Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company is continuously optimizing and upgrading its rail transit control system industry, accelerating the digital transformation of the signaling industry, and promoting the development of a diversified product line, thereby consolidating its "three-in-one" full industry chain advantage in rail transit. Additionally, it is actively laying out strategic emerging industries and accelerating entry into the low-altitude economy sector. The company focuses on both rail transit and low-altitude economy "dual tracks," currently holding sufficient orders, ensuring future deliveries, with the rail transit renovation market expected to drive operational growth and the low-altitude sector anticipated to become a second growth curve [2][6]. Financial Performance - In 2025, the company achieved total operating revenue of 34.677 billion yuan, a year-on-year increase of 6.23%, and a net profit attributable to the parent company of 3.686 billion yuan, up 5.49%. In Q4 2025, the operating revenue reached 12.836 billion yuan, reflecting a year-on-year growth of 9.67%, while the net profit attributable to the parent company was 1.402 billion yuan, marking a 23.43% increase [6][12]. Revenue Breakdown - In 2025, revenue from the railway sector was 21.473 billion yuan, up 13.67% year-on-year; urban rail revenue was 8.076 billion yuan, down 1.75%; overseas revenue was 2.357 billion yuan, down 3.45%; and engineering contracting revenue was 2.351 billion yuan, down 12.55%. In terms of orders, the railway sector had 25.713 billion yuan, a slight increase of 0.3%; urban rail orders were 10.503 billion yuan, up 4.97%; overseas orders were 3.912 billion yuan, down 33.9%; and low-altitude economy orders were 165 million yuan [13]. Market Opportunities - The rail transit renovation market is expected to drive operational growth, with the company undertaking several key projects such as the Sanpanliang Railway dedicated line and the Beijing suburban railway northeast ring line customer service system. The urban rail renovation business has seen more than a doubling in contract acquisition [13]. Low-altitude Sector Development - The company has made significant strides in the low-altitude economy sector, securing contracts worth 165 million yuan in 2025. It is actively exploring the domestic low-altitude economy market and continuously improving its core product system and business scenarios. The low-altitude airspace control system has been deployed in several key cities, and various projects related to low-altitude inspection and urban governance have been successfully executed [13]. Future Profit Projections - The company is projected to achieve net profits attributable to the parent company of 4.096 billion yuan and 4.557 billion yuan in 2026 and 2027, respectively, corresponding to price-to-earnings ratios of 14.2 and 12.7 times [13].

Group 1: Solar Industry Convertible Bonds - As of March 18, 2026, the conversion ratio of six convertible bonds in the solar industry remains high, with prices increasing since the beginning of the year [5] - All underlying stocks, except for Long 22 convertible bonds, have seen price increases [5] - In 2025, all six issuers reported net losses, but some showed a narrowing of losses year-on-year [5] - Operating cash flow is generally positive, but performance varies among issuers [5] - Leverage levels are generally high, with cash-to-short-term debt ratios above 1 for most issuers, except for Shuangliang convertible bonds [5] Group 2: China Life Insurance (601628.SH, 2628.HK) - In 2025, China Life achieved operating revenue of 615.68 billion yuan, a year-on-year increase of 16.5% [6] - The net profit attributable to shareholders reached 154.08 billion yuan, up 44.1% year-on-year [6] - The net asset value attributable to shareholders was 595.21 billion yuan, an increase of 16.8% from the beginning of the year [6] - The weighted average return on equity was 27.8%, up 6.2 percentage points year-on-year [6] - New business value was 45.75 billion yuan, a 35.7% increase year-on-year [6] Group 3: Jinmao Service (0816.HK) - In 2025, Jinmao Service reported revenue of 3.668 billion yuan, a year-on-year increase of 18.5% [7] - Property management revenue was 2.691 billion yuan, up 23.0% year-on-year [7] - The dividend payout ratio increased to 62%, with a dividend yield of approximately 9.6% [7] Group 4: CNOOC Services (601808.SH/2883.HK) - In 2025, CNOOC Services achieved total operating revenue of 50.3 billion yuan, a year-on-year increase of 4.1% [8] - The net profit attributable to shareholders was 3.84 billion yuan, up 22.5% year-on-year [8] - In Q4 2025, the company reported a total operating revenue of 15.4 billion yuan, a year-on-year increase of 5.4% and a quarter-on-quarter increase of 33.8% [8] Group 5: China Communication Construction (688009.SH, 3969.HK) - In 2025, the company reported operating revenue of 34.553 billion yuan, a year-on-year increase of 6.4% [9] - The net profit attributable to shareholders was 3.686 billion yuan, up 5.48% year-on-year [9] - As of the end of 2025, the company had an order backlog of 115.86 billion yuan and total new contracts signed amounted to 44.14 billion yuan [9] Group 6: Anta Sports (2020.HK) - In 2025, Anta Sports achieved operating revenue of 80.2 billion yuan, a year-on-year increase of 13% [10] - The net profit attributable to shareholders, including the impact of joint ventures, was 13.6 billion yuan, which was better than expected, but down 13% year-on-year [10] - The earnings per share (EPS) was 4.89 yuan, with a proposed final cash dividend of 1.08 Hong Kong dollars per share, resulting in a dividend payout ratio of 50.1% [10] Group 7: Mixue Group (2097.HK) - In 2025, Mixue Group reported operating revenue of 33.56 billion yuan, a year-on-year increase of 35.2% [11] - The net profit attributable to shareholders was 5.89 billion yuan, up 32.7% year-on-year [11] - The rapid expansion of the store network contributed to steady revenue growth, with strong domestic store openings and strategic adjustments in overseas markets [11]

