Core Viewpoint - China Railway announced a new contract signing amount of 1,165.98 billion yuan in Q4 2025, with a cumulative total of 2,750.90 billion yuan for the year, representing a year-on-year growth of 1.3% [1] Business Segments - In terms of business segments, the cumulative new contract signing amount for engineering construction reached 1,850.54 billion yuan, accounting for the largest share [1] - Asset management and emerging businesses saw significant year-on-year growth of 15.8% and 11.0%, respectively [1] - The financial and trade sector experienced the largest decline, with a year-on-year decrease of 16.1% [1] Regional Performance - The domestic new contract signing amount was 2,493.53 billion yuan, showing a slight year-on-year decline of 0.03% [1] - The overseas new contract signing amount was 257.37 billion yuan, reflecting a year-on-year increase of 16.5% [1] Real Estate Sector - In the real estate sector, the cumulative signing amount for the year was 42.71 billion yuan, which represents a year-on-year decrease of 1.7% [1]

Market Overview - The infrastructure sector experienced a slight decline of 0.04% on January 19, with Guosheng Technology leading the drop [1] - The Shanghai Composite Index closed at 4114.0, up by 0.29%, while the Shenzhen Component Index closed at 14294.05, up by 0.09% [1] Top Performers in Infrastructure Sector - Chengdu Road and Bridge (002628) saw a significant increase of 10.02%, closing at 4.50 with a trading volume of 585,800 shares and a transaction value of 254 million [1] - Hongrun Construction (002062) rose by 7.32%, closing at 9.68 with a trading volume of 728,100 shares and a transaction value of 694 million [1] - Guanzhong Ecology (300948) increased by 5.92%, closing at 25.95 with a trading volume of 126,400 shares and a transaction value of 319 million [1] Underperformers in Infrastructure Sector - Guosheng Technology (603778) led the decline with a drop of 10.02%, closing at 20.21 with a trading volume of 58,300 shares and a transaction value of 118 million [2] - Wenkai Co., Ltd. (002775) fell by 8.09%, closing at 4.43 with a trading volume of 980,600 shares and a transaction value of 430 million [2] - Huylv Ecology (001267) decreased by 6.21%, closing at 24.15 with a trading volume of 587,000 shares and a transaction value of 1.443 billion [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 832 million from institutional investors, while retail investors saw a net inflow of 665 million [2] - The top three stocks with significant net inflows from retail investors include Chengdu Road and Bridge (002628) with a net inflow of 37.06 million, Hongrun Construction (002062) with a net inflow of 26.66 million, and ST Lingnan (002717) with a net inflow of 16.44 million [3]

Core Viewpoint - China Railway Group Limited (00390) announced the public issuance of its 2016 corporate bonds (Phase 1), which will be redeemed and delisted on January 28, 2026 [1] Group 1 - The bond is referred to as "16铁工02" [1] - The coupon rate for this bond is set at 3.80% [1] - The principal amount for each bond is 1,000 yuan, with an interest payment of 38 yuan (including tax) [1]

Group 1 - The core announcement is regarding China Railway Group Limited's public issuance of bonds, specifically the 2016 company bonds (first phase, type two), which will be redeemed and delisted on January 28, 2026 [1] - The bond is referred to as "16铁工02" and has a coupon rate of 3.80% [1] - Each bond unit has a principal repayment amount of 1,000 yuan, with an interest distribution of 38 yuan (including tax) [1]

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。 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。 茲載列中國中鐵股份有限公司於2026年1月19日在上海證券交易所網站刊登的「中國中鐵 股份有限公司公開發行2016年公司債券（第一期）（品種二）2026年本息䫕付及摘牌公告」， 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 2026年1月19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及房小兵先生；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。 2、债券简称：16 铁工 02 3、本年度计息期限：2025 年 1 月 28 日至 2026 年 1 月 27 日。 4、票面利率及兑付金额：本期债券票面利率（计息年利率）为 3.80%，每手本期债券兑付本金为 1000.00 元，派发利息为 38.00 元（含税）。 5、债权登记日：2026 年 1 ...

