Investment Rating - The report maintains a "Buy" rating for several companies in the construction and decoration industry, including local state-owned enterprises such as Sichuan Road and Bridge, Tunnel Co., Anhui Construction, and Zhejiang Communications [4][22]. Core Insights - The report highlights the acceleration of state-owned asset management reforms across various provinces, aiming to enhance the efficiency of state-owned assets through measures like mergers, restructuring, and securitization [1][12]. - It emphasizes the importance of state-owned listed companies in preserving and increasing the value of state assets, which is crucial for supplementing local fiscal and social security funds [3][17]. - The report suggests that the focus on asset securitization will likely increase, with local governments and state-owned enterprises actively pushing for the listing of unlisted assets [2][17]. Summary by Sections State-Owned Asset Management - Multiple provinces are implementing reforms to optimize state-owned assets, with principles focusing on asset utilization, securitization, and leveraging funds [1][12]. - The scope of asset revitalization is expected to expand, targeting various types of state-owned resources and assets [2][12]. Financial Implications - The report indicates that local governments are facing funding constraints due to declining land transfer revenues and slow tax growth, which necessitates the revitalization of state-owned assets to supplement fiscal resources [2][19]. - State-owned listed companies are anticipated to prioritize valuation enhancement through operational improvements, increased dividends, mergers, and asset injections [3][17]. Investment Recommendations - Key investment opportunities include local state-owned enterprises with low price-to-earnings ratios, such as Sichuan Road and Bridge (25PE 9.6X), Tunnel Co. (25PE 7.4X), and Anhui Construction (25PE 6.0X) [4][22]. - The report also highlights the potential for asset injection and integration in leading international engineering firms like North International and China National Materials [4][22]. Valuation Insights - The report provides a detailed valuation table for key companies, indicating low price-to-book ratios for several central state-owned enterprises, suggesting potential undervaluation [20][24].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [21]. Core Insights - The construction and decoration sector has shown a weekly increase of 2.91%, with the infrastructure private enterprises leading the performance at +7.55% [3][4]. - The report highlights that the GDP for the first three quarters of 2025 increased by 5.2%, while fixed asset investment decreased by 0.5% year-on-year [10][12]. - The "14th Five-Year Plan" emphasizes expanding high-level opening-up and optimizing regional economic layout, which is expected to provide significant elasticity to regional investments [10][12]. Summary by Sections 1. Market Performance - The construction sector outperformed the Shanghai Composite Index, with a weekly increase of 2.91% [4]. - The best-performing sub-sectors for the week were infrastructure private enterprises (+7.55%), decorative curtain walls (+7.00%), and infrastructure state-owned enterprises (+4.78%) [6][9]. 2. Industry Changes - The National Bureau of Statistics reported a year-on-year GDP growth of 5.2% for the first three quarters of 2025, with fixed asset investment down by 0.5% [10][12]. - Infrastructure investment (including all categories) grew by 3.3%, while real estate investment saw a significant decline of 13.9% [10][12]. 3. Key Company Updates - Jianfa Hecheng reported a revenue increase of 10.55% year-on-year and a net profit increase of 21.2% for the first three quarters of 2025 [12][14]. - Zhongyan Dadi won a procurement project worth 77.98 million yuan, accounting for 9.77% of its 2024 revenue [12][14]. - Anhui Construction won a project for the Yangzhou to Huainan expressway with a total value of 620 million yuan, representing 0.64% of its 2024 revenue [13][14]. 4. Investment Recommendations - The report recommends state-owned enterprises such as China Chemical, China Railway, and China Railway Construction due to their low valuations [3][12]. - It also suggests focusing on private enterprises like Zhizhi New Materials and Honglu Steel Structure, as well as international engineering firms like China Steel International and China Materials International [3][12].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [4][26]. Core Insights - The report highlights a week-on-week increase in the SW Construction Decoration Index by 2.91%, with the infrastructure private enterprises sector showing the best performance at +7.55% [4][5]. - Key macroeconomic indicators include a GDP growth of +5.2% year-on-year for the first three quarters and a decline in real estate investment by -13.9% [12][14]. - The report emphasizes the potential for regional investments to gain traction as national strategic layouts deepen, suggesting that state-owned enterprises are currently undervalued [4][12]. Summary by Sections 1. Market Performance - The construction industry saw a weekly increase of +2.91%, outperforming the Shanghai Composite Index which rose by +2.88% [5][6]. - The top three sub-sectors for weekly gains were infrastructure private enterprises (+7.55%), decorative curtain walls (+7.00%), and infrastructure state-owned enterprises (+4.78%) [7][10]. 2. Industry Changes - Major changes reported include the approval of the "14th Five-Year Plan" which emphasizes high-level opening-up and optimization of regional economic layouts [12][14]. - Fixed asset investment for January to September 2025 showed a cumulative year-on-year decline of -0.5%, while infrastructure investment (including electricity) grew by +3.3% [12][14]. 3. Key Company Updates - Key companies reported significant changes, such as Jianfa Hecheng with a revenue increase of +10.55% and net profit growth of +21.2% for the first three quarters of 2025 [14][17]. - Zhongyan Dadi won contracts totaling 77.98 million yuan, representing 9.77% and 9.40% of its projected 2024 revenue from two major projects [14][17]. 4. Investment Recommendations - The report recommends state-owned enterprises like China Chemical, China Railway, and China Railway Construction, while also highlighting private companies such as Zhizhi New Materials and Honglu Steel Structure as potential investment opportunities [4][12].