Core Viewpoint - The company reported a revenue of 34.553 billion yuan in 2025, reflecting a year-on-year increase of 6.40%, and a net profit attributable to shareholders of 3.686 billion yuan, up by 5.48% [4] Group 1: Financial Performance - The company's gross margin for 2025 was 28.88%, a slight decrease of 0.34 percentage points year-on-year, while the net profit margin was 12.29%, down by 0.24 percentage points [4] - A cash dividend of 1.70 yuan per 10 shares (including tax) is proposed for distribution to all shareholders based on the total share capital as of the equity distribution registration date [4] Group 2: Business Segments Performance - Revenue from the railway business reached 21.473 billion yuan, a year-on-year increase of 13.67%, while urban rail, overseas, engineering contracting, and other businesses generated revenues of 8.076 billion, 2.357 billion, 2.351 billion, and 0.295 billion yuan, respectively, with year-on-year changes of -1.75%, -3.45%, -12.55%, and +26.90% [5] - The overall gross margin remained stable compared to the previous year, with domestic and overseas business margins at 29.77% and 16.71%, reflecting increases of 0.18 percentage points and decreases of 7.90 percentage points, respectively [5] Group 3: Contracting and Orders - As of the end of 2025, the company had an order backlog of 115.86 billion yuan, with a total new contract signing amount of 44.14 billion yuan, down by 11.84% year-on-year [6] - New contracts in the railway and urban rail sectors saw slight increases of 0.3% and 4.97%, respectively, while overseas and engineering contracting sectors experienced significant declines of 33.9% and 54.74% [6] Group 4: Strategic Initiatives - The company aims to solidify its position in the rail transportation sector while actively expanding into the low-altitude economy, with a focus on the renovation market as a key growth driver [7] - Technological breakthroughs have been achieved in low-altitude airspace management systems and related applications, with deployments in key cities and critical areas [8]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [3] Core Views - The company achieved a revenue of 34.553 billion CNY in 2025, representing a year-on-year growth of 6.40%, and a net profit attributable to shareholders of 3.686 billion CNY, up 5.48% year-on-year [1] - The railway business revenue grew rapidly, with domestic business gross margin remaining stable. The company’s railway, urban rail, overseas, engineering contracting, and other businesses generated revenues of 21.473 billion, 8.076 billion, 2.357 billion, 2.351 billion, and 0.295 billion CNY respectively, with year-on-year growth rates of 13.67%, -1.75%, -3.45%, -12.55%, and +26.90% [1] - The company’s new contracts in the railway sector showed steady growth, while urban rail contracts increased against the trend. As of the end of 2025, the company had an order backlog of 115.86 billion CNY, with a total new contract amount of 44.14 billion CNY, down 11.84% year-on-year [1] - The company is focusing on the renovation market as a major growth point and is actively expanding into the low-altitude economy sector, achieving technological breakthroughs in low-altitude airspace control systems and related applications [1] Financial Summary - Revenue and profit forecasts for 2026-2028 have been adjusted downwards by 3.6% to 3.6%, with net profit predictions of 3.96 billion, 4.34 billion, and 4.69 billion CNY respectively for those years. The corresponding EPS for 2026-2028 is projected to be 0.37, 0.41, and 0.44 CNY [1][2] - The company’s overall gross margin for 2025 was 28.88%, a slight decrease of 0.34 percentage points year-on-year, while the domestic and overseas business gross margins were 29.77% and 16.71%, reflecting a year-on-year change of +0.18 percentage points and -7.90 percentage points respectively [1][10] Valuation Metrics - The company’s P/E ratio is projected to decrease from 17 in 2024 to 13 in 2028, indicating a potential increase in valuation attractiveness over time [2][12] - The report highlights a dividend distribution plan of 1.70 CNY per 10 shares for 2025, which reflects the company's commitment to returning value to shareholders [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。 中 國 鐵 路 通 信 信 號 股 份 有 限 公 司 China Railway Signal & Communication Corporation Limited* （在中華人民共和國註冊成立的股份有限公司） （股份代號：3969） 軌道交通市場重要項目中標公告 中 國 鐵 路 通 信 信 號 股 份 有 限 公 司（「本公司」）根 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》（「上市規則」）第13.09條、第13.10B條及香港法例第571 章《證 券 及 期 貨 條 例》第XIVA部 項 下 之 內 幕 消 息 條 文（按 上 市 規 則 定 義）作 出 本 公 告。 一. 項目基本情況 – 2 – 2026年1月 至2月，本 公 司 中 標 共 計 五 個 重 要 項 目，其 中 在 鐵 路 市 ...

