为确保此次连续梁顺利完成浇筑，并减少对古迹遗址的影响，项目部不断优化施工组织方案，保障资源 配置。施工中，项目部通过采用"悬臂浇筑+智能监控"工艺，严格控制混凝土配比和浇筑精度，确保合 龙误差达到最小。同时，项目部还对明长城遗址范围内进行安装防护围挡，禁止人员及机械进入到明长 城遗址保护区内，并在施工过程中对连续梁上的施工垃圾进行集中吊装，避免大风天气进入到明长城遗 址保护区内。 中新网银川5月20日电 (记者 李佩珊)记者20日从中国铁建大桥局获悉，银川至巴彦浩特铁路(下称"银巴 铁路")跨明长城遗址连续梁顺利完成合龙，标志该项目建设取得又一阶段性进展，为全线贯通奠定坚实 基础。 银巴铁路建成通车后，内蒙古阿拉善盟将结束盟府所在地巴彦浩特镇不通铁路的历史，并且通过接入银 川高铁站就近融入国家高速铁路网，更好满足旅客快速出行。(完) 此次合龙的银巴铁路跨明长城遗址连续梁位于贺兰山东麓洪积倾斜平原区与低中山过渡带，全长177.5 米，是全线施工重点工程之一。该区域地表植被稀疏，砾石广布，生态环境极其脆弱，且需上跨全国重 点文物保护单位明长城遗址，对施工技术、环保措施及文物保护提出极高要求。 银巴铁路是包银高铁支 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - Infrastructure investment continues to show high growth, with significant increases in water, electricity, fuel, and thermal investments, as well as water conservancy investments, which have seen year-on-year growth rates of +25.5% and +30.7% respectively in the first four months of 2025 [1][2] - The issuance of special bonds has accelerated, with a cumulative increase of 1,190.4 billion yuan in special bonds in the first four months of 2025, an increase of 467.9 billion yuan year-on-year, leading to optimism about the conversion of physical workload in infrastructure [1] - The report emphasizes the cyclical investment opportunities in coal chemical industries and suggests paying attention to the transformation opportunities of certain small and medium-sized construction companies [1] Summary by Sections Real Estate and Construction Data - From January to April 2025, real estate sales area decreased by 2.8% year-on-year, with new construction area down by 23.8% and construction area down by 9.7% [2] - In the same period, the completion area saw a year-on-year decline of 16.9% [2] Cement Industry - Cement production in the first four months of 2025 was 495 million tons, a decrease of 2.8% year-on-year, with April's production down by 5.3% [3] - The average cement shipment rate was 36%, remaining stable year-on-year, but the price pressure continues due to weak market demand [3] Glass Industry - Flat glass production from January to April 2025 was 31.86 million weight boxes, down 4.8% year-on-year, with April's production also declining [4] - The market demand for float glass was weak, leading to increased inventory levels among producers [4]

Core Viewpoint - The completion of the left tunnel of the Taibai Mountain Tunnel on May 19 marks a significant milestone for the Shaanxi Meixian to Taibai Expressway project, which is expected to be completed and opened to traffic by 2025 [1][2] Group 1: Project Details - The Meixian to Taibai Expressway, a key national highway network link, spans approximately 75 kilometers, starting from the Lianhuo Expressway Fufeng Hub and connecting to the Fengta Expressway in Taibai County [2] - The left tunnel measures 5,259 meters, while the right tunnel is 5,277 meters long, making it the last tunnel of the entire expressway [1] - The construction faced significant geological challenges, including crossing eight geological fault zones and managing an average daily water inflow of 25,400 cubic meters, equivalent to filling ten standard swimming pools each day [1] Group 2: Construction Techniques and Environmental Measures - The construction team employed a combination of "grouting consolidation + advanced support" techniques to address the geological challenges, utilizing real-time monitoring tools to ensure safe excavation [1] - Advanced equipment such as hydraulic rock drilling rigs and wet spraying robots were introduced to significantly enhance excavation efficiency [1] - To balance construction and ecological protection, sedimentation pools and a wastewater treatment station were established at the tunnel entrance, utilizing new eco-friendly additives to treat wastewater effectively [1] Group 3: Economic and Social Impact - Once completed, the expressway will reduce travel time from Xi'an to Taibai to 1.5 hours, greatly facilitating the transportation of agricultural products along the route [2] - The project is expected to promote Taibai's ice and snow tourism and upgrade the Meixian kiwi industry, contributing to rural revitalization in southern Shaanxi and enhancing the connectivity between the Guanzhong Plain urban agglomeration and the Chengdu-Chongqing economic zone [2]

