证券代码：601186 证券简称：中国铁建 公告编号：临 2025—005 1 证券代码：601186 证券简称：中国铁建 公告编号：临 2025—005 | 8. 中铁十九局 | | 开化县年产 400 万吨建筑石料用灰 | 20 | 年 | 30.78 | | --- | --- | --- | --- | --- | --- | | | | 岩矿综合开发利用项目建设及开采 | | | | | | | 加工运行采购项目 | | | | | 9. 中铁十八局及其他方 | | 重庆市荣昌区中关村联创科技有限 | 720 | 天 | 79.02 | | （联合体） | | 公司 8 英寸大功率半导体中试线及 | | | | | | | 生产线 | | | | | 10. 中铁二十四局、中铁十 | | 盐城经泰州无锡常州至宜兴铁路站 | 2007 | | 163.91 | | 五局、中铁十六局、中 | | 前工程 YYZQ-01SG、YYZQ-02SG、 | 日历天 | | | | 铁二十局、中铁十四局 | | YYZQ-05SG、YYZQ-06SG、YYZQ-07SG | | | | | 项目金额合计 | | ...

中国铁建 20250310 摘要 Q&A 公司对两会发布的经济增长目标、赤字率和专项债等政策有何看法？这些政策 将对建筑行业产生什么影响，公司会有哪些针对性的变化？ 我们认为今年（2025 年）的国家政策在支持基建项目方面力度加大，这与我们 年初的预期一致。预计 2025 年的新签订单规模和营收规模至少能与 2020 年持 平。这坚定了我们进一步推进传统产业转型升级以及发展新板块的决心。此外， 两会期间传递的信息基本延续了 2024 年底经济工作会议的一些内容，实施更加 积极的财政政策和适度宽松的货币政策。2025 年的财政赤字率安排为 4%左右， • 中国铁建预计 2025 年新签订单和营收规模将与 2020 年持平，坚定了其推 进传统产业转型升级和发展新业务板块的决心，表明公司对未来发展持有 稳定预期。 • 受益于更积极的财政政策和适度宽松的货币政策，2025 年财政赤字率提高 至 4%左右，新增专项债安排为 4.4 万亿元，调水、水治理及铁路项目发包 和开工速度明显加快，为公司带来新的订单机会。 • 自 2024 年四季度发债政策落地以来，中国铁建已收到部分地方政府支付的 欠款，且非化债范围内的资金支付 ...

Group 1: Green Low-Carbon Development - The core viewpoint emphasizes the need for improved policies and standards in the green low-carbon sector, particularly in the construction and urban renewal fields [1] - Challenges identified include an incomplete carbon emission verification and regulatory system, lack of efficient data collection and analysis tools, and absence of a comprehensive carbon footprint monitoring mechanism [1] - Suggestions include enhancing carbon emission verification systems, supporting carbon footprint accounting, encouraging green building certification, and refining policies for low-carbon renovations in both new and existing buildings [1] Group 2: Bamboo-Based Composite Materials Industry - The discussion highlights the advantages of bamboo-based composite materials but notes challenges in technology maturity, cost control, and market promotion for large-scale application [2] - Recommendations include promoting a collaborative approach across the entire industry chain, establishing a comprehensive system from raw material cultivation to end-use applications [2] - Emphasis on enhancing research and development capabilities, establishing national and industry standards for bamboo-based products, and expanding international cooperation and promotion efforts [2]

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。 一、董事会会议召开情况 证券代码：601186 证券简称：中国铁建 公告编号：临 2025—004 中国铁建股份有限公司 第五届董事会第三十六次会议决议公告 （一）审议通过《关于设立中国铁建科学技术研究总院有限公司 的议案》 同意 2025 年董事会工作要点的议案。 中国铁建股份有限公司（以下简称公司）第五届董事会第三十六 次会议于 2025 年 3 月 3 日以通讯表决方式召开，董事会会议通知和 材料于 2025 年 2 月 27 日以书面直接送达和电子邮件等方式发出。应 参加表决董事 6 名，6 名董事对会议议案进行了审议。本次会议的召 开符合有关法律、行政法规、部门规章、规范性文件和《中国铁建股 份有限公司章程》及《中国铁建股份有限公司董事会议事规则》的规 定。 二、董事会会议审议情况 会议以记名投票方式表决通过了会议议案，作出如下决议： 同意设立全资子公司中国铁建科学技术研究总院有限公司（具体 以工商管理部门核准名称为准）。 本议案已经战略与投资委员会审议通过。 1 证 ...

