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。 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。 茲載列中國中鐵股份有限公司於2025年9月29日在上海證券交易所網站刊登的「北京市嘉 源律師事務所關於中國中鐵股份有限公司回購註銷2021年限制性股票激勵計劃部分限制 性股票及調整回購價格之法律意見書」，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 2025年9月29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。 北京市嘉源律师事务所 关于中国中铁股份有限公司 回购注销 2021 年限制性股票激励计划 部分限制性股票及调整回购价格 之法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 嘉源 · 法律意见书 中国中铁 · 股权激励 释义 除非本法律意见书中另有所说明, ...

關於2021年限制性股票激勵計劃第三個解除限售期 解除限售條件未成就暨回購注銷部分限制性股票的公告 茲提述中國中鐵股份有限公司（「本公司」）分別於2021年12月30日臨時股東大會、A股類別 股東會議及於2022年1月12日舉行的H股類別股東會議通過2021年限制性股票激勵計劃 （「《2021年限制性股票激勵計劃》」），日期為2021年12月14日的通函（「通函」），向本公司 《2021年限制性股票激勵計劃》激勵對象首次授予限制性股票於2022年1月17日及2022年2 月24日發出的公告，向本公司《2021年限制性股票激勵計劃》激勵對象授予預留部分限制 性股票於2022年10月28日及2022年12月1日發出的公告，日期為2022年10月30日、2022年 12月27日、2023年12月29日、2024年3月6日、2024年8月30日、2024年10月30日、2024年 12月20日、2025年3月13日及2025年6月9日的有關回購註銷部分限制性股票的公告，以及 日期為2023年12月29日、2024年2月5日、2024年8月30日、2024年10月30日、2024年11月 25日、2025年3月13日及 ...

Group 1 - China Railway's board held a temporary meeting on September 29, 2025, to review the proposal for revising the company's director remuneration management regulations [1] - For the first half of 2025, China Railway's revenue composition was as follows: municipal projects accounted for 43.99%, railway industry 27.61%, highway 13.52%, other industries 5.87%, and real estate development 3.05% [1] - As of the report date, China Railway's market capitalization was 135.3 billion yuan [1] Group 2 - The competition between Nongfu Spring and Yibao has intensified, with Nongfu Spring's green bottle launch leading to a significant decline in Yibao's market share, dropping nearly 5 percentage points [1]

| | | 中国中铁股份有限公司 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"）于 2025 年 9 月 29 日召 开第六届董事会第十五次会议，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第三个解除限售期所设定的公司层 面业绩考核指标条件未达成，公司董事会审议决定对 678 名激励对象持有 的已获授但未满足第三个解除限售条件的限制性股票共计 54,786,990 股 进行回购注销。具体内容详见公司同日披露的《中国中铁股份有限公司关 于 2021 年限制性股票激励计划第三个解除限售期解除限售条件未成就暨 回购注销部分限制性股票的公告》（公告编号：临 2025-052）。 本次回购注销完成后，公司总股本将由 24,741,008,919 股减少至 24,686,221,929 股，公司注册资本也相应由 24,741,008,919 元减少为 24,686,221,929 元。 二、需债权人知晓的相关信息 ...

| 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 2025-052 | 中国中铁股份有限公司 关于 2021 年限制性股票激励计划第三个解除限售期 解除限售条件未成就暨回购注销部分限制性股票的公告 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： 中国中铁股份有限公司（以下简称"公司"）于 2025 年 9 月 29 日召 开第六届董事会第十五次会议，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》，现将有关事项说明如下： 一、已履行的相关审批程序和信息披露情况 1．2021 年 11 月 22 日，公司第五届董事会第十一次会议审议通过《关 于<中国中铁股份有限公司 2021 年限制性股票激励计划（草案）及其摘要> 的议案》《关于提请股东大会授权董事会办理公司限制性股票激励计划相 关事宜的议案》等相关议案。公司独立董事就本激励计划相关议案发表了 1 限制性股 ...

释义 除非本法律意见书中另有所说明,下列词语在本法律意见书中的含义如下: | 中国中铁、公司 | 블 | 中国中铁股份有限公司 | | --- | --- | --- | | 本激励计划、股权激 | 指 | 中国中铁2021 年限制性股票激励计划 | | 励计划 | | | | 本次回购注销 | 指 | 本激励计划涉及的回购注销部分已获授但尚未 | | | | 解锁的限制性股票及调整回购价格 | | 《激励计划(草案)》 | 指 | 《中国中铁股份有限公司2021年限制性股票激 | | | | 励计划(草案)》 | | 《公司章程》 | 指 | 中国中铁现行有效的《中国中铁股份有限公司 | | | | 草程》 | | 嘉源、本所 | 指 | 北京市嘉源律师事务所 | | 本法律意见书 | 블 | 《北京市嘉源律师事务所关于中国中铁股份有 限公司回购注销 2021 年限制性股票激励计划 | | | | 部分限制性股票及调整回购价格之法律意见 | | | | 书》 | | 《公司法》 | 블 | 《中华人民共和国公司法》 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《管理办法》 | 指 | ...

| 股代码：601390 股代码：00390 | | | | | --- | --- | --- | --- | | A H | | | | | | 股简称：中国中铁 股简称：中国中铁 | | | | | | 公告编号：临 | 2025-051 | | A H | | | | 中国中铁股份有限公司 第六届董事会第十五次会议决议公告 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 事会第十五次会议〔属 2025 年第 6 次临时会议（2025 年度总第 9 次）〕 通知和议案等书面材料于 2025 年 9 月 23 日以专人及发送电子邮件方式送 达各位董事，会议于 2025 年 9 月 29 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。 （三）审议通过《关于<公司高级 ...

