Investment Rating - The report indicates a positive investment outlook for the construction state-owned enterprises (SOEs) in the ESG context, highlighting strong performance in green development and social responsibility [5][11]. Core Insights - The overall ESG scores for the 19 construction SOEs are good, with 8 companies scoring above 80 and 10 between 60-79, while only 1 company scored below 60. Climate governance and governance improvements are identified as key weaknesses [11][21]. - The importance assessment is well-disclosed among the companies, with 19 companies reporting their assessments, and 17 completing dual importance assessments. However, third-party verification is lacking, with only 3 companies engaging external validation [13][18]. - Environmental disclosures are mature, but climate disclosures need improvement. The total score for "environment + climate change response" ranges from 0 to 32 out of a maximum of 34, indicating a need for better climate-related disclosures [21][22]. - Social responsibility is a strong focus, with all 19 companies disclosing relevant information, particularly in rural revitalization and social welfare, showcasing their commitment to social responsibility [50][53]. - Governance structures are generally robust, with most companies having established boards and supervisory committees, although transparency in performance evaluation and ESG integration remains an area for improvement [60][65]. Summary by Sections Overall Performance - The ESG performance of the 19 construction SOEs is generally good, with strengths in green development and social responsibility, while climate governance remains a critical shortcoming [11][21]. Importance Assessment - All 19 companies have disclosed their importance assessments, with a high level of completeness. However, third-party verification is limited, indicating a need for greater transparency [13][18]. Environmental & Climate - Environmental disclosures are well-developed, but climate-related disclosures are lagging. The overall score for environmental and climate issues indicates a need for enhanced climate strategy integration [21][22]. Social Responsibility - Social issues are prominently featured in disclosures, with a focus on rural revitalization and community welfare, reflecting a strong commitment to social responsibility among the companies [50][53]. Governance - Governance frameworks are well-established, with most companies having comprehensive governance structures. However, the integration of ESG metrics into performance evaluations is not uniformly transparent [60][65].

Investment Rating - The report rates the industry as "Positive" for A-share central enterprises in the construction sector, indicating an expectation of outperforming the overall market [3]. Core Insights - The ESG performance of 19 central enterprises in the construction industry is generally good, with strengths in green development and social responsibility, while climate governance and governance enhancement remain key weaknesses [5][13]. - The overall ESG scores show that 8 companies scored above 80, 10 companies scored between 60-79, and 1 company scored below 60, with a maximum score of 100 [13]. - Importance assessments are disclosed by all 19 companies, with 17 completing dual importance assessments, although third-party verification is lacking, with only 3 companies engaging third-party validation [16][18]. Summary by Sections 1. Overall Scores and Areas for Improvement - The ESG scores of the 19 central enterprises are generally good, with green development and social responsibility as strong areas, while climate governance and governance improvements are identified as critical weaknesses [5][13]. 2. Importance Assessment - All 19 companies disclosed importance assessments, with 17 completing dual assessments. However, third-party verification is limited, with only 3 companies providing such validation [16][18]. 3. Environmental & Climate - The total score for "Environment + Climate Change" among the 19 companies ranges from 0 to 32 points (out of 34). Two companies scored between 30-34, indicating strong performance in both environmental and climate disclosures. Twelve companies scored between 20-29, primarily focusing on environmental disclosures, while five companies scored between 10-19, showing limited engagement with climate issues [24][25]. 4. Social Responsibility - All 19 companies disclosed social responsibility initiatives, with a focus on rural revitalization and social welfare, reflecting a strong commitment to social responsibility. However, some disclosures lack quantitative performance indicators [57][60]. 5. Governance - The governance scores are primarily in the mid to high range, with most companies having established governance structures. However, the integration of ESG performance indicators into governance mechanisms remains unclear for many companies [68][73].

Core Viewpoint - China Railway Group Limited announced the issuance of its 2023 technology innovation perpetual bonds aimed at professional investors, indicating a strategic move to raise capital for innovation and development [1] Group 1: Bond Issuance Details - The bonds, referred to as "铁工YK17" with bond code 240235.SH, will be issued on November 13, 2023 [1] - The interest payment for the bonds will commence on November 13, 2025, covering the period from November 13, 2024, to November 12, 2025 [1] - The coupon rate for the current interest year is set at 3.14%, with each bond having a face value of 1,000 yuan, resulting in an interest payout of 31.40 yuan per bond (tax included) [1]

Core Viewpoint - China Railway (00390.HK) announced the issuance of its 2023 technology innovation perpetual corporate bonds aimed at professional investors, indicating a strategic move to raise funds for innovation and development [1] Group 1: Bond Issuance Details - The company will issue the bonds on November 13, 2023, with a maturity date set for November 13, 2025 [1] - The bonds, named "铁工YK18" (Iron Worker YK18), will have a coupon rate of 3.35% for the current interest period [1] - Each bond with a face value of 1,000 yuan will distribute interest of 33.50 yuan (including tax) [1]

