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。 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9月8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（第五期）（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8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。 证券代码：601390.SH/0390.HK 证券简称：中国中铁 债券代码：115979.SH 债券简称：铁工KY10 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(第五期)(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 ...

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8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（第五期）（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 2025年9月8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。 证券代码：601390.SH/0390.HK 证券简称：中国中铁 债券代码：115978.SH 债券简称：铁工KY09 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(第五期)(品种一)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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company experienced a slight decline in revenue and net profit in the first half of the year, with total revenue of 511.09 billion yuan, down 5.93% year-on-year, and a net profit attributable to shareholders of 11.83 billion yuan, down 17.17% year-on-year [2][6] - Despite the overall decline, the company achieved stable growth in overseas contracts, with new contracts signed amounting to 1,108.69 billion yuan, a year-on-year increase of 2.8%, and overseas business contracts reaching 124.87 billion yuan, up 51.6% year-on-year [12] - The company is focusing on improving operational quality and is optimistic about the revaluation of its mineral resources, having established five modern mines that are operating well [12] Summary by Sections Financial Performance - The company reported a total revenue of 511.09 billion yuan, a decrease of 5.93% year-on-year, primarily due to a decline in infrastructure construction, which accounted for 436.25 billion yuan, down 7.78% [12] - The gross profit margin slightly decreased to 8.73%, with the infrastructure construction margin at 7.37%, down 0.53 percentage points [12] - The net profit margin decreased to 2.31%, down 0.31 percentage points year-on-year, with a non-recurring net profit margin of 2.01%, down 0.40 percentage points [12] Operational Highlights - The cash collection ratio improved to 88.47%, up 0.36 percentage points year-on-year, although the net cash outflow from operating activities was 79.63 billion yuan, an increase of 10.30 billion yuan year-on-year [12] - The company has a total of 5 modern mines in operation, producing various metals including copper, cobalt, molybdenum, lead, zinc, and silver, with stable production levels [12] Market Position - The company’s overseas revenue showed resilience, with a year-on-year growth of 8.34% in foreign markets, contrasting with a 6.83% decline in domestic revenue [12] - The company is well-positioned to capitalize on the growing demand for mineral resources and is actively expanding its international footprint [12]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - Recent focus on "anti-involution" has increased, with a clear policy direction from the central government to address "involution-style" competition. A joint initiative was launched by 33 construction-related state-owned and private enterprises to resist such competition [2][13] - The report emphasizes investment opportunities in the construction sector, particularly in the context of rising infrastructure demand in central and western regions, and the potential benefits from the "anti-involution" trend [2][31] Summary by Sections 1. Anti-Involution Investment Opportunities - Four angles to capture investment opportunities: 1) Price elasticity: Focus on resource-related sectors benefiting from rising commodity prices, such as "construction + minerals" and "construction + chemicals" [2][14] 2) Downstream profit improvement and capital expenditure: The steel industry is seeing enhanced self-discipline, leading to improved supply conditions. Notable companies include China Steel International and China National Materials [2][14] 3) Financial statement improvement and transformation: Companies with stronger technological attributes are expected to benefit from structural demand in technology-driven infrastructure [15] 4) New energy materials and engineering: The photovoltaic sector is highlighted as a key area for investment [2][15] 2. Market Review - The construction index fell by 1.13% this week, underperforming the CSI 300 index by 0.76 percentage points. Notable gainers included companies like Jiangsu Transportation and Hongrun Construction [4][25] 3. Investment Recommendations - Focus on infrastructure recovery and anti-involution investment themes. Key recommendations include: - High-quality local state-owned enterprises such as Sichuan Road and Bridge, and Zhejiang Communications [31][32] - Central state-owned enterprises like China Communications Construction and China Railway Construction [31][32] - Emphasis on regions with high infrastructure demand, particularly in water conservancy, railways, and aviation [31][32]

Investment Rating - The report maintains a "Buy" rating for both China Metallurgical Group (中国中冶) and China Railway Group (中国中铁) [5][12]. Core Insights - China Metallurgical Group has significant copper reserves, with a valuation potential of 707 billion H shares, indicating a 62% upside [16][27]. - China Railway Group benefits from rising molybdenum prices, with a valuation potential of 1,471 billion H shares, indicating a 71% upside [30][31]. Summary by Sections China Metallurgical Group - The company has three operating mines and two mines awaiting development, with copper resources totaling 1,484 thousand tons [16][23]. - In the first half of 2025, the operating mines generated a profit of 5.5 billion yuan, a 29% increase year-on-year, contributing 18% to the company's net profit [16][18]. - The potential profit from the two awaiting mines is estimated at approximately 33 billion yuan, significantly enhancing the resource segment's contribution [23][29]. - The estimated total value of the company is 876 billion yuan, with a 23% upside compared to its current market value [23][27]. China Railway Group - The company operates five modern mines with significant copper and molybdenum reserves, leading to a 27% year-on-year increase in net profit from its resource segment [30][31]. - In the first half of 2025, the company reported a net profit of 258 billion yuan, with a projected decline of 7.4% year-on-year [30][31]. - The estimated total value of the company is 1,872 billion yuan, with a 36% upside compared to its current market value [30][31]. - The company has seen a significant increase in new orders, with a 20% year-on-year growth in Q2 2025, indicating a recovery in its construction segment [33][34]. Profit Forecast and Valuation - For China Metallurgical Group, the projected net profits for 2025-2027 are 61, 65, and 70 billion yuan, respectively [29]. - For China Railway Group, the projected net profits for 2025-2027 are 258, 253, and 255 billion yuan, respectively [30][31]. - Both companies are currently trading at low price-to-earnings (PE) ratios, indicating potential for valuation recovery [29][31].

