1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the number and scale of issued accounts - receivable asset - backed securities increased year - on - year. The actual financiers were still concentrated in construction central enterprises and their subsidiaries, with a more prominent head - effect. These entities were more inclined to introduce in - system factoring companies, capital companies, asset management companies, trust companies, other financial platforms, and off - system commercial factoring companies as original equity holders or agents of original equity holders to issue securitized products. - In 2025, the average issuance scale of single accounts - receivable asset - backed special plans decreased compared to the previous year, the product term was slightly shortened, the issuance interest rate continued to decline, the securities were mainly of AAAsf credit rating, and the overall product credit risk remained at a low level. The trading activity in the secondary market increased significantly [38]. 3. Summary According to the Directory Issuance Situation - In 2025, 157 accounts - receivable asset - backed securitization products were issued in the exchange market, with a total issuance scale of 180.806 billion yuan. The number of issuances increased by 22, and the issuance scale rose by 9.40% year - on - year. The issuance scale accounted for 12.37% of the total issuance scale of enterprise asset - securitization products for the whole year, a decrease of 0.85 percentage points year - on - year [4][5]. - In terms of issuance venues, 140 products with an issuance amount of 172.474 billion yuan (accounting for 95.39%) were issued on the Shanghai Stock Exchange, and 17 products with an issuance amount of 8.332 billion yuan (accounting for 4.61%) were issued on the Shenzhen Stock Exchange [8]. - Regarding the distribution of original equity holders, the top five original equity holders were China Railway Capital Co., Ltd., China Railway Trust Co., Ltd., China Railway Construction Asset Management Co., Ltd., CCCC Commercial Factoring Co., Ltd., and Shenzhen United Factoring Co., Ltd., with issuance scale proportions of 32.27%, 16.95%, 11.06%, 2.73%, and 2.48% respectively. The total issuance scale of the top five original equity holders was 118.429 billion yuan, accounting for 65.50%; the total issuance scale of the top ten was 134.983 billion yuan, accounting for 74.66% [8]. - In terms of actual financiers, the total issuance scale of the top ten actual financiers was 165.964 billion yuan, accounting for 91.79%, an increase of 1.89 percentage points year - on - year. The actual financiers were mainly concentrated in central enterprises and their subsidiaries, with an issuance scale of 162.126 billion yuan, accounting for 89.67%, a year - on - year increase of 3.06 percentage points. In terms of industries, the actual financiers in the construction industry had an issuance scale of 165.423 billion yuan, accounting for 91.49% [10]. - Regarding the distribution of managers, the top five managers with the highest proportion of new management scale were CITIC Securities Co., Ltd., Huaxi Securities Co., Ltd., Ping An Securities Co., Ltd., Shanghai Guotai Haitong Securities Asset Management Co., Ltd., and CITIC Construction Securities Co., Ltd., with scale proportions of 17.61%, 16.95%, 14.64%, 10.13%, and 9.39% respectively. The total new management scale of the top five managers was 124.244 billion yuan, accounting for 68.72%, a year - on - year increase of 5.54 percentage points; the total new management scale of the top ten managers was 160.486 billion yuan, accounting for 88.76%, a year - on - year increase of 9.70 percentage points [14]. - In terms of product scale distribution, the highest single - product issuance scale was 5.4 billion yuan, and the lowest was 100 million yuan. The products with a single - scale in the (5, 10] billion yuan range had the largest number of issuances, with 51 units and a scale proportion of 21.47%. The average single - issuance scale was 1.152 billion yuan, a decrease of 73 million yuan compared to the previous year [16]. - Regarding the term distribution, the shortest term was 0.69 years, and the longest was 4.99 years. The products with a term in the (1, 3] - year range had the largest number of issuances, with 88 units and a scale proportion of 49.97%. The weighted average term was 2.14 years, slightly shorter than the previous year [17]. - In terms of level distribution, in 2025, AAAsf - rated securities accounted for 90.08%, AA + sf - rated securities accounted for 6.33%, and sub - grade securities accounted for 3.59% [19]. - Regarding the issuance interest rate, the median issuance interest rate of AAAsf - rated securities with a term of around 1 year was 1.85%, a year - on - year decrease of about 29BP [4][21]. Issuance Spread Statistical Analysis - Compared with government bonds of the same term, the average issuance spreads of 1 - year and 3 - year accounts - receivable asset - backed securities in 2025 narrowed compared to the previous year. For example, the average 1 - year spread decreased from 0.74 percentage points in 2024 to 0.48 percentage points in 2025 [26][28]. - Compared with AAA - rated corporate bonds of the same term, the average issuance spreads of 1 - year and 3 - year AAAsf - rated accounts - receivable asset - backed securities in 2025 also narrowed compared to the previous year. The average 1 - year spread decreased from 0.18 percentage points in 2024 to 0.14 percentage points in 2025 [31][32]. - In terms of issuance cost, the average issuance interest rate of 1 - year AAAsf - rated accounts - receivable asset - backed securities issued in 2025 decreased by 32BP year - on - year [32]. Filing Situation - In 2025, 105 accounts - receivable asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 129.051 billion yuan. Compared with the previous year, the number of filings decreased by 12, and the filing scale decreased by 14.02% [4][33]. Secondary Market Trading Situation - In 2025, accounts - receivable asset - backed securities had 5,596 transactions in the secondary market, a year - on - year increase of 102.90%. The total transaction scale was 147.768 billion yuan, a year - on - year increase of 47.63%. The transaction scale accounted for 13.76% of the total transaction scale of enterprise asset - backed securities in the current period, a decrease of 1.11 percentage points year - on - year, ranking second in terms of transaction scale [4][36]. Maturity Situation in 2026 - It is estimated that 261 outstanding accounts - receivable asset - backed securities will mature in the exchange market in 2026, with a maturity scale of 168.808 billion yuan, accounting for 21.19% of the total maturity scale of all enterprise asset - backed securities in 2026, ranking second in terms of maturity scale [4][37]. - From the perspective of original equity holders, China Railway Capital Co., Ltd. had 43 maturing accounts - receivable asset - backed securities, with a repayment scale of 43.229 billion yuan, accounting for 25.61%; China Railway Trust Co., Ltd. had 33 maturing securities, with a repayment scale of 33.605 billion yuan, accounting for 19.91%; China Railway Construction Asset Management Co., Ltd. had 22 maturing securities, with a repayment scale of 25.449 billion yuan, accounting for 15.08% [37].