Core Viewpoint - The company, China Railway Construction Heavy Industry Group Co., Ltd., is set to hold an investor briefing on May 28, 2025, to discuss its Q1 2025 performance and financial status, allowing for interactive communication with investors [1][2]. Group 1: Meeting Details - The investor briefing will take place on May 28, 2025, from 9:00 to 10:00 AM [1][2]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center, accessible via the website: https://roadshow.sseinfo.com/ [1][2]. - The format of the meeting will be an online interactive session [1][2]. Group 2: Participation Information - Investors can submit questions from May 21, 2025, to May 27, 2025, before 4:00 PM through the Roadshow Center's "Pre-Question Collection" section or via the company's investor relations email [1][2][3]. - The company will address commonly asked questions during the briefing [1][2][3]. Group 3: Attendees - Key attendees include Chairman Zhao Hui, Independent Director Wu Yuntian, Chief Accountant and Chief Legal Advisor Chen Peirong, and Board Secretary Li Gang [2]. Group 4: Contact Information - For inquiries, investors can contact the Board Office at phone number 0731-84071749 or via email at ir@crchi.com [3]. Group 5: Post-Meeting Access - After the investor briefing, participants can view the meeting details and main content on the Shanghai Stock Exchange Roadshow Center website [3].

Group 1 - The core viewpoint of the articles highlights the trend of "differentiated land supply" in Shanghai's real estate market, reflecting an upgrade in the logic of land supply to meet urban development and market demand changes [1][2][4] - The recent auction of four residential land parcels in Shanghai totaled 9.709 billion yuan, with two parcels sold at the base price and two exceeding a premium rate of 20% [1][2] - The Yangpu parcel achieved a floor price of 80,200 yuan per square meter, setting a new high for the Dinghai area, while the Songjiang parcel was acquired at a floor price of 25,300 yuan per square meter with a premium rate of 20.42% [2][6] Group 2 - The emergence of new industrial areas is expected to attract high-end talent and create strong demand for high-quality housing, supported by the ongoing implementation of the "One River, One River" plan and the development of five new towns [2][5] - The "bundled land transfer" model used for the Hongkou Sichuan North Road parcel aims to integrate commercial and residential developments, promoting regional planning and sustainable development rather than solely focusing on economic benefits [4][5] - The performance of real estate companies in this land auction, primarily dominated by state-owned enterprises, reflects a strong confidence in the market, bolstered by positive data from new and second-hand housing transactions [5][6]

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 信證券股份有限公司關於中國鐵建股份有限公司取消監事會之臨時受 託 管 理 事 務 報 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 中國‧北京 2025年5月14日 2025 年 5 月 声明 本报告依据《公司债券发行与交易管理办法》（2023 年修订）、《公司债 券受托管理人执业行为准则》、《上海证券交易所公司债券上市规则》（2023 年修订）、《上海证券交易所公司债券自律监管规则适用指引第 1 号——公司债 券持续信息披露》等相关规定、公开信息披露文件以及中国铁建股份有限公司（以 下简称"中国铁建"、" ...

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 信證券股份有限公司關於中國鐵建股份有限公司董事發生變更之臨時 受 託 管 理 事 務 報 告」，僅 供 參 閱。 承董事會命 中國鐵建股份有限公司 中國‧北京 2025年5月14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 非 執 行 董 事）、錢 偉 倫 先 生（獨 立 非 執 行 董 事）、王 俊 先 生（獨 立 非 執 行 董 事） 及 朱 霖 女 士 ...

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。 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 信證券股份有限公司關於中國鐵建股份有限公司變更會計師事務所之 臨 時 受 託 管 理 事 務 報 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 中國‧北京 2025年5月14日 海外監管公告 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 2025 年 5 月 声明 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 非 執 行 董 事） ...