Core Viewpoint - China Railway Group (601390.SH, 00390.HK) demonstrates stable operations with significant recent contract wins totaling approximately 502.15 billion yuan, representing 4.34% of the company's projected 2024 revenue [1][2]. Group 1: Recent Contract Wins - The company recently secured multiple major engineering projects across railway, highway, and municipal sectors, with a total bid amount of approximately 502.15 billion yuan [2]. - Railway projects accounted for 94.79% of the total bid amount, with significant contracts including the new Changsha to Ganzhou high-speed railway [2]. - Subsidiaries also performed well, with notable contracts such as the Shenzhen Airport South Base Phase I project worth 1.301 billion yuan and the Beijing to Tianjin Binhai New Area Railway station project worth 1.268 billion yuan [2]. Group 2: Financial Performance - In the first half of 2025, the company achieved new contract signings of 1.10869 trillion yuan, a year-on-year increase of 2.8% [3]. - The construction business remains dominant, with new contracts totaling 739.24 billion yuan, despite a slight decline of 5.3% due to industry conditions [3]. - The asset management business saw a significant increase of 425%, with new contracts amounting to 128.69 billion yuan, indicating a trend of diversified business growth [3]. Group 3: Research and Development - The company has maintained high levels of R&D investment, averaging approximately 28.2 billion yuan annually over the past three years, contributing to its technological advantages in key areas such as high-speed rail and large-span bridges [4][5]. - Cumulatively, R&D investment since 2020 has reached approximately 139.368 billion yuan, resulting in 132 national science and technology awards and 46,592 valid patents [5]. - The company's total assets reached 2.38 trillion yuan as of June 30, 2025, marking an 18.41% year-on-year increase, supporting its business development [5].

Investment Rating - The industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The construction index decreased by 1.67%, while the CSI 300 index increased by 0.74%, indicating that the construction sector underperformed the market by 2.42 percentage points. The cleanroom sector is expected to benefit from the rising production expectations in the U.S. and the upcoming third-quarter reports, which may exceed expectations [1][2][3] - The cleanroom sector is experiencing renewed benefits due to U.S. policies that may require semiconductor companies to match domestic production with imports, potentially benefiting companies like TSMC and Micron Technology [2][13] - The construction sector in Sichuan is seeing a significant increase in new bids, with a total of 218 new projects worth approximately 72.2 billion yuan, a year-on-year increase of 22.20% [3][23] - The cement shipment rate and asphalt operating rate have rebounded, indicating a positive outlook for the conversion of physical workloads in construction projects [4][24] Summary by Sections Market Overview - The construction index fell by 1.67% from September 22 to September 26, while the CSI 300 index rose by 0.74%, with only the architectural design sub-sector recording a positive return of 1.02% [5][32] Investment Recommendations - Focus on infrastructure investment opportunities in regions with high growth potential, such as Sichuan, Xinjiang, and Tibet, as well as sectors like hydropower, coal chemical, and nuclear power [1][36] - Emphasize the cleanroom sector, particularly companies like Baicheng Co., Shenghui Integration, and Yaxiang Integration, which are expected to benefit from the ongoing semiconductor industry developments [17][38] Key Projects and Orders - Sichuan Road and Bridge has seen a significant increase in new bids, with a focus on major provincial projects and government special bond projects to accelerate construction progress [3][23] - The cleanroom sector's order volume remains robust, with Baicheng Co. and Shenghui Integration reporting significant year-on-year growth in new orders [18][19] Sector Performance - The cleanroom sector is expected to maintain a high level of activity, driven by domestic demand for new semiconductor production facilities and the ongoing transition of the semiconductor industry [17][21] - The construction sector is experiencing a structural recovery, with a focus on major transportation infrastructure projects and regional opportunities in high-demand areas [36][39]

Core Points - A total of 12 listed companies have recently exposed environmental risks, highlighting the increasing importance of environmental responsibility in corporate operations [7][11][12] - The report indicates that 9 out of the 12 companies are state-controlled enterprises, suggesting a significant presence of environmental issues within state-owned sectors [11] - The penalties imposed on companies for environmental violations reflect the growing regulatory scrutiny and the need for compliance with environmental laws [8][14][15] Summary by Company - China Railway Group was fined 1 million yuan for failing to prepare a construction waste disposal plan [7][12] - Luyin Investment was penalized 370,000 yuan for not verifying the technical capabilities of its entrusted parties regarding waste disposal [3][14] - Anhui Energy was fined 262,000 yuan for not verifying the qualifications of its partners in handling industrial waste [15] Summary by Regulatory Context - The report is part of a broader initiative to enhance transparency in environmental information related to listed companies, driven by increasing investor interest in ESG (Environmental, Social, and Governance) factors [16] - The data collection is based on authoritative sources from 31 provinces and 337 cities, aiming to provide a comprehensive overview of environmental compliance among listed companies [7][16] - The penalties and violations reported are in accordance with the Solid Waste Pollution Prevention and Control Law of the People's Republic of China, emphasizing the legal framework governing environmental protection [14][15]