Core Viewpoint - China Railway Group Limited (601390) announced the issuance of its 2024 technology innovation perpetual corporate bonds aimed at professional investors, with a total issuance amount of 500 million yuan and a coupon rate of 2.49% [1] Group 1 - The bonds are referred to as "24铁YK08" and will start paying interest from August 26, 2024, to August 25, 2025 [1] - The issuance date of the bonds is set for August 26, 2024, with the first interest payment scheduled for August 26, 2025 [1]

Group 1 - The company, China Railway (00390), announced the issuance of a new bond aimed at professional investors, specifically the "2024 Technology Innovation Perpetual Corporate Bonds (Phase IV) (Type II)" [1] - The total issuance amount for this bond is 500 million yuan, with a coupon rate set at 2.49% [1] - Interest payments for this bond will commence on August 26, 2025, covering the period from August 26, 2024, to August 25, 2025 [1]

中国中铁（601390）(00390)公布，中国中铁股份有限公司于2024年8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可续期公司债券(第四期)(品种一)，并将于2025年8月26日开 始支付自2024年8月26日至2025年8月25日期间的利息。 债券简称"24铁YK07"，发行总额15亿元，票面利率为2.26%，每手"24铁YK07"面值1000元派发利息为 22.60元(含税)。 ...

格隆汇8月19日丨中国中铁(00390.HK)宣布，本公司将于2025年8月29日(星期五)举行董事会会议，藉以 (其中包括)批准宣布本公司及其附属公司截至2025年6月30日止六个月的中期业绩。 ...

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8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可續期公司債券（第四期）（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8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。 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。 证券代码：601390.SH/0390.HK 证券简称：中国中铁 债券代码：241531.SH 债券简称：24 铁 YK08 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 新可续期公司债券(第四期)(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 ...

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8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可續期公司債券（第四期）（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 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：241530.SH 债券简称：24 铁 YK07 2025年8月19日 2、债券简称：24 铁 YK07 5、发行总额：人民币 15 亿元。 6、债券期限：本期债券基础期限为 5 年，以每 5 个计息年度为 1 个周期， 在每个周期末 ...

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。 承董事會命 中國中鐵股份有限公司 陳文健 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八月 二十九日（星期五）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 二零二五年六月三十日止六個月的中期業績。 董事長 中國•北京 2025年8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。 ...

