Group 1 - The core viewpoint of the article highlights that seven major state-owned construction enterprises in China have signed new contracts exceeding 14 trillion yuan for the year 2025, demonstrating resilience in infrastructure amid economic pressures and structural adjustments in the real estate sector [2][4] - The industry shows characteristics of concentration among leading firms, overall stability, localized pressure, and structural transformation, with the top three companies accounting for over 70% of the total new contracts signed [2][5] - The shift from scale expansion to quality improvement in domestic infrastructure investment is emphasized, with traditional construction demands declining while new energy, water conservancy, and rail transport projects are on the rise [3][7] Group 2 - The total new contracts signed by the seven construction state-owned enterprises reached over 14 trillion yuan, achieving the annual goal of stability, structural optimization, and strong resilience [4] - The leading three companies, China State Construction, China Railway Construction, and China Railway, dominate the industry, with their combined new contracts exceeding 10.3 trillion yuan, representing over 70% of the total [5] - The only company experiencing a decline in new contracts is China Metallurgical Group, which saw a 10.8% decrease due to shrinking demand in traditional metallurgy and construction markets [5][9] Group 3 - The construction sector is undergoing a profound restructuring, with traditional construction and heavy asset sectors slowing down, while infrastructure, clean energy, overseas projects, and urban renewal are becoming the main growth drivers [7][8] - The overseas market has become a significant growth engine for construction state-owned enterprises, with substantial increases in new contracts signed abroad, particularly in regions like Southeast Asia and Africa [8] - The article notes that while the order scale exceeds 14 trillion yuan, the industry still faces challenges such as profit pressure, slow payment cycles, and high debt ratios [9][10] Group 4 - The article anticipates that the new contract growth rate for construction state-owned enterprises will remain stable in 2026, with an expected increase of about 5% to 10% [11] - The central government's policies are expected to support investment stabilization and potentially accelerate infrastructure investment, benefiting leading firms in the sector [11]

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2026年2月4日在上海證券交易所網站刊登的「中國中鐵股 份有限公司第六屆董事會第十九次會議決議公告」，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 2026年2月4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。 | 股代码：00390 H | A 股代码：601390 | | --- | --- | | H | A | | 股简称：中国中铁 | 股简称：中国中铁 | | | 公告编号：临 | | | 2026-011 | 中国中铁股份有限公司 第六届董事会第十九次会议决议公告 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 ...

三、会议以7票同意、0票反对、0票弃权通过《关于中铁 中国中铁股份有限公司董事会 中国中铁股份有限公司 第六届董事会第十九次会议决议 中国中铁股份有限公司(以下简称股份公司)于2026年2 月 3日在北京市海淀区复兴路 69号中国中铁广场 A204 会议室召 开股份公司第六届董事会第十九次会议〔属 2026年第2次临时 会议(2026年度总第2次)]。股份公司董事陈文健、王士奇、 文利民、修龙、孙力实、屠海鸣、房小兵出席会议,会议达到法 定人数。股份公司副总裁任鸿鹏、马江黔,董事会秘书马永红及 有关人员现场列席会议。会议对《关于<中国中铁股份有限公司 2026年度预算方案>的议案》等8项议案进行了表决。 会议符合法定程序,现形成决议如下: 一、会议以7票同意、0 票反对、0 票弃权通过《关于<中国 中铁股份有限公司 2026年度预算方案>的议案》。 二、会议以7票同意、0 票反对、0 票弃权通过《关于<中国 中铁 2026年度投资计划方案>的议案》。 | 董 事 | 签 名 | 意 | 见 | | --- | --- | --- | --- | | 陈文健 | | 口同意 | 口不同意 | | 王士奇 | | ...

| H | A | | --- | --- | | 股代码：00390 | 股代码：601390 | | 股简称：中国中铁 H | 股简称：中国中铁 公告编号：临 A 2026-011 | 1 中国中铁股份有限公司 第六届董事会第十九次会议决议公告 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、董事会会议召开情况 中国中铁股份有限公司（以下简称"公司"或"本公司"）第六届董 事会第十九次会议〔属 2026 年第 2 次临时会议（2026 年度总第 2 次）〕 通知和议案等书面材料于 2026 年 1 月 21 日以专人及发送电子邮件方式送 达各位董事，会议于 2026 年 2 月 3 日以现场会议方式召开。应出席会议 的董事 7 名，实际出席会议的董事 7 名。会议由董事长陈文健主持，公司 部分高级管理人员及有关人员列席会议。会议的召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 经过有效表决，会议审议通过了以下议案： （一）审议通过《关于<中国中铁股份有限公司 2026 ...

（记者 张明双） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，中国中铁2月4日晚间发布公告称，公司第六届第十九次董事会会议于2026年2月3日以现 场会议方式召开。会议审议了《关于中国中铁股份有限公司2026年度预算方案的议案》等文件。 每经头条（nbdtoutiao）——特朗普的"完美人选"颠覆美联储？解码凯文·沃什的"新政构想"：左手放水 右手抽水，要靠AI驯服通胀，拒做美债"大买家" ...