人民财讯9月4日电，企查查APP显示，近日，安徽池铁开发投资有限公司成立，注册资本1亿元，经营 范围包含：以自有资金从事投资活动；自有资金投资的资产管理服务；工程管理服务等。企查查股权穿 透显示，该公司由中国中铁（601390）全资子公司中铁三局集团有限公司等共同持股。 ...

Market Overview - The A-share market experienced an overall decline on September 3, with the Shanghai Composite Index closing at 3813.56 points, down 1.16%, the Shenzhen Component Index at 12472 points, down 0.65%, and the ChiNext Index at 2899.37 points, up 0.95% [1] - The total trading volume in the A-share market was 23961.02 billion yuan, a decrease of 5166.64 billion yuan compared to the previous trading day [1] Capital Flow - The main capital in the A-share market saw a net outflow of 479.12 billion yuan, with an opening net outflow of 51.09 billion yuan and a closing net outflow of 97.71 billion yuan [2] - The CSI 300 index had a net outflow of 57.65 billion yuan, while the ChiNext saw a net outflow of 203.51 billion yuan and the STAR Market had a net outflow of 28.31 billion yuan [4] Sector Performance - In the primary industry sectors, only two sectors saw net capital inflows, with the power equipment sector leading at 70.39 billion yuan [6] - The computer sector experienced the largest net outflow at 172.12 billion yuan, followed by non-bank financials at 158.23 billion yuan and defense industry at 125.99 billion yuan [7] Individual Stock Activity - Rock Mountain Technology had the highest net inflow of main capital at 30.18 billion yuan [8] - Institutions showed interest in several stocks, with notable net purchases in Chenxin Pharmaceutical and significant net sales in Julun Intelligent [10] Institutional Focus - Recent institutional ratings and target prices indicate potential upside for several stocks, including Jinwei Industrial with a target price of 28.40 yuan, representing a 26.05% upside from the latest closing price [13]

Summary of Key Points Core Viewpoint - A total of 271 stocks received buy ratings from institutions today, with notable upgrades for SAIC Motor and InnoCare Pharma, and 28 stocks receiving initial attention from institutions [1]. Institutional Ratings - 311 buy rating records were published today, covering 271 stocks, with XCMG and BYD being the most frequently rated, each receiving three buy ratings [1]. - Among the stocks rated, 48 records provided future target prices, with 30 stocks showing an upside potential exceeding 20%. China Communications Construction Company had the highest upside potential at 49.55%, with a target price of 13.31 yuan [1]. - Two stocks, SAIC Motor and InnoCare Pharma, had their ratings upgraded today [1]. Market Performance - Stocks with buy ratings averaged a decline of 0.82% today, outperforming the Shanghai Composite Index. 71 stocks saw price increases, with Weilon Co. hitting the daily limit [2]. - The top gainers included DaoTech, Giant Network, and Jingxin Pharmaceutical, with increases of 9.74%, 9.54%, and 6.45% respectively. Conversely, the largest declines were seen in Hangfa Technology, Youyou Foods, and Yokogawa Precision, with drops of 9.96%, 9.77%, and 8.14% respectively [2]. Industry Focus - The electronics sector was the most favored, with 28 stocks, including Crystal Optoelectronics and Micro Company, listed among the buy-rated stocks. The pharmaceutical and electric equipment sectors also attracted attention, with 24 and 23 stocks respectively [2].

Core Viewpoint - China Railway's net profit attributable to shareholders and net profit after deducting non-recurring gains and losses for the first half of the year were 11.827 billion and 10.268 billion yuan, respectively, representing a year-on-year decline of 17.17% and 21.59% [1] Financial Performance - Q2 net profit attributable to shareholders and net profit after deducting non-recurring gains and losses were 5.801 billion and 4.715 billion yuan, respectively, with year-on-year declines of 14.65% and 20.45% [1] - The decline in performance is primarily due to a decrease in gross profit margin and an increase in credit impairment losses [1] Revenue Breakdown - Domestic and overseas business revenues were 475.531 billion and 36.971 billion yuan, showing year-on-year changes of -6.83% and +8.34%, respectively [1] Contract Growth - New contract amounts in overseas railway, construction, municipal, design consulting, and equipment manufacturing sectors continued to grow [1] - Key projects won include the Tambor Railway, the China-Kyrgyzstan-Uzbekistan Railway, and the Senegal Kedougou Lithium Mine [1] Market Position - The company maintains a leading position in infrastructure construction, including railways, highways, and urban transit systems [1] - Continuous expansion in overseas markets and emerging businesses supports future profitability [1]

Group 1 - The establishment of Yucheng No.1 (Wenzhou) Equity Investment Center (Limited Partnership) with a capital contribution of 1.24 billion yuan [1] - The business scope includes private equity fund activities such as equity investment, investment management, and asset management, as well as venture capital [1] - The company is jointly held by Beijing Zixin Tong Machinery Leasing Co., Ltd. and China Railway's wholly-owned subsidiary, China Railway Capital Co., Ltd. [1]