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。 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。 茲載列中國中鐵股份有限公司於2025年12月9日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2022年面向專業投資者公開發行可續期公司債券（第三期）（品種二）2025年 本息䫕付及摘牌公告」，僅供參閱。 本公司全体董事或具有同等职责的人员保证本公告内容不 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相应的法律责任。 承董事會命 中國中鐵股份有限公司 陳文健 重要内容提示： 董事長 2025年12月9日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及王士奇先生；本公司的非執 行董事為文利民先生及房小兵先生；本公司的獨立非執行董事為修龍先生、孫力實女士 及屠海鳴先生。 债券代码：138647 债券简称：22 铁工 Y6 中国中铁股份有限公司 2022 年面向专业投资者公开发行可 续期公 ...

系统完善，互联互通：构建高效污水输送体系 近日，随着固戍水质净化厂进厂干管系统完善工程（一期）关键节点——29号井最后一节检查井井壁顺 利完成浇筑，标志着该项目涉及西气东输燃气管道施工段全部完工，工程建设取得重大突破。作为深圳 市宝安区重点水务工程，该项目的推进不仅展现"深圳速度"，更体现"深圳质量"，为区域水环境治理与 城市可持续发展注入强劲动力。 项目建成后，将有效解决深圳宝安区宝源路污水干管瓶颈段问题，为大铲湾片区提供污水合理的转输通 道并且提高片区内污水干管系统运行安全性，构建新建干管与宝源路老旧污水系统互联互通的通道，形 成一张严密且高效的污水收集与输送网络，为区域污水治理提供保障。 该项目干管工程采用泥水平衡顶管施工工艺，顶管施工采用最先进的泥水平衡顶管设备，有效克服海基 回填区域大量抛石和砂层以及高富水的恶劣地质条件。与传统的施工方式相比，有四方面的优越性：一 是下沉量小；二是贯穿精度高，管线中线误差可以控制在50mm以下；三是安全性能高，在施工中能避 免发生塌土造成人身安全事故；四是进度快，24h平均进度在15米左右。施工过程中通过对管节坐标的 精准控制，实现了长距离曲线顶管，同时创造了深圳片 ...

编前语:"十四五"期间，作为大国经济"顶梁柱"，国有企业以一场波澜壮阔的"跨越"，书写了高质量发展的时代答卷——民生保障撑起万家灯火，大国重器夯 实国之底气，超级工程打开发展新天地，科技创新激活新质生产力。回首奋进路，跨越启新程。央广网推出《跨越》（第二季）"收官'十四五'谋篇'十五 五'"系列报道，于广阔天地间、于生活细微处，呈现国企改革创新故事，共话国企"十五五"新篇章。 央广网北京12月8日消息（记者 宓迪）2024年12月29日，CR450动车组样车在北京发布，运营速度、运行能耗、车内噪声、制动距离等主要指标国际领先； 2025年9月28日，国家"十四五"规划重点交通基础设施项目沈白高铁正式开通运营，成为近年来高铁技术进步和产业发展成就的又一个缩影…… 2025年是"十四五"收官之年，到2025年末，我国高铁总里程预计将突破5万公里。"十四五"期间，中国高铁在工程建设、列车制造、列控系统等方面，向更 高技术进军，勇闯高铁技术"无人区"，力争实现对于既往纪录的再"跨越"。这背后，国资央企不断攻坚克难，开拓出一条自主创新之路。 在建设环节，沈白高铁也在施工、部件制造等领域实现突破。柳条湖特大桥是沈白高铁全 ...

