Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [8]. Core Insights - The construction sector's performance shows a phase differentiation around the Two Sessions from 2021 to 2025, with most years experiencing an increase in the two trading days before the sessions, while the period during the sessions has seen declines. Post-session, there is often a recovery in the following five trading days [2][6]. - The construction sector is primarily policy-driven, with a notable weakening in the pre-session policy speculation. However, there is a significant recovery following the clarification of policies post-sessions. The report highlights that the Longjiang Construction Engineering Index saw increases in the two trading days before the sessions, except for 2022 and 2025, with a notable 3.9% increase in 2023 [12]. - The report suggests that the industry focus may shift towards cutting-edge technologies related to new productive forces and consumer sectors related to domestic demand expansion [12]. Summary by Sections Market Performance - The construction sector has shown a mixed performance in the past 12 months, with a notable increase in the Longjiang Construction Engineering Index compared to the CSI 300 index [10]. Event Commentary - The report indicates that the overall resumption of work in early 2023 has improved, with a work resumption rate of 8.9% and a labor utilization rate of 15.5% as of February 25, 2023. The anticipated GDP growth target for 2026 is likely to be set between 4.5% and 5.0% [12]. - The report emphasizes the importance of monitoring the construction sector's response to policy changes, particularly in the context of local debt pressures and the ongoing real estate downturn [12]. Investment Recommendations - The report recommends focusing on three main lines within the construction sector: 1. **Domestic Demand Chain**: Highlighting companies like Sichuan Road and Bridge, China State Construction, and China Railway [12]. 2. **Inflation Chain**: Companies such as China Chemical are expected to benefit from rising commodity prices [12]. 3. **Technology Chain**: Companies involved in cleanroom construction and commercial aerospace are highlighted, including Yaxiang Integration and Shenghui Integration [12].

Summary of China Railway Group's Conference Call Company Overview - **Company**: China Railway Group (中国中铁) - **Industry**: Mining and Infrastructure Key Points Mining Resource Expansion - China Railway Group is actively expanding its mineral resources, achieving a breakthrough in the Inner Mongolia Xinfeng City silver-lead-zinc polymetallic mining area, with a 30% stake in the project. Estimated resources include approximately 5,105 tons of silver, 230,000 tons of zinc, 130,000 tons of lead, and nearly 500 tons of gallium [2][3][4] - The State-owned Assets Supervision and Administration Commission (SASAC) has identified mineral resources as a "cultivated main business" for China Railway Group, allowing for investment under main business criteria for the next three years, which will reduce investment constraints [2][4] Investment Strategies - The company has accumulated rich experience in the "resource-for-infrastructure" model, particularly recognized in overseas markets like the Democratic Republic of Congo's copper-cobalt project. Domestically, it can negotiate with local governments using debt instruments to diversify resource acquisition paths [2][5] - The company acknowledges a gap in backup resource volume compared to leading mining companies but plans to invest more funds during the "15th Five-Year Plan" to enhance backup resource reserves and narrow the gap with competitors like Zijin Mining [2][7] Financial Projections - The mining resource business is expected to generate a profit of approximately 5 billion yuan in 2025, with further growth anticipated in 2026. The company has a solid financial foundation and can supplement funding through bank loans and other financing methods [3][8] Synergies with Other Business Segments - The mining resource business has significant synergistic effects on China Railway Group's infrastructure, mining construction, equipment manufacturing, and logistics sectors. For example, the Huagang project, with a mining construction scale of approximately $2.6 billion, is expected to drive $7 billion in infrastructure construction [7][8] Market Position and Challenges - China Railway Group's copper production is nearly 290,000 tons annually, ranking it among the top five in China, while its molybdenum production of 14,900 tons places it in the top three domestically. However, the company faces challenges in aligning its mining business with the SASAC's main business criteria, which require a 20% revenue or profit contribution [8][9] Future Outlook - The company plans to enhance its mining resource business as a key support for transformation and upgrading, with a focus on precious metals, non-ferrous metals, and ferrous metals. It is tracking several key metal mining projects both domestically and internationally [4][5] - The company is also considering increasing its dividend rate while balancing corporate development and cash flow needs, with a mid-term dividend rate already raised to over 17% in 2025 [10][11] Infrastructure Development Trends - The macro environment indicates a shift from rapid urbanization to stable development, with traditional infrastructure expected to decline. Future growth is anticipated in resource utilization, energy facilities, urban renewal, and ecological protection [11][12] Conclusion - China Railway Group is positioning itself to leverage its mining resources for infrastructure development while addressing challenges in resource acquisition and market positioning. The company's strategic focus on mining as a core business is expected to drive future growth and profitability.

