| H | A | | --- | --- | | 股证券代码：00390 | 股证券代码：601390 | | H 股简称：中国中铁 | A 股简称：中国中铁 | | | 公告编号：2025-013 | 中国中铁股份有限公司 关于 2021 年限制性股票激励计划首次授予部分第二个 解除限售期解除限售暨上市的公告 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、准确性和完整性依法承 担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为 51,449,722 股。 本次股票上市流通总数为 51,449,722 股。 本次股票上市流通日期为 2025 年 3 月 31 日。 3．2022 年 1 月 17 日，公司召开第五届董事会第十三次会议和第 五届监事会第十次会议，审议通过了《关于向公司 2021 年限制性股票 激励计划激励对象首次授予限制性股票的议案》。公司独立董事发表 了同意的独立意见，认为授予条件已经成就，激励对象主体资格合法、 有效，确定的授予日符合相关规定。监事会对授予日的激励对象名单 进行核查并发表了核 ...

Investment Rating - The report assigns a "Buy" rating for China Railway Group Limited (601390.SH) based on its robust market position in infrastructure and overseas development opportunities [4]. Core Views - China Railway Group is a leading state-owned enterprise in the infrastructure sector, benefiting from fiscal policy support and the deepening of the Belt and Road Initiative. The core business is expected to maintain steady growth, with projected net profits of CNY 31.2 billion, CNY 32.3 billion, and CNY 33.7 billion for 2024-2026, corresponding to a PE ratio of 4.6, 4.5, and 4.3 times respectively [4][8]. - The company has a solid order backlog, with an uncompleted contract amount of CNY 6.22 trillion as of mid-2024, reflecting a 5.9% increase from the previous year, providing a stable foundation for future performance [7]. - The report highlights the potential for valuation recovery driven by state-owned enterprise market value management initiatives and the expansion of emerging businesses, particularly in resource development [4][7]. Summary by Sections Financial Performance - The company reported a revenue of CNY 1,260.84 billion in 2023, with a projected slight decline to CNY 1,217.31 billion in 2024, followed by a recovery to CNY 1,230.66 billion in 2025 and CNY 1,254.99 billion in 2026 [8][10]. - The net profit attributable to shareholders is expected to decrease to CNY 31.21 billion in 2024, before increasing to CNY 32.33 billion in 2025 and CNY 33.65 billion in 2026 [8][10]. Market Position and Strategy - China Railway Group holds a significant market share in railway and urban rail construction, with over two-thirds of the national railway mileage and 90% of electrified railways constructed by the company [7]. - The company is actively expanding into emerging sectors such as water conservancy, clean energy, and mineral resources, with new orders in these areas increasing by 11.3% year-on-year in 2024 [7]. Dividend and Valuation - The company has a strong track record of dividend payments, with a cumulative dividend of CNY 40.76 billion since 2009 and a dividend rate of 15.52% in 2023, translating to a dividend yield of 3.61% [7]. - The report anticipates that ongoing market value management efforts by the state will enhance investor confidence and support valuation recovery [7].

| A 股代码：601390 | A 股简称：中国中铁 | 公告编号：临 | 2025-012 | | --- | --- | --- | --- | | H 股代码：00390 | H 股简称：中国中铁 | | | 中国中铁股份有限公司 关于召开 2024 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： 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 2025 年 3 月 24 日 （星期一） 至 3 月 28 日 （星期 五）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。 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度 会议召开时间：2025 年 3 月 31 日 （星期一） 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： 的经营成果及财务指标的具体情况与 ...

Core Viewpoint - A new company named Chongqing Yangjiang South Line Expressway Development Co., Ltd. has been established, focusing on various automotive services and electric vehicle infrastructure [1] Company Summary - The company is registered with a capital of 500 million yuan [1] - The legal representative of the company is Wang Hainan [1] - The business scope includes motor vehicle repair and maintenance, retail of auto parts, sales of charging piles, and operation of electric vehicle charging infrastructure [1] Industry Summary - The establishment of this company indicates a growing focus on electric vehicle infrastructure and services in the automotive sector [1] - The company is jointly held by China Railway and other stakeholders, reflecting potential strategic partnerships in the industry [1]

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 2025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）及王士奇先生；本公 司的非執行董事為文利民先生；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。 中 國 中 鐵 股 份 有 限 公 司 CHINA RAILWAY GROUP LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代號：390) 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 五年三月二十八日（星期五）舉行董事會會議，藉以（其中包括）批准本公司及其附 屬公司截至二零二四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。 ...

Investment Rating - The industry investment rating is "Leading the Market - A" [5] Core Viewpoints - The report emphasizes that the issuance of special bonds is accelerating, and with the arrival of the construction peak season, infrastructure investment growth is expected to improve [2][16] - The government is focused on stabilizing the real estate market, with policies aimed at both supply and demand sides, which is expected to support a recovery in real estate demand [3][18] - The report suggests that the construction sector is likely to benefit from increased government investment and the implementation of debt relief measures, leading to improved operational metrics for construction companies [11][12] Summary by Sections Industry Dynamics Analysis - The issuance of special bonds has increased significantly, and with the construction peak season approaching, infrastructure investment growth may see improvement. As of the end of February, the broad money (M2) balance was 320.52 trillion yuan, a year-on-year increase of 7% [16][18] - The real estate market is showing signs of recovery, with significant increases in second-hand housing transactions in major cities. From the beginning of the year to March 12, the daily average transaction volumes in Beijing, Shanghai, and Shenzhen increased by 35.10%, 50.52%, and 65.63% respectively [3][18] Market Performance - The construction industry rose by 1.60% from March 10 to March 14, outperforming the Shenzhen Composite Index (1.24%) and the CSI 300 Index (1.59%). The renovation and decoration sector saw the highest increase at 3.49% [19][22] - The report highlights key stocks to watch, including major state-owned enterprises in construction, which are expected to benefit from improved operational metrics and valuation recovery [11][28] Key Focus Stocks - The report recommends focusing on undervalued construction state-owned enterprises such as China State Construction, China Communications Construction, China Railway Construction, and China Railway Group, which are expected to see improvements in operational metrics due to favorable fiscal policies [11][12][28] - It also suggests paying attention to construction design firms and international engineering service providers that are expanding their presence in the Belt and Road Initiative countries [12][28]

