（一）聘任会计师事务所履行的程序 2024年5月6日，公司召开了第五届董事会审计与风险管理 委员会第二十一次会议，会议审议通过了《关于审议公司选聘 2024 年度财务决算和内控审计会计师事务所招标文件的议案》， 从商务、技术以及报价三个方面确定了选聘的评价要素和具体 评分标准。 2024 年 5 月 24 日，公司召开了第五届董事会审计与风险管 理委员会第二十二次会议，会议审议通过了《关于中国中铁股 份有限公司聘用 2024 年度财务报表和内部控制审计机构的议 案》，会议认为，本次变更会计师事务所是公司正常轮换审计 机构的常规工作，综合考虑德勤会计师事务所的执业情况、审 计质量、服务水平及收费等情况，其在独立性、专业胜任能力、 投资者保护能力等方面能够满足公司对于审计机构的要求。会 议同意聘请德勤会计师事务所为公司 2024 年度境内及境外的财 务报表审计机构，聘请德勤华永为公司 2024 年度内部控制审计 机构，同意将该议案提交公司董事会审议。 中国中铁股份有限公司 对会计师事务所 2024 年度履职情况评估报告 中国中铁股份有限公司（以下简称"公司"或"本公司"） 聘请德勤华永会计师事务所(特殊普通合伙) ...

Core Insights - The report indicates a decline in key financial metrics for China Railway Group in 2024, including a 12.4% decrease in new contract value and an 8.17% drop in total revenue compared to the previous year [2] - The net profit for the company fell by 18.28%, with the net profit attributable to shareholders decreasing by 16.71% [2] Financial Performance - New signed contracts amounted to 27,151.8 billion yuan, down from the previous year [2] - Total operating revenue reached 11,603.11 billion yuan, reflecting an 8.17% year-on-year decline [2] - Net profit was reported at 307.58 billion yuan, a decrease of 18.28% year-on-year [2] - Net profit attributable to shareholders was 278.87 billion yuan, down 16.71% year-on-year [2] Business Segments - Engineering construction contracts totaled 18,710.1 billion yuan, a 16.9% decrease year-on-year [2] - Railway business contracts increased slightly by 0.3% to 3,194.2 billion yuan [2] - Road business contracts decreased by 24.3% to 1,673.6 billion yuan [2] - Municipal business contracts fell by 25.9% to 1,936.3 billion yuan [2] - Urban rail business contracts saw a significant decline of 55.8%, totaling 727.0 billion yuan [2] - Real estate business contracts decreased by 19.7% to 9,211.6 billion yuan [2] - Other business contracts increased by 42.8% to 1,967.4 billion yuan [2] Real Estate Development - The real estate segment generated revenue of 482.8 billion yuan, down 5.17% year-on-year [2] - The gross profit margin for the real estate business was 14.44%, a slight decrease of 0.07 percentage points [2] - The decline in gross margin is attributed to a downturn in the real estate market, characterized by falling sales prices and extended sales cycles [2] Sales and Land Development - The real estate business achieved sales of 434.3 billion yuan, a significant decline of 37.6% year-on-year [3] - The sales area was reported at 2.45 million square meters, with new construction area at 1.24 million square meters and completed area at 6.35 million square meters [3] - The company added 410,000 square meters to its land reserves, bringing the total undeveloped land reserve to 12.17 million square meters by the end of the reporting period [3]

高铁电气: 高铁电气：关于2025年度日常关联交易 额度预计的公告 证券代码：688285 证券简称：高铁电气 公告编号：2025-003 中铁高铁电气装备股份有限公司 关于 2025 年度日常关联交易额度预计的公告 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、准确性和完整性依法承担法律责 任。 重要内容提示： ? 是否需要提交股东大会审议：是 ? 日常关联交易对上市公司的影响：本次2025年度日常关联交 易额度预计系公司日常经营需要，对公司的持续经营能力、资产独 立性等方面不会产生影响，不存在损害公司及股东利益的情形，公 司不会因该关联交易对关联人产生较大依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 中铁高铁电气装备股份有限公司（以下简称"公司"或"高铁 电气"）分别于 2025 年 3 月 24 日召开第三届审计委员会第五次会 议、2025 年第一次独立董事专门会议，审议通过了《关于公司 2025 年度日常关联交易额度预计的议案》。 监事会第六次会议，审议通过了《关于公司 2025 年度日常关联交 易额度预计的议案》，关联董事 ...

