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 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the construction industry, indicating an expected return that will outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The 2026 fiscal policy is set to remain proactive, with a focus on increasing fiscal spending and optimizing government bond tools to enhance local financial capabilities. This is expected to support economic growth and improve the construction industry's operational conditions [18][11]. - Infrastructure investment has shown signs of recovery, with November data indicating a month-on-month improvement. The construction sector is anticipated to stabilize as policies aimed at debt reduction and "anti-involution" continue to be implemented [2][11]. - The demand for cleanroom construction is expected to rise due to increased capital expenditures in the semiconductor and cloud service sectors, driven by rapid advancements in AI technology [3][15]. Summary by Sections Industry Dynamics - The national fiscal work conference highlighted the achievements of 2025 and outlined the key tasks for 2026, emphasizing a more active fiscal policy to stimulate consumption and manage risks in key areas [18]. - The construction industry is expected to benefit from a combination of improved fiscal policies and a recovering investment environment, leading to marginal improvements in operational performance [2][11]. Market Performance - The construction industry saw a weekly increase of 2.26%, outperforming the CSI 300 index, with the decoration and renovation sector showing the highest growth at 11.37% [20][21]. - The overall industry valuation metrics indicate a TTM P/E ratio of 12.47 and a P/B ratio of 0.83, with several companies showing low valuations, suggesting potential investment opportunities [24][28]. Key Companies to Watch - Recommended companies include low-valuation state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved cash flow and profitability [11][13]. - Cleanroom engineering leaders like Yaxin Integration and Shenghui Integration are highlighted for their potential growth due to increasing demand in the semiconductor sector [3][15].

Core Insights - The completion of the PK330 Bridge by China Railway Construction Corporation (CRCC) marks a significant milestone in the development of a new railway aimed at unlocking Algeria's mineral wealth [1][3] - The railway, spanning 950km, connects the Gara Djebilet iron ore deposit to the industrial hub of Bechar, facilitating the export of iron ore [1][4] Group 1: Project Details - The PK330 Bridge is a 6km (3.7-mile) structure and is described as the "most technically demanding railway engineering feat ever undertaken in North Africa" [2][3] - The entire railway route is expected to be operational by January, with the Gara Djebilet mine projected to produce between 2 million and 4 million tonnes of iron ore, scaling up to 50 million tonnes per year by 2040 [4][5] Group 2: Strategic Implications - The railway is part of China's Belt and Road Initiative and is expected to enhance Algeria's export capabilities, particularly to Mediterranean ports [3][5] - China's strategic push to develop African iron ore deposits aims to diversify supply chains and reduce reliance on traditional suppliers like Australia and Brazil [7] Group 3: Regional Developments - The Algerian iron ore production is set to commence shortly after the start of shipments from Guinea's Simandou project, indicating a broader trend of increased sourcing from Africa [6] - The Mbalam-Nabeba project, a significant cross-border deposit, is progressing under new management, highlighting ongoing Chinese investment in African mining [8]

Core Viewpoint - The training conducted by China Railway Construction Port and Shipping Bureau in Cambodia aims to enhance overseas risk prevention and response capabilities, ensuring smooth business operations and employee safety in Cambodia [1][4]. Group 1: Training Details - The training focused on current regional situations and common risks associated with overseas projects, utilizing professional lectures and emergency simulations to improve overall security and emergency response capabilities [1][3]. - A specialized team from Zhongjun Junhong Group provided systematic guidance on key areas such as personal safety protection, geopolitical dynamics analysis, labor compliance management, and emergency response to public incidents [3]. - The training included explanations and simulations of emergency evacuation plans to strengthen organizational coordination and rapid response capabilities in crisis situations [3]. Group 2: Collaboration and Support - Zhou Yingping, General Manager of China Southern Airlines in Phnom Penh, discussed the emergency transportation support mechanism, detailing processes for emergency flight scheduling and personnel transfer coordination to facilitate quick and safe evacuations [3]. - The company emphasizes that overseas safety is fundamental to high-quality development and is committed to continuously improving its risk prevention system and normalizing safety management practices [3][4]. Group 3: Corporate Responsibility - As a significant Chinese enterprise in Cambodia, the company integrates safety production with social responsibility, reinforcing its commitment to risk prevention as part of its routine operations [4]. - The training is part of the company's efforts to provide a solid safety guarantee for the implementation of the Belt and Road Initiative projects in Cambodia [4].

