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。 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條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司2025年面向專業投資者公開發行科技創新可續期 公 司 債 券（第 四 期）票 面 利 率 公 告」，僅 供 參 閱。 经中国证券监督管理委员会"证监许可〔2025〕2683 号"注册生效，同意中 国铁建股份有限公司（以下简称"中国铁建"或"发行人"）面向专业投资者公 开发行面值总额不超过 300 亿元（含 300 亿元）的公司债券，可在注册有效期内 分期发行。 承董事會命 中國鐵建股份有限公司 董事長 戴和根 中國‧北京 2025年12月16日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生 ...

锦江区林家坝，一宗约25亩地块今天走上拍卖席，最终被润达丰滨江以楼面地价21500元/㎡竞得。这是2024年11月润达丰滨江以26000元/㎡拿下33亩土地 后，林家坝时隔一年再度供地。 区域内仅1盘在售， 林家坝迎来供应补充 在金三地块入市之前，林家坝的土地一直都是锦江区的头牌存在，区域内吸引了万科、锦江发展、中能建、中交、金茂、中国铁建、润达丰滨江等房企的 相继布局，地价不断刷新，最高地价纪录则是由润达丰滨江创下的26000元/㎡。而这些项目都快速售罄，目前区域仅剩交子缦华在售，总价已达到千万 级。 金三站上套均2000万级， 林家坝会或将重回关注焦点 林家坝片区被楼市真正关注，源于2023年4月万科拿地，即现在的万科·朗拾交子项目。彼时，地块成交楼面地价为14900元/㎡，清水房限价为30000元/ ㎡。 2年时间过去，林家坝从一个300万级的区域，迈入了千万级新房板块——产品面积从128㎡为主逐渐迈入143㎡，再到金茂和润达丰滨江加入，将区域天花 板推向了200㎡以上，新房总价达到千万级。 林家坝板块诞生之初，市场对于其板块价值的共识在于其地理位置。西临金融城三期，东接白鹭湾新经济小镇，能与金融城三期 ...

中国能源建设(03996.HK)：投资建设的中能建松原氢能产业园(绿色氢氨醇一体化)项目一期工程正式投产运行。 中煤能源(01898.HK)：前11月商品煤销量为约2.34亿吨，同比减少8.7%。11月煤销量为2174万吨，同比减少15.7%。 中国太保(02601.HK)：前11月，太平洋人寿累计原保险保费收入为人民币2503.22亿元，同比增长9.4%，太平洋财险累计原保险保费收入为人民币1876.82亿 元，同比增长0.3%。 中国铁建(01186.HK)：拟发行不超过40亿元可续期公司债券。 智通财经12月16日讯（编辑 冯轶）智通财经为您带来今日港股重要公告 2）回购动态 1）公司要闻 翰森制药(03692.HK)：与GLENMARK就阿美替尼订立许可协议。 公告称，根据协议将获得首付款和后续可能累计超过十亿美元的监管和商业里程碑付款，以及授权区域内净销售额的分级特许权使用费。 越秀地产(00123.HK)：获授5亿港元的定期贷款融资。 腾讯控股(00700.HK)：斥资约6.36亿港元回购106.7万股，回购价592.5-602.5港元。 小米集团-W(01810.HK)：斥资2.94亿港元回购7 ...

Core Viewpoint - China Railway Construction Corporation (CRCC) is adapting to a challenging domestic environment by focusing on cost reduction and enhancing operational efficiency while experiencing significant growth in overseas orders [4][29]. Financial Performance - In the first three quarters of 2025, CRCC reported a revenue of 728.4 billion yuan, a decrease of 3.9% year-on-year, and a total profit of 204.6 billion yuan, down 13.9% [6]. - The net profit attributable to shareholders only slightly decreased by 5.6% to 148.1 billion yuan, with a notable 8.3% increase in net profit for the third quarter [8][10]. - The company has successfully reduced sales and management expenses by 8.5% and 9.7% respectively in the first half of 2025, demonstrating effective cost control [10]. Business Segments - Engineering contracting remains the core business, contributing over 85% of total revenue, with a revenue of 4,346 billion yuan and a gross margin of 7.4% in the first half of 2025 [12][13]. - The overseas business has seen a remarkable increase, with new contracts signed amounting to 204.8 billion yuan, a 94.5% year-on-year growth, indicating a successful expansion into international markets [15][16]. Real Estate and Manufacturing - The real estate sector is currently a pain point for the company, with a significant revenue drop of 34.2% in the first half of 2025, and a gross margin that fell to 9.7% [18][19]. - In contrast, the industrial manufacturing segment is thriving, with a revenue of 118.3 billion yuan, a 5.3% increase, and a high gross margin of 21.2% [20][22]. Cash Flow and Dividends - The company faced a net cash outflow of 797.6 billion yuan from operating activities in the first three quarters of 2025, although this was an improvement from the previous year [23]. - Despite fluctuations in performance, CRCC has maintained stable dividend payouts, providing a sense of security for investors [24]. Future Outlook - The company is positioned to benefit from a significant increase in overseas orders, which could become a crucial growth driver in the coming years [27]. - The focus on cost reduction and efficiency improvements, alongside high-margin segments like industrial manufacturing, suggests a resilient operational strategy [29].