Investment Rating - The report rates the industry as "Buy" [6] Core Insights - TSMC expects capital expenditure to reach USD 52-56 billion in 2026, an increase of 27%-37% from 2025 [2][3] - Longxin Technology plans to raise CNY 29.5 billion for technology upgrades in memory chip manufacturing [3] - China State Grid anticipates fixed asset investment of CNY 4 trillion during the 14th Five-Year Plan, a 40% increase from the previous plan [4] Summary by Sections Semiconductor Industry - TSMC's revenue for Q4 2025 is expected to grow by 20.5% year-on-year, with a net profit increase of approximately 35% [3] - The cleanroom sector is expected to benefit from increased capital expenditures in semiconductor manufacturing, with companies like Yaxin Integration showing significant revenue growth [3] Power and Infrastructure - China State Grid's investment plan aims to enhance system regulation capabilities and support large-scale development of new energy storage [4] - China Power Construction and China Energy Engineering are leading firms in power construction, with significant market shares in hydropower and energy storage [4] Cleanroom and Emerging Technologies - Yaxin Integration reported a 165.2% year-on-year increase in revenue for December, indicating strong demand in the cleanroom sector [3] - The report recommends companies involved in cleanroom technology, commercial aerospace, and controlled nuclear fusion as potential investment opportunities [8] Recommended Companies - The report highlights several companies for investment, including Yaxin Integration, China State Grid, and China Power Construction, based on their strong market positions and growth potential [8][9]

本文转自【央视新闻微博】； 2026年春运自2月2日开始，到3月13日结束，共计40天。明天（19日）起，可购买春运首日火车票。今年，铁 路部门全面升级适老化服务，全程守护银发旅客出行。 打开铁路12306App，可一键切换至"敬老版"，放大的字体、清晰的图标和简化的流程，让银发旅客购票操作更 清晰。 60周岁以上的铁路常旅客会员享受3倍积分，积分可兑换车票，且60岁以上旅客在购买卧铺时优先配售下铺。 对于65岁以上单独出行的行动不便老人，还能申请无陪伴年长旅客服务。 你计划哪天回家？ ...

Core Viewpoint - The China Railway 12306 platform has introduced a limited-time free ticket refund service for passengers who mistakenly purchase tickets, enhancing the overall ticket purchasing experience [1][4] Group 1: Refund Policy Details - Passengers can self-process refunds online for tickets purchased for travel dates on or after February 2, provided the purchase is made through the 12306 platform and the refund request is initiated within 30 minutes of payment and more than 4 hours before departure [1][4] - Refunds will be processed without any fees, with electronic payment refunds returned to the original payment method and points refunded back to the original account without changing their validity period [4] - Each passenger is limited to one free refund request per day, and this policy does not apply to ticket changes, reservations, or waiting list purchases [4] Group 2: Current Refund Policy Context - The railway department currently implements a tiered refund policy, where refunds processed within the specified free refund timeframe do not count against the free refund quota for mistaken purchases [4] - For offline ticket purchases, passengers must report any mistakes immediately at the ticket window to receive assistance in reissuing tickets [4]

Core Viewpoint - The successful rotation of the 2×100 meter prestressed concrete single T-beam for the Shanghai-Nanjing-Hefei high-speed railway marks a significant engineering achievement in the construction of the bridge over the Beijing-Shanghai high-speed railway [1][3]. Group 1: Engineering Achievement - The T-beam, weighing 17,000 tons, is the largest span single T-beam for high-speed rail in East China, measuring 201.5 meters in length and 12.6 meters in width [3][5]. - The rotation of the beam was facilitated by a ball hinge precision positioning traction system, which allowed for a 260-ton pull to rotate the beam [3][5]. Group 2: Construction Technology - An intelligent monitoring system was employed to monitor the rotation posture and stress changes in real-time, ensuring that the axial deviation during the rotation was controlled within millimeter levels [5]. - After the rotation, the base of the beam was locked, and concrete was poured to integrate it with the beam structure [3]. Group 3: Project Significance - The Shanghai-Nanjing-Hefei high-speed railway is a crucial part of the eastern segment of the Chengdu-Chongqing high-speed railway and an important component of China's "Eight Vertical and Eight Horizontal" high-speed railway network [5]. - Upon completion, the project will establish a new rapid transit corridor between the Shanghai metropolitan area, Nanjing metropolitan area, and Hefei metropolitan area [5].

Group 1 - The company will hold its first extraordinary general meeting of shareholders in 2026 on February 6 at 10:00 AM in Beijing [2][10] - The meeting will utilize a combination of on-site and online voting methods [2][3] - The online voting system will be provided by the Shanghai Stock Exchange, with voting available from 9:15 AM to 3:00 PM on the day of the meeting [3][5] Group 2 - Shareholders must register to attend the meeting by February 5, 2026, and can do so via mail, fax, or in person [12][13] - The company will provide a reminder service for small and medium investors to ensure they can participate in the meeting [7][8] - The meeting will not involve any special resolutions or related party transactions requiring abstention from voting [7]