Group 1 - The National Enterprise Win ETF (159719) has seen a slight decline of 0.13% as of May 14, 2025, with a latest price of 1.51 yuan, while it has accumulated a rise of 1.96% over the past week as of May 13, 2025 [1] - The liquidity of the National Enterprise Win ETF shows a turnover of 0.74% during the day, with a transaction volume of 895,000 yuan, and an average daily transaction of 24.76 million yuan over the past week [1] - The CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) has decreased by 0.08% as of May 14, 2025, with component stocks showing mixed performance [1] Group 2 - Over 300 listed companies have publicly disclosed share repurchase and increase plans since April 2025, with a total amount exceeding 100 billion yuan, including both private enterprises and state-owned enterprises [2] - As of the end of April 2025, the proposed share repurchase loan amount disclosed by listed companies has surpassed 110 billion yuan, with financial institutions signing contracts for approximately 200 billion yuan [2] - Analysts predict that value cycle stocks represented by central state-owned enterprises will yield significant excess returns in the current policy environment aimed at expanding domestic demand and stabilizing assets [2] Group 3 - The National Enterprise Win ETF closely tracks the FTSE China National Enterprise Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [2] - The FTSE China National Enterprise Open Win Index consists of 100 constituent stocks, including 80 A-share companies and 20 companies listed in Hong Kong [2] Group 4 - As of April 30, 2025, the top ten weighted stocks in the CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index account for 53.26% of the index, with companies like BYD, China Ping An, and Midea Group among the leaders [5]

Summary of China Railway Construction Corporation (CRCC) Conference Call Industry Overview - The conference call discusses the performance and strategies of China Railway Construction Corporation (CRCC) in the construction and engineering industry, particularly focusing on infrastructure projects in China and overseas markets. Key Points and Arguments Financial Performance - In Q1 2025, CRCC reported revenue of 262.2 billion RMB, with a net cash outflow of 38.9 billion RMB, a decrease of 7.6 billion RMB year-on-year [2][3] - New contract value reached 492.8 billion RMB, with a total profit of 7.4 billion RMB and a net profit of 6.1 billion RMB, of which 5.2 billion RMB was attributable to shareholders [3] Contract Growth - Significant growth in new contracts across various sectors: - Railway engineering contracts increased by 66.25% - Green environmental industry contracts grew by 77.05% - Mining contracts surged by 139.26% - Power engineering contracts rose by 29.21% [2][4] Management Efficiency - CRCC implemented refined management practices, achieving a material procurement rate of 97.91% and saving 5.25% in funds. Equipment procurement reached 100% with a 5.1% savings rate [2][6] - Sales and management expenses decreased by 1.02 billion RMB, a reduction of 13.8% year-on-year [2][6] Overseas Expansion - CRCC expanded its overseas operations to 149 countries and regions, with new overseas contracts increasing by 30.1% in Q1 2025. Notable projects include a 2.5 billion RMB contract for the China-Kyrgyzstan-Uzbekistan railway and the export of shield machines to the Solomon Islands [2][8] Market Demand and Policy Support - The company benefits from central government infrastructure investments and local government debt resolution policies, leading to increased orders in high-margin sectors such as railways, electricity, and water conservancy [2][10] - Railway orders grew by 60% in Q1 2025, driven by increased central investment and a low base from the previous year [11][12] Cash Flow and Debt Management - CRCC is focused on improving cash flow gradually rather than seeking immediate positive cash flow, with plans to enhance cash flow management throughout the year [5][15] - The company received over 80 billion RMB in debt resolution funds, primarily related to BT project payments and local financing platform debts [5][17] Strategic Initiatives - CRCC aims to increase its dividend payout ratio to 20.6% and plans to maintain a minimum of 15% over the next three years [5][22] - The company is focusing on high-quality development, emphasizing strategic emerging industries and reducing investment in traditional projects [24][25] Future Outlook - CRCC anticipates stable revenue growth in 2025, with contributions from traditional engineering sectors and emerging businesses like mining and water conservancy [36] - The company aims for overseas business revenue to account for 20% by 2035 and 33% by 2050, with a target of signing 350 billion RMB in new overseas contracts in 2025 [30][32] Challenges and Risks - The construction industry faced challenges in 2024, but improvements were noted in Q1 2025 due to favorable policies and increased project approvals [10][34] - The company is cautious about potential asset and credit impairments, particularly in the real estate sector, and is committed to maintaining financial health [34][35] Additional Important Information - CRCC's technology innovation initiatives include the launch of a pilot production line for aerogels and the implementation of a smart energy management system that reduces office energy consumption by 30% [7] - The company is actively pursuing mergers and acquisitions in strategic emerging industries to enhance its market position [20]