Core Viewpoint - The report from Shenwan Hongyuan Research indicates that industry investment is expected to stabilize in 2026, supported by total investment levels. Despite a slowdown in fixed asset investment growth this year, with pressures in infrastructure, manufacturing, and real estate, the orderly progress of local government debt resolution and the implementation of central "dual" projects are anticipated to stabilize investment in 2026. Certain sub-sectors may gain higher investment elasticity aligned with national strategies [1] Group 1: Industry Investment Outlook - Fixed asset investment growth has slowed down year-to-date, with infrastructure, manufacturing, and real estate facing pressures [1] - The orderly progress of local government debt resolution and the implementation of central "dual" projects are expected to support investment stability in 2026 [1] - Certain sub-sectors may benefit from higher investment elasticity due to alignment with national strategies [1] Group 2: Company-Specific Insights - China Railway Construction has seen marginal improvement in new orders, with an optimized structure and sufficient backlog to ensure long-term stable growth [1] - The company's balance sheet is continuously improving, with enhanced cash flow and optimized accounts receivable aging structure [1] - The H-shares are significantly discounted, and the dividend yield in the Hong Kong market is more attractive [1] Group 3: Valuation and Investment Recommendation - Using the price-to-earnings (PE) valuation method, comparable companies such as China Railway, China Communications Construction, and China Energy Construction have an average PE of 3.8X for 2025 and 3.6X for 2026 [1] - Given that 2025 financial data does not fully reflect company value, 2026 data is used for valuation reference, assuming a PE of 3.6X for China Railway Construction, corresponding to a market value of RMB 77.9 billion, or HKD 85.8 billion [1] - The current market value is HKD 74.8 billion, indicating an upside potential of 14.7%, leading to an initial coverage with an "Accumulate" rating [1]

Investment Rating - The report initiates coverage with a "Buy" rating for China Railway Construction Corporation (CRCC) [8][33] Core Insights - The report highlights that the construction industry is expected to stabilize in 2026, supported by local government debt management and the implementation of key national projects [7][14] - CRCC's new contract signing has shown marginal improvement, with a robust backlog of orders ensuring steady long-term growth [7][17] - The company's balance sheet is continuously improving, with enhanced cash flow and optimized accounts receivable aging structure [7][21] - The H-shares of CRCC are trading at a significant discount compared to A-shares, making them more attractive from a dividend yield perspective [7][25] - The report projects CRCC's net profit for 2025-2027 to be RMB 21.4 billion, RMB 21.7 billion, and RMB 22.2 billion respectively, with corresponding P/E ratios of 3.1X, 3.2X, and 3.1X [7][29] Financial Data and Profit Forecast - Revenue projections for CRCC are as follows: - 2023: RMB 1,137.99 billion - 2024: RMB 1,067.17 billion - 2025E: RMB 1,092.29 billion - 2026E: RMB 1,114.13 billion - 2027E: RMB 1,133.25 billion - The expected growth rates are 3.80%, -6.22%, 2.35%, 2.00%, and 1.72% respectively [3][30] - Net profit attributable to ordinary shareholders is forecasted as follows: - 2023: RMB 26.10 billion - 2024: RMB 22.22 billion - 2025E: RMB 21.41 billion - 2026E: RMB 21.69 billion - 2027E: RMB 22.23 billion - The corresponding growth rates are -2.19%, -14.87%, -3.62%, 1.30%, and 2.51% [3][30] Market Data - As of December 15, 2025, CRCC's closing price is HKD 5.51, with a market capitalization of HKD 748.23 billion [4][8] - The H-shares are trading at a P/E ratio of 3.6X and a P/B ratio of 0.25X, indicating a significant discount compared to A-shares [7][25] Order and Contract Insights - CRCC's cumulative new contract amounts from 2021 to 2025Q3 are as follows: - 2021: RMB 2.82 trillion - 2022: RMB 3.25 trillion - 2023: RMB 3.29 trillion - 2024: RMB 3.04 trillion - 2025Q1-3: RMB 1.52 trillion - The new contract signing has shown a year-on-year growth of 10.39%, 15.09%, 1.51%, -7.80%, and 3.08% respectively [7][17]

