Core Viewpoint - On August 22, 2025, a tragic accident occurred during the construction of the Qingshan Yellow River Bridge, resulting in 12 fatalities and 4 missing persons. The company has initiated emergency protocols and is cooperating with government agencies for rescue and investigation efforts. The accident is not expected to significantly impact the company's operations or financial performance [1][2]. Group 1 - The accident involved the sudden failure of a cable at the front end of the tower during the installation of auxiliary steel beams [1][2]. - The total length of the Qingshan Yellow River Bridge is 1,596.2 meters, with a contract value of approximately 436 million yuan [1][2]. - The company expressed deep condolences for the victims and committed to learning from the incident to enhance corporate responsibility [1][2]. Group 2 - The company is a large enterprise group engaged in various sectors, including surveying and design, construction, industrial manufacturing, real estate development, resource utilization, and financial investment [1].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, particularly focusing on state-owned enterprises such as China Communications Construction Company (CCCC), China State Construction Engineering Corporation, and others [1][7][8]. Core Insights - The recent issuance of opinions on existing PPP projects clarifies responsibilities and ensures funding sources for ongoing projects, which is expected to accelerate revenue recognition for construction companies [2][7]. - The report emphasizes the strategic importance of Xinjiang, predicting increased central government support and policy incentives due to upcoming significant events, including the 70th anniversary of the Xinjiang Uyghur Autonomous Region [3][21]. - The construction sector is projected to benefit from the acceleration of large-scale infrastructure projects in Xinjiang, particularly in transportation and coal chemical industries, with significant investments expected in the coming years [6][21]. Summary by Sections Industry Investment Rating - The report highlights a "Buy" rating for major construction state-owned enterprises, including CCCC, China State Construction, China Metallurgical Group, and others, indicating strong potential for recovery and growth in their financial performance [1][7][8]. Key Developments - The issuance of guidelines for existing PPP projects aims to ensure smooth project execution and financial support, which is expected to enhance the financial health of construction companies [2][6]. - The report notes that as of the end of 2022, the total value of PPP projects in execution reached approximately 13.83 trillion yuan, with 9.95 trillion yuan expected to enter the operational phase [2][19]. Focus on Xinjiang - The report underscores the importance of Xinjiang's strategic position and the anticipated central government support, particularly in infrastructure and coal chemical projects, with projected investments exceeding 800 billion yuan [3][21]. - It identifies key beneficiaries in the Xinjiang region, including local construction leaders and coal chemical EPC companies, which are expected to see significant growth due to ongoing and upcoming projects [6][21]. Investment Recommendations - The report recommends focusing on construction companies with strong PPP project portfolios and those positioned to benefit from Xinjiang's infrastructure development, including CCCC, China State Construction, and others [7][18]. - It also highlights the potential of coal chemical EPC leaders such as China Chemical Engineering and Donghua Technology, which are expected to benefit from accelerated project timelines [21][26].

中国中铁8月24日公告，8月22日3时10分左右，全资子公司中铁大桥局集团有限公司施工的川青铁路青 海段尖扎黄河特大桥，辅助钢梁架设的吊索塔架前端扣索突然崩断，截至目前造成12人遇难、4人失 联。事故发生后，公司及中铁大桥局集团有限公司立即启动应急预案，相关负责人第一时间赶赴现场， 配合政府有关部门开展应急抢险、人员搜救和相关调查工作。目前，现场应急和搜救等相关工作正有序 开展，事故原因正在调查之中。 公司对本次事故不幸遇难者表示沉痛哀悼，并对遇难者家属表达歉意。公司将深刻汲取教训，落实好企 业主体责任，妥善处理相关后续工作。尖扎黄河特大桥全长1596.2米，合同额约4.36亿元。本次事故不 会对公司生产经营及业绩产生重大影响。 ...

尖扎黄河特大桥全长 1596.2 米，合同额约 4.36 亿元。本次事故 不会对公司生产经营及业绩产生重大影响。 特此公告。 中国中铁股份有限公司董事会 2025年8月24日 中国中铁股份有限公司公告 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。 2025 年 8 月 22 日 3 时 10 分左右，中国中铁股份有限公司（以 下简称"公司"）全资子公司中铁大桥局集团有限公司施工的川青铁 路青海段尖扎黄河特大桥，辅助钢梁架设的吊索塔架前端扣索突然崩 断，截至目前造成 12 人遇难、4 人失联。事故发生后，公司及中铁 大桥局集团有限公司立即启动应急预案，相关负责人第一时间赶赴现 场，配合政府有关部门开展应急抢险、人员搜救和相关调查工作。目 前，现场应急和搜救等相关工作正有序开展，事故原因正在调查之中。 公司对本次事故不幸遇难者表示沉痛哀悼，并对遇难者家属表达 歉意。公司将深刻汲取教训，落实好企业主体责任，妥善处理相关后 续工作。 | A H | | | | | | | --- | --- | --- | --- | --- | ...

