Core Viewpoint - The Beijing Market Supervision Administration has cracked down on a platform that falsely advertised ticket purchasing services, revealing that their claims were misleading and that they were essentially charging for a service that is free through the official railway ticketing system [1][3]. Group 1: Misleading Claims - The platform's so-called "ticket purchasing" service was actually just a way to submit orders through the official 12306 system, which is a free service provided by China Railway [1]. - Claims of "double-channel ticket purchasing" and higher success rates were found to be deceptive, as the existence of a waiting order prevents any available tickets from being shown for purchase [1][2]. Group 2: False Services and Fees - Third-party platforms offered "acceleration packages" for fees ranging from 10 to 50 yuan, claiming to enhance ticket purchasing speed, but these claims were unfounded as no tickets were available for sale [2]. - The platforms charged for services that were originally free, misleading consumers into believing they were paying for enhanced chances of securing tickets [2][3]. Group 3: Consumer Warnings - The Beijing Market Supervision Administration emphasized that the 12306 platform is the only official online ticket purchasing platform, and no third-party services can alter its rules or improve ticket purchasing success rates [3]. - Consumers were warned to be cautious of misleading advertisements regarding ticket purchasing, as current software cannot bypass the official rules of the 12306 platform [3].

Investment Rating - The report maintains a "Strong Buy" rating for the construction and decoration industry, emphasizing the importance of policy support for future growth sectors and the need to focus on low-position central and state-owned enterprise investment opportunities [1][19]. Core Insights - The report highlights the recent publication of a central government opinion aimed at modernizing agriculture and rural areas, with a target of establishing 1.35 billion mu of high-standard farmland by 2030, which is expected to create a market space of 200 billion yuan annually [2][20]. - Shanghai has initiated a program to acquire second-hand housing for affordable rental housing, which is expected to help digest real estate inventory and boost confidence in the real estate market [21]. - The report notes a significant increase in special bond net financing, with a total of 4,181.72 billion yuan issued as of February 6, 2026, which is higher than the same period in the previous two years [22][23]. Summary by Sections Industry Outlook and Investment Recommendations - The report continues to recommend focusing on future growth sectors supported by ongoing policy initiatives, particularly in low-altitude economy and commercial aerospace, which are seen as vital for economic vitality [19][26]. - It suggests three main investment lines: 1. Focus on key engineering projects in the western region during the 14th Five-Year Plan, recommending stable central state-owned enterprises [26]. 2. Invest in high-growth sectors such as tunneling, civil explosives, and geotechnical engineering [26]. 3. Actively invest in new economic directions like commercial aerospace, low-altitude economy, computing power, and AI [26]. Market Performance Review - The construction and decoration index fell by 1.81%, underperforming the overall A-share index, which declined by 1.27% [18][33]. - Among sub-sectors, steel structure (+3.03%) and decoration (+1.71%) performed well, while housing construction saw a slight decline of -0.15% [18][33]. Key Company Developments - Highzheng Mining announced a revenue of 1.825 billion yuan for 2025, a year-on-year increase of 7.82%, with a net profit of 197 million yuan, reflecting a 32.77% increase [40]. - The report tracks various companies' activities, including partnerships for establishing investment funds focused on smart detection services and high-end equipment [40].

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 建筑装饰行业周报 继续推荐政策持续加码的未来产业成 长赛道，同时重视低位央国企配置机会 2026 年 02 月 08 日 【投资要点】 2）本周，《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村 全面振兴的意见》正式发布，意见要求努力把农业建成现代化大产业， 使农村基本具备现代生活条件，让农民生活更加富裕美好。我们注意 到 2025 年国家发布《逐步把永久基本农田建成高标准农田实施方案》， 并发出通知，要求各地区各部门结合实际认真贯彻落实。主要目标是， 到 2030 年，力争累计建成高标准农田 13.5 亿亩，累计改造提升 2.8 亿亩，统筹规划、同步实施高效节水灌溉，新增高效节水灌溉面积 8000 万亩，测算高标农田建设年空间 2000 亿元，且由于政府补贴能够覆盖 30%左右成本，因此资金确定性较高。高标农田建设企业【棕榈股份】、 水系统建设企业【大禹节水】有望受益。 3）本周，上海启动收购二手住房用于保障性租赁住房工作，浦东新区、 静安区、徐汇区为首批试点区。第一批拟收购房源将着重房型匹配、 布局合理、配套成熟、交通便捷等特点，尽量精 ...

