（编辑 楚丽君） 证券日报网讯 11月19日晚间，中国中铁发布公告称，中国中铁股份有限公司（以下简称"公司"）2021 年限制性股票激励计划第三个解除限售期所设定的公司层面业绩考核指标条件未达成，根据《中国中铁 股份有限公司2021年限制性股票激励计划（草案）》及相关法律法规的规定，公司决定对678名激励对 象共计持有的54，786，990股已获授但未满足第三个解除限售条件的限制性股票进行回购注销。注销日 期：2025年11月24日。 ...

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。 關於公司2021年限制性股票激勵計劃部份限制性股票的回購註銷實施 茲提述中國中鐵股份有限公司（「本公司」）分別於2021年12月30日臨時股東大會、A股類別 股東會議及於2022年1月12日舉行的H股類別股東會議通過2021年限制性股票激勵計劃 （「《2021年限制性股票激勵計劃》」），日期為2021年12月14日的通函（「通函」），向本公司 《2021年限制性股票激勵計劃》激勵對象首次授予限制性股票於2022年1月17日及2022年2 月24日發出的公告，向本公司《2021年限制性股票激勵計劃》激勵對象授予預留部分限制 性股票於2022年10月28日及2022年12月1日發出的公告，日期為2022年10月30日、2022年 12月27日、2023年12月29日、2024年3月6日、2024年8月30日、2024年10月30日、2024年 12月20日、2025年3月13日及2025年6月9日有關回購註 ...

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。 | H | A | | --- | --- | | 股代码：00390 | 股代码：601390 | | 股简称：中国中铁 H | 股简称：中国中铁 公告编号：临 A 2025-061 | 中国中铁股份有限公司 关于 2021 年限制性股票激励计划部分限制性股票 回购注销实施公告 重要内容提示： | 回购股份数量（股） | 注销股份数量（股） | | 注销日期 | | | --- | --- | --- | --- | --- | | 54,786,990 | 54,786,990 | 2025 | 年 11 月 | 24 日 | 一、本次限制性股票回购注销的决策与信息披露 1 回购注销原因：中国中铁股份有限公司（以下简称"公司"）2021 年限制性股票激励计划第三个解除限售期所设定的公司层面业绩 考核指标条件未达成，根据《中国中铁股份有限公司 2021 年限制 性股票激励计划（草案）》（以下简称《激励计划（草案）》）及相 关法律法规的规定，公司决定对 678 名激励对象共计持 ...

北京市嘉源律师事务所 关于中国中铁股份有限公司 回购注销 2021 年限制性股票激励计划 部分限制性股票实施情况的法律意见书 es Ph 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二五年十一月 - RYE United Sam IA YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI'AN 致:中国中铁股份有限公司 北京市嘉源律师事务所 关于中国中铁股份有限公司 回购注销2021年限制性股票激励计划 部分限制性股票实施情况的 法律意见书 嘉源(2025)-05-438 敬启者: 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国 证券法》、中国证券监督管理委员会(以下简称"中国证监会")《上市公司股权 激励管理办法》《中国中铁股份有限公司章程》(以下简称"《公司章程》")以及 《中国中铁股份有限公司2021年限制性股票激励计划(草案)》(以下简称"《激 励计划(草案)》")等有关规定,北京市嘉源律师事务所(以下简称"本所")接 受中国中铁股份有限公司(以 ...

