Group 1 - The company China Railway (601390) announced the issuance of a new series of corporate bonds aimed at professional investors, specifically the sixth phase of its technology innovation perpetual bonds [1] - The total issuance amount for this bond series is 1.5 billion RMB, with a coupon rate of 3.15% for the interest payment period from September 26, 2024, to September 25, 2025 [1] - Each bond has a face value of 1,000 RMB, resulting in an interest payment of 31.50 RMB per bond (including tax) [1]

Group 1 - China Railway Group Limited (00390.HK) announced the issuance of the sixth phase of technology innovation perpetual corporate bonds, referred to as "Iron Worker YK11" [1] - The bonds will start paying interest on September 26, 2025, for the period from September 26, 2024, to September 25, 2025 [1] - The coupon rate for this bond issue is set at 3.15%, with a face value of 1,000 yuan per bond, resulting in an interest payment of 31.50 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2025年9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2023年面向專業投資者公開發行科技創新可續期公司債券（第六期）（品種 二）2025年付息公告」，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 2025年9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。 债券代码：240036.SH 债券简称：铁工 YK12 中国中铁股份有限公司 2023 年面向专业投资者公开发行科技创 新可续期公司债券(第六期)（品种二）2025 年付息公告 本公司全体董事或具有同等职责的人员保证本公告内容不 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 ...

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2025年9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2023年面向專業投資者公開發行科技創新可續期公司債券（第六期）（品種 一）2025年付息公告」，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 重要内容提示： 中国中铁股份有限公司 2023 年面向专业投资者公开发行科 技创新可续期公司债券(第六期（) 品种一）（以下简称"本期债券"）， 将于 2025 年 9 月 26 日开始支付自 2024 年 9 月 26 日至 2025 年 9 月 25 日期间的利息。为保证本次付息工作的顺利进行，现将 有关事宜公告如下： 一、本期债券的基本情况 1、债券名称：中国中铁股份有限公司 2023 年面向专业投资 者公开发行科技创新可续期公司债券(第六期)（品种一） 2、债券简称：铁工 ...

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2025年9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2024年面向專業投資者公開發行科技創新公司債券（第四期）（品種一）2025 年付息公告」，僅供參閱。 重要内容提示： 中国中铁股份有限公司（以下简称"公司"或"发行人"）于 2024 年 9 月 26 日 发行了中国中铁股份有限公司 2024 年面向专业投资者公开发行科技创新公司债 券(第四期)(品种一)（以下简称"本期债券"），并将于 2025 年 9 月 26 日开始支 付自 2024 年 9 月 26 日至 2025 年 9 月 25 日期间的利息。为保证付息工作的顺 利进行，现将有关事项公告如下： 承董事會命 中國中鐵股份有限公司 陳文健 董事長 2025年9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 ...

Core Points - The Chengdu Metro Line 10 Phase III officially commenced initial operations on September 17, connecting key landmarks and providing a rapid transit link to Shuangliu Airport [2] - The project, spanning 5.87 kilometers, showcases advanced construction techniques and technologies, including BIM modeling and automated monitoring to control subsidence within 0.5 millimeters [2] - The line features A-type trains capable of speeds up to 100 kilometers per hour, enhancing efficiency with direct luggage escalators and fast security checks at stations [2] Construction Achievements - The engineering team overcame multiple technical challenges during construction, such as developing in-situ suspension technology for a 220KV high-voltage power tunnel, ensuring stability for pipelines weighing 7.5 tons per meter [2] - The project achieved a monthly excavation rate of 290 meters through optimized shield tunneling parameters, ensuring safe and efficient construction in complex geological conditions [2] Economic Impact - The Chengdu Metro Line 10 Phase III is expected to alleviate traffic pressure in tourist areas and commercial districts, stimulating the development of the cultural and tourism economy [2] - The project is part of a broader initiative to integrate into the Chengdu-Chongqing economic circle, contributing to high-quality economic and social development [2]

