Core Viewpoint - China Railway Construction is planning to integrate its subsidiary China Railway Equipment with another wholly-owned subsidiary, China Railway Heavy Industry, to form a new entity called China Railway Heavy Industry Group Limited. The integration is still in the planning stage, and specific methods have yet to be determined [1]. Group 1: Integration Details - The integration aims to combine two major equipment manufacturing subsidiaries of China Railway Construction, enhancing the company's position in the industry and diversifying its revenue sources beyond just railway maintenance machinery [2][3]. - China Railway Heavy Industry, established in 2007, has become the largest underground engineering equipment and rail equipment manufacturer in China, with a strong product lineup including tunnel boring machines and special equipment [2]. Group 2: Financial Implications - In 2016, China Railway Heavy Industry reported a net profit of 960 million RMB, which is 2.1 times that of China Railway Equipment, and a net asset value of 6.9 billion RMB, 1.2 times that of China Railway Equipment. The merger is expected to significantly enhance the revenue scale and return on equity (ROE) of the listed company [3]. - The combined net profit of both companies in 2016 was 1.43 billion RMB, with total net assets of 12.43 billion RMB. If the merger is completed, the estimated market value could reach 14.76 billion HKD based on a 9x price-to-earnings (PE) ratio [4]. Group 3: Market Position and Future Prospects - The integration is theoretically feasible, and if fully merged, the new entity could qualify as a target for the Shenzhen-Hong Kong Stock Connect, given its projected market value exceeds the 5 billion HKD threshold [4][5]. - The current stock price of China Railway Equipment corresponds to a 9x PE ratio and a 0.85x price-to-book (PB) ratio, indicating a potential undervaluation compared to peers. The target price is set at 4.6 HKD, reflecting a 12x PE ratio for 2017 [5].

铁建重工组建于 2007 年，经过 10 年发展，已成为中国最大的地下工程装备和轨道设备的企业，是唯一 以全断面隧道掘进机为主导产品入围中国机械工业百强的企业。铁建重工主营业务分为掘进机、特种装 备、轨道设备、服务四大类，主要产品包括隧道掘进机、盾构机、市政管道施工机械、凿岩台车、隧道 多功能作业车、混凝土喷射台车、铁路道岔、轨道扣件等。整合铁建重工，将使上市公司由单一铁路养 路机械的龙头变为横跨多行业的设备制造龙头，有利于公司收入来源的多元化，减轻铁路单一行业的波 动影响。 铁建装备公告，母公司中国铁建正在筹划铁建装备与其另一家全资附属公司铁建重工整合，组建新的中 国铁建重工集团有限公司。该整合仍处于筹划阶段，具体方式尚未确定。 铁建装备和铁建重工是中国铁建下属的主要两家以设备制造为主业的子公司；两者如果完成合并，意味 着中国铁建以铁建装备为平台，完成了旗下设备制造类业务的整合。2016 年铁建重工的净利润为 9.6 亿 人民币，是铁建装备的 2.1 倍；净资产达到 69.0 亿人民币，是铁建装备的 1.2 倍。假如铁建重工完全并 入，上市公司整体 ROE 将得到提升 ...

9月29日，中国铁建大桥局天津地铁8延二工区项目党支部与延长里社区党委，共同开展节前廉洁共建座谈会，共筑清正廉洁节日氛围。会上，党员们重温中央八项规定精神，观看廉洁教育PPT 转自：天津日报 ...

Group 1 - The core viewpoint of the article highlights a slight recovery in the real estate market during the traditional "Golden September" period, with a year-on-year decline in sales narrowing for major real estate companies [2][4] - In the first nine months of 2025, the total sales of the top 100 real estate companies reached 26,065.9 billion yuan, a year-on-year decrease of 12.2%, but September saw a month-on-month increase of 11.9% in sales [2] - The top five real estate companies by sales in the first nine months were Poly Developments, Greentown China, China Overseas Land & Investment, China Resources Land, and China Merchants Shekou, with sales figures of 201.7 billion yuan, 178.5 billion yuan, 170.5 billion yuan, 154.4 billion yuan, and 140.6 billion yuan respectively [2] Group 2 - In September 2025, 72 of the top 100 real estate companies experienced month-on-month growth, with 45 companies showing an increase greater than 30%, indicating a positive trend in performance [4] - The new housing market saw a steady recovery in supply and demand, with a 55% month-on-month increase in supply across 30 monitored cities, and a 18% increase in transactions, although year-on-year transactions decreased by 5% [4] - Major cities like Beijing, Shanghai, and Shenzhen benefited from policy adjustments in August and September, leading to a notable increase in transaction volumes [4][5] Group 3 - The outlook for the real estate market suggests that policies will maintain a loose stance, focusing on stabilizing the market and accelerating the implementation of existing policies [5] - Core cities are expected to see a mild improvement in new housing supply, providing some support to the market, while many other cities may face limited new projects, leading to continued market differentiation [5]

中新网昭通9月30日电 (胡国英 韩胜 张琛魁)9月30日，由中国铁建大桥局承建的渝昆高铁重难点控制性 工程三股水特大桥合龙。 渝昆高铁三股水特大桥合龙。张琛魁 摄 中国铁建大桥局渝昆高铁项目部现场负责人高子行介绍，在基础施工环节，针对陡峭地形，他们采用精 准的测量定位和特殊的钻孔桩施工技术，让桥墩基础在复杂的地质条件下也能保持稳固。在高墩施工方 面，运用液压爬模技术，实现了高效、安全的高空作业，有效保证了墩身施工质量和进度。在混凝土浇 筑方面，采用了智能化温控系统，确保了大体积混凝土的施工质量。 9月30日， 随着三股水特大桥合龙，渝昆高铁桥梁施工完成97%。渝昆高铁全长约700公里，其中云南段长388.6公 里，设计时速350公里，是云南省内首条时速达350公里的高速铁路，全线建成通车后，重庆到昆明的行 车时间将大幅压缩，对构建新发展格局、促进沿线地区经济社会高质量发展具有重要意义。(完) 三股水特大桥位于云南省昭通市盐津县境内，由中铁二院勘察设计，为主跨168米、全长546米大跨度高 墩桥梁。桥梁跨越高山峡谷区，两侧陡立，断面呈"V"字形，地形地质条件极为复杂，施工难度极大， 是渝昆高铁全线重难点控制性 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國鐵建股份有限公司 呈交日期: 2025年9月30日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01186 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,076,296,000 | RMB | | 1 RMB | | 2,076,296,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,076,296,000 | RMB | | 1 RMB | | 2,076,296,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

