Group 1 - A new company, China Railway 16th Bureau Group Kunhai (Liaoning) Construction Co., Ltd., has been established with a registered capital of 100 million yuan [1] - The company's business scope includes construction engineering, production of construction steel products, demolition work (excluding blasting operations), and construction labor subcontracting [1] - The company is wholly owned by China Railway Construction Corporation (CRCC) through indirect holdings [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 信證券股份有限公司關於中國鐵建股份有限公司累計新增借款之臨時 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9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 ...

Core Points - The completion of the concrete pouring for the main tower of the Shuangyumeng Grand Bridge marks a significant milestone in the second phase of the Ningbo-Zhoushan Port Liuhong Highway Bridge project, undertaken by China Railway Construction Bridge Bureau [1] - The main span of the bridge reaches 1,768 meters, connecting Liuhong Island and Foduo Island [1] - The main tower stands at a height of 246.3 meters and is constructed using 12,000 tons of steel bars, 32,000 cubic meters of concrete, and 3,500 tons of section steel [1]

《 人民日报 》（ 2025年09月08日 11 版） (责编：岳弘彬、牛镛) 关注公众号：人民网财经 此次封顶的主塔高246.3米，由1.2万吨钢筋、3.2万立方米混凝土和3500吨型钢建造而成。 本报北京9月7日电 （记者李心萍）9月6日，随着第四十四节塔柱混凝土浇筑完成，由中国铁建大桥局 承建的宁波舟山港六横公路大桥二期工程双屿门特大桥首个主塔顺利封顶。双屿门特大桥连接舟山六横 岛与佛渡岛，主跨达1768米。 9月6日拍摄的双屿门特大桥东主塔封顶施工现场。 新华社记者 黄宗治摄 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - Recent focus on "anti-involution" has increased, with a clear policy direction from the central government to address "involution-style" competition. A joint initiative was launched by 33 construction-related state-owned and private enterprises to resist such competition [2][13] - The report emphasizes investment opportunities in the construction sector, particularly in the context of rising infrastructure demand in central and western regions, and the potential benefits from the "anti-involution" trend [2][31] Summary by Sections 1. Anti-Involution Investment Opportunities - Four angles to capture investment opportunities: 1) Price elasticity: Focus on resource-related sectors benefiting from rising commodity prices, such as "construction + minerals" and "construction + chemicals" [2][14] 2) Downstream profit improvement and capital expenditure: The steel industry is seeing enhanced self-discipline, leading to improved supply conditions. Notable companies include China Steel International and China National Materials [2][14] 3) Financial statement improvement and transformation: Companies with stronger technological attributes are expected to benefit from structural demand in technology-driven infrastructure [15] 4) New energy materials and engineering: The photovoltaic sector is highlighted as a key area for investment [2][15] 2. Market Review - The construction index fell by 1.13% this week, underperforming the CSI 300 index by 0.76 percentage points. Notable gainers included companies like Jiangsu Transportation and Hongrun Construction [4][25] 3. Investment Recommendations - Focus on infrastructure recovery and anti-involution investment themes. Key recommendations include: - High-quality local state-owned enterprises such as Sichuan Road and Bridge, and Zhejiang Communications [31][32] - Central state-owned enterprises like China Communications Construction and China Railway Construction [31][32] - Emphasis on regions with high infrastructure demand, particularly in water conservancy, railways, and aviation [31][32]