证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究成功费 唐猛 A0230523080003 tangmeng@swsresearch.com 2026年02月08日 相关研究 联系人 唐猛 A0230523080003 tangmeng@swsresearch.com 系统谋划重点领域重大项目投资,发挥央国企 扩投资作用 ──申万宏源建筑周报（20260202-20260206） 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 一周板块回顾：板块表现方面，SW 建筑装饰指数-1.81%，沪深 300 指 0 数-1.33%，相对收益为-0.48pct。周涨幅最大的三个子行业分别为装饰 幕墙 (+2.17%)、钢结构 (+2.05%)、生态园林 (+0.55%)，对应行业 内三个公司：名雕股份 (+31.83%)、杭萧钢构 (+9.62%)、国晟科技 (+25.29%)；年涨幅最大的三个子行业分别是钢结构（+23.50%）、专 业工程（+19.18%）、装饰幕墙（+ ...

Core Viewpoint - The article discusses the recent land supply announcement in Beijing for 2026, highlighting the unique characteristics of the land parcels and the implications of the supply logic in the real estate market [2][3]. Group 1: Land Supply Announcement - On February 3, 2026, the first round of land supply was announced, involving five residential land parcels totaling 16 hectares and a planned construction area of 240,000 square meters [2]. - The five parcels include locations in Dongcheng, Fengtai, Shunyi, and Changping districts, but they did not enter the pre-application phase, leading to skepticism about the reliability of assessments made by media [2][3]. Group 2: Changes in Supply Logic - The announcement removed the "round" designation from the land supply list, making it difficult to identify which parcels are new for 2026 without detailed examination [4][5]. - Currently, there are 15 parcels listed in the supply plan, with 10 of them carried over from the 2025 list, indicating a significant amount of land being held [6][7]. Group 3: Supply Volume and Market Implications - The total area of land available for supply in 2026 is 51.42 hectares, with a planned construction area of 1,057,300 square meters, suggesting a substantial supply volume [10][11]. - The supply plan for 2026 is set between 200 to 240 hectares, with the first round accounting for only 6.7% to 8% of the total planned supply [12][13]. Group 4: Market Trends and Predictions - The anticipated land transaction amount for the first quarter of 2026 is projected to be only 6.49 billion yuan, a stark contrast to the previous year's first quarter, which saw transactions totaling 56.937 billion yuan [16]. - The overall land supply for 2026 is expected to decrease by approximately 15.4%, reflecting a strategic reduction in land availability amid high inventory levels in the market [18][19].

智通财经APP讯，中国中铁(00390)公布，于临时股东大会上，赵佃龙先生获委任为公司执行董事，任期 自2026年2月6日开始至公司第六届董事会任期届满。 ...

格隆汇2月6日丨中国中铁(00390.HK)宣布，于临时股东大会上，赵佃龙获委任为公司执行董事，任期自 2026年2月6日开始至公司第六届董事会任期届满。 ...

中國‧北京 2026年2月6日 執行董事： 陳文健先生 （董事長） 、趙佃龍先生、王士奇先生 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 | | | | --- | --- | --- | --- | --- | --- | | | 戰略與投資 | 審計與風險 | 薪酬與考核 | | 安全健康環保 | | 董事 | 委員會 | 管理委員會 | 委員會 | 提名委員會 | 委員會 | | 陳文健 | 主任 | | | 主任 | 主任 | | 趙佃龍 | | | | | | | 王士奇 | | | | | 成員 | | 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 | 董事會成員名單與其角色及職能 中國中鐵股份有限公司董事會（「董事會」）成員載列如下： ...

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。 於2026年2月6日舉行之2026年第一次臨時股東大會之 投票表決結果 及 委任執行董事 中國中鐵股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公司2026年第一次臨 時股東大會（「臨時股東大會」）已於2026年2月6日（星期五）上午10時正在中國北京市海淀 區復興路69號中國中鐵廣場會議室以現埸投票與網絡投票相結合的表決方式舉行。 I. 臨時股東大會召開和出席情況 於臨時股東大會當日，本公司已發行股份總數為24,686,221,929股（包括 20,478,831,929股A股及4,207,390,000股H股），為有權出席並可於臨時股東大會上表 決同意或反對任何決議案的股份總數。股東於臨時股東大會上就提呈決議案進行投 票時，未受任何限制。出席臨時股東大會的股東和股東授權委任代表共3,093人，合 共持有13,753,131,147股股份（包括12,555,151,097股A股及1,197 ...

| H | A | | --- | --- | | 股代码：00390 | 股代码：601390 | | 股简称：中国中铁 H | A 股简称：中国中铁 公告编号：2026-012 | 中国中铁股份有限公司 2026年第一次临时股东会决议公告 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。 重要内容提示： 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有 股份情况： | 1.出席会议的股东和代理人人数 | 3,093 | | --- | --- | | 其中：A 股股东人数 | 3,090 | | 境外上市外资股股东人数（H 股） | 3 | | 2.出席会议的股东所持有表决权的股份总数（股） | 13,753,131,147 | | 其中：A 股股东持有股份总数 | 12,555,151,097 | | 境外上市外资股股东持有股份总数（H 股） | 1,197,980,050 | | 3.出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 55.711770 | | 其 ...