co., Ltd. had 22 maturing securities, with a repayment scale of 25.449 billion yuan, accounting for 15.08% [37].

Core Viewpoint - The article discusses the appointment of Pei Minshan as the General Manager and Deputy Secretary of the Party Committee of China Railway Construction Group Co., Ltd., as well as the President and Deputy Secretary of the Party Committee of China Railway Construction Co., Ltd. [1] Group 1: Appointment Details - On February 12, 2026, China Railway Construction Co., Ltd. announced the appointment of Pei Minshan as the company's President during the sixth board meeting [1][5] - The board meeting was conducted via communication voting, with all seven participating directors approving the appointment [8][11] - Pei Minshan's term as President will align with the current senior management's term [6] Group 2: Background of Pei Minshan - Pei Minshan holds a Bachelor's degree in Highway and Urban Road Engineering from Southeast University and a Doctorate in Energy and Environment from Tongji University [3] - He has held various positions in the China Communications Construction Company, including roles as General Manager and Vice President [3] Group 3: Compliance and Responsibilities - Pei Minshan meets all qualifications to serve as a senior executive and does not fall under any disqualifying conditions as per the Company Law and relevant stock exchange regulations [7][9] - He has committed to diligently fulfilling his responsibilities as President while managing the relationship between the company and its controlling shareholder [7]

Core Viewpoint - China Railway Construction Corporation Limited (CRCC) has appointed Pei Mingshan as the new president, effective from February 11, 2026, following the seventh meeting of the sixth board of directors [1] Group 1: Management Changes - Pei Mingshan has been appointed as the president of CRCC and will also serve as an executive director, with his term aligning with the current senior management [1] - The previous general manager, Wang Lixin, was reassigned to a position at China National Railway Group in August 2024, leaving the position vacant until Pei's appointment [6] Group 2: Background of Pei Mingshan - Pei Mingshan, aged 55, holds a doctoral degree in engineering and has extensive experience in various leadership roles within the transportation and construction sectors [3] - His previous positions include general manager and deputy secretary of the Party Committee at China Railway Construction Group, as well as various roles at China Communications Construction Company [3] Group 3: Company Overview - CRCC was established on November 5, 2007, and is a large state-owned enterprise managed by the State-owned Assets Supervision and Administration Commission [4] - The company was listed on the Shanghai and Hong Kong stock exchanges in March 2008, with a registered capital of 13.58 billion yuan [4]

Group 1 - The core point of the article is the nomination of Pei Minshan as a candidate for executive director of China Railway Construction Corporation (CRCC), pending approval from shareholders [1] - Pei Minshan's appointment as president of the company has been approved by the board of directors and will align with the term of the current senior management [1] - The nomination and appointment processes are part of the company's governance structure, involving recommendations from the controlling shareholder and review by the board's nomination committee [1]

中国铁建（601186）(01186)公布，于2026年2月11日，董事会同意聘任裴岷山先生为公司总裁，同意提 名裴岷山先生为公司执行董事人选。 ...

智通财经APP讯，中国铁建(01186)公布，于 2026 年 2 月 11 日，董事会同意聘任裴岷山先生为公司总 裁，同意提名裴岷山先生为公司执行董事人选。 ...

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。 裴 先生的委任獲股東批准生效後，本公司將與裴先生訂立董事服務合約。 裴 先 生 擔 任 本 公 司 執 行 董 事，同 時 擔 任 本 公 司 總 裁、黨 委 副 書 記。其 作 為 執 行 董 事 將 不 會 額 外 收 取 任 何 薪 酬；其 擔 任 本 公 司 其他職務 的薪酬 將按其 任 職 和 考 核 情 況，根 據 本 公 司 有 關 薪 酬 政 策 確 定 薪 酬。待 有 關 薪 酬 確 認 後，本 公 司 會 予 以 披 露，具 體 薪 酬 可 參 見 本 公 司 適 時 發 佈 的 年 度 報 告。 截 至 本 公 告 日，裴 先 生 並 無 於 本 公 司 或 其 任 何 相 聯 法 團（定 義 見 證 券 及 期貨條例第XV部（香 港 法 例 第571章））之 任 何 股 份、相 關 股 份 或 債 券 中 擁 有 ...

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 第 六 屆 董 事 會 第 七 次 會 議 決 議 公 告」，僅 供 參 閱。 海外監管公告 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。 承董事會命 – 1 – 证券代码：601186 证券简称：中国铁建 公告编号：临 2026—005 中国铁建股份有限公司 中國鐵建股份有限公司 董事長 戴和根 中 國 • 北 京 2026年2月12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 ...

证券代码：601186 证券简称：中国铁建 公告编号：临 2026—005 中国铁建股份有限公司 第六届董事会第七次会议决议公告 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。 一、董事会会议召开情况 中国铁建股份有限公司（以下简称公司）第六届董事会第七次会 议于 2026 年 2 月 11 日以通讯表决方式召开，董事会会议通知和材料 于 2026 年 2 月 6 日以书面直接送达和电子邮件等方式发出。应参加 表决董事 7 名，7 名董事对会议议案进行了审议。本次会议的召开符 合有关法律、行政法规、部门规章、规范性文件和《中国铁建股份有 限公司章程》及《中国铁建股份有限公司董事会议事规则》的规定。 二、董事会会议审议情况 会议审议并以记名投票方式表决通过了会议议案，作出如下决议： （一）审议通过《聘任裴岷山为公司总裁的议案》 同意聘任裴岷山先生为公司总裁，任期自董事会通过之日起，与 公司现任高级管理人员任期相同（简历详见附件）。 本议案已经公司提名委员会审议通过。裴岷山先生不存在《公司 法》规定的不得担任公司高级管理人员的情 ...