2026 年 3 月 30 日 经核查独立董事修龙先生、孙力实女士、屠海鸣先生的 任职经历以及签署的相关自查文件，上述人员及亲属未在公 司担任除独立董事以外的任何职务，也未在公司主要股东公 司担任任何职务，与公司以及主要股东之间不存在利害关系 或其他可能妨碍其进行独立客观判断的关系，符合《上市公 司独立董事管理办法》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》中对独立董事独立性的相关要求。 中国中铁股份有限公司董事会 中国中铁股份有限公司董事会 关于独立董事 2025 年度独立性情况的专项意见 根据中国证券监督管理委员会《上市公司独立董事管理 办法》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等要求，中国 中铁股份有限公司（以下简称"公司"）董事会，就公司 2025 年度任职独立董事修龙先生、孙力实女士、屠海鸣先生的独 立性情况进行评估并出具如下专项意见： ...

中国中铁股份有限公司 2025 年年度报告 1 / 151 中国中铁股份有限公司 2025 年年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 德勤华永会计师事务所(特殊普通合伙)为本公司出具了标准无保留意见的审计报告。 四、 公司负责人陈文健、主管会计工作负责人孙璀及会计机构负责人（会计主管人员）于来新声 明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司已于2025年12月派发2025年中期分红，每10股派发现金红利0.82元（含税），派发现金 红利2,023,409,075.18元（含税）；本次拟向全体股东每10股派发现金红利0.86元（含税），截 至本报告披露日，公司总股本为24,686,221,929股，扣除公司回购专用证券账户中的28,812,000 股后，有权参与权益分配的总股本为24,657,409,929股，以此为基数计算，拟派发现金红利 2,120,537,253. ...

Investment Rating - The industry investment rating is "Outperform the Market - A" [5] Core Insights - The construction activity is accelerating, with significant infrastructure investment plans being deployed across multiple provinces, including a target of 90 billion yuan for comprehensive transportation fixed asset investment in Xinjiang for 2026 [16][17] - In January and February 2026, national transportation fixed asset investment reached 355.8 billion yuan, maintaining a high level, with railways and highways receiving substantial funding [2][17] - The coal chemical industry is expected to see increased investment due to its strategic importance in national energy security, especially following the rise in international oil prices due to geopolitical tensions [9][13] - The semiconductor industry is experiencing a new wave of capital expenditure driven by AI demand, which is expected to boost the cleanroom engineering sector [9][10] Summary by Sections Industry Dynamics - The construction sector is witnessing a rapid increase in activity, with various provinces intensifying their annual transportation infrastructure investment plans [16] - Xinjiang aims to complete 90 billion yuan in fixed asset investment and expand its highway network significantly [16] - The cleanroom engineering sector is benefiting from increased demand due to the growth in the semiconductor industry [9][10] Market Performance - The construction industry saw a decline of 0.83%, outperforming the Shanghai and Shenzhen 300 index, which fell by 1.41% [18] - The international engineering and chemical engineering sectors performed better, with respective increases of 2.14% and 1.85% [18] Key Companies to Watch - Recommended companies include China State Construction, China Communications Construction, China Railway Construction, and China Metallurgical Group, which are expected to benefit from low valuations and improving operational metrics [9][11] - In the coal chemical sector, companies like China Chemical, Donghua Technology, and Sinopec Engineering are highlighted for their potential growth [9][13] - In the cleanroom engineering space, companies such as Yaxiang Integration and Shenghui Integration are noted for their strong order growth and profitability [9][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2026年3月23日在上海證券交易所網站刊登的「中國中 鐵股份有限公司2026年面向專業投資者公開發行科技創新公司債券（第一期）發行結果公 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3月23日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及趙佃龍先生；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。 中国中铁股份有限公司2026年面向专业投资者公开发行科 技创新公司债券（第一期）发行结果公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 中国中铁股份有限公司（以下简称"发行人"）面向专业投资者公开发行不超 过人民币500亿元的 ...