（来源：中国火炬） 今日关工事-北部 1 北大荒农垦集团有限公司 宝泉岭分公司 12月4日，绥滨农场关工委联合绥滨县第九中学，共同举办"银发润心启智 护航青春远航"心理健康赋能 主题教育讲座。 齐齐哈尔分公司 12月4日，克山农场有限司关工委、克山县农场中学关工委联合召开第四届20名"十小明星"表彰大会。 2 内蒙古自治区 呼和浩特市 12月4日，呼和浩特市公安局关工委联合市关工委、回民区关工委及区教育局关工委，在市第十六中学 举办"五星红旗 我为你自豪"《中华人民共和国国旗法》主题宣讲。 包头市 12月4日，石拐区开展2025年"学习宣传贯彻习近平法治思想 推动宪法深入人心"宪法集中宣传活动。区 关工委、区老干部法律咨询工作站、司法局、检察院、公安分局等多部门共同参加。区关工委常务副主 任闫晓凤等领导出席活动。 12月4日，青山区富强路街道富饶社区关工委携手包头机电工业职业学校，举办"情系桑榆晚·艺暖老人 心"慰问"五老"演出活动。 乌海市 12月3日，海南区康泰社区关工委组织开展一场名为"妙手连珠 串意无限"的手工公益课。 12月4日，海勃湾林荫街道办事处金裕社区关工委和社区"五老"志愿者们一起，为居民发 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The US stock market saw slight gains, with the Dow Jones up 0.22% and the S&P 500 up 0.19%, driven by expectations of interest rate cuts and easing inflation [2][5] - The net inflow of southbound funds into Hong Kong stocks reached 121.9 billion HKD in November, indicating continued interest from mainland investors [3] Key Sectors - The local real estate, software, and 5G sectors faced declines, while gold stocks performed well [1][5] - Technology stocks, particularly in AI and semiconductor sectors, showed resilience and potential for long-term growth opportunities [3][9] - The report highlights the attractiveness of high-dividend and undervalued sectors for investment, particularly state-owned enterprises [3] Company Highlights - Baidu Group saw a significant increase of 5.01% in its stock price, with news of its subsidiary Kunlun Chip planning to list in Hong Kong [1][5] - The report suggests focusing on companies benefiting from AI advancements, such as Alibaba and Baidu, which are expected to gain from self-built large models [9] - China Railway Group reported a revenue of 773.814 billion CNY for the first three quarters of 2025, with a notable performance in its mineral resources segment [10] Investment Recommendations - The report recommends continued attention to sectors like AI applications, semiconductors, and industrial software, which are seen as key growth areas [3] - It also suggests monitoring companies in the upstream non-ferrous metals sector that are expected to benefit from favorable market conditions [3] - The report emphasizes the potential of companies involved in AI-enabled technologies and their applications across various industries [3]

Investment Rating - The report suggests a positive outlook for the construction sector, particularly for state-owned enterprises with low valuations, benefiting from long-term capital inflows due to recent policy adjustments [1][17]. Core Insights - The Financial Regulatory Bureau has announced adjustments to insurance capital market entry policies, which will favor low-valuation construction state-owned enterprises by increasing long-term capital investment in the stock market [1][17]. - The construction sector and traditional state-owned enterprises are currently undervalued, with the SW construction and decoration sector's TTM price-to-earnings ratio at 9.2 times and traditional construction state-owned enterprises at 5.5 times [2][18]. - The overall performance of the infrastructure state-owned enterprise sector remains under pressure, but key operational indicators have improved, and many companies have increased their dividend payouts [2][18]. - The report highlights the potential for significant long-term capital inflows into the A-share market, with a target of 30% of new insurance premiums being allocated to A-shares starting in 2025 [1][17]. Summary by Sections Industry Dynamics - The report discusses the recent policy changes aimed at increasing long-term capital investment in the stock market, particularly focusing on the construction sector as a beneficiary [1][17]. - It emphasizes the importance of cultivating patient capital and encouraging long-term investment strategies to reduce market volatility [1][17]. Market Performance - The construction industry experienced a slight decline of 0.07%, while the international engineering sector showed a positive performance with a 3.34% increase [20][23]. - The report notes that the construction sector's overall TTM price-to-earnings ratio is currently low compared to other sectors, indicating potential investment opportunities [26][30]. Key Companies to Watch - The report recommends focusing on several key state-owned enterprises, including China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from the favorable policy environment and improved operational metrics [10][12][30]. - It also highlights companies in the cleanroom engineering sector, such as Yaxiang Integration and Shenghui Integration, which are poised to benefit from the growing demand for semiconductor and AI-related infrastructure [19][12]. Future Outlook - The report anticipates that the effects of debt reduction policies will gradually manifest by 2026, providing a stable defensive attribute to the state-owned enterprise sector [2][4]. - It also notes that the construction sector's international expansion strategies are yielding positive results, with significant growth in overseas contracts and revenue [11][12].

今日重点推荐 | 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3903 | 0.7 | -1.67 | 0.37 | | 深证综指 | 2469 | 1.24 | -1.16 | 0.61 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.81 | -0.84 | 18.64 | | 中盘指数 | 1.21 | -1.63 | 24.97 | | 小盘指数 | 1.23 | -1.45 | 20.17 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 保险Ⅱ | 5.78 | 5.97 | 13.66 | | 金属新材料 | 4.8 | -2.31 | 32.97 | | 航天装备Ⅱ | 3.62 | 13.13 | 43.78 | | 工业金属 | 3.42 | 9.72 | 71. ...