新华社北京9月30日电 记者从中国铁建股份有限公司了解到，30日，在浙江镜岭水库输水工程土建 5标施工现场，由中铁十八局参与研发制造的"镜岭2号"TBM盾构机顺利始发，为国家重大水网工程建 设按下"快进键"。 浙江镜岭水库工程位于绍兴，是集防洪、供水、灌溉等主要功能于一体的国家重大水网工程，是浙 江水网乃至东南地区水网的重要节点工程。工程分为水库枢纽工程和输水工程两大部分，输水线路长约 76.3公里，其中中铁十八局承建的土建5标TBM隧道全长13.55公里，穿越8条断层破碎带。 为应对复杂地质条件，研发团队对"镜岭2号"TBM进行了多项针对性设计。该设备开挖直径达4.53 米，整机长约300米，采用高刚度刀盘与重载刀座，可应对最高243兆帕的极硬岩层，配备大扭矩主驱动 系统和地震波超前地质预报系统，能够提前100至150米探明前方地质状况，进一步提升掘进效率。 ...

坦赞铁路是见证中非友谊的不朽丰碑。坦桑尼亚总统尼雷尔、赞比亚总统卡翁达曾在上世纪六十年代先 后访华，坦、赞两国总统均多次表达希望请中国帮助修建铁路的强烈意愿。 1967年9月，中、坦、赞三 国政府在北京签署了《关于修建坦桑尼亚——赞比亚铁路的协定》，这一划时代的创举，展开了波澜壮 阔的坦赞铁路援建历程，也开创了中非友谊的宏大篇章。 2024年9月4日，《坦赞铁路激活项目谅解备忘录》签署。此后，中国铁建全力推动，由所属中国土木具 体组织，与坦、赞两国成立的联合技术委员会经过17轮次磋商，就协议条款达成一致。协议签署后，坦 赞铁路激活项目将掀开中非携手推动区域互联互通与经贸合作的崭新一页。 来源：环球网 9月29日上午，坦赞铁路激活项目签约仪式在北京隆重举行。坦桑尼亚交通部部长马卡梅·姆尼亚·姆巴拉 瓦，坦桑尼亚驻华大使斯·穆萨·奥马尔，赞比亚交通与物流部部长穆塞巴·弗兰克·塔亚里，赞比亚驻华大 使伊文·祖卢，坦赞铁路局总经理布鲁诺·钦甘杜，中国进出口银行、国家开发银行、中国银行，中国铁 建及所属中国土木，中非发展基金、中远海运集团、嘉友国际物流股份有限公司、洛阳栾川钼业集团股 份有限公司、紫金国际矿业有限公司相 ...

转自：天津日报 9月29日，由中国铁建承建的广州东环城际铁路（番禺-白云机场北）、琶莲城际铁路开通运营，两条线路的开通运营进一步推动大湾区实现广州与佛山、东莞30分钟互通，肇庆、惠州60分钟直 ...

Core Viewpoint - China Railway Construction Corporation (CRCC) is actively embracing new opportunities in the digital economy, implementing a strategy called "Smart CRCC" to integrate digital technologies deeply into its production and management processes [1] Group 1: Digital Transformation and Innovation - CRCC is shifting its production methods from labor-intensive approaches to digital management, enhancing efficiency, safety, and environmental standards through the integration of digital technologies [1] - The company has established a "1+9+N" technology innovation system, focusing on new infrastructure, new equipment, new materials, new energy, and new services, which includes 8 major new industries and 24 key areas [3] - Successful projects have overcome core technological bottlenecks, providing critical support for cost reduction and safety assurance, thereby enhancing the company's core competitiveness [3] Group 2: Response to Market Challenges - The ongoing adjustments in the real estate market have posed challenges such as declining net profits and slowing new order growth, prompting CRCC to optimize resource allocation and enhance its traditional business advantages [2] - The company is committed to fine management practices, digital and information construction, and supply chain management improvements to stabilize growth and optimize operational efficiency [2] Group 3: Overseas Business Development - CRCC has prioritized overseas development, achieving significant growth in international operations, with projects in over 150 countries and regions, including the construction of over 21,000 kilometers of railways and 7,000 kilometers of roads [5] - The company has diversified its overseas business model, moving from traditional construction to integrated investment, construction, and operation, thus enhancing its revenue streams [7] - CRCC is actively involved in various international projects, including the development of industrial parks and mineral resources, which allows for comprehensive participation in infrastructure development [8] Group 4: Cultural and Standardization Challenges - CRCC acknowledges the challenges posed by cultural and standardization differences in overseas projects and has developed mature strategies to address these issues, including cultural exchange and local talent training [9] - The company is working to promote Chinese standards internationally, enhancing the global influence of Chinese technology and management systems [9] Group 5: Future Technological Development - CRCC plans to focus on the research and development of cutting-edge technologies and high-end equipment, aiming to solve critical technological challenges and enhance its capabilities in smart and green construction [10]