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 Viewpoint - The Wuhan to Yichang section of the Shanghai-Chongqing-Chengdu High-Speed Railway will commence operations on December 26, enhancing the transportation network in the Yangtze River Economic Belt and promoting regional economic development [1][2]. Group 1: Project Overview - The Wuhan to Yichang section of the Shanghai-Chongqing-Chengdu High-Speed Railway spans 314 kilometers with a design speed of 350 kilometers per hour, significantly reducing travel time to 69 minutes between Wuhan and Yichang [1]. - The railway line connects key cities including Wuhan, Tianmen, Jingmen, and Yichang, and traverses complex geological conditions, including soft soil and fault zones [1]. Group 2: Construction and Engineering - Since its construction began in September 2021, the project has seen significant advancements, including the completion of major structures like the Zhongxiang Hanjiang Grand Bridge and the Baiguoshu No. 1 Tunnel [1]. - The Zhongxiang Hanjiang Grand Bridge, located in Jingmen, is notable for being the largest span concrete cable-stayed bridge for high-speed rail in China, with a main span of 270 meters [1]. Group 3: Strategic Importance - The Wuhan to Yichang section is a crucial part of China's "Eight Vertical and Eight Horizontal" high-speed rail network, linking existing and under-construction rail lines, thereby enhancing connectivity in the region [2]. - The opening of this section will create a dual-channel high-speed rail system between Wuhan and Yichang, optimizing the regional rail network and facilitating travel for local residents [2].

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 - The article emphasizes optimism regarding fiscal policy in 2026, particularly in infrastructure investment as a means to stabilize economic growth amid a challenging real estate market [2][4][5]. Fiscal Policy Outlook - The 2026 fiscal policy is expected to be more proactive, with a focus on stabilizing investment and stimulating private sector activity [4][5]. - Central government investment is anticipated to increase, while local governments will continue to reduce leverage due to rising debt risks [5]. Infrastructure Investment - Infrastructure investment is projected to grow at a rate of 4.5% in 2026, driven by ongoing support from central fiscal measures [2][15]. - The central government is expected to play a significant role in funding infrastructure projects, particularly in the western regions of China [27][28]. Regional Investment Opportunities - The western provinces, especially Sichuan, are highlighted as having high potential for infrastructure investment due to favorable central government support and strategic positioning [3][27][34]. - Sichuan's transportation investment is leading nationally, with a compound annual growth rate of 4.9% from 2020 to 2024, indicating strong growth prospects [32]. Manufacturing Sector Insights - Manufacturing investment is expected to stabilize with a growth rate of around 5% in 2026, benefiting from a potential recovery in semiconductor capital expenditures [3][12]. - The cleanroom engineering sector is identified as a key beneficiary of increased capital spending in high-end manufacturing [3]. International Engineering Opportunities - The overseas market is anticipated to become a second growth curve for construction companies, with significant growth in new contracts and revenue from foreign projects since 2025 [3][12]. Debt Management and Corporate Valuation - The ongoing debt management efforts are expected to improve the asset quality and valuation of state-owned construction enterprises, which have seen a decline in price-to-book ratios due to rising receivables [2][16]. - The average funding cost for major construction enterprises is around 4%, with some companies achieving lower rates through bond issuance [22][23]. Construction Sector Dynamics - The construction sector is experiencing a shift towards higher market concentration, with leading companies increasing their market share significantly in recent years [22][23]. - The article notes that the average market share of major construction enterprises has risen to 22.9% in revenue terms and 48.9% in order terms [22][23].