Investment Rating - The industry investment rating is currently neutral, indicating that the industry is expected to perform in line with the overall market [22]. Core Insights - The fixed asset investment and manufacturing investment growth rates have continued to decline, with a cumulative year-on-year decrease of 0.5% for fixed asset investment from January to September 2025, and a 4.0% year-on-year increase in manufacturing investment, which is a decline of 1.1 percentage points compared to the previous month [3][4]. - Infrastructure investment is under pressure, with a year-on-year growth of 3.3% for total infrastructure investment and 1.1% for infrastructure investment excluding electricity, both showing a decline in growth rates compared to the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 13.9% from January to September 2025, and construction starts down by 18.9% [10]. Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is reported at 5.2%, with quarterly growth rates of 5.4%, 5.2%, and 4.8% respectively [3]. Infrastructure Investment - Infrastructure investment growth is under pressure, with specific sectors like transportation, water conservancy, and public utilities showing varying degrees of decline [4]. - Eastern regions experienced a year-on-year investment decline of 4.5%, while central and western regions saw a slight increase of 1.5% [4]. Real Estate Investment - Real estate investment has shown a significant decline, with expectations of a slow recovery due to challenges in supply and inventory replenishment [10]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain traction with the implementation of national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among others [14].

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The economic operation in the first three quarters of 2025 shows steady progress, with fixed asset investment and manufacturing investment growth continuing to decline. The GDP growth rates for Q1, Q2, and Q3 of 2025 are 5.4%, 5.2%, and 4.8% respectively, leading to a cumulative year-on-year fixed asset investment decrease of 0.5% [4][5] - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investment growth all facing challenges. The total infrastructure investment growth rate (including all categories) is 3.3%, down 2.1 percentage points from the previous month [5] - Real estate investment remains low, with a year-on-year decrease of 13.9% in the first nine months of 2025, indicating a weak recovery in investment [10] Summary by Sections Economic Overview - The GDP growth for the first three quarters of 2025 is 5.2%, with a decline in fixed asset investment and manufacturing investment growth rates [4][5] Infrastructure Investment - Total infrastructure investment growth is 3.3%, with specific sectors like transportation and public utilities showing negative growth [5] Real Estate Investment - Real estate investment has decreased by 13.9% year-on-year, with construction starts and completions showing slight improvements [10] Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility with national strategic layouts. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction [14]

本周（1013-1017）建筑指数下跌 1.06%，沪深 300 板块下跌 0.32%，建筑 板块跑输大盘 0.74pct。本周建筑转型、并购重组板块涨幅靠前。当前时点， 我们认为财政资金提前下达叠加新型政策性金融工具加速落地，四季度基 建稳增长值得期待，建议关注新疆、西藏等中西部基建景气向上，同时重 视反内卷主线和重点产业投资（水电站、煤化工、核电等）带来的产业链 相关机会，同时关注并购重组及中小市值建筑转型品种。 财政资金提前下达，5000 亿新型政策性金融工具的加速落地 行业报告 | 行业研究周报 建筑装饰 证券研究报告 基建受益增量资金和政策催化，重视低估值及高股息投资机会 核心观点 中国财政部预算司一级巡视员、政府债务研究和评估中心主任李大伟 17 日 在北京介绍，今年将继续提前下达 2026 年新增地方政府债务限额，保障重 点领域重大项目资金需求，巩固拓展经济回升向好势头。国家发展改革委 政策研究室副主任、新闻发言人李超 9 月 29 日在新闻发布会上表示，为贯 彻落实党中央、国务院决策部署，促进金融更好服务实体经济，推动扩大 有效投资，国家发展改革委会同有关方面积极推进新型政策性金融工具有 关工 ...