Investment Rating - The report gives a positive investment rating for the construction decoration industry, indicating an "Overweight" outlook, suggesting that the industry is expected to outperform the overall market [2][34]. Core Insights - The construction decoration sector has shown a weekly increase of 1.60%, outperforming major indices such as the Shanghai Composite Index and the Shenzhen Component Index [5][6]. - Key sub-sectors like decorative curtain walls, ecological landscaping, and design consulting have demonstrated significant weekly gains, with respective increases of 5.33%, 4.44%, and 2.41% [5][8]. - The report highlights a recovery in infrastructure investment for 2025, emphasizing the cyclical investment value in high-elasticity sectors [5][20]. Summary by Sections Industry Performance - The SW Construction Decoration Index increased by 1.60%, ranking 18th among 31 sectors [5][6]. - The best-performing sub-sectors for the week were decorative curtain walls (+5.33%), ecological landscaping (+4.44%), and design consulting (+2.41%) [5][8]. Major Changes in the Industry - The People's Bank of China reported a cumulative increase in social financing of 9.29 trillion yuan in the first two months of 2025, which is 1.32 trillion yuan more than the same period last year [5][20]. - The central bank is expected to implement appropriate monetary policies to support major strategies and key areas, while also managing financial risks [5][20]. Key Company Developments - China Power Construction Corporation won a major project worth 5.771 billion yuan, accounting for 0.95% of its 2023 revenue [5][20]. - Shaanxi Construction Group secured a significant project totaling 2.436 billion yuan, representing 2.39% of its 2023 revenue [5][20]. - China Railway Group elected a new chairman, indicating a change in leadership [5][21]. Investment Recommendations - The report recommends investing in cyclical sectors with high elasticity, such as steel structures and urban renewal, while also highlighting undervalued companies for potential valuation recovery [5][20].

| H | A | | --- | --- | | 股代码：00390 | 股代码：601390 | | H 股简称：中国中铁 | A 股简称：中国中铁 | | | 公告编号：临 2025-011 | 中国中铁股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 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、通知债权人的原因 中国中铁股份有限公司（以下简称"公司"）于 2025 年 3 月 13 日召 开第六届董事会第八次会议以及第五届监事会第三十次会议，审议通过了 《关于回购注销中国中铁 2021 年限制性股票激励计划部分限制性股票的 议案》。 公司 2021 年限制性股票激励计划首次授予对象中，2 名激励对象因 成为不能持有公司限制性股票人员而不再属于激励计划规定的激励范围， 3 名激励对象因不能胜任工作岗位、业绩考核不合格、过失、违法违规等 原因不再属于激励计划规定的激励范围，公司董事会审议决定回购注销上 述 5 名激励对象已获授但尚未解除限售的限制性股票共计 856,199 股 A 股股票。具体内容详 ...

根据《公司法》《上海证券交易所股票上市规则》《公司章程》等 规定，陈云先生的辞职不会导致公司董事会成员低于法定最低人数， 不会影响公司董事会正常运作和公司正常生产经营，其辞职自辞职报 告送达董事会时生效。 | A 股代码：601390 | A 股简称：中国中铁 | 公告编号：临 | 2025-005 | | --- | --- | --- | --- | | H 股代码：00390 | H 股简称：中国中铁 | | | 中国中铁股份有限公司 关于公司执行董事、董事长、法定代表人辞职的公告 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。 中国中铁股份有限公司（以下简称"公司"或"本公司"）董事 会于 2025 年 3 月 12 日收到执行董事、董事长、法定代表人陈云先生 的书面辞职报告。陈云先生因年龄原因（退休），向公司董事会申请 辞去执行董事、董事长、董事会战略与投资委员会主任及委员、董事 会提名委员会主任及委员职务。辞职后，陈云先生不再担任公司法定 代表人及其他任何职务。陈云先生已确认其与公司董事会和公司无任 何意见分歧， ...

中国中铁股份有限公司 | A 股代码：601390 | A 股简称：中国中铁 | 公告编号：临 | 2025-008 | | --- | --- | --- | --- | | H 股代码：00390 | H 股简称：中国中铁 | | | 关于公司董事长、法定代表人变更的公告 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。 中国中铁股份有限公司（以下简称"公司"或"本公司"） 于 2025 年 3 月 13 日召开第六届董事会第八次会议。会议均以 6 票同 意、0 票反对、0 票弃权审议通过了《关于解聘陈文健先生中国中铁 股份有限公司总裁职务的议案》和《关于选举中国中铁股份有限公司 董事长的议案》，同意因职务调整解聘陈文健先生的公司总裁职务， 选举陈文健先生为公司董事长，任期自董事会通过之日起至公司第六 届董事会届满之日止。 根据《公司章程》规定，公司董事长为公司法定代表人，故公司 法定代表人亦变更为陈文健先生。 陈文健先生的简历如下： 陈文健先生，无曾用名/别名，正高级工程师，现任本公司党委 书记、董事长，董事会战略与投资 ...