中国中铁8月24日公告，8月22日3时10分左右，全资子公司中铁大桥局集团有限公司施工的川青铁路青 海段尖扎黄河特大桥，辅助钢梁架设的吊索塔架前端扣索突然崩断，截至目前造成12人遇难、4人失 联。事故发生后，公司及中铁大桥局集团有限公司立即启动应急预案，相关负责人第一时间赶赴现场， 配合政府有关部门开展应急抢险、人员搜救和相关调查工作。目前，现场应急和搜救等相关工作正有序 开展，事故原因正在调查之中。 公司对本次事故不幸遇难者表示沉痛哀悼，并对遇难者家属表达歉意。公司将深刻汲取教训，落实好企 业主体责任，妥善处理相关后续工作。尖扎黄河特大桥全长1596.2米，合同额约4.36亿元。本次事故不 会对公司生产经营及业绩产生重大影响。 ...

尖扎黄河特大桥全长 1596.2 米，合同额约 4.36 亿元。本次事故 不会对公司生产经营及业绩产生重大影响。 特此公告。 中国中铁股份有限公司董事会 2025年8月24日 中国中铁股份有限公司公告 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。 2025 年 8 月 22 日 3 时 10 分左右，中国中铁股份有限公司（以 下简称"公司"）全资子公司中铁大桥局集团有限公司施工的川青铁 路青海段尖扎黄河特大桥，辅助钢梁架设的吊索塔架前端扣索突然崩 断，截至目前造成 12 人遇难、4 人失联。事故发生后，公司及中铁 大桥局集团有限公司立即启动应急预案，相关负责人第一时间赶赴现 场，配合政府有关部门开展应急抢险、人员搜救和相关调查工作。目 前，现场应急和搜救等相关工作正有序开展，事故原因正在调查之中。 公司对本次事故不幸遇难者表示沉痛哀悼，并对遇难者家属表达 歉意。公司将深刻汲取教训，落实好企业主体责任，妥善处理相关后 续工作。 | A H | | | | | | | --- | --- | --- | --- | --- | ...

Group 1 - The Shanghai Urban Infrastructure Index (H50034) rose by 0.67% to 1272.83 points, with a trading volume of 20.635 billion yuan [1] - Over the past month, the index has increased by 1.45%, by 7.37% over the last three months, and by 0.56% year-to-date [1] - The index reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten weighted stocks in the Shanghai Urban Infrastructure Index include China State Construction (9.11%), China Railway (6.93%), and Anhui Conch Cement (6.81%) [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with industrial companies making up 56.81%, real estate 32.23%, and materials 10.95% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2]

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。 茲載列中國中鐵股份有限公司於2025年8月22日在上海證券交易所網站刊登的「中國中鐵 股份有限公司關於召開2025年半年度業績說明會的公告」，僅供參閱。 承董事會命 中國中鐵股份有限公司 陳文健 董事長 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。 2025年8月22日 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 09 月 01 日 （星期一） 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： 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 08 月 25 日 （星期一） 至 08 月 29 日 （星 ...

| | | 中国中铁股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 09 月 01 日 （星期一） 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： 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 08 月 25 日 （星期一） 至 08 月 29 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。 中国中铁股份有限公司（以下简称"公司"）将于 2025 年 8 月 30 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地 了解公司 2025 年上半年经营成果、财务状况，公司计划于 2025 年 09 月 01 日（星期一）14:00-15:00 举行 2025 年半年度业绩说明会， ...

Market Overview - The Shanghai Composite Index closed at 3825.76 points, above the annual line, with an increase of 1.45% [1] - The total trading volume of A-shares reached 25,788.42 billion yuan [1] Stocks Breaking Annual Line - A total of 24 A-shares have surpassed the annual line today, with notable stocks including NovaStar, Nasda, and Zhaoshengwei, showing significant deviation rates of 7.19%, 4.59%, and 4.07% respectively [1] - Stocks with smaller deviation rates that just crossed the annual line include China National Materials, Kweichow Moutai, and Ruisi Kanda [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - NovaStar (7.19% deviation, latest price 174.84 yuan) [1] - Nasda (4.59% deviation, latest price 26.55 yuan) [1] - Zhaoshengwei (4.07% deviation, latest price 84.73 yuan) [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Jin Yu Medical (3.28% deviation, latest price 31.57 yuan) [1] - China Merchants Heavy Industry (3.08% deviation, latest price 6.59 yuan) [1] - BOE Technology Group (2.18% deviation, latest price 4.18 yuan) [1]

