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）募集說明書」， 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。 中国中铁股份有限公司 CHINA RAILWAY GROUP LIMITED （住所：北京市丰台区南四环西路 128 号院 1 号楼 918） 2026 年面向专业投资者公开发行科技创新公司债券 （第一期）募集说明书 | 注册金额 | 人民币 500 亿元 | | --- | --- | | 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）發行公告」，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。 中国中铁股份有限公司 （住所：北京市丰台区南四环西路 128 号院 1 号楼 918） 2026 年面向专业投资者公开发行科技创新 公司债券（第一期） 发行公告 牵头主承销商/簿记管理人/受托管理人 中信建投证券股份有限公司 （住所：北京市朝阳区安立路 66 号 4 号楼） 联席主承销商 中信证券 ...

Core Viewpoint - The real estate industry has officially entered a new development stage of "stabilization and quality upgrade" in 2025, with significant improvements in delivery capabilities and buyer confidence [1] Group 1: Industry Overview - The central government continues to deepen the real estate financing whitelist system, with over 7.5 million historically delayed housing units completed and the pilot of selling completed homes expanding [1] - The asset-liability structure of companies has substantially improved, with a stable delivery pattern characterized by quality upgrades and steady volume [1] - Leading real estate companies have stabilized their delivery scales, and the ability of distressed companies to fulfill commitments has significantly recovered [1] Group 2: Delivery Capability Assessment - The "2025 China Real Estate Enterprise Delivery Capability TOP 50" evaluates companies based on total delivery scale, timeliness, satisfaction, and completeness of delivery systems [13] - The top 50 companies have become the main force in ensuring delivery, with an increasing proportion of high-quality improvement projects [16] Group 3: Policy and Mechanisms - The central government has established a long-term policy mechanism for the real estate market, focusing on ensuring delivery, preventing risks, and stabilizing expectations [15] - Key measures include the normalization of the real estate financing whitelist, full-cycle supervision of pre-sale funds, and the expansion of the completed home sales pilot [15] Group 4: Delivery Quality and Experience - Delivery capability has evolved from merely "on-time delivery" to a comprehensive ability encompassing full-process systems, precision craftsmanship, and full-cycle services [19] - The delivery process now integrates design and operation, creating a complete loop that enhances the value from "building good homes" to "living well" [19] Group 5: Notable Delivery Projects - The top delivery projects of 2025 include high-end, light luxury, and quality works, showcasing the industry's focus on quality and customer experience [6][9][11] - Notable projects include "Poly Tianrui" in Guangzhou and "Beijing Yuefu," reflecting the industry's commitment to high standards [6][9]

中國中鐵股份有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二零二六年三月 三十日（星期一）舉行董事會會議，藉以（其中包括）批准本公司及其附屬公司截至二零二 五年十二月三十一日止財政年度的年度業績及考慮派發末期股息。 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。 董事會會議召開日期 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。 ...

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。 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。 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，本公司將於二零二六年三月 三十日（星期一）舉行董事會會議，藉以（其中包括）批准本公司及其附屬公司截至二零二 五年十二月三十一日止財政年度的年度業績及考慮派發末期股息。 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 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [8]. Core Insights - The year 2026 marks the beginning of the "14th Five-Year Plan," with a pragmatic growth target of "4.5%-5%" set during the Two Sessions, signaling strong support for stable growth. The report highlights the construction sector's defensive attributes and the potential for revaluation of undervalued state-owned enterprises (SOEs) [2][6]. - The construction sector is characterized by low valuations, low institutional holdings, large market capitalization, and stable outlooks for quality targets. The sector and the banking sector are the only two indices in the Yangtze River tertiary industry index that are trading below book value. The historically low institutional allocation to the construction sector may reflect a weak overall outlook for the industry, leading to some excellent construction targets being under-recognized and underpriced [6][12]. - Certain state-owned enterprises play a crucial role in stabilizing growth and the economy, with their political and economic significance highlighted. Some construction companies have shown steady operational performance due to their technical capabilities, market expansion abilities, and industry influence, which may allow them to achieve higher valuations compared to the sector [6][12]. Summary by Sections - **Market Dynamics**: The international oil price surge, driven by geopolitical tensions, enhances the competitiveness of coal chemical industries. The report recommends core quality SOE China Chemical, as the high oil price environment is expected to accelerate construction in the coal chemical sector [6][13]. - **Mineral Resources**: Geopolitical supply disruptions have highlighted the premium on strategic minerals. The demand for copper and cobalt is driven by global energy transitions and conflicts, with China Railway's mineral resource operations showing stable production figures [6][13]. - **Policy Support**: The government has proposed establishing a national low-carbon transition fund to foster new growth points in hydrogen energy and green fuels. Significant investments in power infrastructure are anticipated, with a 40% increase in the State Grid's investment for the 14th Five-Year Plan [6][13].