中国工程院22人分别是：宇通客车股份有限公司李高鹏、中国中铁股份有限公司李建斌、中国空空导弹 研究院廖志忠、中国机械总院集团郑州机械研究所有限公司龙伟民、北京邮电大学邓中亮、中国宝武钢 铁集团有限公司李红霞、河南省科学院宋克兴、郑州轻工业大学魏世忠、中国恩菲工程技术有限公司严 大洲、河南理工大学范京道、中铁隧道局集团有限公司洪开荣、中国平煤神马控股集团有限公司张建 国、郑州大学胡少伟、黄河水利委员会黄河水利科学研究院江恩慧、东南大学吴智深、河南工业大学卞 科、河南大学白跃宇、河南农业大学范国强、河南省农业科学院雷振生、中国农业科学院棉花研究所李 付广、河南中医药大学李建生、首都医科大学附属北京同仁医院王宁利。（记者 尹江勇 师喆 李晓敏 樊 雪婧） 责任编辑： 王苑 8月20日，中国科学院、中国工程院2025年院士增选有效候选人名单公布，其中，中国科学院639人，中 国工程院660人。我省共有26人获得院士增选有效候选人资格，相比2023年的15人入选有了显著提升。 其中，中国科学院4人分别是：河南大学宋纯鹏、河南大学王学路、华北水利水电大学刘俊国、河南大 学刘彦随。 ...

Group 1 - The Shanghai Urban Infrastructure Index (H50034) rose by 0.67% to 1272.83 points, with a trading volume of 20.635 billion yuan [1] - Over the past month, the index has increased by 1.45%, by 7.37% over the last three months, and by 0.56% year-to-date [1] - The index reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [1] Group 2 - The top ten weighted stocks in the Shanghai Urban Infrastructure Index include China State Construction (9.11%), China Railway (6.93%), and Anhui Conch Cement (6.81%) [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with industrial companies making up 56.81%, real estate 32.23%, and materials 10.95% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2]

Group 1 - The Hong Kong stock market indices have performed relatively well since 2025, with the Hang Seng Index increasing by 25.51%, the Hang Seng Technology Index by 22.89%, and the Hang Seng China Enterprises Index by 23.98% from the beginning of 2025 to July 30, 2025 [3][17]. - The improvement in liquidity in the Hong Kong market is significantly driven by the increase in southbound capital, which has seen a total trading volume of 14.63 trillion RMB, a year-on-year increase of 220.41% [3][21]. - The valuation of Hong Kong stocks remains attractive, with the Hang Seng Index, Hang Seng Technology Index, and Hang Seng China Enterprises Index having TTM P/E ratios of 11.49, 22.24, and 10.49 respectively, which are lower compared to the CSI 300 Index [3][31]. Group 2 - The "Dividend +" strategy is based on the high dividend yield and low valuation advantages of Hong Kong stocks, particularly state-owned enterprises, which generally have higher dividend rates [3][46]. - The "Dividend + Stability" strategy focuses on selecting stocks with high dividend yields and stable earnings, with criteria including a TTM dividend yield greater than 4.5% and a market capitalization of over 30 billion RMB [3][55]. - The "Dividend + Economic Recovery" strategy targets investment opportunities in the power sector, which is currently experiencing a recovery due to stable coal prices and increasing electricity demand [3][59]. Group 3 - The power industry is in a recovery phase, with coal prices stabilizing and electricity demand increasing, which enhances the profitability of power companies [3][60][64]. - The implementation of a two-part electricity pricing mechanism starting in 2024 is expected to support the profitability of coal power companies by allowing them to recover fixed costs [3][64]. - The renewable energy sector is also expected to benefit from improved cash flow and reduced accounts receivable, which will enhance dividend capabilities [3][70][71].

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。 茲載列中國中鐵股份有限公司於2025年8月22日在上海證券交易所網站刊登的「中國中鐵 股份有限公司關於召開2025年半年度業績說明會的公告」，僅供參閱。 承董事會命 中國中鐵股份有限公司 陳文健 董事長 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。 2025年8月22日 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 09 月 01 日 （星期一） 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 08 月 25 日 （星期一） 至 08 月 29 日 （星 ...

| | | 中国中铁股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 09 月 01 日 （星期一） 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 08 月 25 日 （星期一） 至 08 月 29 日 （星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 ir@crecg.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 中国中铁股份有限公司（以下简称"公司"）将于 2025 年 8 月 30 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地 了解公司 2025 年上半年经营成果、财务状况，公司计划于 2025 年 09 月 01 日（星期一）14:00-15:00 举行 2025 年半年度业绩说明会， ...

Market Overview - The Shanghai Composite Index closed at 3825.76 points, above the annual line, with an increase of 1.45% [1] - The total trading volume of A-shares reached 25,788.42 billion yuan [1] Stocks Breaking Annual Line - A total of 24 A-shares have surpassed the annual line today, with notable stocks including NovaStar, Nasda, and Zhaoshengwei, showing significant deviation rates of 7.19%, 4.59%, and 4.07% respectively [1] - Stocks with smaller deviation rates that just crossed the annual line include China National Materials, Kweichow Moutai, and Ruisi Kanda [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - NovaStar (7.19% deviation, latest price 174.84 yuan) [1] - Nasda (4.59% deviation, latest price 26.55 yuan) [1] - Zhaoshengwei (4.07% deviation, latest price 84.73 yuan) [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Jin Yu Medical (3.28% deviation, latest price 31.57 yuan) [1] - China Merchants Heavy Industry (3.08% deviation, latest price 6.59 yuan) [1] - BOE Technology Group (2.18% deviation, latest price 4.18 yuan) [1]