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國中鐵股份有限公司 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00390 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,207,390,000 | RMB | | 1 | RMB | | 4,207,390,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 4,207,390,000 | RMB | | | 1 RMB | | 4,207,390,000 | | 2. 股份分類 | ...

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Viewpoints - Spring construction resumption data shows year-on-year improvement, with a notable differentiation in regional and project structures. As of February 25, 2026, the national construction resumption rate is 8.9%, labor employment rate is 15.5%, and funding availability rate is 29%, with improvements of 1.5, 3.7, and 9.4 percentage points respectively compared to the previous year. Both real estate and non-real estate projects have seen synchronized improvements [3][10] - The construction sector is experiencing a revaluation of resource attributes among central and state-owned enterprises due to the rising prices of non-ferrous metals and the recovery of resource product demand. Companies with substantial resource reserves are expected to see their resource value gradually emerge [4][14] Summary by Sections Construction Resumption Data - As of February 25, 2026, the national construction resumption rate is 8.9%, labor employment rate is 15.5%, and funding availability rate is 29%, with year-on-year increases of 1.5, 3.7, and 9.4 percentage points respectively. The recovery pace varies significantly by region, with Jiangsu, Shanghai, and Shandong showing faster progress and better funding conditions compared to other regions [3][10][11] Infrastructure Investment - As of March 1, 2026, the cumulative issuance of special bonds reached 8,387.09 billion, with a year-on-year increase of 40.54%. The weekly issuance of special bonds was 1,272.40 billion, while the city investment bonds had a net financing amount of -480.78 billion [5][27] Market Performance - The Shanghai Composite Index rose by 1.98%, the Shenzhen Component Index by 2.80%, and the ChiNext Index by 1.05%. The construction and decoration index increased by 4.97%, with all sub-sectors showing gains, particularly chemical engineering and municipal engineering [6][22] Company Dynamics - Notable project wins include China Construction winning major projects worth a total of 27.83 billion, and other companies like Jin Tanglang and Huadian Ke Gong also securing significant contracts [19][21]

| | | 中国中铁股份有限公司 关于股份回购进展公告 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管 指引第 7 号——回购股份》等法律法规及规范性文件的规定，现将公司截 至上月末回购股份的进展情况公告如下： 截至 2026 年 2 月 28 日，公司通过上海证券交易所系统以集中竞价交 易方式累计回购股份 28,812,000 股，已回购股份占公司总股本的比例为 0.1167%，成交最高价为 5.75 元/股，成交最低价为 5.42 元/股，成交总 金额为 160,018,146.00 元（不含交易费用）。 上述股份回购符合法律法规的规定及公司回购方案的要求。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公 司自律监管指引第 7 号——回购股份》等相关规定，在回购期限内根据市 场情况择机做出回购决策并予以实施，同时根据回购股份事项进展情况及 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、回购股份的基本情况 中国中铁股份有限公司（以下简称"本公司"或"公 ...

| A H | | --- | | 股代码：601390 股代码：00390 | | A 股简称：中国中铁 公告编号：临 2026-015 股简称：中国中铁 H | 中国中铁股份有限公司 关于执行董事辞职的公告 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。 一、董事提前离任情况 规定，王士奇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。根据公司《董事会安全健康环保委员会议事规则》，公司 董事会安全健康环保委员会由五名董事组成。王士奇先生辞职后，公司董 事会安全健康环保委员会由四名成员组成，公司将尽快按照相关规定补足 董事会安全健康环保委员会委员。 王士奇先生在担任公司执行董事及董事会安全健康环保委员会委员 期间，勤勉敬业、恪尽职守，在推动公司提升治理水平、深化改革创新和 高质量发展等方面做出了重要贡献。公司及董事会对王士奇先生为公司发 展所做的贡献表示衷心的感谢！ 特此公告。 中国中铁股份有限公司董事会 2026 年 3 月 3 日 中 ...

