Core Points - The Yukun High-speed Railway's Yanjin South Station's Baishui River Bridge has been successfully capped, marking a significant milestone in the construction of the railway [1][3] - The bridge is 787 meters long, with a maximum pier height of 82 meters and a main span of 152 meters, making it a challenging engineering project due to its height and complex terrain [3] - The Yukun High-speed Railway spans approximately 700 kilometers, with the Yunnan section measuring 388.6 kilometers and designed for a speed of 350 kilometers per hour, significantly reducing travel time between Chongqing and Kunming upon completion [3] Company Insights - China Railway Construction Corporation's bridge construction division is responsible for the Baishui River Bridge, showcasing the company's capabilities in handling complex infrastructure projects [1][3] - The project emphasizes an integrated design approach, combining the high-speed railway station and bridge to address site selection challenges while minimizing ecological impact [3] Industry Context - The Yukun High-speed Railway represents a significant advancement in China's high-speed rail network, being the first in Yunnan province to achieve a design speed of 350 kilometers per hour [3] - The completion of this railway is expected to enhance connectivity and reduce travel times in the region, reflecting ongoing investments in high-speed rail infrastructure across China [3]

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]

Core Points - China Railway Construction Corporation (CRCC) announced the issuance of its third phase of innovative perpetual corporate bonds aimed at professional investors, with interest payments starting on September 29, 2025 [1] - The bonds, named "Tie Jian YK14," have a total issuance amount of 1.5 billion RMB, with a coupon rate of 2.27% [1] - Each bond unit has a face value of 1,000 RMB, providing an interest payment of 22.70 RMB (including tax) per unit [1]

Core Viewpoint - China Railway Construction Corporation (CRCC) is issuing a new tranche of corporate bonds aimed at professional investors, indicating a strategic move to raise funds for technological innovation and sustainability initiatives [1] Group 1: Bond Details - The new bond, referred to as "Tie Jian YK14," has a total issuance amount of 1.5 billion RMB [1] - The bond will have a coupon rate of 2.27%, with interest payments scheduled to begin on September 29, 2025, covering the period from September 27, 2024, to September 26, 2025 [1] - Each bond unit has a face value of 1,000 RMB, resulting in an interest payout of 22.70 RMB per unit (tax included) [1]

Core Viewpoint - China Railway Construction Corporation (CRCC) announced the issuance of its third phase of technology innovation perpetual bonds aimed at professional investors, with interest payments starting from September 29, 2025 [1] Group 1: Bond Issuance Details - The bonds are named "Tie Jian YK14" and will have a coupon rate of 2.27% [1] - Each bond has a face value of 1,000 yuan, resulting in an interest payment of 22.70 yuan (including tax) per bond [1] - The interest payment period is set from September 27, 2024, to September 26, 2025 [1]

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2024年面向專業投資者公開發行科技創新可續期 公 司 債 券（第 三 期）（品 種 一）2025年 付 息 公 告」，僅 供 參 閱。 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9月17日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生（董 事 長、執 行 董 事）、郜 烈 陽 先 生（非 執 行 董 事）、馬 傳 景 先 生（獨 立 非 執 行 董 事）、解 國 光 先 生（獨 立 非 執 行 董 事）、錢 偉 倫 先 生（獨 立 非 執 行 董 事） ...

Group 1 - The core viewpoint is that during the "14th Five-Year Plan" period, state-owned enterprises (SOEs) are actively optimizing their layout and restructuring through market-oriented methods, having restructured 6 groups of 10 companies and established 9 new central enterprises [1] - The next steps focus on enhancing core functions and competitiveness, employing systematic thinking and innovative measures to promote strategic and specialized restructuring of SOEs, thereby improving the allocation and operational efficiency of state capital [1] - As of September 16, 2025, the National Enterprise Win ETF (159719) has seen a 1.81% increase over the past three months, with a current price of 1.58 yuan, reflecting a 0.38% rise on September 17, 2025 [1] Group 2 - As of September 16, 2025, the National Enterprise Win ETF has achieved a net value increase of 51.39% over the past three years, ranking 247 out of 1867 index stock funds, placing it in the top 13.23% [2] - The ETF has recorded a maximum monthly return of 14.61% since its inception, with the longest consecutive monthly gains being 7 months and a maximum cumulative increase of 24.70% [2] - The ETF closely tracks the FTSE China State-Owned Enterprises Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [2] Group 3 - The top holdings in the National Enterprise Win ETF include China Petroleum (1.07% increase, 15.94% weight), China Petrochemical (0.00% change, 11.93% weight), and China State Construction (1.25% increase, 9.59% weight) [4] - Other notable stocks in the ETF include China Mobile (-0.08% change, 6.87% weight) and China Railway (0.54% increase, 4.53% weight) [4] - The ETF has several connection options, including Ping An FTSE China State-Owned Enterprises Open Win ETF Connect A, C, and E [4]