Group 1: Bond Investment Strategy - The report highlights a transition in bond investment strategy towards a "sell on every rise" approach, driven by asset allocation rebalancing and the current weak position of bond assets compared to equities [9][10] - The economic outlook for 2026 is characterized as a "non-typical recovery" period, with a focus on nominal growth recovery, fiscal spending structure, and inflation trends as key indicators for the bond market [9][10] - The report suggests that the 10-year government bond yield may range between 1.77% and 1.95%, with a potential upward breakout above 1.9% [9][10] Group 2: Hong Kong Stock Market Strategy - High dividend assets are expected to remain attractive in 2026, with historical performance indicating that sectors with dividend yields above 3% generally provide absolute returns during periods of RMB appreciation [12][10] - The report emphasizes the importance of consumer sectors, particularly discretionary consumption, which tends to outperform during inflationary periods, suggesting investment opportunities in these areas [12][10] - The technology sector in Hong Kong is anticipated to benefit from RMB appreciation, with a focus on companies that possess unique ecological positions and infrastructure capabilities [12][10] Group 3: U.S. Stock Market Strategy - The U.S. stock market is projected to have limited valuation upside due to geopolitical uncertainties and a shift from light to heavy asset investments, with capital expenditures expected to broaden beyond technology giants [11][13] - The report notes that the S&P 500 index is expected to see stable earnings growth of around 16%, with current valuations at approximately the 70th percentile historically [11][13] - AI investments are highlighted as having potential in upstream and midstream sectors, with opportunities for alpha generation in the value chain [11][13] Group 4: Future Industries - The report discusses significant advancements in future industries, including quantum technology, biomanufacturing, and brain-machine interfaces, indicating a strong trend towards commercialization and technological breakthroughs [15][16] - The approval of the first invasive brain-machine interface for clinical use marks a significant milestone in the industry, reflecting increased investment and interest in this area [15][16] - The report outlines the importance of hydrogen energy and nuclear fusion, with China joining the "Triple Nuclear Declaration" to enhance global nuclear energy capacity by 2050 [15][16]