Core Viewpoint - China Railway (00390.HK) announced that it will hold a board meeting on October 30, 2025, to approve the quarterly performance for the nine months ending September 30, 2025, and to consider the distribution of an interim dividend [1] Summary by Categories - **Company Announcement** - The board meeting is scheduled for October 30, 2025 [1] - The meeting will focus on approving the quarterly results for the nine months ending September 30, 2025 [1] - The board will also consider the distribution of an interim dividend [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份內容 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。 董事會會議召開日期 中國中鐵股份有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二零二五年十月 三十日（星期四）舉行董事會會議，藉以（其中包括）批准宣佈本公司及其附屬公司截至二 零二五年九月三十日止九個月的季度業績及考慮派發中期股息。 承董事會命 中國中鐵股份有限公司 陳文健 董事長 中國•北京 2025年10月17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。 ...

Core Insights - The article discusses the current state and future prospects of the Chinese railway locomotive industry, highlighting significant production changes and market analysis [1]. Industry Overview - According to the National Bureau of Statistics, the production of railway locomotives in China reached 49 units in April 2025, representing a year-on-year increase of 172.2% [1]. - From January to April 2025, the cumulative production of railway locomotives was 143 units, showing a cumulative decline of 6.5% compared to the previous year [1]. Companies Mentioned - Listed companies in the railway locomotive sector include China CNR Corporation (601766), China Railway Group (601390), China Railway Construction Corporation (601186), Jinxi Axle (600495), Taiyuan Heavy Industry (600169), Times New Material (600458), Shenzhou High-speed Railway (000008), Kanni Electromechanical (603111), Huihong Technology (002296), and Jin Yi Industrial (601002) [1]. Reports and Research - The article references a report by Zhiyan Consulting titled "Analysis of the Current Market Situation and Future Prospects of the Chinese Railway Locomotive Industry from 2025 to 2031," which provides in-depth industry research and insights [1].

Core Insights - The meeting between China Railway and the Land Transport Authority of Singapore focused on deepening strategic cooperation and advancing key projects, with a consensus on enhancing digital and intelligent applications in transportation systems [1][3]. Group 1: Strategic Cooperation - China Railway expressed its willingness to leverage its full industry chain advantages to expand cooperation in urban rail transit construction, operation maintenance, innovative technology research, and high-end equipment applications [3]. - The Singapore Land Transport Authority acknowledged China Railway's comprehensive strength and professional solutions in infrastructure, expressing hope for deeper involvement in rail infrastructure construction and digital innovation [3]. Group 2: Technological Advancements - During the meeting, China Railway showcased its advanced technologies and system solutions in areas such as intelligent tunnel construction, metro rail engineering, and integrated maintenance of rail transportation systems [3]. - The Singapore delegation visited China Railway's exhibition of intelligent electrification equipment, observing various self-developed smart tools and models, which highlighted the company's achievements in intelligent construction and operations [5].

Sales Performance - In the first nine months of 2025, the total sales amount of the top 30 real estate companies in Beijing reached 257.34 billion yuan, with China Overseas Land & Investment, Yuexiu Property, and China Resources Land leading the sales at 31.08 billion yuan, 21.25 billion yuan, and 20.53 billion yuan respectively [10] - The total sales area for the top 30 companies was 4.796 million square meters, with China Overseas Land & Investment, China Resources Land, and Shoukai Co., Ltd. achieving sales areas of 430,000 square meters, 340,000 square meters, and 333,000 square meters respectively [10] Policy Changes - The annual adjustment policy for Beijing's housing provident fund has been implemented, maintaining a contribution rate between 5% and 12%, with the upper limit for monthly contributions adjusted to 35,811 yuan and the lower limit to 2,540 yuan [10] Market Activity - In September, Beijing recorded 3,556 new housing contracts, showing a month-on-month increase of 9.9% and a year-on-year increase of 13.4%. The second-hand housing market saw 15,829 contracts, with month-on-month and year-on-year increases of 24.8% and 18.7% respectively [10] - The top-selling project in September was the Zhongjian Yunhe Jiuyuan, which achieved a sales amount of 3.568 billion yuan and a sales area of 58,000 square meters, topping both the sales amount and area rankings [10] Land Market - In September, four residential land plots were successfully auctioned in Beijing, with the Chaoyang District Sun Palace plot sold at a premium rate of 39.18%. The plot attracted nine bidders and was ultimately won by China Construction Intelligence with a total price of 4.3145 billion yuan and a floor price of 85,331 yuan per square meter [11]

