Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, emphasizing the importance of stabilizing housing prices for both the real estate market and consumer confidence [4][27]. Core Insights - The report highlights a mixed performance in the real estate market, with new home sales in 34 key cities dropping by 29% week-on-week, while second-hand home sales showed a year-on-year increase of 12% [3][12]. - The report indicates that the government is implementing a series of monetary policy measures to support market stability, including a reduction in the Loan Prime Rate (LPR) and housing provident fund rates [4][27]. - The report suggests that the competitive landscape in the real estate sector is expected to improve, particularly for companies with strong product capabilities, as the market transitions to a new development model [4][27]. Summary by Sections Industry Data - New home sales in 34 cities totaled 181.9 million square meters last week, a decrease of 29.2% compared to the previous week [5]. - In May, new home sales in 34 cities increased by 9% year-on-year, with first and second-tier cities seeing a 10.6% increase [7][8]. - The inventory of new homes in 15 cities decreased by 0.3% week-on-week, with a current available area of 89.27 million square meters [22]. Policy and News Tracking - The People's Bank of China announced a series of monetary policy measures, including a 10 basis point reduction in the LPR and a 25 basis point reduction in housing provident fund rates [4][27]. - The report notes that the government is focusing on stabilizing the real estate market and promoting domestic demand in response to external trade tensions [4][27]. Company Announcements - In April, major real estate companies reported varied sales performance, with China Overseas Development achieving sales of 202 billion yuan, down 8% year-on-year, while China Jinmao saw a 7% increase [34]. - As of April 30, 2025, China Vanke and China Merchants Shekou have initiated share buybacks, indicating confidence in their long-term prospects [34].

Core Points - The main tower of the Shencheng Railway's bridge over the Modao River has been capped, with the second tower expected to be capped by the end of June 2023, laying the groundwork for the line's completion by 2028 [1][4] - The Shencheng Railway spans 116 kilometers, connecting five cities in the Guangdong-Hong Kong-Macao Greater Bay Area, serving as a major intercity corridor in the Pearl River Delta [1][6] Project Details - The project, undertaken by China Railway Construction Bridge Bureau, has a total length of 23.72 kilometers, with the bridge comprising 100% of the project [2] - The main bridge measures 689.8 meters in length, with a main span of 320 meters, and is designed to cross a Class I navigation channel at a height of 140 meters [2] Construction Challenges - The construction of the main tower faced significant challenges, including high navigation standards, fast water flow, and limited working space, with a focus on high-altitude work risk management and temperature control for large concrete volumes [4][6] - The project implemented a "three-dimensional safety protection network" and utilized a fully enclosed intelligent tower construction system to enhance precision and stability, reducing high-altitude work risks by 50% [4][6] Technological Innovations - The project employed digital twin technology to simulate construction processes, optimizing construction plans and using intelligent monitoring systems to track stress, deformation, environmental parameters, and equipment status in real-time [4] - The maximum single concrete pouring volume reached 518 cubic meters, with temperature sensors installed to monitor temperature changes during the pouring process, effectively preventing cracks due to temperature stress [6] Economic Impact - The Shencheng Railway is a key project in the Greater Bay Area's "half-hour economic circle," enabling travel from Jiangmen to Shenzhen in under one hour and connecting with the Guangzhou-Shenzhen-Hong Kong Express Rail Link, which is crucial for developing a "railway-based Greater Bay Area" [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。 中 國 • 北 京 2025年5月9日 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 二 期）票 面 利 率 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 ...