中国中铁公告称，第六届董事会第十九次会议审议通过多项议案，包括2026年度预算、投资计划方案， 修订经营开发、档案管理等多项制度。此外，因工作调动，会议同意解聘王新华总审计师、审计部部长 职务，董事会认为此次解聘程序完备，符合相关规定。 ...

Market Overview - The infrastructure sector increased by 1.45% compared to the previous trading day, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Key Stocks Performance - Guosheng Technology (603778) closed at 16.18, up 9.99% with a trading volume of 864,900 shares and a transaction value of 1.362 billion [1] - Beixin Road and Bridge (002307) closed at 5.20, up 3.79% with a trading volume of 859,500 shares [1] - China Railway (601390) closed at 5.70, up 3.45% with a trading volume of 4,909,000 shares and a transaction value of 2.784 billion [1] - Other notable stocks include Puban Co. (002663) up 2.48%, Hongrun Construction (002062) up 2.34%, and Jianeng Tihan (300197) up 2.30% [1] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 58.8034 million from institutional investors, while retail investors saw a net inflow of 206 million [2] - The main stocks with significant capital inflow include China Power Construction (601669) with a net inflow of 82.3705 million and China Railway Construction (601186) with 80.8085 million [3] - Conversely, retail investors showed a net outflow in several stocks, including China Power Construction and China Railway Construction, indicating a mixed sentiment in the market [3]

Core Insights - The report discusses the implementation of the "Tax Law Principle" and its implications for service industries such as internet and finance, indicating that current tax arrangements are unlikely to change significantly in the short term [2][3][12] - The real estate sector is experiencing a favorable shift in financing policies, with REITs and private placements opening new equity financing channels to alleviate financial pressures on real estate companies [3][13] Tax Law Implementation - The State Council approved the "Implementation Regulations of the Value-Added Tax Law of the People's Republic of China" on December 19, 2025, and subsequent announcements have clarified tax details, suggesting stability in tax arrangements for service industries [2][3][12] - The definition of "basic services" in telecommunications is evolving, with mobile data and internet broadband still classified as "value-added services" subject to a 6% VAT rate, while traditional voice services are recognized as "basic services" with a 9% VAT rate [2][3][12] Real Estate Sector Analysis - The financing environment for the real estate industry is improving, with a shift from debt financing to equity financing, including the introduction of REITs and private placements [3][13] - Recent regulatory changes, such as the gradual retreat from the "three red lines" policy, indicate a more supportive financing environment for real estate companies [13] - The report maintains a "positive" rating for the real estate sector, highlighting the potential for recovery in the industry as financing policies become more favorable [3][13] Investment Recommendations - The report recommends several quality real estate companies for investment, including China Jinmao, Poly Developments, and China Resources Land, among others, due to their potential for recovery and attractive valuations [13] - The report emphasizes the importance of monitoring the evolving financing landscape and the impact of government policies on the real estate market [3][13]

行 业 及 产 业 建筑装饰 2026 年 02 月 03 日 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 投资趋缓，利润承压 看好 ——建筑装饰行业 2025 年报前瞻题 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 研 究 / 行 业 点 评 - ⚫ 2025 年固定资产投资增速放缓，基建、制造业、地产均呈现压力。基本面方 面，根据国家统计局数据，2025 年 1-12 月基础设施投资（全口径）同比- 1.5%，基础设施投资（不含电力）同比-2.2%。细分结构看，交通运输、仓储 和邮政业投资同比-1.2%， ...

来源：市场资讯 据上交所官网显示，中铁七局泰和里持有型不动产资产支持专项计划已获受理，该项目原始权益人为中铁中产置业有限公司，计划管理人为招商证券股份 有限公司，拟发行规模为9.36亿元。 据了解，中铁·泰和里是全国首个提出"社区、景区、街区三区合一"创新模式的城市更新典范、河南首个沉浸式文商旅夜经济综合体，以"历史文脉活化 +复合业态创新"为核心，在7.5万平方米空间内打造六大主题IP，实现"一街一时代"的沉浸式场景。 中铁中产置业有限公司为世界500强企业中国中铁股份有限公司的全资子公司，中铁置业的核心成员，成立于2001年8月，隶属于中铁七局集团有限公司， 注册资金1亿元。公司总部设在河南郑州，主营业务为房地产开发。前公司正在开发建设的项目有位于郑州二七区的郑州中央商务区项目、西安浐灞生态 | 债券名称 | 中铁七局泰和里持有型不动产资产支持专项计划 | | --- | --- | | 品种 | ABS | | 拟发行金额(单位:亿元) | 9.36 | | 原始权益人 | 中铁中产置业有限公司 | | 计划管理人 | 招商证券股份有限公司 | | 交易所确认文件文号 | - | | 项目状态 | 已受 ...