Summary of Conference Call Records Company/Industry Involved - The conference call primarily discusses the performance and outlook of China Railway Construction Corporation (CRCC) and the broader construction and infrastructure industry in China Key Points and Arguments Industry Trends and Changes - The construction industry is undergoing significant transformations, with a focus on new business models and innovative projects to adapt to market demands [1] - There is a notable shift towards large-scale residential projects initiated since last year, indicating a recovery in the housing market [1] Financial Performance and Projections - The company anticipates maintaining a stable performance in 2024, with expectations of a balanced market and potential slight growth if government policies are favorable [7] - The overall order volume for the company is projected to reach approximately 3 trillion yuan, with a significant portion attributed to infrastructure projects [9] - The company reported a substantial increase in orders, particularly in the fourth quarter, driven by improved funding conditions and project approvals [9] Government Policies and Funding - Central government policies are expected to play a crucial role in driving infrastructure investments, with a focus on completing planned projects [10] - Local governments are under pressure to initiate and fund essential projects, which is expected to lead to an increase in project tenders and openings [8] - The financial constraints faced by local governments have been alleviated somewhat, allowing for more project initiations [8] Market Dynamics - The construction sector is experiencing a recovery in demand, particularly in urban areas, with a focus on high-quality projects [12] - The company is strategically focusing on first and second-tier cities for new projects, avoiding lower-tier cities due to market saturation [24] - There is a growing emphasis on sustainable and innovative construction practices, including the adoption of new technologies and materials [35] Risks and Challenges - The company acknowledges potential risks related to funding delays and project execution, particularly in the context of local government financing [6] - The construction industry faces challenges from fluctuating material costs and labor shortages, which could impact project timelines and profitability [42] Investment Strategy - The company is shifting its investment strategy to prioritize projects with higher returns and lower risks, moving away from traditional models that rely heavily on construction volume [15] - There is a focus on diversifying into new sectors, such as renewable energy and advanced manufacturing, to enhance long-term growth prospects [35] Cash Flow and Financial Health - The company reported improvements in cash flow, with significant inflows expected from ongoing projects, although challenges remain in recovering funds from previous projects [21] - Management emphasizes the importance of maintaining a healthy balance sheet and avoiding excessive reliance on financial engineering to boost cash flow [22] Future Outlook - The company is optimistic about the future, with expectations of continued growth in infrastructure spending and project approvals, particularly in light of government support [39] - There is a strong focus on expanding international operations, particularly in emerging markets, to capitalize on global infrastructure needs [40] Other Important but Overlooked Content - The company is actively engaging in discussions with local governments to align project goals with regional development plans, ensuring that projects meet both economic and social objectives [38] - The management team is committed to transparency and regular communication with investors, aiming to build trust and confidence in the company's strategic direction [45]