Group 1 - The total brand value of central enterprises is projected to reach 8.6 trillion yuan in 2024, with an average annual compound growth rate exceeding 15% over the past three years [1] - The State-owned Assets Supervision and Administration Commission (SASAC) will guide enterprises to implement brand strategies to enhance brand value, reputation, and competitiveness [1] Group 2 - The National Enterprise Win-Win ETF (159719) has seen a price increase of 0.38%, with a latest price of 1.58 yuan as of September 17, 2025 [1] - Over the past three months, the National Enterprise Win-Win ETF has accumulated a rise of 1.81% [1] Group 3 - The ETF has a turnover rate of 3.55% and a transaction volume of 2.2491 million yuan [2] - The ETF's net value has increased by 51.39% over the past three years, ranking 247 out of 1867 index stock funds, placing it in the top 13.23% [2] Group 4 - The ETF's maximum monthly return since inception was 14.61%, with the longest consecutive monthly increase lasting 7 months and a maximum increase of 24.70% [2] - The average return for months with gains is 4.14%, and the historical probability of profit over three years is 100% [2] Group 5 - The maximum drawdown for the ETF in the past six months was 7.60%, with a recovery time of 37 days, the fastest among comparable funds [3] Group 6 - The management fee for the ETF is 0.25%, and the custody fee is 0.05%, which are the lowest among comparable funds [4] Group 7 - The ETF has a tracking error of 0.070% year-to-date, indicating high tracking precision compared to similar funds [5] - The ETF closely tracks the FTSE China State-Owned Enterprises Open Win Index, which includes 100 constituent stocks, focusing on globalization and sustainable development [5] Group 8 - The top holdings in the ETF include China Petroleum, China Petrochemical, and China Construction, with respective weights of 15.94%, 11.93%, and 9.59% [7]

Group 1 - The core viewpoint emphasizes the acceleration of a new round of technological revolution and industrial transformation, urging central enterprises to seize development opportunities and actively embrace new fields and tracks to form new growth points [1] - In 2023, the State-owned Assets Supervision and Administration Commission (SASAC) initiated actions for the revitalization of central enterprises and future industries, increasing assessment guidance and policy support [1] - By 2024, investments by central enterprises in strategic emerging industries are expected to exceed 40% of total investments, with operating revenue approaching 30% [1] Group 2 - As of September 16, 2025, the National Enterprise Win-Win ETF (159719) has seen a net value increase of 51.39% over the past three years, ranking 247 out of 1867 index stock funds, placing it in the top 13.23% [2] - The ETF has recorded a maximum single-month return of 14.61% since its inception, with the longest consecutive monthly gains lasting 7 months and a maximum cumulative increase of 24.70% [2] - The ETF's management fee is 0.25% and the custody fee is 0.05%, making it the lowest among comparable funds [2] Group 3 - The FTSE China National Enterprises Open Win Index, which the ETF closely tracks, aims to reflect the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [2] - The index consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [2] Group 4 - The top weighted stocks in the National Enterprise Win-Win ETF include China Petroleum (15.94%), China Petrochemical (11.93%), and China State Construction (9.59%) [4] - Other notable stocks include China Mobile (6.87%), China Railway (4.53%), and China Telecom (3.32%) [4]

Core Viewpoint - The Chinese construction machinery industry is experiencing a recovery driven by both domestic and international demand, with companies showing resilience through localization and product upgrades [1][2][3] Group 1: Industry Recovery - In the first eight months of 2025, excavator sales reached 154,181 units, a year-on-year increase of 17.2%, with domestic sales at 80,628 units (up 21.5%) and exports at 73,553 units (up 12.8%) [2] - The sales of graders also saw growth, with a total of 5,650 units sold, reflecting a 5.25% increase year-on-year, driven by domestic sales of 1,023 units (up 33.6%) and exports of 4,627 units (up 0.54%) [2] - The recovery is attributed to increased infrastructure investment and a significant demand for equipment updates, as the industry approaches a ten-year equipment replacement cycle [3] Group 2: New Application Scenarios - The industry is expanding into new application areas such as renewable energy, mining, and agriculture, creating a diverse growth landscape [4] - The urban renewal wave in municipal engineering is driving demand for small to medium-sized construction machinery, with projects like underground pipeline renovations and old community refurbishments set to commence in 2025 [4] - The push for carbon neutrality is expected to boost demand for customized equipment in the wind power sector, particularly large cranes and specialized excavators [4] Group 3: Global Expansion Strategies - Companies are accelerating their international expansion, particularly in emerging markets like Southeast Asia, the Middle East, and Africa, while also achieving structural growth in Europe and North America through product upgrades [6] - A combination of localized operations and product upgrades is being employed to navigate the changing international trade environment, enhancing responsiveness to local market needs [6] - Companies like Jiangsu Hengli Hydraulic are establishing overseas R&D centers and production bases to strengthen supply chain resilience and transition from product sales to localized services [6][7] Group 4: High-Quality Development - The Chinese construction machinery industry is gradually entering a phase of high-quality development, characterized by recovery in production and sales, expansion into new application scenarios, and breakthroughs in overseas markets [7] - The industry is expected to achieve stable growth in volume and quality, further solidifying its leading position in the global market [7]