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。 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。 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 二零二六年 二月二日 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生； 非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職工代表董事）；以 及 獨 立 非 執 行 董 事：劉力先生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 证券代码：601618 证券简称：中国中冶 公告编号：临2026-012 中国冶金科工股 ...

表格類別： 股票 狀態： 新提交 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 1). | 股份購回作註銷但尚未註銷 | | 9,011,000 | 0.31386 % | HKD | 1.8788 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2026年1月26日 | | | | | | 2). | 股份購回作註銷但尚未註銷 | | 1,186,000 | 0.04131 % | HKD | 1.8498 | | | 變動日期 | 2026年1月27日 | | | | | | 3). | 股份購回作註銷但尚未註銷 | | 136,000 | 0.00474 % | HKD | 1.86 | | | 變動日期 | 2026年1月28日 | | | | | | 4). | 股份購回作註銷但尚未註銷 | | 787,000 | 0.02741 % | HKD | 1.9289 | | | 變動日期 | 2026年1月29日 | | | | | | 5). | 股份購回作註銷但尚未註 ...

截至2026年1月31日，公司在本次回购H股股份的授权下，通过香港联交所集中交易系统以场内回购 （集中竞价）方式回购H股股份12,772,000股，已回购H股股份占公司总股本的比例为0.0616%，成交最 高价为1.94港元/股，成交最低价为1.84港元/股，成交总金额为24,021,639.50港元（不含交易费用）。 格隆汇2月2日丨中国中冶(601618.SH)公布，截至2026年1月31日，公司通过上海证券交易所系统以集中 竞价交易方式回购A股股份40,585,026股，已回购A股股份占公司总股本的比例为0.1958%，成交最高价 为3.25元/股，成交最低价为3.12元/股，成交总金额为129,959,275.42元（不含交易费用）。 ...

证券代码：601618 证券简称：中国中冶 公告编号：临2026-012 本公司累计已回购 H 股股份 12,772,000 股，占本公司总股本的 0.0616%，成 交最高价为 1.94 港元/股，最低价为 1.84 港元/股，成交总金额为 24,021,639.50 港元（不含交易费用）。 一、回购股份的基本情况 2026 年 1 月 16 日，公司召开的 2026 年第一次临时股东会审议通过了《关于 1 回购公司 A 股股份方案的议案》和《关于授权回购公司 H 股股份的议案》，同意公 司使用自有资金以集中竞价交易方式回购公司已发行的部分 A 股和 H 股股份。其 中，回购 A 股股份金额不低于人民币 10 亿元（含），不超过人民币 20 亿元（含）， 回购价格上限不超过人民币 4.90 元/股，回购的股份将全部予以注销并减少公司注 册资本，回购期限为自股东会审议通过回购方案之日起 12 个月内。根据 H 股股份 回购授权，公司 H 股股份回购数量不超过有关授予 H 股回购授权的议案于相关股 东会上审议批准当日已发行 H 股总数的 10%，回购金额不超过人民币 5 亿元。具 体内容详见公司于 2025 年 ...