| H | A | | --- | --- | | 股证券代码：00390 | 股证券代码：601390 | | H 股简称：中国中铁 | A 股简称：中国中铁 | | | 公告编号：2025-013 | 中国中铁股份有限公司 关于 2021 年限制性股票激励计划首次授予部分第二个 解除限售期解除限售暨上市的公告 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、准确性和完整性依法承 担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为 51,449,722 股。 本次股票上市流通总数为 51,449,722 股。 本次股票上市流通日期为 2025 年 3 月 31 日。 3．2022 年 1 月 17 日，公司召开第五届董事会第十三次会议和第 五届监事会第十次会议，审议通过了《关于向公司 2021 年限制性股票 激励计划激励对象首次授予限制性股票的议案》。公司独立董事发表 了同意的独立意见，认为授予条件已经成就，激励对象主体资格合法、 有效，确定的授予日符合相关规定。监事会对授予日的激励对象名单 进行核查并发表了核 ...

Investment Rating - The report assigns a "Buy" rating for China Railway Group Limited (601390.SH) based on its robust market position in infrastructure and overseas development opportunities [4]. Core Views - China Railway Group is a leading state-owned enterprise in the infrastructure sector, benefiting from fiscal policy support and the deepening of the Belt and Road Initiative. The core business is expected to maintain steady growth, with projected net profits of CNY 31.2 billion, CNY 32.3 billion, and CNY 33.7 billion for 2024-2026, corresponding to a PE ratio of 4.6, 4.5, and 4.3 times respectively [4][8]. - The company has a solid order backlog, with an uncompleted contract amount of CNY 6.22 trillion as of mid-2024, reflecting a 5.9% increase from the previous year, providing a stable foundation for future performance [7]. - The report highlights the potential for valuation recovery driven by state-owned enterprise market value management initiatives and the expansion of emerging businesses, particularly in resource development [4][7]. Summary by Sections Financial Performance - The company reported a revenue of CNY 1,260.84 billion in 2023, with a projected slight decline to CNY 1,217.31 billion in 2024, followed by a recovery to CNY 1,230.66 billion in 2025 and CNY 1,254.99 billion in 2026 [8][10]. - The net profit attributable to shareholders is expected to decrease to CNY 31.21 billion in 2024, before increasing to CNY 32.33 billion in 2025 and CNY 33.65 billion in 2026 [8][10]. Market Position and Strategy - China Railway Group holds a significant market share in railway and urban rail construction, with over two-thirds of the national railway mileage and 90% of electrified railways constructed by the company [7]. - The company is actively expanding into emerging sectors such as water conservancy, clean energy, and mineral resources, with new orders in these areas increasing by 11.3% year-on-year in 2024 [7]. Dividend and Valuation - The company has a strong track record of dividend payments, with a cumulative dividend of CNY 40.76 billion since 2009 and a dividend rate of 15.52% in 2023, translating to a dividend yield of 3.61% [7]. - The report anticipates that ongoing market value management efforts by the state will enhance investor confidence and support valuation recovery [7].

| A 股代码：601390 | A 股简称：中国中铁 | 公告编号：临 | 2025-012 | | --- | --- | --- | --- | | H 股代码：00390 | H 股简称：中国中铁 | | | 中国中铁股份有限公司 关于召开 2024 年度业绩暨现金分红说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 3 月 24 日 （星期一） 至 3 月 28 日 （星期 五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@crecg.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度 会议召开时间：2025 年 3 月 31 日 （星期一） 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： 的经营成果及财务指标的具体情况与 ...

