



Group 1 - Hong Kong high-speed rail infrastructure stocks collectively strengthened, with China CRRC leading the rise by over 6%, followed by Times Electric with a 4% increase, and China Railway Construction, China Railway, and China Metallurgical Group each rising nearly 3% [1] - According to a report from招商宏观, the next phase should focus on the rebound effect of infrastructure-related fiscal expenditure growth, which may significantly support the currently weak infrastructure investment growth [1] - The cumulative year-on-year growth rate of public budget expenditure in the infrastructure sector from January to July was -5%, but it is expected to rebound to over 7% from August to December [1] Group 2 - The stock performance of key companies includes: China CRRC at 6.20%, Times Electric at 3.86%, China Railway Construction at 2.97%, China Railway at 2.72%, China Metallurgical Group at 2.63%, China Communications Construction at 1.55%, and Guangzhou-Shenzhen Railway at 1.02% [2]