Group 1: Zhongtong Express (中通快递) - Profitability under pressure, adjusted net profit for Q2 2025 decreased by 26.8% YoY, with a single ticket net profit of 0.21 CNY, down 12 cents YoY [2][7][10] - Revenue for Q2 2025 reached 11.8 billion CNY, a 10.3% increase YoY, while H1 2025 revenue was 22.7 billion CNY, up 9.8% YoY [7][9] - Market share increased to 19.5% in Q2 2025, with a package volume of 9.85 billion pieces, up 16.5% YoY [9][10] - Capital expenditure for 2025 expected to remain flat or slightly decrease, with H1 2025 capital expenditure at 3.1 billion CNY [9][10] - Mid-term dividend of 0.3 USD per share, with a payout ratio of 40% [9][10] Group 2: Yuanda Pharmaceutical (远大医药) - Revenue for H1 2025 was 6.107 billion HKD, a 1.0% increase YoY, with net profit of 1.169 billion HKD, slightly down by 5.9% YoY [3][12] - The nuclear medicine segment saw a revenue increase of 105.5% YoY, contributing significantly to overall growth [12][13] - Revenue projections for 2025-2027 are 12.254 billion, 13.376 billion, and 14.779 billion HKD, with net profits of 2.185 billion, 2.462 billion, and 2.706 billion HKD respectively [14] Group 3: Yuandong Bio (苑东生物) - H1 2025 revenue was 654 million CNY, down 2.3% YoY, with net profit of 137 million CNY, down 6.8% YoY [4][16] - The company is focusing on self-research and strategic investments to accelerate innovation [16][17] - Revenue projections for 2025-2027 are 1.501 billion, 1.795 billion, and 2.202 billion CNY, with net profits of 282 million, 345 million, and 431 million CNY respectively [18] Group 4: Pop Mart (泡泡玛特) - H1 2025 revenue reached 13.876 billion CNY, a 204.4% increase YoY, with net profit of 4.574 billion CNY, up 396.5% YoY [19][20] - The company is expanding its global presence, with significant growth in the Americas and Asia-Pacific regions [19][20] - Revenue projections for 2025-2027 are 11.128 billion, 15.332 billion, and 20.295 billion CNY, with substantial YoY growth rates [21] Group 5: Nanjing Steel (南钢股份) - H1 2025 revenue was 28.944 billion CNY, down 14.06% YoY, while net profit increased by 18.63% to 1.463 billion CNY [23][24] - High-end products contributed significantly to profit, with advanced steel materials accounting for 29.77% of total sales [24] - The company is expanding its overseas operations, including a new coke production base in Indonesia [24] Group 6: Huayang Group (华阳集团) - H1 2025 revenue was 5.311 billion CNY, a 26.65% increase YoY, with net profit of 341 million CNY, up 18.98% YoY [26][27] - The automotive electronics and precision die-casting segments are driving growth, with significant new orders from major global clients [26][27] - Revenue projections for 2025-2027 are 12.71 billion, 15.89 billion, and 19.17 billion CNY, with net profits of 870 million, 1.15 billion, and 1.43 billion CNY respectively [27] Group 7: Shenhuo Co. (神火股份) - H1 2025 revenue was 20.428 billion CNY, up 12.12% YoY, while net profit decreased by 16.62% to 1.904 billion CNY [29][30] - The aluminum business is the main contributor to revenue, while coal business faced significant price declines [30][31] - Revenue projections for 2025-2027 are 2.41, 2.67, and 2.96 CNY per share, with corresponding PE ratios of 8, 7, and 7 [31] Group 8: Beixin Building Materials (北新建材) - H1 2025 revenue was 13.558 billion CNY, a slight decrease of 0.29% YoY, with net profit down 12.85% [33][34] - The gypsum board business is under pressure, while waterproof and paint businesses are showing growth [34][35] - Revenue projections for 2025-2027 are 3.935 billion, 4.464 billion, and 4.952 billion CNY, with corresponding EPS of 2.33, 2.64, and 2.93 CNY [35]

