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]

Core Points - China Railway Construction Corporation (CRCC) announced the issuance of its fourth phase of technology innovation perpetual corporate bonds aimed at professional investors, set to start interest payments on October 28, 2025 [1] - The first bond type, referred to as "Tie Jian YK16," has a coupon rate of 2.35%, with an interest payment of 23.50 yuan (including tax) per 1,000 yuan face value [1] - The second bond type, referred to as "Tie Jian YK17," has a coupon rate of 2.50%, with an interest payment of 25.00 yuan (including tax) per 1,000 yuan face value [1]

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 specific interest rates and payment details outlined [1] Group 1: Bond Issuance Details - CRCC is set to issue two types of bonds: "Tie Jian YK16" and "Tie Jian YK17" [1] - The "Tie Jian YK16" bond has a coupon rate of 2.35%, with an interest payment of 23.50 yuan (including tax) per 1,000 yuan face value [1] - The "Tie Jian YK17" bond has a coupon rate of 2.50%, with an interest payment of 25.00 yuan (including tax) per 1,000 yuan face value [1] Group 2: Payment Schedule - Interest payments for the bonds will commence on October 28, 2025, covering the period from October 28, 2024, to October 27, 2025 [1]

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Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The economic operation in the first three quarters of 2025 shows steady progress, with fixed asset investment and manufacturing investment growth continuing to decline. The GDP growth rates for Q1, Q2, and Q3 of 2025 are 5.4%, 5.2%, and 4.8% respectively, leading to a cumulative year-on-year fixed asset investment decrease of 0.5% [4][5] - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investment growth all facing challenges. The total infrastructure investment growth rate (including all categories) is 3.3%, down 2.1 percentage points from the previous month [5] - Real estate investment remains low, with a year-on-year decrease of 13.9% in the first nine months of 2025, indicating a weak recovery in investment [10] Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is 5.2%, with a decline in fixed asset investment and manufacturing investment growth rates [4][5] Infrastructure Investment - Total infrastructure investment growth is 3.3%, with specific sectors like transportation and public utilities showing negative growth [5] Real Estate Investment - Real estate investment has decreased by 13.9% year-on-year, with construction starts and completions showing slight improvements [10] Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility with national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction [14]

Summary of China Railway Construction Corporation (CRCC) Conference Call Industry Overview - The construction industry in China is currently facing challenges, but the situation is improving due to national debt reduction policies and increased infrastructure investment. [2][3][7] Key Points and Arguments Company Performance - CRCC's order decline has narrowed, and the company expects to achieve its annual targets. [2] - In Q3, the company reported strong performance in railway, highway, and overseas business, with a recovery in provincial-level government projects. [2][3] - The company has significantly reduced its participation in new PPP projects since 2023, focusing instead on large-scale infrastructure projects supported by central government funding. [2][5] - The real estate sector's contribution to profits has decreased, with a reported 10% decline in sales in the first half of 2025, although this is better than the industry average. [4][11] Financial Outlook - The company anticipates a positive cash flow for the year, with improved collection rates due to favorable payment conditions from high-quality state-owned enterprise projects. [3][7] - The overall revenue and profit decline rate has slowed compared to the previous year, with expectations for stable performance in Q3 and Q4. [12] Strategic Initiatives - CRCC is focusing on traditional infrastructure business transformation and expansion into emerging industries, aiming to improve gross margins and revenue. [13][15] - The company has initiated planning for the 14th Five-Year Plan, which will align with national strategies and is expected to be finalized by mid-2026. [9][10] Market Conditions - The national commitment to infrastructure investment is strong, with significant progress observed in project execution. [7][8] - Provincial-level government project bidding has accelerated since August 2025, although lower-tier government investments remain weak. [6][7] International Expansion - CRCC has a strong presence in overseas markets, particularly in Africa and the Middle East, where demand for infrastructure is increasing. [18][19] - The company has successfully secured high-quality projects in the Middle East, benefiting from solid financial backing from local owners. [19][20] - In South America, CRCC is capitalizing on the growing market with multiple ongoing projects, facing less competitive pressure compared to other regions. [22] Future Goals - By 2030, CRCC aims to maintain 3 trillion yuan in new contracts and 1 trillion yuan in revenue, with a focus on high-quality operations and asset management. [15] - The company plans to increase the share of emerging industries to over one-third by 2035, with a significant focus on innovation and new product development. [15] Additional Important Information - The company has adopted a cautious approach to land acquisition in the real estate sector to mitigate investment risks. [5][11] - CRCC's strategy includes maintaining a stable debt-to-asset ratio and a commitment to shareholder returns through dividends, which were increased from 16% to 20% in 2024. [16][17]