Core Viewpoint - The article discusses the successful auction of two residential land parcels in Beijing, totaling a transaction price of 3.27 billion yuan, highlighting the competitive bidding environment and the implications for the real estate market in the region [1][3]. Summary by Sections Land Transaction Details - On November 19, two residential land parcels in Beijing were successfully auctioned for a total price of 3.27 billion yuan. The Tian Tan North parcel was won by Beijing Urban Construction for 2.028 billion yuan, resulting in a floor price of 116,000 yuan per square meter based on a residential construction area of 17,500 square meters, while the surrounding comparable housing price is 150,000 yuan per square meter [3][5]. - The Future Science City parcel was sold at a base price of 1.24 billion yuan, with the winning bid from Future Science City Real Estate (Changping State-owned Assets), where the saleable residential portion has a floor price of approximately 20,000 yuan per square meter, compared to a surrounding comparable housing price of 50,000 yuan per square meter [3][5]. Competitive Bidding Process - The Tian Tan North parcel underwent a competitive bidding process with two prior offers before reaching a final bid of 2.028 billion yuan after 38 rounds of bidding, resulting in a nominal floor price of 81,120 yuan per square meter and a premium rate of 4% [5][6]. Location and Development Requirements - The Tian Tan North parcel is located in a core area within Beijing's second ring, close to the North Gate of the Temple of Heaven, approximately 3 kilometers from Tiananmen Square. The area is characterized by low plot ratio and high residential comfort, with convenient transportation links and mature amenities nearby [6][9]. - The parcel consists of four sub-parcels, with specific construction requirements including a maximum height limit of 3.3 meters for certain areas and a traditional courtyard layout, prohibiting the construction of villas and private estates [9][11]. Market Context - Within a 2-kilometer radius of the Tian Tan North parcel, there are no similar projects currently for sale, with the nearest comparable project being the Jin Yu Chi parcel, which is set to be auctioned in July 2024. The surrounding market has seen significant price variations, with recent land sales in Beijing showing premium rates exceeding 10% for several parcels since 2025 [11][13].

Market Overview - The infrastructure sector experienced a decline of 0.53% on November 19, with Chengbang Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Individual Stock Performance - Guosheng Technology (603778) saw a significant increase of 10.06%, closing at 8.97 with a trading volume of 1.85 million shares and a turnover of 1.618 billion [1] - ST Lingnan (002717) rose by 4.30%, closing at 1.94 with a trading volume of 948,100 shares [1] - China Nuclear Engineering (601611) increased by 1.09%, closing at 12.07 with a trading volume of 643,700 shares [1] - Chengbang Co., Ltd. (603316) led the decline with a drop of 4.42%, closing at 15.12 with a trading volume of 128,600 shares [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 235 million yuan from institutional investors, while retail investors saw a net inflow of 184 million yuan [2] - The main capital inflow and outflow for selected stocks indicate varying investor sentiment, with Guosheng Technology experiencing a net inflow of 141.1 million yuan from institutional investors [3] - China Energy Engineering (601868) had a net inflow of 34.6 million yuan from institutional investors, while Zhejiang Jiaoke (002061) saw a net inflow of 10.5 million yuan [3]

Group 1 - China Railway announced a dividend of HKD 0.0899 per share, with an ex-dividend date of December 1, 2025, and a payment date of December 23, 2025 [1] - Shanghai Pharmaceuticals declared a dividend of CNY 0.1200 per share, with no specified ex-dividend or payment dates [1] - Jacobson Pharmaceutical announced a dividend of HKD 0.0425 per share, with an ex-dividend date of December 1, 2025, and a payment date of December 18, 2025 [1] - Laopuhuang Gold declared a dividend of HKD 10.52 per share, with an ex-dividend date of November 20, 2025, and a payment date of January 15, 2026 [1] Group 2 - The CSI Central State-Owned Enterprises Dividend Index includes 50 stocks with stable dividend levels and high yields, with a one-year dividend yield of 5.67% as of November 18, higher than the 10-year government bond yield of 3.86% [2] - The Hang Seng Mainland Enterprises High Dividend Yield Index has a one-year dividend yield of 5.34% as of November 18, also higher than the 10-year government bond yield of 3.52% [2] - The largest investment vehicle tracking the CSI Central State-Owned Enterprises Dividend Index is the Hong Kong Central State-Owned Enterprises Dividend ETF [2]

