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]

Group 1 - The core viewpoint is that during the "14th Five-Year Plan" period, state-owned enterprises (SOEs) are actively optimizing their layout and restructuring through market-oriented methods, having restructured 6 groups of 10 companies and established 9 new central enterprises [1] - The next steps focus on enhancing core functions and competitiveness, employing systematic thinking and innovative measures to promote strategic and specialized restructuring of SOEs, thereby improving the allocation and operational efficiency of state capital [1] - As of September 16, 2025, the National Enterprise Win ETF (159719) has seen a 1.81% increase over the past three months, with a current price of 1.58 yuan, reflecting a 0.38% rise on September 17, 2025 [1] Group 2 - As of September 16, 2025, the National Enterprise Win ETF has achieved a net value increase of 51.39% over the past three years, ranking 247 out of 1867 index stock funds, placing it in the top 13.23% [2] - The ETF has recorded a maximum monthly return of 14.61% since its inception, with the longest consecutive monthly gains being 7 months and a maximum cumulative increase of 24.70% [2] - The ETF closely tracks the FTSE China State-Owned Enterprises Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [2] Group 3 - The top holdings in the National Enterprise Win ETF include China Petroleum (1.07% increase, 15.94% weight), China Petrochemical (0.00% change, 11.93% weight), and China State Construction (1.25% increase, 9.59% weight) [4] - Other notable stocks in the ETF include China Mobile (-0.08% change, 6.87% weight) and China Railway (0.54% increase, 4.53% weight) [4] - The ETF has several connection options, including Ping An FTSE China State-Owned Enterprises Open Win ETF Connect A, C, and E [4]

Group 1 - The core viewpoint emphasizes the acceleration of a new round of technological revolution and industrial transformation, urging central enterprises to seize development opportunities and actively embrace new fields and tracks to form new growth points [1] - In 2023, the State-owned Assets Supervision and Administration Commission (SASAC) initiated actions for the revitalization of central enterprises and future industries, increasing assessment guidance and policy support [1] - By 2024, investments by central enterprises in strategic emerging industries are expected to exceed 40% of total investments, with operating revenue approaching 30% [1] Group 2 - As of September 16, 2025, the National Enterprise Win-Win ETF (159719) has seen a net value increase of 51.39% over the past three years, ranking 247 out of 1867 index stock funds, placing it in the top 13.23% [2] - The ETF has recorded a maximum single-month return of 14.61% since its inception, with the longest consecutive monthly gains lasting 7 months and a maximum cumulative increase of 24.70% [2] - The ETF's management fee is 0.25% and the custody fee is 0.05%, making it the lowest among comparable funds [2] Group 3 - The FTSE China National Enterprises Open Win Index, which the ETF closely tracks, aims to reflect the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [2] - The index consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [2] Group 4 - The top weighted stocks in the National Enterprise Win-Win ETF include China Petroleum (15.94%), China Petrochemical (11.93%), and China State Construction (9.59%) [4] - Other notable stocks include China Mobile (6.87%), China Railway (4.53%), and China Telecom (3.32%) [4]

Group 1 - Iraqi Prime Minister Mohammed Shia Al-Sudani inaugurated the Al-Nisour Square development project in Baghdad, which is part of the government's first package of traffic decongestion initiatives [1] - The project is executed by China's Transtech Engineering Corporation, which is affiliated with China Railway International Group and China Railway Group Limited (CREC) [1] - The Al-Nisour Square project includes key works such as the Qah'tan Bridge, Al-Nusour Bridge, and several tunnels aimed at improving traffic flow in Baghdad [2] Group 2 - Al-Sudani emphasized that this project is one of 16 schemes under the first phase of traffic solutions, with four additional projects currently underway as part of phase two [3] - The government is studying tailored development projects across provinces, reaffirming its commitment to nationwide reconstruction and service improvements [4] - The stable environment in Iraq is facilitating renewed investment in infrastructure, particularly in Baghdad, which has seen long-delayed development since the 1980s [3]

Group 1 - The 2025 China Top 500 Enterprises list was released, with the top 10 companies including State Grid, China National Petroleum Corporation, and JD Group [1] - The threshold for entering the 2025 China Top 500 Enterprises reached 4.796 billion yuan, an increase of 57.9 million yuan from the previous year [1] - Total operating revenue for the top 500 companies reached 110.15 trillion yuan, showing an increase compared to the previous year [1] - The net profit attributable to the parent company was 4.71 trillion yuan, reflecting a growth of 4.39% year-on-year [1] - The contribution to total revenue from manufacturing, services, and other industries was 40.48%, 40.29%, and 19.23% respectively [1] - The number of advanced manufacturing enterprises in the list increased from 23 to 32, with notable growth in sectors like new energy equipment manufacturing and semiconductor manufacturing [1] Group 2 - Shandong province had 52 companies on the list, achieving a total operating revenue of 6.904 trillion yuan, an increase of 268.243 billion yuan from 2024 [2] - Among the listed companies, 18 had revenues exceeding 100 billion yuan, with one additional company joining this category compared to last year [2] - The top 10 companies from Shandong included Shandong Energy Group and Haier Group, with significant improvements in their rankings [2] - Shandong's large enterprises, acting as "chain masters," have played a crucial role in stabilizing the economy and enhancing innovation capabilities [2] - More than half of the companies with revenues over 100 billion yuan in Shandong are private enterprises, indicating the strengthening of the private sector [2]