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector is expected to benefit from increased funding and policy catalysts, with a focus on undervalued and high-dividend investment opportunities [13][19] - The construction index decreased by 1.06% during the week, underperforming the broader market by 0.74 percentage points, while the construction transformation and M&A sectors showed positive growth [4][30] - The government is accelerating the implementation of 500 billion yuan in new policy financial tools to support major projects, which is expected to enhance infrastructure growth in the fourth quarter [2][13] Summary by Sections Infrastructure Funding and Policy - The Ministry of Finance will continue to advance the 2026 new local government debt limit to ensure funding for key projects, with an increase of 100 billion yuan from the previous year, totaling 500 billion yuan [2][13] - The issuance of special bonds and long-term special government bonds is progressing rapidly, with a total issuance of 1.148 trillion yuan for the year, nearing 90% of the target [15][16] Valuation and Dividend Analysis - Central state-owned enterprises in the construction sector are showing significantly low price-to-earnings (PE) ratios, with China Chemical at a PE of less than 5%, and price-to-book (PB) ratios also low, indicating potential undervaluation [3][24] - China Construction currently has a dividend yield of 4.86%, outperforming other central state-owned enterprises [3][24] Regional Investment Opportunities - The western region's fixed asset investment grew by 6.6% in the first half of the year, with significant projects in Xinjiang and Tibet expected to catalyze further investment opportunities [19][20] - Key projects include the China-Kyrgyzstan-Uzbekistan railway and the Yaxia hydropower station, which are anticipated to drive demand for construction and related services [20][21] Recommended Stocks - Recommended stocks include China Chemical, China Railway Construction, and China Communications Construction, which are expected to benefit from strategic infrastructure projects and regional growth [9][37] - The report highlights the importance of focusing on high-dividend and low-valuation stocks within the construction sector, particularly in the context of ongoing government support for infrastructure development [3][21]

Core Points - The new Demerara River Bridge in Georgetown, Guyana, constructed by China Railway International Group, is seen as a vital infrastructure project that will significantly enhance transportation capacity and alleviate traffic pressure in the region [2][3] - The bridge, which spans 2,900 meters and features a dual four-lane design, is expected to reduce crossing time by 75% and accommodate vessels up to 50,000 tons, thereby improving both traffic efficiency and shipping conditions [3][4] Infrastructure Development - The bridge's construction began in January 2023 after a contract was signed in 2022, marking the start of a series of infrastructure transformations in Guyana [3] - The project has created over 2,000 jobs, with local engineers and technicians gaining valuable experience through hands-on involvement [5] Economic Impact - The bridge is anticipated to reshape Georgetown's traffic patterns and stimulate regional economic activity, as noted by the Minister of Public Works [3][5] - The construction of the bridge is part of a broader strategy to modernize transportation in Guyana, with additional projects like the Mackenzie-Wismar Bridge underway, which will further enhance connectivity and reduce travel times [6] Environmental Considerations - The project incorporated eco-friendly practices, such as minimizing disruption to local ecosystems and conducting regular environmental monitoring [5][6] - The design of the bridge avoided the most densely populated mangrove areas to protect local wildlife and habitats [5] Bilateral Cooperation - The bridge symbolizes the tangible outcomes of cooperation between China and Latin American countries, highlighting the benefits of the Belt and Road Initiative [5][6] - The Chinese ambassador to Guyana emphasized the strong partnership between the two nations, which has flourished over 53 years of diplomatic relations [6]

Core Viewpoint - China Railway Construction Corporation (CRCC) is set to hold a Q3 2025 earnings presentation on November 3, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Event Details - The earnings presentation will take place on November 3, 2025, from 14:00 to 15:00 [6][7]. - The event will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [3][6]. - Participants will include the Chairman, independent non-executive directors, Chief Accountant, and the Secretary of the Board [4]. Group 2: Investor Participation - Investors can participate online through the Shanghai Stock Exchange Roadshow Center [5][6]. - Questions can be submitted from October 27 to October 31, 2025, via the Roadshow Center or the company's investor relations email [5][6]. - The company will address commonly asked questions during the presentation [2][5]. Group 3: Contact Information - For inquiries, investors can contact the Board Office at 010-52688600 or via email at ir@crcc.cn [8]. - After the presentation, the event details and main content will be available on the Roadshow Center [8].

证券代码：601186 证券简称：中国铁建 公告编号：临 2025—041 中国铁建股份有限公司 关于召开 2025 年第三季度业绩说明会的 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。 重要内容提示： ● 会议召开时间：2025年11月3日（星期一）14:00-15:00 ● 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2025年10月27日（星期一）至10月31日（星期 五）16:00前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司投资者关系邮箱ir@crcc.cn进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 中国铁建股份有限公司（以下简称公司）将于2025年10月31日发 布公司2025年第三季度报告，为便于广大投资者更全面深入地了解公 司2025年第三季度经营成果、财务状况，公司计划于2025年11月3日 （星期一）14:00-15:00举行2025年第三季度业 ...