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。 陳文健 董事長 中國 • 北京 2026年3月23日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及趙佃龍先生；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 | 2026-016 | | --- | --- | --- | --- | | H 股代码：00390 | H 股简称：中国中铁 | | | 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3月23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年度業績暨現金分紅說明會的公告」，僅供參閱。 承董事會命 中國中鐵股份有限公司 中国中铁股份有限公司 关于召开 2025 年度业绩暨现金分红说明会的公告 本公司董事会及全体董事保证本 ...

| | | 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。 重要内容提示： 会议召开时间：2026 年 3 月 31 日 （星期二） 15:00 - 16:00 会议召开地点：上海证券交易所上证路演中心（网址： 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 2026 年 3 月 24 日（周二）至 3 月 30 日（周一）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 2026 年 3 月 31 日发布公司 2025 年度报告，为便于广大投资者更全面深入地了解 公司 2025年度经营成果、财务状况，公司计划于2026年3月31日（星 期二）15:00-16:00 举行 2025 年度业绩暨现金分红说明会，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 年度业绩暨现金分红说明会 ...

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The performance of Yaxiang Integrated is accelerating, with significant growth in the semiconductor sector and potential for valuation improvement across the industry chain [3] - The report highlights the benefits of rising coking coal prices for Northern International and the need to reassess the value of computing power synergy for China Energy Construction and China Power Construction [5] Summary by Sections Yaxiang Integrated - Expected net profit growth for 2025 is projected at -30%, -35%, 40%, and 128% for Q1 to Q4 respectively, with a total of 7.1 billion yuan in new orders, representing a 97% year-on-year increase [4] - By the end of 2025, the backlog of orders is expected to reach 4.8 billion yuan, a 59% increase year-on-year, with foreign revenue anticipated to grow by 56%, accounting for 74% of total revenue [4] - The expected EPS for 2026 and 2027 is 7.10 and 8.94 yuan respectively, reflecting a growth of 70% and 26%, with a PE ratio of only 26 times for 2026 [4] China Energy Construction and China Power Construction - China Energy Construction is focusing on AI and energy power, actively participating in the construction of computing power hub centers across eight major nodes in the country, with over 76 million kilowatts of new energy indicators expected by mid-2025 [5] - China Power Construction is enhancing its foundational computing power and digital public service capabilities, with over 65% of large and medium-sized hydropower station construction in China and over 60% of wind and solar planning and construction tasks [5] Hydrogen Energy and Green Fuel - The report discusses the government's push for hydrogen energy and green fuel, with significant policy support and investment expected in the sector [13][23] - China Energy Construction has over 50 projects related to green hydrogen, ammonia, and sustainable aviation fuel, with significant production capacities planned for 2025 [14][25] - Huadian Technology is exploring integrated projects in renewable energy and hydrogen storage, with multiple contracts signed for green hydrogen and ammonia projects [15][26] Coal Chemical Industry - The report notes that the coal chemical industry is expected to fluctuate with oil prices, with companies like China Chemical and Donghua Technology making significant advancements in coal-to-chemical technologies [7] Overall Industry Trends - The report emphasizes the importance of computing power synergy and green energy initiatives as key growth areas for the industry, with substantial investments anticipated in these sectors [18][24]