Core Viewpoint - The article emphasizes the increasing importance of community operations in the real estate sector, highlighting how companies are leveraging community engagement to enhance brand value and customer experience [3][4][27]. Group 1: Community Engagement Trends - Real estate companies are intensifying their community operations, moving beyond traditional community engagement to create commercial value through resource collaboration [3][4]. - A market survey indicates that "community service experience" has risen to 47% in the decision-making factors for homebuyers in 2024, up from 18% in 2019, reflecting a shift in value assessment from location to quality of life [4]. - Community engagement has become a standard feature for many real estate companies, evolving into a critical component of residential products [4]. Group 2: Innovative Community Activities - Companies like Greentown China are launching themed community events, such as the "Dolphin Plan," which includes a comprehensive ecosystem for youth swimming talent development [6][9]. - China Merchants Shekou initiated the "Deck Life Festival," integrating community activities across over 30 cities, emphasizing a holistic approach to community engagement [7][20]. - China Electric Power Real Estate introduced the "Little Wave Camping Season Community Carnival," focusing on sports and outdoor activities to enhance community interaction [7][12]. Group 3: Community as a Value Driver - The article discusses how community initiatives are evolving to create unique emotional value and differentiation in a highly competitive market [11][19]. - Companies like China Resources Land are innovating by integrating pet-friendly spaces within residential areas, fostering community engagement through pet-related activities [19][21]. - The article highlights the emergence of community leaders who are driving the co-creation of community experiences, moving towards a model of shared governance and collaboration [18][27]. Group 4: Commercial Value Creation - Real estate companies are exploring new commercial opportunities through community engagement, aiming for sustainable development by building trust and effective communication with residents [19][20]. - The article notes that successful community initiatives can lead to significant brand value and customer loyalty, as seen in the case of China Railway Construction's diverse community events [26][27]. - The integration of community activities with commercial partnerships is becoming a key strategy for enhancing the overall value proposition of real estate offerings [20][27].

Group 1 - The completion of the main tower of the Shuangyumeng Grand Bridge marks a significant progress in the construction of the second phase of the Sixiang Highway Bridge project [1] - The Sixiang Highway Bridge project consists of multiple bridges and connecting lines, including the Shuangyumeng Grand Bridge and the Qinglongmen Grand Bridge, forming a highway corridor [1] - The project aims to enhance the sea-land intermodal transportation network of Ningbo-Zhoushan Port and promote the development of the Zhoushan Archipelago New Area and Zhejiang's marine economy [1]

Core Viewpoint - The completion of the first main tower of the Shuangyumeng Grand Bridge marks a significant milestone in the construction of the second phase of the Ningbo-Zhoushan Port Liuhong Highway Bridge project, which is being undertaken by China Railway Construction Bridge Bureau [1] Group 1 - The Shuangyumeng Grand Bridge connects Liuhong Island and Foduo Island, featuring a main span of 1,768 meters [1] - Upon completion, it will become the largest span sea-crossing bridge in China [1]

Group 1 - The company China Railway Construction Corporation (CRCC) announced the issuance of the second phase of its technology innovation perpetual bonds aimed at professional investors, set to start interest payments on September 15, 2025 [1] - The coupon rate for the "铁建YK12" bond is 2.27%, with a distribution of 22.70 yuan (including tax) per 1,000 yuan face value [1] - The coupon rate for the "铁建YK13" bond is 2.49%, with a distribution of 24.90 yuan (including tax) per 1,000 yuan face value [1]

Market Overview - On September 5, the infrastructure sector rose by 0.95% compared to the previous trading day, with Hui Lv Ecology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Top Performers - Hui Lv Ecology (001267) closed at 14.73, with a gain of 10.01% and a trading volume of 436,500 shares, totaling a transaction value of 615 million [1] - China Communications Construction (603815) also saw a 10.00% increase, closing at 12.32 with a trading volume of 404,800 shares, amounting to 477 million [1] - Hongrun Construction (002062) increased by 8.05%, closing at 9.66 with a trading volume of 1,144,200 shares, totaling 1.054 billion [1] Market Capital Flow - The infrastructure sector experienced a net inflow of 179 million from institutional investors, while retail investors saw a net outflow of 11.58 million [2] - Major stocks like China Communications Construction and Hui Lv Ecology had significant institutional inflows, with 76.24 million and 42.82 million respectively [3] Individual Stock Performance - The top individual stock performers included: - Hui Lv Ecology with a net inflow of 42.82 million from institutional investors [3] - China Communications Construction with a net inflow of 36.51 million [3] - Hongrun Construction with a net inflow of 29.10 million [3] Summary of Trading Data - The trading data for the infrastructure sector showed a mix of gains and losses, with several stocks experiencing significant increases in their closing prices and trading volumes [1][2]