MACD金叉信号形成，这些股涨势不错！ 格隆汇2月2日丨中国中冶(601618.SH)公布，截至2026年1月31日，公司通过上海证券交易所系统以集中 竞价交易方式回购A股股份40,585,026股，已回购A股股份占公司总股本的比例为0.1958%，成交最高价 为3.25元/股，成交最低价为3.12元/股，成交总金额为129,959,275.42元（不含交易费用）。 截至2026年1月31日，公司在本次回购H股股份的授权下，通过香港联交所集中交易系统以场内回购 （集中竞价）方式回购H股股份12,772,000股，已回购H股股份占公司总股本的比例为0.0616%，成交最 高价为1.94港元/股，成交最低价为1.84港元/股，成交总金额为24,021,639.50港元（不含交易费用）。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction central enterprises sector, including China Railway, China Chemical, China Construction, and China Metallurgical [12][13][32]. Core Insights - The construction central enterprises are expected to see improved profitability driven by policy goals aimed at stabilizing investment. Order data shows a recovery in order growth starting from Q2 2025, with an anticipated narrowing of performance declines by Q4 2025 [1][16]. - The overall valuation of the nine major construction central enterprises is at historical lows, with a Price-to-Book (PB) ratio of 0.45 and a Price-to-Earnings (PE) ratio of 6.66, indicating strong safety margins [2][19]. - Institutional holdings in the construction sector are at low levels, suggesting a healthy chip structure and potential for recovery in key stocks [3][22]. Summary by Sections Order Growth and Performance - Cumulative order growth rates for construction central enterprises from Q1 to Q4 2025 are -2.0%, +0.2%, +1.3%, and +1.0%, respectively, indicating a recovery trend [1][16]. - The report anticipates that the performance decline of construction central enterprises will narrow in Q4 2025 due to improved order growth [1][16]. Valuation Metrics - As of January 30, 2026, the overall PB for the nine major construction central enterprises is 0.45, slightly above the historical low of 0.42, while the overall PE is 6.66, still below the historical median of 7.66 [2][19]. Institutional Holdings - As of Q4 2025, active funds hold 0.40% of the construction sector, while index funds hold 0.16%, leading to a combined holding of 0.28%, significantly lower than the 0.7%-1% range seen in 2021-2022 [3][22]. Catalysts for Growth - Several potential catalysts for the construction central enterprises include resource business revaluation for China Railway, chemical price rebounds for China Chemical, and increased investment in the power grid for China Electric Power and China Energy Construction [4][26]. - The upcoming "14th Five-Year Plan" is expected to bring about fiscal policies that could further stimulate the sector [4][26]. Recommended Stocks - Key recommendations include: - China Railway (A/H): Benefiting from resource revaluation, with a combined value of 1,894 billion CNY for its resource and engineering segments, indicating a potential upside of 35% [5][27]. - China Chemical: Positioned to benefit from chemical price rebounds, with a current PB of 0.84, indicating a strong safety margin [9][28]. - China Construction: Expected to benefit from stabilizing real estate expectations, with a projected dividend yield of 5.5% [10][30]. - China Metallurgical: Anticipated to improve significantly post divestment of its loss-making real estate business, with a combined valuation potential of 794 billion CNY [11][31].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction central enterprises sector, including China Railway, China Chemical, China Construction, and China Metallurgical [12][13][32]. Core Insights - The construction central enterprises are expected to see improved profitability driven by policy goals aimed at stabilizing investment and increasing central budget investment in 2026. Order growth has shown signs of recovery, with cumulative order growth rates for 2025 Q1-Q4 at -2.0%, +0.2%, +1.3%, and +1.0% respectively, indicating resilience among leading firms [1][16]. - The overall valuation of the nine major construction central enterprises is at historical lows, with a Price-to-Book (PB) ratio of 0.45 and a Price-to-Earnings (PE) ratio of 6.66, suggesting a strong margin of safety for investors [2][19]. - Institutional holdings in the construction sector are at low levels, with active funds holding only 0.40% of the sector, indicating significant underweighting compared to historical averages [3][22]. Summary by Sections Order Growth and Market Conditions - The report highlights a recovery in order growth for construction central enterprises, with expectations for performance improvement in Q4 2025 as orders stabilize and infrastructure investment accelerates in 2026 [1][16]. - The central government's focus on stabilizing investment and increasing budget allocations is expected to support revenue and profit growth for these enterprises [1][16]. Valuation Metrics - As of January 30, 2026, the construction central enterprises exhibit a PB of 0.45, slightly above the historical low of 0.42, and a PE of 6.66, which is still below the historical median of 7.66, indicating a favorable entry point for investors [2][19]. Institutional Holdings - As of Q4 2025, the construction sector's market capitalization represents only 1.6% of the total A-share market, with a significant reduction in institutional holdings compared to previous years, suggesting potential for recovery in stock prices as institutional interest returns [3][22]. Catalysts for Growth - Several catalysts are identified for the construction central enterprises, including resource revaluation for China Railway, chemical price rebounds for China Chemical, and increased investment in power grid infrastructure benefiting China Electric Power and China Energy Construction [4][26]. - The upcoming Two Sessions and the start of the 14th Five-Year Plan in 2026 are expected to bring additional fiscal policies that could further stimulate the sector [4][26]. Recommended Stocks - Key recommendations include: - **China Railway (A/H)**: Strong resource base with significant revaluation potential, estimated combined value of 1,894 billion CNY for A shares and 1,535 billion CNY for H shares, indicating a 35% and 54% upside respectively [5][27]. - **China Chemical**: Positioned to benefit from chemical price rebounds, with a current PB of 0.84, indicating a solid margin of safety [9][28]. - **China Construction**: Expected to benefit from stabilizing real estate expectations, with a projected dividend yield of 5.5% [10][30]. - **China Metallurgical**: Anticipated to improve significantly post divestment of loss-making real estate operations, with a potential valuation increase of 22% to 74% [11][31].

呈交日期： 2026年1月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 公司名稱： 中國冶金科工股份有限公司 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01618 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | ...

中国中冶(01618)发布公告，该公司于2026年1月30日斥资312.69万港元回购165.2万股股份，每股回购价 格为1.87-1.94港元。 于同日，斥资2672.85万元人民币回购844.67万股，每股回购价格为3.12-3.2元人民币。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01618 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2026年1月29日 | | 2,871,000,000 | | 0 | | 2,871,000,000 | | 1). 其他 (請註明) | | | | % | | | | | 見註B部 | | ...