Core Insights - The East Coast Rail Link (ECRL) project in Malaysia is a flagship initiative under the Belt and Road Initiative, representing the largest single transportation infrastructure project undertaken by Chinese enterprises overseas [1][2] - The project is set to officially enter its operational phase in early 2027, with the first batch of passenger and freight locomotives recently rolled out [2][3] Group 1: Project Overview - The ECRL spans 640 kilometers and connects several key cities in Peninsular Malaysia, designed for a maximum speed of 160 km/h for passenger services and 80 km/h for freight [3] - The project is managed by China Communications Construction Company (CCCC) and is considered a top priority project by the CCCC group [2] Group 2: Technical Specifications - The passenger trains and electric locomotives are based on the CR200J and HXD3C technology platforms, respectively, with adaptations made for local conditions [1][2] - The passenger trains feature a smart network control system with dual redundancy, enabling real-time monitoring of critical systems [2] - The electric locomotives are designed with high starting traction and wide constant power range, equipped with intelligent human-machine interaction and safety monitoring systems [3] Group 3: Cultural and Design Elements - The design of the passenger trains incorporates local Malaysian flora and fauna, with a color scheme of blue and white reflecting coastal themes [3] - The trains include features such as a prayer room to respect local cultural practices, and the driver’s display supports Malay, Chinese, and English languages [3] Group 4: Production and Delivery Timeline - The project includes the delivery of 11 sets of passenger trains and 12 electric locomotives, with the first batch consisting of 2 trains and 2 locomotives recently completed [2] - The remaining units are scheduled for delivery by 2026 to ensure the railway is operational by 2027 [2]

FF305 第 1 頁 共 8 頁 v 1.3.0 | 1). | 回購但尚未注銷的股份 | | 5,000,000 | 0.04 % | RMB | 8.8767 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月18日 | | | | | | 2). | 回購但尚未注銷的股份 | | 3,000,000 | 0.03 % | RMB | 8.7597 | | | 變動日期 | 2025年9月22日 | | | | | | 3). | 回購但尚未注銷的股份 | | 1,715,200 | 0.01 % | RMB | 8.6779 | | | 變動日期 | 2025年9月29日 | | | | | | 4). | 回購但尚未注銷的股份 | | 1,147,600 | 0.01 % | RMB | 8.7136 | | | 變動日期 | 2025年10月20日 | | | | | | 5). | 回購但尚未注銷的股份 | | 1,086,100 | 0.01 % | RMB | 8.8809 | | | 變動日期 | 2025年10 ...

Group 1 - A wave of high-frequency and high-amount dividend announcements is emerging in the A-share market, aimed at boosting investor confidence and stabilizing market expectations [1][2] - Yili Co. announced a significant plan on November 18, committing to a total cash dividend of no less than 75% of the annual net profit attributable to shareholders for the years 2025-2027, with a minimum cash distribution of 1.22 yuan per share [1] - Other companies like Sanhua Membrane and China Communications Construction Company have also announced special dividends or annual pre-dividend plans, indicating a shift from "year-end exceptions" to "regular operations" [1] Group 2 - Companies are increasingly recognizing the importance of enhancing shareholder return mechanisms, with Mingtai Aluminum stating its commitment to gradually increase investor returns, including a doubling of the mid-term dividend ratio over the past two years [2] - The vice chairman of the China Enterprise Capital Alliance emphasized that stable dividend expectations can enhance company value and stabilize capital market confidence, advocating for more frequent dividends and simplified mid-term dividend processes [2] - The trend of high dividends and frequent distributions is contributing to a more mature investment ecosystem in the A-share market, focusing on long-term value [2]

表格類別： 股票 狀態： 新提交 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 公司名稱： 中國交通建設股份有限公司 呈交日期： 2025年11月17日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 601800 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括 ...

Group 1 - The new policy financial tools have been fully deployed, supporting private investment and REITs issuance [2] - As of October 29, 500 billion yuan of new policy financial tools have been allocated, with a portion supporting key private investment projects [2] - A total of 18 private investment projects have been recommended to the CSRC, with 14 projects already issued, raising nearly 30 billion yuan [2] Group 2 - The central bank aims to maintain reasonable price levels and ensure steady growth, employment, and expectations [3] - In October, new social financing amounted to 815 billion yuan, a year-on-year decrease of 597 billion yuan [3] - The central bank emphasizes the importance of promoting reasonable price recovery as a key consideration in monetary policy [3] Group 3 - The National Energy Administration has issued guidelines to promote the integrated development of renewable energy [4] - The guidelines aim to enhance the complementary development of various renewable energy sources and optimize energy structures [4] - There is a focus on improving the collaborative development of wind, solar, hydrogen, and storage technologies [4] Group 4 - Recommendations include sectors such as copper and cobalt resources, energy storage, dividends, and infrastructure in the western region [5] - Specific stock recommendations include China Railway (601390) for copper, China Metallurgical (601618) for nickel, and China Construction (601668) for low valuation and high dividends [5] - The report also highlights opportunities in AI and low-altitude economy sectors, recommending companies like Design Institute (603357) and Huazhong International (002949) [5]