Summary of Conference Call Records Company and Industry Involved - The conference call primarily discusses **China Railway Construction Corporation (CRCC)** and the **construction industry** in China. Key Points and Arguments Industry Recovery and Order Trends - The construction industry is experiencing a cautious recovery with a focus on project resumption post the Spring Festival, which saw a decrease in the proportion of projects that did not stop during the holiday compared to previous years [1][2] - The company confirmed that all projects have resumed work without delays, although there are concerns about the overall market sentiment and project progress [1][3] - The order structure from the previous year showed improvements, exceeding initial expectations, with a projected order volume of approximately **3 trillion yuan** for the year [4][5] Market Dynamics and Challenges - The company noted a significant decline in orders, particularly in the railway sector, attributed to market conditions and increased operational requirements for new orders [5][6] - Local government financial pressures have impacted municipal project orders, leading to a noticeable drop in new orders [7][8] - Despite challenges, there is optimism for recovery in 2025, especially in sectors like factory construction and water conservancy projects, which are expected to see growth [8][9] Strategic Initiatives and Innovations - The company is focusing on high-end, intelligent, green, and digital transformation strategies, aiming to explore new industries such as new infrastructure, new materials, and renewable energy [14][15] - Specific projects include the development of underground parking solutions and the use of bamboo-based materials for construction, which are seen as environmentally friendly and cost-effective [16][17] Real Estate Sector Insights - The real estate market is under pressure, with expectations of continued decline through 2025, although it remains a significant profit contributor for the company [18][19] - The company is adopting a cautious approach to land acquisition, focusing on risk management and profitability rather than scale [20][21] International Expansion and Opportunities - The company is optimistic about international markets, particularly in regions like Africa and Southeast Asia, where infrastructure needs are growing [22][23] - There is a strategic focus on high-quality overseas projects, with an emphasis on maintaining strong cash flow and profitability [24][25] Financial Performance and Management - The company reported a significant cash flow recovery in the fourth quarter, with a focus on improving cash flow quality and reducing financial costs [35][36] - The management is committed to maintaining dividend levels while navigating market pressures and regulatory requirements [39][40] Other Important but Overlooked Content - The company highlighted the importance of local government investment in municipal projects to stimulate economic growth and maintain regional development [37][38] - There is a recognition of the need for effective market management strategies to enhance shareholder value amidst regulatory scrutiny [38][39]

Group 1 - The completion of the last segment of the Jinan Yellow River Tunnel marks a significant achievement for China Railway Construction Corporation (CRCC), showcasing the successful production of shield tunnel segments at the Yellow River segment production base [1] - The production base utilizes advanced fifth-generation large-diameter shield segment green intelligent production lines, significantly enhancing automation and operational efficiency, completing the task in just 10 months [1] - CRCC has restructured its technology innovation system to accelerate core technology breakthroughs and promote self-reliant technological innovation [1] Group 2 - The increasing urban parking difficulties have prompted CRCC's Shanghai branch to propose innovative deep underground space parking solutions, exemplified by the "EUP vertical smart garage" project [2] - The "EUP vertical smart garage" occupies only 286 square meters above ground but utilizes 836 square meters underground, allowing for parking of 304 vehicles, which is ten times the capacity of a conventional surface parking lot [2] - CRCC has achieved significant innovation milestones, with high-end hydraulic rock drilling machines and low-clearance full casing rotary drilling machines recognized in the State-owned Assets Supervision and Administration Commission's 2023 technology innovation achievements directory [2] Group 3 - CRCC has established an underground space research institute and allocated special R&D funds for underground space technology, focusing on key aspects from design to demonstration [3] - The company is advancing its "1+9+N" technology innovation system, which includes a central research institute and nine industry technology research institutes, fostering collaboration with universities and research institutions [3] - CRCC aims to enhance its market influence and achieve high-quality development through continuous technological advancements and the promotion of significant technological achievements [3]

证券代码：601186 证券简称：中国铁建 公告编号：临 2025—003 中国铁建股份有限公司 2024 年第四季度主要经营数据公告 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。 现将本公司 2024 年第四季度主要经营情况公布如下，供各位投 资者参阅。 一、 主要经营情况 1.按产业类型统计 | 产业类型 | 2024 年 | 10-12 月 | | 2024 年累计 | | | --- | --- | --- | --- | --- | --- | | | 新签项目数 | 新签合同额 | 新签项目数 | 新签合同额（亿 | 同比增减 | | | 量(个) | （亿元人民币） | 量（个） | 元人民币） | | | 工程承包 | 2935 | 12149.429 | 6646 | 23285.510 | -10.36% | | 绿色环保 | 511 | 1916.513 | 1033 | 3168.471 | 23.79% | | 规划设计咨询 | 3570 | 65.718 | 10668 | 204.822 | ...

