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 四 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 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 ...

Core Viewpoint - The completion of the first slab pouring for the Shenzhen Metro Line 27's Changlingpi Station marks a significant breakthrough in the project's construction progress [1] Group 1: Project Details - The Changlingpi Station is an underground island-style station with a total length of 160.8 meters, constructed using the open-cut method [1] - The construction area presents complex conditions, including limited space, dense surrounding pipelines, and the need to dismantle and relocate an existing fire station, resulting in high construction difficulty and safety risks [1] Group 2: Project Impact - Upon completion, Shenzhen Metro Line 27 will connect key areas such as Qianhai, Nanshan Science and Technology Park, and Xili High-speed Rail New City [1]

Group 1 - The industry investment is expected to stabilize by 2026, supported by orderly debt resolution by local governments and the implementation of central "dual" projects, with certain sub-sectors likely to receive higher investment elasticity aligned with national strategies [1] - The company has shown marginal improvement in new contract signings, with a total of 8.10 trillion yuan in hand contracts as of Q3 2025, ensuring long-term stable growth despite pressures in traditional business areas [1][2] - The company's balance sheet is continuously improving, with operational cash flow showing a reduction in outflow by 9.26 billion yuan in Q1-Q3 2025, and the aging structure of accounts receivable has improved significantly [2] Group 2 - The H-shares are trading at a significant discount compared to A-shares, with H-share dividend yield at 5.93%, making it more attractive for investors [2] - The company is initiating coverage with a "buy" rating, projecting net profits of 21.4 billion, 21.7 billion, and 22.3 billion yuan for 2025-2027, with a corresponding PE ratio of 3.1X for 2026 [3] - The estimated market value for the company based on 2026 data is 77.9 billion yuan, indicating a potential upside of 14.7% from the current market capitalization [3]

Core Viewpoint - China Railway Construction Nanotechnology (Shanghai) Co., Ltd. has been established with a registered capital of 100 million yuan, focusing on advanced materials and manufacturing [1] Group 1: Company Overview - The newly established company is involved in the manufacturing of graphite and carbon products, synthetic materials, high-performance fibers, and composite materials [1] - The company also engages in general equipment manufacturing, new material technology research and development, and sales of cutting-edge new materials [1] Group 2: Shareholder Information - The shareholders of the company include China Railway Construction (601186), China Railway 11th Bureau Group Co., Ltd., Wuhan Wuchuang Institute Investment Co., Ltd., and Shanghai Taihong Technology Co., Ltd. [1]

Core Points - The main structure of the Lezhi Station for the Chengdu-Dazhou-Wanzhou High-Speed Railway has been completed, transitioning to the decoration and equipment installation phase, ensuring the line's timely operation [1][3][5] Group 1: Project Overview - Lezhi Station is located in Ziyang City, Sichuan Province, covering a total construction area of approximately 14,000 square meters, with a maximum capacity of 1,000 people [3][5] - The station features a major bridge approximately 4,580 meters long, designed for 2 platforms and 4 lines, with future plans to expand to 4 platforms and 8 lines [3][5] - The station will serve as a junction for the Chengdu-Dazhou-Wanzhou High-Speed Railway and the Chengdu-Chongqing High-Speed Railway, creating a cross-shaped transportation network [3][5] Group 2: Structural Details - The roof steel structure, a key highlight of the building, utilizes a combination of concrete frame and grid structure, balancing stability and aesthetics [5] - The grid structure measures 138.2 meters in length, 68.0 meters in width, and weighs approximately 600 tons, with a lifting height of 30 meters [5] - The construction faced significant challenges due to the dense components and high precision requirements, necessitating collaborative efforts from the project team and experts to optimize the construction plan [5][7] Group 3: Engineering and Safety Measures - The project team implemented a specialized safety plan and management details to ensure the stability and precision of the grid structure's lifting process [5][7] - Strict inspections of components upon arrival, 3D modeling to predict risks during construction, and comprehensive technical briefings were conducted to maintain quality control [5][7] Group 4: Strategic Importance - The Chengdu-Dazhou-Wanzhou High-Speed Railway is a crucial part of China's "Eight Vertical and Eight Horizontal" high-speed rail network, connecting various key cities in Sichuan and Chongqing [7]