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。 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2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 | 2026-014 | | --- | --- | --- | --- | | H 股代码：00390 | H 股简称：中国中铁 | | | 中国中铁股份有限公司 关于股份回购进展公告 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、回购股份的基本情况 中国中铁股份有限公司（以下简称"本公司"或"公司"）2025 ...

中國中鐵股份有限公司董事會（「董事會」）成員載列如下： 董事會成員名單與其角色及職能 執行董事： 陳文健先生 （董事長） 、趙佃龍先生 非執行董事： 文利民先生、房小兵先生 獨立非執行董事： 修龍先生、孫力實女士、屠海鳴先生 董事會已成立五個董事會委員會。下表提供各董事會成員所屬董事會委員會的資料： | | | | 董事會委員會 | | | | --- | --- | --- | --- | --- | --- | | | 戰略與 | 審計與風險 | 薪酬與 | | 安全健康 | | 董事 | 投資委員會 | 管理委員會 | 考核委員會 | 提名委員會 | 環保委員會 | | 陳文健 | 主任 | | | 主任 | 主任 | | 趙佃龍 | | | | | | | 文利民 | 成員 | 成員 | 成員 | | 成員 | | 房小兵 | | | | | 成員 | | 修龍 | 成員 | 成員 | 主任 | | | | 孫力實 | | 主任 | 成員 | 成員 | | | 屠海鳴 | 成員 | | | 成員 | 成員 | 中國•北京 2026年3月2日 ...

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。 王先生在擔任本公司執行董事及董事會安全健康環保委員會委員期間，勤勉敬業、恪盡 職守，在推動公司提升治理水平、深化改革創新和高質量發展等方面做出了重要貢獻。 本公司及董事會對王士奇先生為本公司發展所做的貢獻表示衷心的感謝。 - 1 - 公告 執行董事辭職及授權代表變更 中國中鐵股份有限公司（「本公司」）董事會（「董事會」）宣佈，王士奇先生（「王先生」）因退 休原因，已於2026年3月2日辭去執行董事及董事會安全健康環保委員會委員職務。自辭 職之日起，王先生將不再於本公司擔任任何職務。 王先生確認，其與本公司及董事會並無任何分歧，且就其辭職並無其他事項需提請本公 司股東注意。 王先生的辭職不會導致董事會成員人數低於法定最低要求，不會影響董事會的正常運 作，也不會影響本公司的正常業務運作。 王先生辭職後，董事會安全健康環保委員會委員人數由五人減至四人。董事會將儘快選 舉合適人選填補該空缺。 王先生辭職後，將不 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and infrastructure sector, highlighting the potential for recovery driven by increased special bond issuance and infrastructure investment [4][5][7]. Core Insights - The issuance of special bonds accelerated in early 2026, reaching 824.2 billion yuan, a year-on-year increase of 38.1%, which is expected to boost the construction sector's recovery [4][5]. - Infrastructure investment saw a decline of 2.2% in 2025, with private investment decreasing by 6.4%, although there was a slight increase of 1.7% in private infrastructure investment [5]. - The construction sector's recovery is supported by improved work resumption rates and funding availability, with 8.9% of construction sites resuming work by February 25, 2026, an increase of 1.5 percentage points year-on-year [5]. Summary by Sections Recent Key Reports - The report discusses various sectors including AI, clean rooms, and renewable energy, recommending companies with high demand and strong competitive advantages [11][12][13]. - It emphasizes the importance of state-owned enterprises in the construction sector, particularly those with high dividend yields and stable growth prospects [21][29]. Recommended Companies - Companies such as China State Construction, China Railway, and China Communications Construction are highlighted for their strong dividend yields and potential for stable growth [7][29]. - Specific recommendations include China Electric Power Construction and China Nuclear Engineering for their roles in energy and infrastructure projects [12][18]. Macro/Meso/Micro Data - The report notes a significant increase in special bond issuance and infrastructure investment, with a projected growth of 10.9% in broad infrastructure investment in early 2025 [23][32]. - It also highlights the expected increase in self-financing for infrastructure projects, driven by local government financing and special bond issuance [33].