股份代號：390 ( 於中華人民共和國註冊成立的股份有限公司 ) 2025 中期報 告 http://www.crec.cn 中國北京市海淀區復興路 69 號 中國中鐵廣場 A 座 郵編：100039 CHINA RAILWAY 2025 中期報告中國中鐵股份有限公司 目錄 | | | 3 公司簡介 4 財務摘要 6 股份變動及股東情況 12 董事、監事及高級管理人員 14 管理層討論與分析 31 重要事項 54 詞彙及技術術語表 55 公司信息 57 簡明綜合財務報表的審閱報告 58 簡明綜合財務報表 中報速覽 0 3,000 6,000 9,000 12,000 15,000 新簽訂單 同比增長 2.8% 億元 11,086.9 12,737.5 10,785.0 2023H1 2024H1 2025H1 2023H1 2024H1 2025H1 同比減少 5.9% 收入 億元 2023H1 2024H1 2025H1 0 2,000 4,000 6,000 8,000 5,125.0 5,907.7 5,445.2 0 2 4 6 8 10 同比減少 0.3 個百分點 8.3 8.6 8.6 毛利率 % ...

Core Insights - The "2025 China Top 500 Enterprises" list was officially released by the China Enterprise Confederation and the China Enterprise Directors Association, marking the 24th consecutive year of publication [2][4] - The top ten companies include State Grid, China National Petroleum, Sinopec, China State Construction, and JD Group, which ranks tenth with a revenue of 115.88 billion yuan [4][5] Group 1: Rankings and Revenue - The top ten companies by revenue are: 1. State Grid Corporation: 394.59 billion yuan 2. China National Petroleum Corporation: 296.90 billion yuan 3. Sinopec: 293.20 billion yuan 4. China State Construction: 218.71 billion yuan 5. Industrial and Commercial Bank of China: 162.91 billion yuan 6. Agricultural Bank of China: 141.99 billion yuan 7. China Construction Bank: 141.48 billion yuan 8. Bank of China: 126.47 billion yuan 9. China Railway Engineering Group: 116.08 billion yuan 10. JD Group: 115.88 billion yuan [5][6] Group 2: Economic Performance - The total revenue of the "2025 China Top 500 Enterprises" reached 110.15 trillion yuan, showing an increase from the previous year [6] - The threshold for entry into the list has risen for 23 consecutive years, now standing at 47.96 billion yuan, an increase of 579 million yuan [6] Group 3: Innovation and R&D - The top 500 companies invested a total of 1.73 trillion yuan in R&D, with a research intensity reaching a new high of 1.95%, marking an increase for eight consecutive years [6][8] - The total number of valid patents held by these companies is 2.24 million, an increase of 214,000 patents or 10.54% from the previous year [6] Group 4: Future Directions - Companies are encouraged to play a leading role in innovation-driven development by increasing investment in fundamental research and key technologies [8] - There is a focus on nurturing new productive forces by investing in strategic emerging industries such as artificial intelligence and green energy [8] - Companies should also lead industrial transformation and upgrade by enhancing digital capabilities across the supply chain [9] - Ensuring the safety and stability of supply chains is emphasized as a critical requirement for building a modern industrial system [9]

Group 1 - The National Day and Mid-Autumn Festival holiday will be combined for 8 days from October 1 to October 8, leading to a significant increase in travel demand [1] - The peak period for train ticket sales is currently ongoing, with tips provided for successful ticket purchases [1] Group 2 - Pre-filling information in the railway 12306 App can enhance the success rate of ticket purchases by allowing users to select passengers, preferred trains, and seat types in advance [2] - The "waiting list" feature in the railway 12306 App allows users to submit up to 6 waiting orders and select multiple travel dates, increasing the chances of securing tickets [3] - Starting from October 1, the national railway passenger service will fully implement electronic invoices, eliminating the provision of paper reimbursement vouchers [3]

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]