News Focus - The National Energy Administration reported seven violations regarding the fair and open operation of the power grid, emphasizing the need for energy transmission network operators to provide services without discrimination [2] Domestic News - The Central Ecological and Environmental Protection Inspection reported illegal disposal of construction waste in multiple areas of Beijing, highlighting weak management and control in districts like Pinggu and Fengtai [2] - Mobile sources have become a significant contributor to air pollution, with total emissions from mobile sources reaching 18.582 million tons in 2024 [2] - The China Bicycle Association addressed concerns regarding the new national standard for electric bicycles, stating that it aims to enhance safety and reduce risks of fire and traffic accidents [3] - China's first heat-coupled seawater hydrogen production device has achieved over 500 hours of stable operation, marking a key breakthrough in the engineering application of this technology [3] - A new rain measurement radar system has been deployed at the Three Gorges Project, enhancing rainfall monitoring capabilities over an area of approximately 13,000 square kilometers [4] - The Xiong'an 500 kV ultra-high voltage substation has been officially put into operation, serving as a critical hub for clean energy transmission from Inner Mongolia and Hebei to the Xiong'an New Area [4] - The China National Railway Group reported that in November, it transported 184 million tons of coal, a year-on-year increase of 0.3%, ensuring sufficient supply for winter heating and power generation [4] - Hubei has established a 10 billion yuan water conservancy development fund, focusing on infrastructure, asset acquisition, ecological governance, and technology development [5] International News - President Trump signed a law to lift drilling restrictions in parts of the Arctic National Oil Reserve [6] - Germany extended its tax exemption policy for electric vehicles until December 31, 2035 [6] - The International Atomic Energy Agency reported that repairs have begun on the damaged protective cover of the Chernobyl nuclear power plant [7] - Japan initiated its 17th round of discharging nuclear contaminated water from the Fukushima plant, with approximately 7,800 tons planned for release [7] Corporate News - The Dadu River Danba Hydropower Station has received national approval, marking the addition of a new hydropower station with a million-kilowatt capacity and the first project to successfully attract private capital following the introduction of the Private Economy Promotion Law [8]

"哐哐哐"——沉闷的轰鸣穿透岩层，在环北部湾广西水资源配置工程（以下简称"环北广西工程"） 玉林供水片区施工D2标六万大山隧洞平威竖井工区深处，硬岩隧道掘进机（TBM）正在奋力掘进，连 续皮带系统将碎渣源源不断排出洞外。这项迄今为止广西投资最大、输水线路最长、受益人口最多的调 水工程，在复杂地质条件下不断刷新建设速度。 作为国务院部署的150项重大水利工程之一，环北广西工程491.1公里的输水线路串联起12条河流、 15座水库，沿途要穿越六万大山等复杂地形，面临着多重技术难题的考验。 "工程啃的是'一高、二长、三大'的硬骨头。"中铁隧道局广西水资源项目D2标工程师时伟强直 言，"隧洞内地温最高近40℃，TBM需要独头掘进11.487公里，是整条线路独头掘进距离最长的，270米 长的蚀变带像'豆腐块'很容易塌方；还有3.12兆帕的水压，相当于312米高水柱的水压压在管壁上。"面 对这些难题，团队通过不断优化施工组织与工法，提高TBM掘进效率。"截至目前，TBM累计掘进1060 米，比原方案提前近两个月。"他的声音里，透露出无数个昼夜攻坚的底气与信心。 进度与环保，在工地上从未失衡。"平威竖井施工采用清污分流，把 ...

面对极端挑战，项目团队以技术创新为突破口，为攻克长距离高强硬岩复合地层掘进难题，项目团队通 过应用添加剪切强度超350MPa具有自主知识产权的特殊耐磨涂层和优化刀盘设计，大幅提升刀具耐磨 性和耐久性，最终创下长距离硬岩地层全区间一次连续掘进"零开仓、零换刀"。同时，针对硬岩地层易 导致管片上浮的行业难题，项目部通过严格控制掘进参数、优化调整同步注浆流动扩展度、凝固时间及 注浆压力，结合实时监测数据动态优化注浆工艺，有效抑制管片上浮，确保隧道管片拼装一次成优，基 本实现成型隧道管片"无明显错台、无破损、无渗漏水"和衬砌结构内实外美。历经7个月的日夜奋战， 最终实现安全、优质、高效顺利贯通。 据中铁电气化局项目负责人介绍，针对38‰连续超大坡度带来的运输轨行车辆易溜逸风险，项目部自主 研制了集清扫、吹干、撒砂功能于一体的轨面处理装置，该装置能显著提升轨面附着力，彻底解决了大 坡度隧道内运输安全隐患，为施工全程的运输畅通提供了有力保障。此外，在穿越梁滩河富水砂泥岩层 施工中，通过增加注浆加固和渣土改良优化同步注浆和二次注浆，成功实现保压掘进，本区间四次安全 穿越梁滩河支流，避免了涌水、涌砂、地面坍塌等风险。 12月 ...