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the construction industry [4]. Core Viewpoints - Infrastructure investment in October showed a month-on-month decline, with a focus on the high prosperity of the western region and cleanroom sector [1][2]. - The overall fixed asset investment (excluding rural households) from January to October reached 40.89 trillion yuan, a year-on-year decrease of 1.7%, with October's investment down by 1.62% [1][16]. - The report suggests that despite the decline in investment growth rates, the construction sector is expected to benefit from policy catalysts and marginal improvements in fundamentals, particularly in Q4, which is traditionally a peak construction season [2][10]. Summary by Sections Industry Dynamics Analysis - From January to October, narrow and broad infrastructure investments recorded year-on-year changes of -0.10% and 1.51%, respectively, with a continuous month-on-month decline since April [1][16]. - In the three major infrastructure categories, investment in electricity, heat, gas, and water maintained a double-digit growth rate, increasing by 12.50% year-on-year [1][16]. Market Performance - The construction industry rose by 0.35% this week, underperforming compared to major indices like the Shenzhen Composite Index and the CSI 300 [19][20]. - The report highlights that 60.98% of companies in the construction sector recorded gains, with notable performers including Guosheng Technology and Dongyi Risheng [20][26]. Key Investment Targets - The report recommends focusing on undervalued construction enterprises, particularly state-owned enterprises in the western region and those involved in coal chemical projects [2][10]. - Specific recommendations include low-valuation central construction enterprises such as China State Construction, China Communications Construction, and China Railway Construction [10][11]. Company Announcements - Significant contract announcements include China Railway's new contracts totaling 8,450.7 billion yuan from January to October, reflecting a year-on-year decrease of 11.8% [29]. - The report also notes that several companies have secured major contracts, indicating ongoing project activity in the sector [28]. Industry News - The report discusses the government's measures to promote private investment in major engineering projects, aiming to enhance participation from private capital [30]. - It also highlights the importance of optimizing project reviews and enhancing collaboration among departments to support infrastructure development [30].

Summary of Key Points Core Viewpoint - China Communications Construction Company (CCCC) is actively repurchasing its A-shares, indicating a strategy to enhance shareholder value and potentially stabilize its stock price amid market fluctuations [1][2]. Trading Information - On November 14, 2025, CCCC's stock closed at 8.77 yuan, down 0.57%, with a turnover rate of 0.16% and a trading volume of 185,100 shares, resulting in a total transaction value of 163 million yuan [1]. - The net outflow of main funds on the same day was 12.49 million yuan, accounting for 7.66% of the total transaction value, while retail investors saw a net inflow of 7.57 million yuan, representing 4.65% of the total [1][3]. Company Announcements - On November 13, 2025, CCCC reported the repurchase of 19,494,700 A-shares from September 18 to November 13, with 950,000 shares bought back on November 13 at a total cost of 8.36 million yuan, with prices ranging from 8.79 to 8.83 yuan per share. All repurchased shares are intended for cancellation, maintaining the total issued shares at 11,860,135,425 [1]. - On November 14, 2025, CCCC confirmed the repurchase of 850,000 A-shares, which is 0.01% of the issued shares, at a total cost of 7.49 million yuan, with prices between 8.78 and 8.84 yuan per share. These shares are also intended for cancellation [2][3].

Core Insights - The Shenyang real estate market has been showing positive signals since the beginning of the year, with new companies entering the market and various new projects being launched, alongside efforts to revitalize older properties [1] Group 1: Revitalization of Idle Properties - The Hilton Garden Inn in Tawan opened in August, transforming a nearly ten-year idle commercial building into a hotel, filling a gap in high-quality business reception facilities in the region [3] - The Shenyang Natural Resources Bureau plans to convert a plot on Nanjing North Street from commercial to medical use, potentially allowing for the expansion of the nearby First Hospital of China Medical University [4][7] - The Guofang Building, which has been idle for a long time, is undergoing demolition to make way for a cultural and technology center, with an estimated investment of 200 million yuan [9] - The Silver鼎 Building, which has been a "stalled" project for 30 years, has begun demolition, with plans for future use pending approval [10] - The "American Home" project, which has been idle for over 20 years, has started demolition, with plans for residential development in the future [12] Group 2: Project Restart and New Developments - The Radisson Hotel project, which faced multiple stoppages, has been successfully auctioned and is set to be developed into a significant commercial office building in the Hunnan District [14] - The Mingjing International project, which had been dormant for over a decade, has resolved its debt issues and is now being revitalized [17] - The Shimao Wulihe project in Heping District is transitioning from commercial to mixed-use residential, with plans for high-end residential products [19][21] - The Liaoning Central Enterprise Building project has officially launched, aiming to create a comprehensive service platform for central enterprises and financial institutions [23][24]

Core Insights - The event held on November 14 aimed to discuss innovative paths for state-owned enterprises' procurement supply chains and share typical experiences and practical cases to contribute to the high-quality development planning for the 14th Five-Year Plan [1] - The event was organized by the State-owned Assets Supervision and Administration Commission (SASAC) Research Center, with participation from various organizations including China Communications Construction Company, Shenyang-Fu Reform and Innovation Demonstration Zone, and Guotai Junan Software Co., Ltd [1] - A joint procurement collaboration initiative was launched by China Merchants Group and 11 other enterprises to establish an integrated, collaborative, and standardized procurement system [1] Summary by Categories Event Overview - The mid-term review meeting and results exchange focused on the innovation paths for procurement supply chains in state-owned enterprises [1] - The event aimed to gather insights and energy for planning the "14th Five-Year Plan" high-quality development and modern supply chain system construction [1] Key Presentations - The SASAC Research Center presented the latest progress in standard construction within the procurement supply chain of state-owned enterprises [1] - The Liaoning Provincial SASAC discussed practices related to procurement governance, platform construction, and compliance management for local state-owned enterprises [1] - Central enterprises such as State Grid Material Co., China Resources Group, and China General Technology Group shared their research findings and advanced experiences in procurement supply chain management [1] Collaborative Initiatives - A collaborative procurement mechanism initiative was jointly released by China Merchants Group and 11 other enterprises, aiming to create a unified and standardized procurement system [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 601800 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 | 行股份（不包括庫 ...