Key Points Industry or Company Involved - **Company**: China Railway Group Limited (CRG) - **Industry**: Construction and Infrastructure Core Views and Arguments - **Overall Order Performance**: CRG achieved significant progress in orders, with the full-year target potentially reaching or exceeding the initial 3 trillion yuan target. Orders in the fourth quarter, particularly in the water conservancy and power sectors, demonstrated strong performance and alleviated concerns about the direction of the infrastructure market. - **Revenue and Profitability**: Revenue and profitability showed signs of improvement in the fourth quarter compared to the previous quarters. The company attributed this to the positive impact of local and central government projects, improved project execution, and increased focus on high-quality operations. - **Cash Flow**: Cash flow improved significantly in the fourth quarter, with a positive inflow of nearly 50 billion yuan. This was attributed to increased efforts in financial management and the positive impact of government policies. - **High-Quality Operations**: CRG emphasized the importance of high-quality operations, with a focus on improving project quality, efficiency, and profitability. This included the signing of responsibility agreements and performance contracts to ensure project quality. - **New Business Development**: CRG highlighted its focus on new businesses, including new energy, new materials, and new services. The company mentioned its investments in offshore wind power and the development of green materials. - **Debt Restructuring**: The company discussed the progress of debt restructuring efforts, with a target of recovering approximately 20% of the funds allocated for debt restructuring projects. - **Strategic New Industries**: CRG outlined its strategy to develop five new industries, including new infrastructure, new equipment, new materials, new energy, and new services. The company mentioned its investments in research and development and the establishment of a scientific and technological innovation system. - **Export Performance**: The company's export business showed strong growth, with an increase of 50% in exports. The company's exports were primarily focused on Africa, the Middle East, Southeast Asia, and South America. Other Important Points - **Investment Projects**: CRG announced the suspension of new investment projects, particularly in the areas of expressways and real estate. The company emphasized its focus on investment returns and risk control. - **Debt Recovery**: The company discussed its efforts to recover outstanding receivables, with a target of recovering 20% of the funds allocated for debt restructuring projects. - **Stock Market Management**: The company mentioned the importance of stock market management and its commitment to maintaining a high and stable dividend payout ratio. - **Five Star Businesses**: The company outlined its strategy to develop five new industries, including new infrastructure, new equipment, new materials, new energy, and new services. The company mentioned its investments in research and development and the establishment of a scientific and technological innovation system. - **Iron Construction**: The company discussed its strategy for Iron Construction, emphasizing its role as a high-end equipment manufacturer and its focus on exports. - **Overseas Market**: The company discussed its overseas market strategy, focusing on maintaining a strong presence in Africa and expanding its presence in the Middle East, Southeast Asia, and South America.

证券代码：601186 证券简称：中国铁建 公告编号：临 2025—001 中国铁建股份有限公司 第五届董事会第三十五次会议决议公告 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。 一、董事会会议召开情况 中国铁建股份有限公司（以下简称公司）第五届董事会第三十五 次会议于 2025 年 1 月 7 日在中国铁建大厦举行，董事会会议通知和 材料于 2025 年 1 月 3 日以书面直接送达和电子邮件等方式发出。应 出席会议董事 6 名，6 名董事出席本次会议。公司监事和高级管理人 员列席了会议。会议由董事长戴和根先生主持。本次会议的召开符合 有关法律、行政法规、部门规章、规范性文件和《中国铁建股份有限 公司章程》及《中国铁建股份有限公司董事会议事规则》的规定。 二、董事会会议审议情况 会议审议并以记名投票方式表决通过了会议议案，作出如下决 议： （一）审议通过《关于公司2025年度预算报告的议案》 同意公司 2025 年度预算报告的议案。 本议案已经公司审计与风险管理委员会审议通过。 （二）审议通过《关于公司总部2025年度金 ...