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - The "14th Five-Year Plan" emphasizes the construction of a modern infrastructure system, with a focus on transportation and energy projects as key areas for future infrastructure investment [5][12] - The report suggests that infrastructure investment logic may gradually shift from traditional "stabilizing growth, stabilizing GDP" to structural investments that serve national strategies and security needs [7] - The construction industry is expected to focus on high-quality development, with urban renewal, smart construction, green and low-carbon initiatives, and international expansion as key directions [18] Market Review - The Shanghai Composite Index fell by 0.70%, while the Shenzhen Component Index rose by 0.76%, and the ChiNext Index increased by 2.51%. The construction decoration index rose by 4.12% during the same period [6][22] - Among individual stocks, China Energy Engineering saw a significant increase of 29.41%, followed by Ningbo Construction (+23.68%) and China Power Construction (+20.64%) [6][22] Investment Suggestions - Future infrastructure investments are expected to focus on power and water conservancy, energy security, and regional strategic development, particularly in the context of rising geopolitical uncertainties [7] - Recommended companies to watch include Sichuan Road and Bridge, China Chemical, Donghua Technology, China Power Construction, and China Energy Engineering [7] Sector Performance - Transportation infrastructure is expected to be a major support for infrastructure investment during the "14th Five-Year Plan" period, with significant projects planned for high-speed rail, national highways, and modern airport systems [9][12] - The new energy system construction is anticipated to become an important growth area for future infrastructure investments, with major clean energy projects expected to be progressively advanced [16][17]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][26]. Core Insights - Fixed asset investment growth stabilized in January-February 2026, with a cumulative year-on-year increase of 1.8%, which is a decrease of 5.6 percentage points compared to the full year of 2025. Manufacturing investment saw a year-on-year increase of 3.1%, up by 2.5 percentage points from 2025 [4][11]. - Infrastructure investment, under a new calculation method, showed a year-on-year increase of 11.4% in January-February 2026. Key sectors included transportation, storage, and postal services with a 9.1% increase, water, environment, and public facilities management with an 8.3% increase, and electricity, heat, gas, and water production and supply with a 13.1% increase [5][11]. - Real estate investment remained low, with a year-on-year decrease of 11.1% in January-February 2026, and construction starts and completions also showed significant declines [11][16]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment in January-February 2026 was 1.8%, reflecting a stabilization compared to the previous year [4]. - Manufacturing investment increased by 3.1% year-on-year, indicating a recovery trend [4]. Infrastructure Investment - Infrastructure investment increased by 11.4% year-on-year in January-February 2026, with significant contributions from various sectors [5]. - The eastern and central regions showed modest growth, while the western and northeastern regions experienced declines [5]. Real Estate Investment - Real estate investment saw a year-on-year decline of 11.1%, with construction starts down by 23.1% and completions down by 27.9% [11]. - The report anticipates a slow recovery in real estate investment due to supply-side challenges [11]. Investment Recommendations - The report suggests focusing on cyclical sectors that are expected to benefit from the recovery, particularly in steel structure and chemical engineering [16]. - It highlights specific companies such as Honglu Steel Structure, China Chemical, and others as potential investment opportunities [16].

Investment Rating - The report maintains a positive outlook on energy engineering and energy materials, suggesting potential for revaluation in the sector [2][13]. Core Insights - The transition of engineering companies from traditional construction to renewable energy infrastructure is significantly altering revenue structures. For instance, China Energy Engineering's renewable energy business revenue is projected to exceed 32% by the first half of 2025, up from 22.7% in 2022. The total new contracts signed in 2025 are expected to reach 1.45 trillion yuan, with renewable energy contracts accounting for over 40% [2][13]. - The business model is shifting towards integrated investment, construction, and operation. Companies like North International and China Power Construction are leading examples, with projects such as the Croatian wind farm demonstrating this model. The average project size in renewable energy has increased to 360 million yuan, compared to 220 million yuan in 2021 [3][14]. - The international expansion of energy engineering is becoming a hallmark of Chinese infrastructure. For example, China Energy Engineering's overseas revenue share is projected to be 15% in the first half of 2025, up from 12.8% in 2022 [4][15]. Summary by Sections Weekly Discussion - The report emphasizes the ongoing transformation in energy engineering and materials, highlighting the structural changes in revenue and order composition within companies like China Energy Engineering [2][13]. Cycle Linkage - The report provides insights into various materials, noting that the national average price of cement is 337 yuan per ton, down 60 yuan year-on-year, with an average shipment rate of 24.7% [5][17]. - The average price of float glass is reported at 1177.42 yuan per ton, reflecting a slight increase, while the inventory days for monitored provinces have decreased [5][17]. Market Performance - The construction materials index has shown a decline of 1.33%, with specific segments like glass manufacturing and cement showing varied performance [20][21]. Price Changes in Construction Materials - Cement prices have seen a slight decrease, with regional variations noted, while float glass prices have been supported by rising costs, particularly due to geopolitical events affecting energy prices [30][40].