Core Insights - The Greater Bay Area Science Hall, a new landmark for scientific exchange, has been officially unveiled, enhancing the international stature of the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Construction and Design - The Greater Bay Area Science Hall is located in Nansha District, Guangzhou, with a total construction area of approximately 92,600 square meters, integrating an academic center, science museum, and supporting functions [1] - The design concept "Sailing with a Thousand Sails, Technology at Sea" features the largest wave-shaped continuous welded stainless steel roof in the country, with a maximum height difference of 21 meters and a total steel usage of 7,000 tons [1] - The roof structure is supported by the first continuous wave-shaped single-layer rigid suspended net shell structure in the country, with a maximum span of 75 meters divided into 38 triangular grid units [1] Group 2: Materials and Sustainability - The building aims to be a "near-zero carbon building," utilizing fluorocarbon-coated aluminum panels and anodized aluminum plates that are resistant to acid rain, salt spray, and UV radiation, significantly reducing maintenance pressure [2] - The installation of 1,200 square meters of photovoltaic glass on the roof is expected to generate 96,000 kWh annually, meeting the indoor lighting electricity needs [3] - The cooling system employs self-developed high-efficiency technology, improving the energy efficiency ratio from 6.15 to nearly zero carbon standard of 6.8, achieving an overall energy saving rate exceeding 50% [3] Group 3: Technological Integration - The project incorporates 68 smart construction technologies, including a project management digital construction platform and AI-controlled systems, ensuring comprehensive and intelligent management throughout the construction process [3] - The main forum hall features a unique ceiling design made of 1,185 ceramic components, utilizing lightweight microcrystalline materials to reduce structural load by over 50% compared to traditional materials [3] Group 4: Strategic Importance - The Greater Bay Area Science Hall is positioned as a key platform for deepening cooperation in the Guangdong-Hong Kong-Macao region, supporting international scientific exchange and collaboration [3]

Group 1 - The core viewpoint of the report is that China Railway Construction (01186) is rated as "Overweight" with stable industry investment expectations for 2026, supported by local government debt resolution and the implementation of key projects [1] - Despite pressures in infrastructure and other sectors, new order signing showed positive growth in the first three quarters of 2025, particularly in emerging businesses like green environmental projects, indicating a continuous optimization of the company's structure [1] - The company has a substantial backlog of contracts amounting to 8.10 trillion yuan, ensuring long-term stable growth [1] Group 2 - The company's financial situation is improving, with operating revenue of 728.4 billion yuan in the first three quarters of 2025, a year-on-year decrease of 3.9%, and a net profit of 14.8 billion yuan, down 5.6% year-on-year [2] - The company has implemented a three-year plan to control financial metrics, resulting in a significant reduction in cash outflow and an improvement in the aging structure of accounts receivable [2] - The proportion of accounts receivable aged within one year has increased from 67.97% in 2022 to 75.27% in the first half of 2025, indicating better cash flow management [2] Group 3 - The H-shares of China Railway Construction are trading at a significant discount compared to A-shares, with H-share PE (TTM) at 3.6X and PB at 0.25X, while A-shares are at 5.5X and 0.43X respectively [3] - The dividend yield for H-shares is more attractive at 5.93% compared to 3.87% for A-shares, with cash dividends distributed from 2021 to 2024 showing a consistent increase [3] - The company has maintained a stable dividend payout ratio, indicating a commitment to returning value to shareholders [3]

Core Viewpoint - Shenyin Wanguo has initiated coverage on China Railway Construction (601186) with a "Buy" rating, indicating stable industry investment expectations for 2026 despite pressures in infrastructure and other sectors [1] Industry Summary - Investment in the industry is expected to stabilize in 2026, supported by the orderly advancement of local government debt reduction and the implementation of central "two重" projects [2] - Fixed asset investment growth has slowed this year, with infrastructure, manufacturing, and real estate facing challenges, but certain sub-sectors may benefit from national strategies [2] Company Summary - The company has shown marginal improvement in new contract signings, with a total of 8.10 trillion yuan in backlog contracts as of Q3 2025, ensuring long-term stable growth [3] - New contract amounts from 2021 to 2025 Q1-3 show a mixed performance, with a notable increase in emerging business sectors such as green environmental projects and logistics [3] - The company’s revenue and profit have faced pressure due to local government debt and the downturn in the real estate sector, with Q1-3 2025 revenue at 728.4 billion yuan, down 3.9% year-on-year [4] - The company has implemented a three-year plan to control financial metrics, resulting in improved cash flow and a better aging structure of accounts receivable [4] Valuation Summary - The H-share of China Railway Construction is significantly discounted compared to A-shares, with H-share PE (TTM) at 3.6X and PB at 0.25X, while A-share PE is at 5.5X and PB at 0.43X [5] - The dividend yield for H-shares is more attractive at 5.93% compared to 3.87% for A-shares, with cash dividends distributed from 2021 to 2024 showing a steady increase [5]

Core Viewpoint - China Railway Construction Corporation (CRCC) announced the issuance of its fourth phase of technology innovation renewable corporate bonds aimed at professional investors, with specific interest rates set for different bond types [1] Group 1: Bond Issuance Details - The company will issue bonds with a first cycle interest rate of 2.12% for the first type and 2.38% for the second type [1] - The third type of bonds will be fully allocated to the first and second types [1]

Core Viewpoint - China Railway Construction Corporation (CRCC) announced the issuance of technology innovation perpetual corporate bonds for professional investors in 2025, with specific interest rates set for different bond types [1] Summary by Categories Bond Issuance Details - The first tranche of bonds will have a coupon rate of 2.12% for the first period [1] - The second tranche will have a coupon rate of 2.38% for the first period [1] - The third tranche will be fully allocated to the first and second tranches [1]