Group 1 - Li Ang, the marketing head of China Railway Real Estate, has recently left to join China Merchants Shekou in Beijing as the deputy general manager, overseeing marketing efforts [1][5] - Li Ang has extensive marketing experience in the real estate sector, having worked with various companies including Longfor and Oceanwide, and has a strong focus on the Beijing market, which is a key area for China Merchants Shekou [1][8] - China Railway Real Estate has faced significant performance challenges, reporting a loss of 1.749 billion yuan in 2022 and projected losses of 1.452 billion yuan in 2024 [4] Group 2 - China Railway Real Estate is a wholly-owned subsidiary of China Railway Group and was established to strengthen its real estate sector, with a focus on major urban areas [3] - The company has eight regional offices and has implemented a national development strategy, but many of its regional offices have struggled to acquire land in recent years [3][4] - In contrast, China Merchants Shekou has shown a more stable performance, achieving a net profit of 2.497 billion yuan in the first three quarters of the year, with a significant portion of its sales coming from its core markets [7][8] Group 3 - The frequent changes in leadership at China Merchants Shekou's Beijing office indicate a dynamic and possibly unstable marketing strategy, with recent departures and new appointments [6][7] - The real estate industry is shifting focus from scale to quality, emphasizing product quality and service upgrades, which aligns with Li Ang's expertise and could benefit China Merchants Shekou's market expansion [8]

Core Viewpoint - The article emphasizes the need for cultivating engineering management talents with international perspectives and skills to meet the demands of global governance and the Belt and Road Initiative [1] Group 1: Current Challenges in Engineering Management Education - There are three prominent issues in the international engineering talent cultivation: unclear definition of global competence, insufficient integration of curriculum with international engineering practices, and a mismatch between teaching methods and competency goals [1][3] Group 2: Collaborative Efforts of Universities - Chongqing University and Tianjin University have been pioneers in international engineering management education, establishing specialized programs since 1989 and 1993 respectively, and achieving national-level recognition for their engineering management programs [2] Group 3: Global Competence Matrix - A global competence matrix has been developed, identifying 18 key competencies across four dimensions: knowledge, skills, attitudes, and actions, which are integrated into the undergraduate curriculum to provide clear standards for evaluation [3] Group 4: Curriculum Restructuring - The curriculum has been restructured into a three-tier system: foundational, professional, and practical stages, integrating various disciplines and focusing on real-world applications to enhance students' capabilities [4] Group 5: Innovative Teaching Methods - A three-dimensional teaching model has been created, focusing on project-based learning, situational support, and practical integration, allowing students to engage in real international engineering projects and develop comprehensive decision-making skills [5][6] Group 6: Support Mechanisms for Global Competence - A multi-faceted support system has been established, including faculty development, resource sharing, practical platforms, and quality assurance, to ensure the sustainable operation of the talent cultivation framework [7]

中国中铁 20251118 摘要 中国中铁前三季度新签合同额同比增长 1%，境外完成额增长 35%，但 总收入同比下降 5%，利润总额下降 12.8%。新签合同额的平稳增长预 示未来营收端可能改善，但需关注基建投资负增长的风险。 前三季度铁路新签订单同比增长 47%，显示铁路订单放量。公司正等待 国家铁路局和国铁集团发布"十五五"期间铁路建设详细规划，以便更 清晰地了解未来几年铁路固定资产投资情况。 中国中铁在"一带一路"地区深耕多年，海外新签订单 70%来自该区域。 中吉乌铁路项目是亮点，南亚、东南亚和非洲业务较多，未来大部分海 外业务将集中在"一带一路"国家和沿线地区。 海外项目综合毛利率与国内持平或略低，但回款情况相对更好。然而， 海外项目面临政治、汇率和安全等风险，可能影响毛利率。大型铁路项 目可能会拉低整体毛利率。 公司在深地经济领域主要涉及地下空间工程，如隧道工程及设备、地下 交通设计等。中铁工业旗下盾构机已成为全球领先产品。公司还积极布 局矿产资源，提升整体竞争力。 Q&A 请介绍一下中国中铁公司 2025 年前三季度的经营状况。 2025 年前三季度，中国中铁完成新签合同额 15,850 亿元 ...