翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 公司名稱： 中國中鐵股份有限公司 呈交日期： 2025年10月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百 ...

Core Insights - China Railway's Chairman Chen Wenjian and Southwest Jiaotong University's Vice President Yan Xuedong held discussions to establish long-term cooperation in talent cultivation, project collaboration, and technological innovation [1][3]. Group 1: Cooperation and Collaboration - China Railway acknowledges the significant support from Southwest Jiaotong University in talent development, having produced many outstanding professionals for the company [3]. - Both parties aim to deepen their collaboration by enhancing joint training programs for master's and doctoral students, as well as training for technical and management personnel [3]. - The partnership will focus on integrating talent, education, industry, and innovation chains to contribute to national economic and social development [3]. Group 2: Future Plans - Yan Xuedong expressed gratitude for China Railway's support and highlighted the successful long-term collaboration in talent training and technological innovation [4]. - The university plans to establish a regular communication mechanism to expand cooperation in key talent, major projects, and core technologies [4]. - The goal is to promote the application of research outcomes and support national strategic engineering projects, addressing the challenges of the construction industry's transformation [4].

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - Infrastructure investment showed weakness in September, but the fourth quarter may benefit from increased funding and policy catalysts. The report highlights the importance of infrastructure as a stabilizing measure for the economy, with a focus on undervalued, high-dividend construction stocks [1][2] - The real estate sector saw a decline in sales area by 5.5% year-on-year from January to September, with a significant drop of 21.3% in September alone. However, the completion rate for real estate projects turned positive for the first time since 2024, indicating a potential recovery [2] - Cement demand is gradually weakening, with a production drop of 5.2% year-on-year from January to September. The report suggests that cement companies may seek to optimize supply and increase prices to recover profitability [3] - The flat glass market showed signs of improvement in September, with a slight increase in demand. However, overall production still declined by 5.2% year-on-year, and inventory levels have risen significantly [4] Summary by Sections Infrastructure Investment - Infrastructure investment from January to September showed a year-on-year increase of 1.1%, but September alone saw a decline of 4.7%. The report anticipates a recovery in the fourth quarter due to early fiscal funding and new policy financial tools [1][2] Real Estate Sector - Real estate sales area decreased by 5.5% year-on-year from January to September, with a notable drop of 11.9% in September. New construction area fell by 18.9% year-on-year, while completion area saw a slight increase in September, marking the first positive growth since 2024 [2] Cement Industry - Cement production from January to September was 1.259 billion tons, down 5.2% year-on-year. The average shipment rate was 41.3%, a decrease of 2.6 percentage points year-on-year. The report indicates that cement companies are likely to push for price increases to enhance profitability [3] Glass Industry - Flat glass production from January to September was 72.881 million weight cases, down 5.2% year-on-year. The report notes a slight improvement in demand in September, but overall inventory levels have increased significantly, indicating potential challenges ahead [4]

Core Viewpoint - China Railway (601390.SH) reported a new contract signing amount of 476.23 billion yuan in the third quarter, with a cumulative new contract signing amount of 1,584.92 billion yuan for the first three quarters, reflecting a year-on-year growth of 3.7% [1] Group 1 - The new contract signing amount for the third quarter reached 476.23 billion yuan [1] - The cumulative new contract signing amount for the first three quarters was 1,584.92 billion yuan [1] - The year-on-year growth rate for new contract signing in the first three quarters was 3.7% [1]

Market Overview - On October 22, the infrastructure sector rose by 0.68% compared to the previous trading day, with Beixin Road and Bridge leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Key Stocks Performance - Beixin Road and Bridge (002307) closed at 5.57, up 10.08% with a trading volume of 517,700 shares and a transaction value of 288 million yuan [1] - Wenke Co., Ltd. (002775) closed at 4.89, up 5.16% with a trading volume of 703,600 shares [1] - ST Yipin (603843) closed at 5.59, up 5.08% with a trading volume of 87,300 shares [1] - ST Lingnan (002717) closed at 1.71, up 4.91% with a trading volume of 1,675,400 shares [1] - Yuanlin Co., Ltd. (605303) closed at 69.61, up 4.79% with a trading volume of 186,200 shares [1] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 492 million yuan from institutional investors, while retail investors saw a net inflow of 594 million yuan [2][3] - The main stocks with significant net inflows from retail investors included Beixin Road and Bridge, Wenke Co., Ltd., and Sichuan Road and Bridge [3] - Beixin Road and Bridge had a net inflow of 109 million yuan from institutional investors, accounting for 37.96% of its trading volume [3]

Market Performance - Hang Seng Index (恒指) rose by 168 points or 0.7%, closing at 26,027 points[1] - Shanghai Composite Index (滬指) increased by 52 points or 1.4%, closing at 3,916 points[1] - Total market turnover in Hong Kong was 264.657 billion HKD[1] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted up by 43 points to 7.0930, reaching a one-year high[1] - The People's Bank of China conducted a 1,595 billion RMB reverse repo operation with a rate of 1.4%, maintaining the previous level[1] A-Share Market Highlights - Shenzhen Component Index (深證成指) rose by 264 points or 2.1%, closing at 13,077 points with a turnover of 1.04 trillion RMB[1] - ChiNext Index (創業板指) increased by 90 points or 3%, closing at 3,083 points with a turnover of 475.6 billion RMB[1] Corporate Earnings - China Railway (中國中鐵) reported new contracts worth 476.23 billion RMB in Q3, with a cumulative total of 1.58 trillion RMB for the first three quarters, up 3.7% year-on-year[2] - China Telecom (中國電信) reported Q3 revenue of 394.3 billion RMB, a slight increase of 0.6% year-on-year, with net profit growing by 5% to 30.773 billion RMB[3] Growth in Specific Sectors - Pop Mart (泡泡瑪特) reported a revenue growth of 245%-250% year-on-year for Q3, with overseas revenue increasing by 365%-370%[3]

Core Insights - China Railway Group (601390) announced a new contract value of 476.23 billion yuan for the period of July to September 2025 [1] - The total new contract value for the year reached 1,584.92 billion yuan, representing a year-on-year increase of 3.7% [1] Company Summary - The new contracts signed in the third quarter of 2025 amounted to 476.23 billion yuan [1] - The cumulative new contracts for the current year have increased to 1,584.92 billion yuan, showing a growth of 3.7% compared to the previous year [1]

Core Viewpoint - China Railway (00390) announced a new contract value of 476.23 billion yuan for the period from July to September 2025, with a cumulative new contract value of 1,584.92 billion yuan for the year, representing a year-on-year increase of 3.7% [1] Summary by Category - **New Contracts** - New contract value for July to September 2025 is 476.23 billion yuan [1] - Cumulative new contract value for the year is 1,584.92 billion yuan [1] - Year-on-year increase in cumulative new contracts is 3.7% [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國中鐵股份有限公司 呈交日期： 2025年10月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | A 股份類別 | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | | | ...

格隆汇10月22日丨中国中铁(00390.HK)发布公告，中国中铁2025年第三季度新签合同额达4762.3亿元(人 民币，下同)；前三季度累计新签合同总额为15849.2亿元，同比增长3.7%。其中，前三季度境内新签合 同额14182.8亿元，同比增长1.0%；境外新签合同额1666.4亿元，同比增长35.2%。 ...