Investment Rating - The report rates the construction and decoration industry as "Overweight," indicating that the industry is expected to outperform the overall market [7]. Core Insights - The construction and decoration industry is experiencing a slowdown in investment, leading to pressure on corporate profits. Infrastructure investment remains a stabilizing factor despite the overall weak economic backdrop [2][3]. - The report highlights that fixed asset investment growth has slowed, with manufacturing and real estate under pressure. However, infrastructure investment has shown a year-on-year increase of 5.4% for the first eight months of 2025 [2]. - The report predicts that corporate profits for the first three quarters of 2025 will face certain pressures due to the focus on project quality and local government debt issues [2][3]. Summary by Relevant Sections Corporate Profit Growth Forecast - Companies with profit growth below -10%: China Railway, China Metallurgical Group, China Communications Construction, Anhui Construction, Shanghai Construction, Honglu Steel Structure, Southeast Network Frame [3]. - Companies with profit growth between -10% and 0%: China Railway Construction, China Electric Power Construction, China Steel International, Tunnel Corporation [3]. - Companies with profit growth between 0% and 10%: China Energy Engineering, China Chemical Engineering, Sichuan Road and Bridge [3]. - Companies with profit growth between 10% and 20%: Donghua Technology [3]. - Companies with profit growth above 20%: Jianfa Heceng, Zhite New Materials, Shenzhen Ruijie [3]. Valuation of Key Companies - The report provides a valuation table for key companies in the construction industry, indicating their earnings per share (EPS), price-to-earnings (PE) ratios, and projected net profit growth for 2024 to 2026 [3]. - For example, China Railway has a PE ratio of 5.2 for 2025E, with a projected net profit of 26.88 billion yuan and a profit growth forecast of -4% [3]. Investment Recommendations - The report recommends low-valuation central enterprises such as China Chemical Engineering, China Railway, and China Railway Construction, while also suggesting attention to China Electric Power Construction and China Energy Engineering [2]. - It highlights that the construction sector could achieve excess returns if optimistic expectations for core drivers materialize, as current valuations (PE of 12.4X and PB of 0.82X) do not fully reflect the potential [2].

Investment Rating - The report gives an "Overweight" rating for the construction and decoration industry, indicating a positive outlook compared to the overall market performance [2][9]. Core Insights - The construction industry is experiencing a slowdown in investment, leading to pressure on corporate profits. Despite this, infrastructure investment remains stable, acting as a stabilizing force in the overall economy [3][4]. - The report highlights that companies with a net profit growth rate below -10% include China Railway, China Metallurgical Group, and others, while those with growth rates above 20% include Jianfa Hecheng and Zhi Te New Materials [3][4]. - The report suggests that weak investment could lead to a valuation recovery for central state-owned enterprises in the construction sector, as current valuations are low with a PE ratio of 12.4X and a PB ratio of 0.82X as of October 10, 2025 [3][4]. Summary by Sections Investment Trends - Fixed asset investment growth has slowed, with infrastructure investment showing a year-on-year increase of 5.4% for the first eight months of 2025. The report notes that while manufacturing and real estate are under pressure, infrastructure investment remains relatively stable [3][4]. Profit Forecasts - The report provides a forecast for net profit growth rates for key companies in the industry, categorizing them into various growth ranges, with several companies expected to face profit pressures in 2025 [4]. Valuation Analysis - The report includes a valuation table for key companies in the construction industry, indicating their earnings per share (EPS), PE ratios, and projected net profit growth rates for 2024 to 2026. For instance, China Railway is projected to have a net profit decline of 17% in 2025, while Jianfa Hecheng is expected to see a significant increase of 45% [4].