Core Insights - The company reported a revenue of 511.09 billion yuan for the first half of the year, representing a year-on-year decline of 5.93% [1] - The net profit attributable to shareholders was 11.83 billion yuan, down 17.17% compared to the previous year [1] - The basic earnings per share stood at 0.412 yuan [1]

中国中铁股份有限公司 CHINA RAILWAY GROUP LIMITED ( 于中华人民共和国注册成立的股份有限公司 ) 股份代码：601390 25 3. 32 8 8 12 2 2 2 2 2025 半年度报告 中国中铁股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议 三、 本半年度报告未经审计 德勤华永会计师事务所（特殊普通合伙）对公司 2025 年半年度报告中财务报告进行了审阅。 四、 公司负责人陈文健、主管会计工作负责人孙璀及会计机构负责人（会计主管人员）于来新 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 ...

| 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 2025-049 | 重要内容提示： －1－ 被担保人名称：本期被担保人涉及公司12家全资子公司：中铁一局 集团物资工贸有限公司、中铁一局集团天津建设工程有限公司、 中铁电气化局集团西安电气化工程有限公司、中铁电气化局集团 （香港）有限公司、中铁国际集团商贸有限公司、中铁二院昆明 勘察设计研究院有限责任公司、中铁电气化勘测设计研究院有限 公司、中铁武汉大桥工程咨询监理有限公司、中铁文化旅游投资 集团有限公司、鲁班工业品（天津）有限公司、中铁物贸集团西 安有限公司、中铁物贸集团武汉有限公司。2家参股公司：汕头市 牛田洋快速通道投资发展有限公司、上海铧协房地产开发有限公 司。 本期实际发生担保金额及累计担保余额：公司 2025 年第二季度实 际发生担保金额为 14.41 亿元；截至 2025 年 6 月 30 日，公司累 计担保余额为 922.45 亿元（其中差额补足承诺 411.53 亿元）。 本期担保事项是否有反担保：否 对外担保逾期的累计数量 ...

中国中铁2025年第二季度新增担保的被担保人基本情况表 | | | | | 一般项目：建筑材料销售；金属材料销售；水泥制 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 品销售；石油制品销售（不含危险化学品）；煤炭 | | | | | | | | | | | | | | | | | 及制品销售；机械设备销售；电气设备销售；机械 | | | | | | | | | | | | | | | | | 电气设备销售；通讯设备销售；电子专用设备销 | | | | | | | | | | | | | | | | | 售；特种设备销售；金属矿石销售；金属制品销 | | | | | | | | | | | | | | | | | 售；金属结构销售；高品质特种钢铁材料销售；有 色金属合金销售；高性能有色金属及合金材料销 | | | | | | | | | | | | | | | | | 售；电子元器件与机电组件设备 ...

一、财务公司基本情况 (一)工商登记情况 名称：中铁财务有限责任公司 企业性质：其他有限责任公司 注册地址：北京市海淀区复兴路69号6号中国中铁大厦C 座5层 中国中铁股份有限公司 关于中铁财务有限责任公司2025年上半 年风险持续评估的报告 根据国家金融监督管理总局以及上海证券交易所的相关要求，中 国中铁股份有限公司(以下简称"中国中铁")通过查验中铁财务有限 责任公司(以下简称"财务公司")的《营业执照》与《金融许可证》 等资料，并审阅包括资产负债表、利润表、现金流量表等在内的财务 公司的定期财务报告，对其经营资质、业务和风险状况进行了持续评 估。具体情况报告如下： 法定代表人：杨育林 注册资本：人民币90亿元 统一社会信用代码：91110000717838206Y (二)经营范围 吸收成员单位存款；办理成员单位贷款；办理成员单位票据贴现； 办理成员单位资金结算与收付；提供成员单位委托贷款、债券承销、 非融资性保函、财务顾问、信用鉴证及咨询代理业务；从事同业拆借； 1 办理成员单位票据承兑；办理成员单位产品买方信贷；从事固定收益 类有价证券投资。 (三)股东构成 | 序号 | 出资人名称 | 认缴资本 ( ...

Group 1 - The establishment of Henan Rushong Expressway Co., Ltd. with a registered capital of 200 million yuan is noted, focusing on services such as micro-car rental, solar power technology services, and sales of construction materials and rebar products [1][2]. - The company is jointly owned by the Design Research Institute (300732) and a wholly-owned subsidiary of China Railway (601390), namely China Railway Capital Co., Ltd. [1][3]. - The company is registered in Luoyang, Henan Province, and its business scope includes various services and sales related to construction and energy [2][3]. Group 2 - The legal representative of the company is Wang Guoqing, and it is currently in a state of operation with a business term extending until August 26, 2025 [2]. - The company is classified under the national standard industry of engineering construction [2]. - The major shareholder, China Railway Capital Co., Ltd., holds a 51% stake, indicating significant control over the company [3].