Core Viewpoint - A new company named Chongqing Yangjiang South Line Expressway Development Co., Ltd. has been established, focusing on various automotive services and electric vehicle infrastructure [1] Company Summary - The company is registered with a capital of 500 million yuan [1] - The legal representative of the company is Wang Hainan [1] - The business scope includes motor vehicle repair and maintenance, retail of auto parts, sales of charging piles, and operation of electric vehicle charging infrastructure [1] Industry Summary - The establishment of this company indicates a growing focus on electric vehicle infrastructure and services in the automotive sector [1] - The company is jointly held by China Railway and other stakeholders, reflecting potential strategic partnerships in the industry [1]

承董事會命 中國中鐵股份有限公司 陳文健 董事長 中國•北京 2025年3月18日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及王士奇先生；本公 司的非執行董事為文利民先生；本公司的獨立非執行董事為修龍先生、孫力實女 士及屠海鳴先生。 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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 中 國 中 鐵 股 份 有 限 公 司 CHINA RAILWAY GROUP LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代號：390) 董事會會議召開日期 中國中鐵股份有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二零二 五年三月二十八日（星期五）舉行董事會會議，藉以（其中包括）批准本公司及其附 屬公司截至二零二四年十二月三十一日止財政年度的年度業績及考慮派發末期股 息。 ...

Investment Rating - The industry investment rating is "Leading the Market - A" [5] Core Viewpoints - The report emphasizes that the issuance of special bonds is accelerating, and with the arrival of the construction peak season, infrastructure investment growth is expected to improve [2][16] - The government is focused on stabilizing the real estate market, with policies aimed at both supply and demand sides, which is expected to support a recovery in real estate demand [3][18] - The report suggests that the construction sector is likely to benefit from increased government investment and the implementation of debt relief measures, leading to improved operational metrics for construction companies [11][12] Summary by Sections Industry Dynamics Analysis - The issuance of special bonds has increased significantly, and with the construction peak season approaching, infrastructure investment growth may see improvement. As of the end of February, the broad money (M2) balance was 320.52 trillion yuan, a year-on-year increase of 7% [16][18] - The real estate market is showing signs of recovery, with significant increases in second-hand housing transactions in major cities. From the beginning of the year to March 12, the daily average transaction volumes in Beijing, Shanghai, and Shenzhen increased by 35.10%, 50.52%, and 65.63% respectively [3][18] Market Performance - The construction industry rose by 1.60% from March 10 to March 14, outperforming the Shenzhen Composite Index (1.24%) and the CSI 300 Index (1.59%). The renovation and decoration sector saw the highest increase at 3.49% [19][22] - The report highlights key stocks to watch, including major state-owned enterprises in construction, which are expected to benefit from improved operational metrics and valuation recovery [11][28] Key Focus Stocks - The report recommends focusing on undervalued construction state-owned enterprises such as China State Construction, China Communications Construction, China Railway Construction, and China Railway Group, which are expected to see improvements in operational metrics due to favorable fiscal policies [11][12][28] - It also suggests paying attention to construction design firms and international engineering service providers that are expanding their presence in the Belt and Road Initiative countries [12][28]

Investment Rating - The report gives a positive investment rating for the construction decoration industry, indicating an "Overweight" outlook, suggesting that the industry is expected to outperform the overall market [2][34]. Core Insights - The construction decoration sector has shown a weekly increase of 1.60%, outperforming major indices such as the Shanghai Composite Index and the Shenzhen Component Index [5][6]. - Key sub-sectors like decorative curtain walls, ecological landscaping, and design consulting have demonstrated significant weekly gains, with respective increases of 5.33%, 4.44%, and 2.41% [5][8]. - The report highlights a recovery in infrastructure investment for 2025, emphasizing the cyclical investment value in high-elasticity sectors [5][20]. Summary by Sections Industry Performance - The SW Construction Decoration Index increased by 1.60%, ranking 18th among 31 sectors [5][6]. - The best-performing sub-sectors for the week were decorative curtain walls (+5.33%), ecological landscaping (+4.44%), and design consulting (+2.41%) [5][8]. Major Changes in the Industry - The People's Bank of China reported a cumulative increase in social financing of 9.29 trillion yuan in the first two months of 2025, which is 1.32 trillion yuan more than the same period last year [5][20]. - The central bank is expected to implement appropriate monetary policies to support major strategies and key areas, while also managing financial risks [5][20]. Key Company Developments - China Power Construction Corporation won a major project worth 5.771 billion yuan, accounting for 0.95% of its 2023 revenue [5][20]. - Shaanxi Construction Group secured a significant project totaling 2.436 billion yuan, representing 2.39% of its 2023 revenue [5][20]. - China Railway Group elected a new chairman, indicating a change in leadership [5][21]. Investment Recommendations - The report recommends investing in cyclical sectors with high elasticity, such as steel structures and urban renewal, while also highlighting undervalued companies for potential valuation recovery [5][20].