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12月30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 | | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | ...

Group 1 - China Railway (00390) announced a share repurchase plan, intending to spend 39.9996 million yuan to buy back 7.3646 million A-shares on December 24, 2025 [2][5]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the construction industry, indicating an expected return that will outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The 2026 fiscal policy is set to remain proactive, with a focus on increasing fiscal spending and optimizing government bond tools to enhance local financial capabilities. This is expected to support economic growth and improve the construction industry's operational conditions [18][11]. - Infrastructure investment has shown signs of recovery, with November data indicating a month-on-month improvement. The construction sector is anticipated to stabilize as policies aimed at debt reduction and "anti-involution" continue to be implemented [2][11]. - The demand for cleanroom construction is expected to rise due to increased capital expenditures in the semiconductor and cloud service sectors, driven by rapid advancements in AI technology [3][15]. Summary by Sections Industry Dynamics - The national fiscal work conference highlighted the achievements of 2025 and outlined the key tasks for 2026, emphasizing a more active fiscal policy to stimulate consumption and manage risks in key areas [18]. - The construction industry is expected to benefit from a combination of improved fiscal policies and a recovering investment environment, leading to marginal improvements in operational performance [2][11]. Market Performance - The construction industry saw a weekly increase of 2.26%, outperforming the CSI 300 index, with the decoration and renovation sector showing the highest growth at 11.37% [20][21]. - The overall industry valuation metrics indicate a TTM P/E ratio of 12.47 and a P/B ratio of 0.83, with several companies showing low valuations, suggesting potential investment opportunities [24][28]. Key Companies to Watch - Recommended companies include low-valuation state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved cash flow and profitability [11][13]. - Cleanroom engineering leaders like Yaxin Integration and Shenghui Integration are highlighted for their potential growth due to increasing demand in the semiconductor sector [3][15].

Core Viewpoint - China Railway Group (00390.HK) announced a share buyback plan, intending to repurchase 7.3646 million A-shares for a total expenditure of 39.9996 million yuan by December 24, 2025 [1] Group 1 - The company plans to spend 39.9996 million yuan on the buyback [1] - The total number of A-shares to be repurchased is 7.3646 million [1] - The buyback is scheduled to be completed by December 24, 2025 [1]

Group 1 - The company China Railway (00390) announced a share buyback plan, intending to repurchase 7.3646 million A-shares at a total cost of 39.9996 million yuan [1]

Group 1 - The company China Railway (601390) announced a share buyback plan, intending to repurchase 7.3646 million A-shares at a total cost of 39.9996 million yuan [1]

FF305 | 1). | 回購但尚未注銷的股份 | | 3,507,500 | 0.017 % | RMB | 5.7 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年10月21日 | | | | | | 2). | 回購但尚未注銷的股份 | | 3,491,100 | 0.017 % | RMB | 5.73 | | | 變動日期 | 2025年10月23日 | | | | | | 3). | 回購但尚未注銷的股份 | | 3,502,900 | 0.017 % | RMB | 5.709 | | | 變動日期 | 2025年11月12日 | | | | | | 4). | 回購但尚未注銷的股份 | | 7,364,600 | 0.036 % | RMB | 5.43 | | | 變動日期 | 2025年12月24日 | | | | | 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 ...