Investment Rating - The report maintains an "Outperform" rating for the construction and decoration industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The construction and decoration sector is currently experiencing a market adjustment, primarily due to geopolitical tensions in the Middle East and rising prices of raw materials, which have raised concerns about supply chain stability and corporate profitability. Investors are encouraged to identify certain opportunities within the sector based on three main investment themes [19][20]. - The report highlights that the issuance of special bonds has accelerated, with a cumulative net financing of 949.3 billion yuan as of March 20, 2026, which is higher than the same period in the past three years. This indicates a positive trend in funding for infrastructure projects [39]. Summary by Sections 1. Industry Viewpoints and Investment Recommendations - The construction and decoration index fell by 6.25%, while the overall A-share index decreased by 3.38%, indicating underperformance relative to the broader market. Notably, the landscaping engineering sector showed resilience with a gain of 4.29% [18]. - The report identifies three main investment themes: high dividend and low valuation stocks with a strong margin of safety, stocks benefiting from policy support during the 14th Five-Year Plan, and companies transitioning to new productivity sectors [19][20]. 2. Market Adjustment and Opportunities - The report suggests that investors should focus on high dividend, low valuation stocks with a high margin of safety, particularly among the eight major construction state-owned enterprises, which have a price-to-book (PB) ratio of 0.52x, placing them in the 4.69th percentile historically [20][23]. - Specific recommendations include companies like Sichuan Road and Bridge, China State Construction, and China Railway Construction, all of which have dividend yields above 3% [23][24]. 3. Policy Support and Sector Growth - The report emphasizes the strong policy support for infrastructure projects, particularly in regions like Xinjiang, where significant investments are being made in transportation and energy projects. For instance, a recent signing of investment projects in Xinjiang reached 170 billion yuan [25][26]. - The anticipated construction intensity in Xinjiang is expected to increase by 55% from 2022-2024 levels, with similar growth projected for Tibet and Sichuan [26][27]. 4. Company Dynamics - Key company updates include China State Construction reporting a total new contract value of 719.8 billion yuan for January-February 2026, reflecting a year-on-year growth of 0.9% [10]. - The report also notes that China Energy Engineering has raised 6.5 billion yuan through a private placement, indicating ongoing capital mobilization within the sector [10]. 5. Valuation and Market Trends - The report provides insights into the valuation of major construction companies, indicating that the current PB ratio is historically low, suggesting potential for recovery and growth in stock prices [20][21]. - The construction sector is expected to benefit from ongoing investments in new productivity sectors, with a focus on smart construction and emerging industries such as aerospace and biotechnology [37][38].

Group 1 - The report emphasizes the importance of optimizing expenditure structure and maintaining fiscal stability in 2026, which is the starting year of the "14th Five-Year Plan" [3][5][27] - The fiscal deficit rate is proposed to be around 4%, with a deficit scale of 5.89 trillion yuan, an increase of 230 billion yuan from the previous year, and a general public budget expenditure scale of 30 trillion yuan, up approximately 1.27 trillion yuan [8][9] - The issuance of special bonds is expected to support major projects and alleviate hidden debts, with a planned issuance of 4.4 trillion yuan in local government special bonds [8][9] Group 2 - The report highlights the recovery of domestic steel structure demand and the successful expansion into overseas markets, indicating that the steel structure market is entering a favorable layout window [29][34] - The pre-fabricated steel structure market is projected to grow significantly, with a CAGR of 5.3% for the overall market and 9.4% for the industrial building segment from 2025 to 2029 [34][36] - The report notes that the investment in the power grid is expected to accelerate, with the State Grid planning to invest approximately 4 trillion yuan during the "14th Five-Year Plan" period, a 40% increase from the previous plan [38][41] Group 3 - The report discusses the low valuation and potential for valuation recovery of central state-owned enterprises (SOEs) in the construction sector, emphasizing the focus on asset quality and value creation capabilities [3][65][84] - The report indicates that the construction industry remains a pillar of the national economy, with ongoing investments in the central and western regions, urban renewal, and overseas market expansion supporting the industry's investment scale [84][86] - The report anticipates that the improvement in cash flow will lead to an increase in dividend ratios for low-valued central SOEs, suggesting a potential for valuation recovery [84][86]

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2026年3月18日在上海證券交易所網站刊登的「中國中 鐵股份有限公司2026年面向專業投資者公開發行科技創新公司債券（第一期）信用評級報 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3月18日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及趙佃龍先生；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。 ѣളѣ䫷㛗Գᴿ䲆ޢਮ ᒪ䶘ੇщѐᣋ䍺㘻ޢᔶਇ㺂〇ᢶ 䇺㓝ᣛ⭞ؗδㅢжᵕεٰਮޢ᯦ࡑ 㕆ਧ˖CCXI-20260612D-01 ѣളѣ䫷㛗Գᴿ䲆ޢਮ 2026 ᒪ䶘ੇщѐᣋ䍺㘻 䇺㓝ᣛ⭞ؗδㅢжᵕεٰਮޢ᯦ࡑᔶਇ㺂〇ᢶޢ ༦ ᱄ 䐕䑠䇺㓝ᆿᧈ ѝ䈊ؑഭ䱵ؑ⭘䇴㓗ᴹ䲀䍓ԫޜਨ 2026 ᒤ 3 ᴸ ...