Group 1 - The company China Railway (00390) announced the issuance of a new corporate bond aimed at professional investors, specifically the sixth phase of its technology innovation perpetual bonds [1] - The total issuance amount for this bond is 1.5 billion RMB, with a coupon rate of 3.15% for the interest payment period from September 26, 2024, to September 25, 2025 [1] - Each bond has a face value of 1,000 RMB, resulting in an interest distribution of 31.50 RMB per bond (tax included) [1]

Group 1 - The company China Railway (601390) announced the issuance of a new series of corporate bonds aimed at professional investors, specifically the sixth phase of its technology innovation perpetual bonds [1] - The total issuance amount for this bond series is 1.5 billion RMB, with a coupon rate of 3.15% for the interest payment period from September 26, 2024, to September 25, 2025 [1] - Each bond has a face value of 1,000 RMB, resulting in an interest payment of 31.50 RMB per bond (including tax) [1]

Group 1 - China Railway Group Limited (00390.HK) announced the issuance of the sixth phase of technology innovation perpetual corporate bonds, referred to as "Iron Worker YK11" [1] - The bonds will start paying interest on September 26, 2025, for the period from September 26, 2024, to September 25, 2025 [1] - The coupon rate for this bond issue is set at 3.15%, with a face value of 1,000 yuan per bond, resulting in an interest payment of 31.50 yuan (including tax) [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。 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9月19日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2023年面向專業投資者公開發行科技創新可續期公司債券（第六期）（品種 二）2025年付息公告」，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 2025年9月19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：240036.SH 债券简称：铁工 YK12 中国中铁股份有限公司 2023 年面向专业投资者公开发行科技创 新可续期公司债券(第六期)（品种二）2025 年付息公告 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 ...

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9月19日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2023年面向專業投資者公開發行科技創新可續期公司債券（第六期）（品種 一）2025年付息公告」，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 重要内容提示： 中国中铁股份有限公司 2023 年面向专业投资者公开发行科 技创新可续期公司债券(第六期（) 品种一）（以下简称"本期债券"）， 将于 2025 年 9 月 26 日开始支付自 2024 年 9 月 26 日至 2025 年 9 月 25 日期间的利息。为保证本次付息工作的顺利进行，现将 有关事宜公告如下： 一、本期债券的基本情况 1、债券名称：中国中铁股份有限公司 2023 年面向专业投资 者公开发行科技创新可续期公司债券(第六期)（品种一） 2、债券简称：铁工 ...

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9月19日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2024年面向專業投資者公開發行科技創新公司債券（第四期）（品種一）2025 年付息公告」，僅供參閱。 重要内容提示： 中国中铁股份有限公司（以下简称"公司"或"发行人"）于 2024 年 9 月 26 日 发行了中国中铁股份有限公司 2024 年面向专业投资者公开发行科技创新公司债 券(第四期)(品种一)（以下简称"本期债券"），并将于 2025 年 9 月 26 日开始支 付自 2024 年 9 月 26 日至 2025 年 9 月 25 日期间的利息。为保证付息工作的顺 利进行，现将有关事项公告如下： 承董事會命 中國中鐵股份有限公司 陳文健 董事長 2025年9月19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 ...

Investment Rating - The report maintains a "Positive" investment rating for the inland waterway transportation industry [4] Core Viewpoints - The inland waterway transportation sector has long been underdeveloped, but a significant development era is about to begin. Compared to road and rail, water transport has clear advantages, with unit turnover rates and costs favoring water transport [4][7] - The "Four Vertical" channel project is expected to reshape the inland economic landscape, enhancing regional connectivity and promoting industrial transfer and upgrading [19][20] - The construction of the "Four Vertical" channels is still in its early stages, with expected acceleration in future efforts [4][19] Summary by Sections Investment Rating - The report maintains a "Positive" investment rating for the inland waterway transportation industry, indicating confidence in its growth potential [4] Industry Overview - The inland waterway transportation sector has been underdeveloped for years, with water transport's share increasing from 9.26% in 2000 to an expected 17.25% in 2024. However, the share of inland waterway cargo turnover remains low at 8.58% compared to 28% in Germany and 15% in the USA in 2020 [7][9] "Four Vertical" Channel Project - The "Four Vertical" project includes major waterways such as the Beijing-Hangzhou Grand Canal and the Jianghuai Line, aiming to create a modern inland waterway network that enhances transportation efficiency and reduces logistics costs [4][19] - The total investment for the Zhejiang-Guangdong Canal is estimated at approximately 320 billion yuan, with significant portions of the project already underway [21][23] Economic Impact - The construction of the "Four Vertical" channels is projected to significantly boost demand for construction materials and services, including explosives, cement, and aggregates [45][49] - The Jianghuai Line is expected to enhance the economic connectivity between the Yangtze River Delta and the Central Plains, with projected cargo turnover reaching 1.5 billion tons by 2027 [40][43] Future Prospects - The report highlights that the inland waterway transportation sector is set for rapid growth, with fixed asset investments in waterway and pipeline transportation showing significant year-on-year increases [20][21] - The ongoing construction of the "Four Vertical" channels is anticipated to further stimulate economic activity and improve logistics efficiency across regions [4][19]