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。 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10月24日在上海證券交易所網站刊登的「中國中鐵 股份有限公司關於召開2025年第三季度業績說明會的公告」，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 中國 • 北京 2025年10月24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。 | A 股代码：601390 | A 股简称：中国中铁 | 公告编号：临 | 2025-056 | | --- | --- | --- | --- | | H 股代码：00390 | H 股简称：中国中铁 | | | 中国中铁股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告 ...

重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 27 日 （星期一）至 10 月 31 日（星期 五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@crecg.com 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 中国中铁股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 03 日（星期一）15:00-16:00 举行 2025 年第三季度业绩说 明会，就投资者关心的问题进行交流。 | | | 中国中铁股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事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，并对其内容的真实性、准确性和完整性 承担法律责任。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第 会议召开时间： ...

Core Viewpoint - China Railway Group Limited (601390) announced a share buyback plan, investing 19.9995 million yuan to repurchase 3.4911 million A-shares at a price range of 5.69 to 5.75 yuan per share [1] Summary by Category - **Company Actions** - The company plans to repurchase shares, indicating confidence in its stock value and future prospects [1] - The total investment for the buyback is approximately 19.9995 million yuan [1] - The number of shares to be repurchased is 3.4911 million [1] - **Financial Details** - The buyback price per share is set between 5.69 and 5.75 yuan [1]

智通财经APP讯，中国中铁(00390)发布公告，于2025年10月23日该公司斥资1999.95万元回购349.11万股 A股，回购价格为每股5.69-5.75元。 ...

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 FF305 公司名稱： 中國中鐵股份有限公司 呈交日期： 2025年10月24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 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百 ...

Core Insights - China Railway's Chairman Chen Wenjian and Southwest Jiaotong University's Vice President Yan Xuedong held discussions to establish long-term cooperation in talent cultivation, project collaboration, and technological innovation [1][3]. Group 1: Cooperation and Collaboration - China Railway acknowledges the significant support from Southwest Jiaotong University in talent development, having produced many outstanding professionals for the company [3]. - Both parties aim to deepen their collaboration by enhancing joint training programs for master's and doctoral students, as well as training for technical and management personnel [3]. - The partnership will focus on integrating talent, education, industry, and innovation chains to contribute to national economic and social development [3]. Group 2: Future Plans - Yan Xuedong expressed gratitude for China Railway's support and highlighted the successful long-term collaboration in talent training and technological innovation [4]. - The university plans to establish a regular communication mechanism to expand cooperation in key talent, major projects, and core technologies [4]. - The goal is to promote the application of research outcomes and support national strategic engineering projects, addressing the challenges of the construction industry's transformation [4].

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - Infrastructure investment showed weakness in September, but the fourth quarter may benefit from increased funding and policy catalysts. The report highlights the importance of infrastructure as a stabilizing measure for the economy, with a focus on undervalued, high-dividend construction stocks [1][2] - The real estate sector saw a decline in sales area by 5.5% year-on-year from January to September, with a significant drop of 21.3% in September alone. However, the completion rate for real estate projects turned positive for the first time since 2024, indicating a potential recovery [2] - Cement demand is gradually weakening, with a production drop of 5.2% year-on-year from January to September. The report suggests that cement companies may seek to optimize supply and increase prices to recover profitability [3] - The flat glass market showed signs of improvement in September, with a slight increase in demand. However, overall production still declined by 5.2% year-on-year, and inventory levels have risen significantly [4] Summary by Sections Infrastructure Investment - Infrastructure investment from January to September showed a year-on-year increase of 1.1%, but September alone saw a decline of 4.7%. The report anticipates a recovery in the fourth quarter due to early fiscal funding and new policy financial tools [1][2] Real Estate Sector - Real estate sales area decreased by 5.5% year-on-year from January to September, with a notable drop of 11.9% in September. New construction area fell by 18.9% year-on-year, while completion area saw a slight increase in September, marking the first positive growth since 2024 [2] Cement Industry - Cement production from January to September was 1.259 billion tons, down 5.2% year-on-year. The average shipment rate was 41.3%, a decrease of 2.6 percentage points year-on-year. The report indicates that cement companies are likely to push for price increases to enhance profitability [3] Glass Industry - Flat glass production from January to September was 72.881 million weight cases, down 5.2% year-on-year. The report notes a slight improvement in demand in September, but overall inventory levels have increased significantly, indicating potential challenges ahead [4]