中国中冶（601618）(01618)公布，公司2026年1月新签合同额人民币736.5亿元，其中新签海外合同额人 民币32.1亿元。1月份，公司部分新签单笔合同额在人民币10亿元以上的重大工程承包合同有4份。 ...

智通财经APP讯，中国中冶(01618)公布，公司 2026 年 1 月新签合同额人民币 736.5 亿元，其中新签海 外合同额人民币 32.1 亿元。1 月份，公司部分新签单笔合同额在人民币 10 亿元以上的重大工程承包合 同有4份。 ...

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。 以下為中國冶金科工股份有限公司（「本公司」）於 二零二六年二月十 二 日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 承董事會命 中國冶金科工股份有限公司 常 琦 聯席公司秘書 北 京，中 國 海外監管公告 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條而發表。 A 股简称：中国中冶 A 股代码：601618 公告编号：临 2026-013 中国冶金科工股份有限公司 2026 年 1 月新签合同情况简报 中国冶金科工股份有限公司（以下简称"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。 本公司 2026 年 1 月新签合同额人民币 736.5 亿元，其中新签海外合同额人民币 ...

中国中冶（601618）(601618.SH)发布公告，公司2026年1月新签合同额人民币736.5亿元，其中新签海外 合同额人民币32.1亿元。 ...

智通财经APP讯，中国中冶(601618.SH)发布公告，公司2026年1月新签合同额人民币736.5亿元，其中新 签海外合同额人民币32.1亿元。 ...

A 股简称：中国中冶 A 股代码：601618 公告编号：临 2026-013 2026 年 2 月 12 日 中国冶金科工股份有限公司 2026 年 1 月新签合同情况简报 1 单位：人民币亿元 序号 合同签订主体 项目（合同）名称 合同金额 1 中国五冶集团有限公司 内蒙古赤峰钒钛储能新材料及储能电 池一体化项目（一期） 18.0 2 中国五冶集团有限公司 智慧绿洲智创中心合同 16.7 3 中国一冶集团有限公司 荆门市领投智能科技有限公司汽车零 部件项目 EPC 总承包合同 14.7 4 上海宝冶集团有限公司 林州经开食品级高端球墨铸管项目一 标段（EPC 总承包）合同 12.2 中国冶金科工股份有限公司（以下简称"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。 本公司 2026 年 1 月新签合同额人民币 736.5 亿元，其中新签海外合同额人民币 32.1 亿元。1 月份，本公司部分新签单笔合同额在人民币 10 亿元以上的重大工程承 包合同如下： 以上数据为阶段性数据，仅供投资者参考，最终数据以定期报告披露数据 ...

业绩经营情况 2026年1月23日，中国中冶发布2025年业绩预告，预计归母净利润为13亿元至16亿元，同比降幅达 76.28%至80.73%，主要受房地产业务亏损、超260亿元资产减值及建筑行业下行影响。公司表示，2026 年随房地产业务剥离完成，盈利压力有望缓解。 业务进展情况 公司正加速向"一核心、两主体、五特色"体系转型，聚焦冶金建设、工业制造等核心领域。2025年全年 新签合同额11,136.0亿元，同比下降10.8%，但海外合同额同比增长1.9%。房屋建筑工程合同额同比下 降28.4%，而工业制造业及冶金工程实现正增长，显示业务重心调整。 以上内容基于公开资料整理，不构成投资建议。 经济观察网中国中冶（601618）(601618.SH/01618.HK)近期有多项重要动态，涉及资产出售、股份回购 及业绩预告。公司拟向控股股东及关联方出售多项资产以聚焦核心主业，该议案已获股东大会通过但部 分投资者存疑。同时，公司启动了股份回购计划。最新业绩预告显示，公司2025年归母净利润预计同比 大幅下滑，主要受房地产业务亏损及资产减值等因素影响。 近期事件 2025年12月8日，中国中冶公告拟以606.76亿 ...

格隆汇2月12日丨中国中冶(601618.SH)公布，本公司2026年1月新签合同额人民币736.5亿元，其中新签 海外合同额人民币32.1亿元。 ...

中国中冶公告称，2026年1月新签合同额736.5亿元，其中海外合同额32.1亿元。部分单笔超10亿元重大 工程承包合同包括：中国五冶集团的内蒙古赤峰钒钛储能新材料及储能电池一体化项目（一期），金额 18.0亿元；智慧绿洲智创中心合同，金额16.7亿元；中国一冶集团的荆门市领投智能科技有限公司汽车 零部件项目EPC总承包合同，金额14.7亿元；上海宝冶集团的林州经开食品级高端球墨铸管项目一标段 （EPC总承包）合同，金额12.2亿元。以上为阶段性数据，以定期报告为准。 ...