Core Viewpoint - The recent land auction in Shanghai demonstrates sustained interest and competition in the real estate market, with significant premium rates indicating a positive outlook for land investment in the region [3][11][12]. Summary by Sections Land Auction Overview - On May 9, Shanghai auctioned 4 land parcels, with a total transaction amount of 9.709 billion yuan, where 2 parcels were sold at over 20% premium and 2 at base price [1][4][5]. Individual Land Parcels - The Yangpu District East Bund residential land was won by Poly Real Estate for 4.241 billion yuan, with a floor price of 80,199 yuan/m² and a premium rate of 26.3% after 72 bidding rounds [2][5]. - The Songjiang New City East District residential land was acquired by China Railway Construction for 2.471 billion yuan, with a floor price of 25,288 yuan/m² and a premium rate of 20.442% [2][6]. - The Hongkou District multi-purpose land was sold at base price to Beiwai Group for 2.157 billion yuan, with a comprehensive floor price of 67,131 yuan/m² [7][8]. - The Qingpu North land was also sold at base price to Poly Development for 841 million yuan, with a floor price of 15,500 yuan/m² [9]. Market Insights - Industry experts believe that the ongoing enthusiasm in Shanghai's land auctions will positively influence the housing market, supported by the introduction of quality projects and continuous policy optimization [3][11]. - The auction attracted 9 participating companies, including 6 state-owned enterprises, indicating strong interest in prime land [11]. - The competitive bidding for the Yangpu and Songjiang parcels highlights the demand for well-located land, particularly in core areas of Shanghai [11].

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。 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（第二期）信用评级报告 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 二 期）信 用 評 級 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8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（ ...

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 二 期）發 行 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 中國‧北京 2025年5月8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 ...

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 中國鐵建股份有限公司 董事長 戴和根 中國‧北京 2025年5月8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（職 工 董 事）。 股票简称:中国铁建 股票代码:601186.SH、1186.HK 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202 ...

Core Viewpoint - The performance of China's nine major state-owned construction enterprises in the first quarter of 2025 shows a mixed result, with total revenue declining by 4.23% year-on-year to 1.654563 trillion yuan and net profit down by 9.90% to 39.507 billion yuan, indicating a phase of adjustment in the industry [1][2][3]. Revenue and Profit Summary - The nine construction state-owned enterprises reported a total revenue of 1,654.563 billion yuan, a decrease of 4.23% year-on-year, and a net profit of 39.507 billion yuan, down 9.90% year-on-year [1][3]. - Among these enterprises, China Construction (中国建筑) achieved the highest revenue of 555.342 billion yuan, while China Chemical (中国化学) led in net profit growth with an increase of 18.77% [1][6][7]. Performance Disparity - Three companies, namely China Construction, China Energy Construction (中国能建), and China Chemical, managed to achieve net profit growth, while the remaining six companies experienced declines [2][3]. - The decline in profits for six enterprises is attributed to intensified market competition, rising costs, project delays, and changes in policies and taxation [2][4]. Factors Influencing Performance - Key factors affecting the performance include rising project costs due to fluctuating raw material prices, project delays caused by planning adjustments and extreme weather, and increased competition leading to price pressures [4][5]. - China Chemical's strong performance is attributed to improved internal management, enhanced production efficiency, and successful market expansion, particularly in high-value sectors like new materials and renewable energy [6][7]. Future Outlook - The construction industry is expected to face continued pressure in 2024 and early 2025, but there are indications that infrastructure investment may increase as a means to stimulate economic growth [8][9]. - The government is planning to implement new policies to boost investment in infrastructure, which could lead to improved performance for construction enterprises in the future [8][9].

Group 1 - A new company named Tiejian Development Biao (Taikang County) New Energy Development Co., Ltd. has been established with a registered capital of 50 million yuan [1] - The legal representative of the new company is Wang Fei, and its business scope includes biomass gas production and supply, gas operation, road cargo transportation (excluding hazardous goods), gas refueling for vehicles, and fertilizer production [1] - The company is jointly owned by China Railway Construction (601186) through its subsidiary China Railway Construction Development Group Co., Ltd. and Biao New Energy Technology Co., Ltd. [1]

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 關 於 董 事 發 生 變 更 的 公 告」，僅 供 參 閱。 承董事會命 债券简称：21 铁建 Y2 债券代码：188253.SH 债券简称：21 铁建 Y4 债券代码：185038.SH 债券简称：21 铁建 Y6 债券代码：185119.SH 债券简称：21 铁建 Y8 债券代码：185196.SH 债券简称：22 铁建 Y2 债券代码：185732.SH 债券简称：22 铁建 Y3 债券代码：137533.SH 债券简称：22 铁建 Y4 债券代码：137534.SH 债券简称：铁建 YK0 ...