Core Viewpoint - The completion and opening of the Yangxin Expressway, constructed and operated by China Railway, marks a significant development in connecting the western Guangdong region with the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing regional coordination and economic growth [1]. Group 1: Project Overview - The Yangxin Expressway spans approximately 141.9 kilometers, featuring a dual six-lane design with a maximum speed of 120 km/h, linking Yangchun City in Guangdong to the border with Guangxi [1]. - The project includes 28.487 kilometers of the main line constructed by China Railway Guangzhou Engineering Group, comprising 47 roadbed sections, 41 bridges, 5 tunnels, 3 interchanges, and 1 service area, with a bridge-tunnel ratio of 64% [1]. Group 2: Construction Challenges and Innovations - The construction faced significant challenges due to the need to traverse ecologically sensitive areas, including the Feisai Ridge Nature Reserve and the Gaozhou Reservoir water source protection area, necessitating high environmental protection standards [1]. - Advanced techniques such as the "Three Color Management Method" and the "Eternal Combination" construction model were employed to balance engineering progress with ecological preservation, successfully protecting over 200 acres of farmland and upgrading 16.7 kilometers of rural roads [1]. Group 3: Key Engineering Achievements - The longest tunnel, Fei'an Tunnel, measures 3,220 meters and overcame complex geological conditions, achieving double-line completion 82 days ahead of schedule after 19 months of construction [3]. - The Baotangling Tunnel, the most challenging segment, spans 2,782 meters with a maximum depth of 233 meters, utilizing advanced geological forecasting and drilling techniques to improve monthly excavation rates from under 10 meters to 50 meters, completing ahead of schedule [5]. Group 4: Strategic Importance - The Yangxin Expressway is a crucial part of Guangdong's highway network, enhancing connectivity between the Beibu Gulf Economic Zone and the Guangdong-Hong Kong-Macao Greater Bay Area, thereby promoting economic and social development in the surrounding cities [1]. - The expressway's opening is expected to significantly contribute to rural revitalization, regional coordinated development, and the construction of a strong transportation network in China [1].

Core Viewpoint - The infrastructure sector experienced a slight increase of 0.13% on December 26, with *ST Zhengping leading the gains. The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1]. Group 1: Stock Performance - *ST Zhengping (603843) closed at 4.97, with a rise of 5.07% and a trading volume of 379,200 shares, amounting to a transaction value of 188 million yuan [1]. - *ST Huawang (603007) closed at 5.30, increasing by 4.95% with a trading volume of 222,500 shares, totaling 118 million yuan [1]. - China Nuclear Engineering (601611) closed at 13.69, up 3.79% with a trading volume of 1,498,900 shares, resulting in a transaction value of 201.5 million yuan [1]. - Chengbang Co. (603316) closed at 14.88, rising by 3.77% with a trading volume of 129,200 shares, amounting to 192 million yuan [1]. - *ST Jiaotou (002200) closed at 7.67, increasing by 2.13% with a trading volume of 14,800 shares, totaling 11.23 million yuan [1]. Group 2: Capital Flow - The infrastructure sector saw a net outflow of 269 million yuan from institutional investors, while retail investors contributed a net inflow of 248 million yuan [2]. - Major stocks like China Nuclear Engineering had a net inflow of 155.5 million yuan from institutional investors, while it faced a net outflow of 156.5 million yuan from speculative funds [3]. - Huylv Ecology (001267) experienced a net inflow of 56.19 million yuan from institutional investors, but a significant net outflow of 70.20 million yuan from retail investors [3].

Group 1 - The Ministry of Housing and Urban-Rural Development reported that from January to November 2025, 25,800 urban old community renovation projects were initiated, exceeding the annual target of 25,000 by 800 projects, achieving a completion rate of 103% [1] - The ministry emphasized the "Four Goods" construction (good houses, good communities, good neighborhoods, good urban areas) during the national urban renewal promotion meeting in November 2025, linking urban renewal with stabilizing the real estate market and addressing safety hazards to release housing demand [1] - Local governments, including Guangdong, Shanghai, and Chongqing, are actively responding with detailed policies to support urban renewal initiatives [1] Group 2 - The Ministry of Finance has pre-allocated 56.6 billion yuan for urban affordable housing projects for 2026 and encouraged local special bonds for urban renewal [2] - The National Development and Reform Commission included urban renewal facilities in the REITs issuance scope, expanding long-term financing channels by adding asset types such as commercial offices, hotels, and sports venues [2] - Central economic work meetings may promote special bonds and ultra-long-term special treasury bonds to support urban renewal, with potential policy financial tools reaching a leverage ratio of 14 times in 2026 [2] Group 3 - The focus on "high-quality urban renewal" is a key aspect of the 14th Five-Year Plan, with a shift in policy from "large-scale implementation" to "high-quality advancement," emphasizing localized and sustainable operations [3] - Investment in underground pipelines related to urban renewal is expected to exceed 5 trillion yuan by 2026, driving demand in construction and renovation sectors [3] - The current urban renewal landscape is characterized by increased policy support, diversified funding, and leading participation from major state-owned construction enterprises, with a completion rate of approximately 86.8% for 2025 and an acceleration expected in 2026 [3]