Group 1 - The company, China Railway (00390), announced the issuance of its 2023 technology innovation perpetual corporate bonds (Phase 9, Type 2), referred to as "Tie Gong YK18" [1] - The bonds will start paying interest on November 13, 2025, for the period from November 13, 2024, to November 12, 2025 [1] - The coupon rate for the current interest period is set at 3.35%, with each bond of face value 1,000 yuan distributing interest of 33.50 yuan (tax included) [1]

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2025年11月5日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2023年面向專業投資者公開發行科技創新可續期公司債券（第九期）（品種 二）2025年付息公告」，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 2025年11月5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。 证券代码：601390.SH/0390.HK 证券简称：中国中铁 债券代码：240236.SH 债券简称：铁工 YK18 中国中铁股份有限公司 2023 年面向专业投资者公开发行科技创 新可续期公司债券（第九期）（品种二）2025 年付息公告 本公司全体董事或具有同等职责的人员保证本公告 ...

茲載列中國中鐵股份有限公司於2025年11月5日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2023年面向專業投資者公開發行科技創新可續期公司債券（第九期）（品種 一）2025年付息公告」，僅供參閱。 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。 中国中铁股份有限公司（以下简称"公司"或"发行人"）于 2023 年 11 月 13 日发行了中国中铁股份有限公司 2023 年面向专业投资者公开发行科技创新可续 期公司债券（第九期）（品种一）（以下简称"本期债券"），并将于 2025 年 11 月 13 日开始支付自 2024 年 11 月 13 日至 2025 年 11 月 12 日期间的利息。为保 证付息工作的顺利进行，现将有关事项公告如下： 一、本期债券的基本情况 2025年11月5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 ...

Core Viewpoint - China Railway Group Limited has initiated a share buyback program, aiming to repurchase a portion of its A-shares with a total fund of no less than RMB 800 million and no more than RMB 1.6 billion, with a buyback price cap of RMB 8.50 per share [1] Group 1: Buyback Plan Details - The company plans to use its own funds and a special loan for the buyback, which was approved during the shareholder meetings held on June 20, 2025 [1] - The buyback period is set from June 20, 2025, to June 19, 2026, and all repurchased shares will be canceled, reducing the company's registered capital [1] Group 2: Progress of the Buyback - As of October 31, 2025, the company has repurchased a total of 6,998,600 shares, which represents 0.0283% of the company's total share capital [2] - The highest transaction price during the buyback was RMB 5.75 per share, while the lowest was RMB 5.63 per share, with a total transaction amount of RMB 39,999,328 (excluding transaction fees) [2] Group 3: Compliance and Future Actions - The share buyback is in compliance with relevant laws and regulations, as well as the company's buyback plan requirements [3] - The company will continue to make buyback decisions based on market conditions and will fulfill its information disclosure obligations regarding the progress of the buyback [4]

Core Insights - China's foreign contracting engineering business has been continuously growing, with "Belt and Road" new contracts maintaining over 80% share, indicating future development potential [1][6] - Major construction companies are facing challenges domestically, with five out of eight major state-owned enterprises experiencing revenue declines and seven seeing profit reductions [1][8] - The overseas market is becoming a crucial path for transformation, with significant growth in foreign contracts despite domestic pressures [2][3][8] Group 1: Overseas Contract Growth - China Communications Construction Company (CCCC) secured overseas contracts worth 359.73 billion yuan in 2024, a 12.50% increase year-on-year [2] - China Railway's overseas contracts reached 166.64 billion yuan in the first three quarters of 2023, up 35.2% year-on-year [2] - China State Construction Engineering Corporation (CSCEC) reported a 94.52% increase in overseas contracts, totaling 204.82 billion yuan in the same period [3] Group 2: Domestic Challenges - Major construction firms are at a crossroads due to declining domestic revenues, with China Metallurgical Group's revenue dropping by 18.78% to 335 billion yuan [8][9] - The overall revenue for major state-owned construction companies has decreased, with only a few like China Electric Power Construction achieving growth [8][9] - The net profit of China Metallurgical Group fell by 41.88%, highlighting the significant impact of domestic market pressures [8][9] Group 3: Strategic Shifts and Opportunities - Companies are increasingly focusing on overseas markets as a strategy to counteract domestic revenue declines, with a notable emphasis on the "Belt and Road" initiative [5][10] - The global infrastructure investment gap is projected to reach 15 trillion USD by 2030, with Asia accounting for over 60%, presenting opportunities for Chinese firms [5][6] - The demand for diverse infrastructure projects, including renewable energy and digital construction, is expected to grow significantly, further driving overseas expansion [6][10]

证券研究报告 建筑装饰 | 基础建设 非金融|公司点评报告 hyzqdatemark 2025 年 11 月 04 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com | 基本数据 | | | | 年 | 11 | 月 | | | | 2025 | 日 | 03 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | | | | 5.62 | | / | | | | | | | 7.20/5.16 | | | | | | | | （元） | | ...