Group 1 - Robotech signed a significant contract worth approximately 600 million yuan for mass production coupling equipment and services applicable to pluggable silicon photonics technology, which is expected to positively impact the company's performance in 2026 [2] - China Eastern Airlines plans to purchase 101 Airbus A320NEO series aircraft at a catalog price totaling about 158.02 million USD, equivalent to approximately 108.93 billion yuan, with deliveries scheduled between 2028 and 2032 [2] - Huagong Technology projected a 20% year-on-year increase in net profit for 2025, with a proposed cash dividend of 2.5 yuan per 10 shares [18] Group 2 - Huadian Technology signed a 740 million yuan EPC contract for an offshore wind power project, with the company responsible for 693 million yuan of the contract amount [3] - Yahua Group signed a five-year lithium spodumene concentrate procurement agreement, ensuring a stable supply of resources for lithium salt product production [4] - China Life Insurance plans to invest 2.8 billion yuan in the Xinxin Technology Innovation Fund, focusing on private equity secondary markets and technology innovation sectors [6] Group 3 - Ruineng Technology is planning to acquire control of Botai Intelligent through a combination of issuing A-shares and cash payments, with stock suspension starting March 26 [8] - Debon Holdings will terminate its listing on the Shanghai Stock Exchange on March 31, 2026, after receiving approval for voluntary withdrawal [9] - New Yellow River announced the resignation of Chairman Zhao Zhengrong due to personal health reasons, with no adverse impact on the company's operations [10] Group 4 - Jiahua Food intends to invest approximately 1 billion yuan in a smart manufacturing project for super plant-based milk [11] - Xiamen Tungsten plans to acquire a stake in Jiangxi Jutong to enhance its tungsten resource self-sufficiency [12] - Energy Wind Power announced the resignation of its director and general manager Yang Zhongxu, with a smooth transition of responsibilities [13] Group 5 - Zhongtai Engineering reported a new contract amount of 18.964 billion yuan for January-February 2026, reflecting a year-on-year growth of 0.54% [26] - Jinli Permanent Magnet reported a 142.44% year-on-year increase in net profit for 2025, with a proposed cash dividend of 2.2 yuan per 10 shares [27] - Noya New Materials reported a 337.6% year-on-year increase in net profit for 2025, with a proposed cash dividend of 3.2 yuan per 10 shares [23]