Investment Rating - The report maintains a "stronger than the market" investment rating for the construction and decoration industry [3]. Core Viewpoints - The Central Economic Conference has set the tone for "dual easing," indicating that incremental policies and key projects are expected to advance [12][13]. - There is a significant increase in special bond net financing, with a cumulative net financing of 3.88 trillion yuan as of December 13, 2025, which is higher than the same period in the previous three years [13]. - The macroeconomic focus remains on stable growth, with expectations for further policies to promote infrastructure and real estate demand in the coming year [12]. Summary by Sections 1. Industry Viewpoints and Investment Recommendations - The construction and decoration index fell by 1.59% last week, with specific sectors like landscaping engineering (+1.74%) and municipal engineering (+0.20%) performing better [12]. - The Central Economic Conference emphasized a more proactive fiscal policy and moderately loose monetary policy, suggesting that strategic projects will accelerate [12]. - The report identifies three main investment lines: 1. Recommend state-owned enterprises benefiting from national key projects, such as China Railway Construction and China State Construction [17]. 2. Focus on high-prosperity segments related to major strategic projects, recommending companies like High Hope Explosive and China Railway Industry [17]. 3. Support for companies transitioning to new productive forces like AI and robotics, recommending firms such as Roman Holdings and Hongrun Construction [17]. 2. Market Review - The report notes that the special bond issuance has completed 103% of the annual issuance target, with a total of 4.54 trillion yuan issued [13][16]. - The construction sector's performance is tracked, with specific stocks showing significant gains, such as Yaxiang Integration (+25.2%) and Hexin Instruments (+13.4%) [23]. 3. Key Company Dynamics - The report tracks significant company announcements, including China Chemical's nylon new material project achieving full production capacity and Shanghai Construction's provision of guarantees totaling 63.89 billion yuan [30]. 4. Industry Valuation Status - As of December 12, 2025, the PE ratios for various construction sub-sectors are as follows: housing construction (6.25x), municipal engineering (7.89x), and chemical engineering (10.56x) [31].

Core Insights - China Railway Construction Nano Technology (Shanghai) Co., Ltd. was established on December 15, with a registered capital of 100 million RMB [1] - The company is involved in the manufacturing of graphite and carbon products, synthetic materials, high-performance fibers and composite materials, general and specialized equipment, non-ferrous metal alloys, and new material technology research and development [1] - Shareholders include China Railway Construction's subsidiary China Railway 11th Bureau Group Co., Ltd., Wuhan Wuchuang Institute Investment Co., Ltd., and Shanghai Taihong Technology Co., Ltd. [1] Company Overview - The legal representative of the newly established company is Wei Jiaru [1] - The business scope encompasses a wide range of manufacturing and research activities related to advanced materials [1] Shareholder Information - The company is jointly held by three entities, indicating a collaborative approach to its operations and potential market reach [1] - The involvement of established companies in the shareholder structure may enhance credibility and resource access for the new venture [1]

Core Insights - The training program aims to enhance the engineering practice and educational integration capabilities of vocational teachers in Rwanda, aligning with the "Future Africa - China-Africa Vocational Education Cooperation Plan" [1][2] - The training includes practical and theoretical components, focusing on various aspects of engineering and teaching methodologies to improve the participants' skills [2] Group 1 - The graduation ceremony for the training program was held in Kigali, Rwanda, with participation from representatives of Jinhua Vocational and Technical University, Rwanda Polytechnic, and Chinese enterprises [1] - The training program is designed to meet Rwanda's infrastructure needs by developing teachers with engineering education concepts, professional skills, and teaching abilities [1] - The training involved 20 participants from five regional colleges under Rwanda Polytechnic that offer architecture programs [1] Group 2 - The training was structured into three segments: on-site engineering, cloud platform, and theoretical classroom, covering topics such as design standards, construction organization, building materials, engineering machinery, engineering measurement, complex engineering problem-solving, and quality assurance [2] - The Rwanda Luban Workshop was established through collaboration between Jinhua Vocational and Technical University and Rwanda Polytechnic, officially inaugurated on November 18, 2023 [2]

中国铁建（601186）(01186)公布，公司将于2025年12月17日(T日)、2025年12月18日(T+1日)发行中国铁 建股份有限公司2025年面向专业投资者公开发行科技创新可续期公司债券(第四期)，本期债券规模为不 超过人民币40亿元(含人民币40亿元)，每张面值为100元，发行价格为100元/张。本期债券募集资金扣除 发行费用后将全部用于生产性支出，包括偿还债务、补充流动资金等符合法律法规要求的用途。 ...