Core Insights - The central government has clarified its stance on addressing "involution" competition, transitioning from policy formulation to implementation since the second half of 2024 [1][2] - In July 2025, 33 construction-related central enterprises, state-owned enterprises, and private enterprises issued a "Proposal" advocating for the "Four No's" principle: no scale assembly, no blind expansion, no excessive debt, and no shell structures, aiming to resist "involution" competition and shift focus from price competition to value competition [1][2] Construction Industry Analysis - The report emphasizes the shift from price competition to value competition in the construction industry, driven by the "anti-involution" policy [2] - The analysis categorizes the construction industry into three major segments: central state-owned enterprise blue chips, international engineering, and steel structure [2] Central State-Owned Enterprises - For traditional undervalued central state-owned enterprise blue chips, the focus should be on three dimensions: dividend capability, price elasticity, and technological transformation [3] - In Q1 2025, the market share of nine major construction central enterprises increased to 59.89%, indicating strong order acquisition capabilities [3] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [3] International Engineering Sector - The international engineering sector benefits from price elasticity, particularly with rising expectations for resource prices [4] - North China International, which has a significant coal sales volume, is highlighted for its potential profit contributions from coal business in 2026 [4] Steel and Cement Industries - The steel and cement industries are expected to improve profitability through the exit of outdated capacities and product structure upgrades [5] - Companies like China National Materials and China Steel International are recommended, with China Aluminum International suggested for attention [5] Steel Structure Sector - The steel structure sector is divided into manufacturing and installation segments, with rising steel prices benefiting manufacturing companies like Honglu Steel Structure [6] - The transition towards intelligent construction and green building is expected to enhance the competitive advantages of leading companies in the installation segment, such as Jinggong Steel Structure and Jianghe Group [6]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The "anti-involution" policy is transitioning from policy definition to implementation, with a focus on shifting from "price competition" to "value competition" in the construction industry [14][15] - The construction sector is expected to benefit from improved cash flow and report quality due to the optimization of supply and demand dynamics, which will enhance the dividend capacity of state-owned enterprises [15][24] - The report emphasizes the importance of technology transformation and the development of non-traditional construction businesses, such as smart cities and smart construction, as key paths for traditional construction companies [2][3] Summary by Sections 1. Traditional Low-Valuation State-Owned Enterprises - The market share of nine major state-owned construction enterprises has increased from 30.45% in 2016 to 48.9% in 2024, with a further rise to 59.89% in Q1 2025, indicating strong order acquisition capabilities [15][21] - The report highlights three dimensions for understanding the implications of "anti-involution": dividend capacity, price elasticity, and technology transformation [2][14] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [2][24] 2. International Engineering Sector - The international engineering sector is expected to benefit from price elasticity due to rising expectations for resource prices, particularly in coal [3][29] - The report suggests that improvements in downstream profitability and high-quality development in industries like steel and cement will drive demand for engineering companies [3][29] 3. Steel Structure Sector - The steel structure sector is divided into manufacturing and installation, with rising steel prices benefiting manufacturing companies like Honglu Steel Construction [4][29] - The transition towards intelligent and green construction is expected to enhance the competitive advantages of leading companies in the steel structure installation segment [4][29] - Companies like Jianghe Group and Jinggong Steel Construction are highlighted for their significant growth in overseas orders [4][29] 4. Key Stock Recommendations - The report recommends several stocks based on their performance and valuation metrics, including China State Construction, China Chemical, and Honglu Steel Construction, all of which have favorable P/E ratios and dividend yields [9][25][27]

Group 1 - The core project is the Zhizhen Energy 1 million kW photovoltaic hydrogen production and ammonia synthesis integrated project in Yili Prefecture, Xinjiang, with a total construction area of 122,381.3 square meters [1] - The project includes 64 sets of 1000Nm³/h electrolysis hydrogen production devices, 20 sets of 2000Nm³ hydrogen storage devices, and a 170,000 tons/year ammonia synthesis device [1] - The winning bid for the project was awarded to China Railway Tunnel Group with a bid price of 261,848.2124 million yuan [1] Group 2 - The total estimated contract amount for the bidding project is 960 million yuan, with a total construction period of 790 calendar days [2] - The project includes construction drawing design, engineering construction, and warranty work during the defect liability period [2] Group 3 - The winning bid for the liquid-cooled ultra-fast charging low-carbon comprehensive energy station project (Phase I) was awarded to China Railway 14th Bureau Group with a bid price of 95,904 million yuan [4] - The project aims to accelerate the construction of charging infrastructure for new energy vehicles, with a total investment of 82 million yuan for 200 ultra-fast charging stations in Hubei and Hunan [4] Group 4 - The Gansu Zhangye City 200MW/800MWh independent energy storage project has a total investment of 818 million yuan, with the winning bid announced for China Railway Construction Bridge Engineering Group [5] - The project includes a 200MW/800MWh energy storage power station and a 330kV/35kV/10kV booster substation [5] Group 5 - The total investment for the International Cooperation Education Sample Area Science and Technology Innovation Hub project is estimated at 157,543.65 million yuan, with a construction scale of approximately 1,277 meters for the road [8] - The project includes tunnel construction, road engineering, and various auxiliary facilities [8] Group 6 - The Three Gorges Waterway New Channel Project has a static total investment of approximately 766 billion yuan, with a total construction period of 100 months [11] - The project includes the construction of a water supply system with a design scale of 76,500 m³/d [10][11] Group 7 - The project for the renovation of old residential areas in Shenyang's Shenbei New District involves the renovation of infrastructure for 12 old residential areas, impacting 4,904 households [21][22] - The renovation includes road reconstruction, water supply, drainage, heating pipeline updates, and the addition of public service facilities [22]