Group 1 - China Eastern Airlines plans to purchase 101 A320NEO aircraft from Airbus, with a total list price of approximately 158.02 billion USD, equivalent to about 108.93 billion RMB based on the exchange rate at the time of the agreement [1] Group 2 - China Life intends to invest 2.8 billion RMB to establish a venture capital fund in collaboration with the Fujian government and others, focusing on strategic emerging industries such as new generation information technology and biomedicine [2] Group 3 - Debon Logistics will voluntarily delist its shares from the Shanghai Stock Exchange, with the delisting effective on March 31, 2026 [3] Group 4 - Hangzhou Dianzi plans to reduce its shareholding by up to 0.89%, with specific reductions planned by major shareholders and executives [4] Group 5 - Ruineng Technology is planning to acquire up to 75% of Botai Intelligent Equipment to gain control, with the stock expected to be suspended for trading starting March 26, 2026 [5] Group 6 - Hengtong Group's subsidiary plans to invest up to 500 million RMB in a composite foil project, aiming for an annual production capacity of 45 million square meters of high-end copper-aluminum composite foil [6] Group 7 - Jinli Permanent Magnet reported a net profit of 706 million RMB for 2025, a year-on-year increase of 142% [7] - China Life reported a net profit of 154.08 billion RMB for 2025, a year-on-year increase of 44% [11] - China General Nuclear Power reported a net profit of 9.765 billion RMB for 2025, a year-on-year decrease of 9.9% [11]

证券代码：688009 证券简称：中国通号 公告编号：2026-014 合同生效条件：双方法定代表人或其授权的代理人签署并加盖公章或者 合同专用章后正式生效（以及满足双方约定的其他条件）。 合同履行期限：合同签订日至项目质保期结束（以及满足双方约定的其 他条件）。 风险提示：以上项目已中标公示，因涉及相关手续办理，尚未与招标人 签订相关正式合同，存在不确定性；因以上项目需跨年分期实施，对当期业绩影 响有不确定性，敬请广大投资者注意投资风险。 2026 年 1 月至 2 月，中国铁路通信信号股份有限公司（以下简称"本公司"） 中标共计五个重要项目，其中铁路市场四个，城市轨道交通市场一个。本次公 告中标项目详细情况如下： 一、铁路市场中标项目相关情况 | | 项目一 | 项目二 | | --- | --- | --- | | 一、项目基本情况 | | | | 1.项目名称 | 乌海经济开发区低碳产业园 | 深圳平湖南至盐田港铁路改造 平 湖 南 内 陆 港 相 关 工 程 | | | 铁路专用线项目 | PYNLGSG-2 标项目 | | 2.招标人 | 内蒙古海通铁路运输有限责 | 中国铁路广州局集团有限公司 ...

中 國 鐵 路 通 信 信 號 股 份 有 限 公 司 China Railway Signal & Communication Corporation Limited* （在中華人民共和國註冊成立的股份有限公司） （股份代號：3969） 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條由中 國鐵路通信信號股份有限公司（「本公司」）作 出。 茲載列本公司在上海證券交易所網站刊登之 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。 僅供參閱 承董事會命 中國鐵路通信信號股份有限公司 樓齊良 董事長 中 國，北 京 2026年3月24日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 樓 齊 良 先 生 及董寶良先生，本 公 司 獨 立 非 執 行 董 事 為 姚 桂 清 先 生、姚 祖 輝 先 生 及 傅 俊 元 先 生，以 及 本 公 司 非 執行董 ...

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。 中 國 鐵 路 通 信 信 號 股 份 有 限 公 司 China Railway Signal & Communication Corporation Limited* （在中華人民共和國註冊成立的股份有限公司） （股份代號：3969） 海外監管公告 关于中国铁路通信信号股份有限公司 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條由中 國鐵路通信信號股份有限公司（「本公司」）作 出。 茲載列本公司在上海證券交易所網站刊登之《北京市中倫律師事務所關 於中國鐵路通信信號股份有限公司2026年第二次臨時股東會的法律意 見 書》，僅 供 參 閱。 承董事會命 中國鐵路通信信號股份有限公司 樓齊良 董事長 2026 年第二次临时股东会的 中 國，北 京 2026年3月24日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 ...