Group 1 - The establishment of the Shield Tunneling/Boring Machine (TBM) Big Data Excavation Community marks the entry of tunnel construction into the "AI+" era [1] - China Railway, a leader in railway infrastructure, has participated in over two-thirds of China's total railway mileage and 90% of electrified railways, with infrastructure, real estate development, equipment manufacturing, and design consulting projected to contribute 85.57%, 4.16%, 2.14%, and 1.50% of revenue respectively in 2024 [1] - The company is expected to benefit significantly from the commencement of the Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan [1] Group 2 - The company is a global leader in TBM research and manufacturing, holding the second-largest market share in the overseas TBM market, which positions it to leverage its equipment advantages [2] - The newly established Xinjiang-Tibet Railway Company has a registered capital of 95 billion yuan, with an estimated total investment of about 344.5 billion yuan for the 1980 km railway project [2] - The company has seen significant growth in overseas contracts, with new contracts signed in 2024 reaching 220.9 billion yuan, a year-on-year increase of 10.6%, and overseas revenue of 68.644 billion yuan, also up 10.26% [2]

Core Viewpoint - The construction of the Qinling Station in Antarctica represents a significant achievement for China's polar research efforts, showcasing advanced construction techniques and the dedication of the construction teams from state-owned enterprises. Group 1: Construction Achievements - The Qinling Station is China's fifth Antarctic research station, filling a gap in the country's research capabilities in the Ross Sea region [3][4] - The construction utilized an innovative prefabricated and modular building system, allowing for rapid assembly on-site [4][11] - The main building structure was completed in less than 60 days, with a total of 1.1 million screws used for assembly [5][12] Group 2: Team and Experience - The construction team consists of over 100 members from China Railway and China Construction Science, many of whom have extensive experience in Antarctic projects [3][6] - The team leader, Luo Huangxun, has participated in 13 Antarctic construction missions over 18 years, highlighting the experience and knowledge transfer within the team [5][14] Group 3: Challenges and Innovations - The extreme weather conditions in Antarctica, including temperatures as low as -45 degrees Celsius and frequent strong winds, posed significant challenges to construction [3][4] - Advanced digital simulation systems were employed to optimize construction plans and enhance efficiency, resulting in a 72% improvement in work efficiency for complex mechanical installations [12] - New materials and technologies were introduced, such as a new sewage treatment system that exceeded design standards for water purity [13] Group 4: Logistics and Operations - The construction team successfully transported nearly 6,000 tons of materials in under five days upon arrival at the Antarctic site [9] - The logistics involved careful planning to protect building modules and design documents during the challenging journey across the Southern Ocean [8][9] Group 5: Future Commitment - The ongoing commitment of the construction teams is evident, with over 30 members remaining in Antarctica for winter operations after the summer construction tasks were completed [14] - The dedication to the Antarctic research mission is underscored by the willingness of experienced team members to return for future projects as needed [14]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering industry, indicating an expectation for the industry to outperform the benchmark index [5][26]. Core Insights - The recent issuance of guidelines by the State Council aims to standardize the construction and operation of existing PPP projects, which is expected to clarify funding sources and reduce receivables risks for construction companies [1][2]. - The report highlights that the construction industry has a significant amount of receivables, with total receivables assets projected to reach 7.2 trillion yuan by the end of 2024, closely linked to the debts arising from overdue payments in PPP projects [4][11]. - The report recommends specific companies with high receivables and low price-to-book (PB) ratios, including China Railway Construction, China Railway, China Communications Construction, China Metallurgical Group, and China State Construction [1][4]. Summary by Sections Section 1: PPP Projects - The guidelines issued are expected to facilitate the smooth construction of ongoing PPP projects and ensure the stable operation of existing ones, with a focus on increasing financial support [2][3]. - The report notes that the funding for these projects will primarily come from local special bonds, which may lead to competition between new and existing projects [3][4]. Section 2: Financial Performance of Key Companies - China Railway Construction (1186 HK) is rated "Buy" with a target price of 6.64 HKD, despite a 6.61% year-on-year decline in revenue for Q1 2025 [10]. - China Railway (390 HK) is rated "Overweight" with a target price of 5.34 HKD, facing a 6.16% decline in revenue for Q1 2025 [10]. - China Communications Construction (1800 HK) is rated "Buy" with a target price of 7.33 HKD, showing a 12.6% decline in revenue for Q1 2025 but positive order growth [10]. - China Metallurgical Group (601618 CH) is rated "Overweight" with a target price of 3.82 CNY, experiencing an 18.5% decline in revenue for Q1 2025 [10]. - China State Construction (601668 CH) is rated "Buy" with a target price of 8.60 CNY, reporting a slight revenue increase of 1.1% for Q1 2025 [10].