Group 1 - The core viewpoint of the report highlights the significant growth of the first batch of 10 Sci-Tech Bond ETFs, which reached a total scale of over 120 billion yuan, increasing by more than 90 billion yuan since their launch [1][9][12] - The report notes that the trading volume of some Sci-Tech Bond ETFs has decreased to below 10% since the end of July, but has recently rebounded as the market stabilizes [1][16] - The weighted duration of the bonds held by the 10 Sci-Tech Bond ETFs ranges from 3.20 to 4.74 years, indicating a relatively long duration compared to the initial listing [23][24] Group 2 - The report identifies the most heavily held component bonds, with issuers such as State Power Investment Group and China Railway Corporation having holdings exceeding 3 billion yuan [2][32] - Other notable issuers with holdings between 2 to 3 billion yuan include China Ordnance Industry Group and China National Building Material [2][32] - The report provides a detailed breakdown of the holdings of the top 50 component bonds, indicating a concentration in the 1-3 year and 3-5 year maturity ranges [33][35] Group 3 - Since July, the credit bond yields and credit spreads have shown a "W-shaped" trend, with component bonds experiencing significant valuation changes compared to non-component bonds [3][36] - In the early July period, the demand for building positions in the newly launched Sci-Tech Bond ETFs led to a rapid decline in the valuations of component bonds, which outperformed non-component bonds by approximately 10 basis points [3][38] - The report notes that during the adjustment phase, the short-term component bonds reacted most significantly to market changes, while the 1-3 year and 3-5 year component bonds showed higher volatility during recovery periods [3][43] Group 4 - The upcoming issuance of the second batch of Sci-Tech Bond ETFs is expected to further benefit the valuation of component bonds and compress spreads, as current valuations present a better cost-performance ratio compared to mid-July lows [4][30] - The report suggests that there may be limited room for further compression in valuations for high-rated individual bonds, with an estimated potential of 14-15 basis points [4][30] - From an investment perspective, the report advises early positioning in component bonds to avoid the trap of trying to capture the last few basis points during market fluctuations [4][30]

Core Insights - The 19th China (Shenzhen) International Logistics and Supply Chain Expo will take place from September 24-26, featuring over 2200 exhibitors from more than 60 countries and regions, and is expected to attract over 300,000 professional visitors [1][4] - This year's expo marks the 20th anniversary of the event, which has been instrumental in facilitating international cooperation and is referred to as the "Olympics of the global logistics and supply chain sector" [4] - The expo will cover a total exhibition area of over 130,000 square meters, with ten core exhibition zones addressing various aspects of logistics and supply chain, including comprehensive services, port shipping, air freight, and cross-border e-commerce [4][5] Exhibition Features - The expo will introduce five vertical fields for resource matching, including Europe and the United States, Southeast Asia/Japan and South Korea, overseas warehouses/cross-border e-commerce, emerging markets, and special transportation [5] - Over 70 high-end business activities will be organized to create a deep dialogue platform within the global logistics and supply chain sector [5] - Two thematic sub-exhibitions will be held concurrently: the World Unmanned Vehicle Economy Expo and the Enterprise Going Abroad Exhibition, focusing on unmanned vehicle technology and cross-border e-commerce [8][10] Industry Trends - The World Unmanned Vehicle Economy Expo will showcase the Shenzhen automatic delivery system and emphasize the integration of unmanned logistics into the global supply chain [8] - The Enterprise Going Abroad Exhibition aims to provide a high-quality platform for cross-border e-commerce, facilitating connections between international e-commerce platforms and logistics solutions [10]

Group 1 - The new regulations for existing PPP projects are expected to accelerate construction progress and alleviate operational debts for construction companies [1] - The cumulative growth rate of funds in place for fixed asset investment from January to July is 1.0%, showing improvement compared to previous months [1] - The growth rate of budgetary funds increased by 9.4% in the same period, indicating a positive trend in fiscal revenue [1] Group 2 - New signed orders in the construction industry are under pressure, with a year-on-year decrease of 1.6% in the first half of 2025 [2] - The cumulative investment in projects that have commenced construction from January to July reached 24.2 trillion yuan, with a growth rate of 8.8% [2] Group 3 - The physical workload in key sectors such as energy, transportation, and water conservancy is showing marginal weakness, with production declines in cement, steel, glass, and asphalt [3] - The price of steel increased by 2.1% month-on-month, while cement and asphalt prices decreased [3] Group 4 - The growth rate of broad infrastructure investment from January to July is 7.3%, slightly slowing down compared to previous months [4] - Fixed asset investment completion reached 28.8 trillion yuan, with a year-on-year increase of 1.6% [4] - Specific sectors like electricity and water supply are seeing significant investment growth, while transportation and water management are maintaining lower growth rates [4] Group 5 - The report suggests focusing on state-owned enterprises with strong fundamentals and low valuations under a more proactive fiscal policy [5] - It highlights three paths for industry maturation: competition among existing players, regional investment opportunities, and the development of new productive forces [5] - Recommended companies for investment include China State Construction, China Railway, and China Communications Construction [5]

Core Insights - The establishment of the Shield Tunnel/Boring Machine (TBM) Big Data Mining Community marks a significant advancement in China's tunnel construction, transitioning into a data-driven and intelligent era [1] - The release of the first vertical large model in the tunnel and underground space sector, named "Pioneer Tunnel Model," showcases the integration of artificial intelligence and big data in enhancing construction efficiency and safety [1][2] Group 1 - The "Pioneer Tunnel Model" was developed by China Railway Tunnel Bureau's key laboratory, utilizing data from 773 engineering lines and 120 billion construction data points to create a comprehensive technology system for the tunnel and underground space lifecycle [1] - The model includes an AI assistant called "Tunnel Hero," which provides functionalities such as industry knowledge dissemination, professional Q&A, industry standards, text translation, and project planning support [1] - The model has achieved over 90% accuracy in predicting hazards like faults and sinkholes in complex geological conditions, significantly improving real-time detection capabilities [2] Group 2 - The newly formed Shield/TBM Big Data Mining Community aims to address industry challenges such as data silos, inconsistent standards, and insufficient collaboration across the entire construction lifecycle [2] - The community will focus on three core tasks: building a unified data center, collaborating on core algorithm development for TBM, and integrating industry-academia-research applications to accelerate technology transfer and foster new productivity [2]