Core Points - The Chengdu Metro Line 10 Phase III officially commenced initial operations on September 17, connecting key landmarks and providing a rapid transit link to Shuangliu Airport [2] - The project, spanning 5.87 kilometers, showcases advanced construction techniques and technologies, including BIM modeling and automated monitoring to control subsidence within 0.5 millimeters [2] - The line features A-type trains capable of speeds up to 100 kilometers per hour, enhancing efficiency with direct luggage escalators and fast security checks at stations [2] Construction Achievements - The engineering team overcame multiple technical challenges during construction, such as developing in-situ suspension technology for a 220KV high-voltage power tunnel, ensuring stability for pipelines weighing 7.5 tons per meter [2] - The project achieved a monthly excavation rate of 290 meters through optimized shield tunneling parameters, ensuring safe and efficient construction in complex geological conditions [2] Economic Impact - The Chengdu Metro Line 10 Phase III is expected to alleviate traffic pressure in tourist areas and commercial districts, stimulating the development of the cultural and tourism economy [2] - The project is part of a broader initiative to integrate into the Chengdu-Chongqing economic circle, contributing to high-quality economic and social development [2]

转自：推广 9月18日，2025中国国际城市轨道交通展览会暨CAMET论坛（简称MetroTrans 2025）在青岛开幕。由中 国城市轨道交通协会主办，MetroTrans 2025以"创新破局 迈向城轨发展新阶段"为主题，同期举办第二 届城市轨道交通高新技术成果交易会、第二届城市轨道交通科普展示会、中国城市轨道交通低运能系统 业主领导人圆桌会，3天展期内将全面展示城轨交通发展成果，搭建合作共赢互动平台。 重构行业对话范式的CAMET论坛同日拉开帷幕，聚焦新动能，论坛体系深度革新。CAMET论坛呈现出 议题前沿性、机制开放性、成果实效性等三大亮点，通过多元议程的设置，直击行业痛点，打造行业顶 级思想智库平台。 青岛市政协党组书记、主席孟庆斌，协会常务副会长周晓勤致开幕辞，并与协会副会长兼秘书长宋敏 华，副会长丁树奎、仲建华，轮值会长、重庆城市交通开发投资（集团）有限公司副总经理、重庆轨道 交通运营有限公司董事长乐梅，副会长、中国中铁股份有限公司党委委员、副总裁马江黔，青岛地铁集 团有限公司党委书记、董事长张君，大连公共交通建设投资集团有限公司党委书记、董事长刘军，无锡 地铁集团有限公司党委书记、董事局主席张 ...

Group 1 - The "Railway Workers Skills Competition" for locomotive drivers in the Beijing-Tianjin-Hebei region commenced on September 16, with the finals taking place from September 16 to 18 at the Fengtai Locomotive Depot [1] - The competition consists of two parts: theoretical knowledge and practical skills, covering various railway operation regulations and technical management rules [1] - A total of 30 finalists from different locomotive depots are competing, with an additional 100 electric locomotive drivers observing the event [1] Group 2 - The competition is part of a broader initiative by the trade unions of Beijing, Tianjin, and Hebei to enhance the skills of railway workers and promote collaborative development in the region [2] - The 2025 skills competition will focus on locomotive drivers, with regional finals already held in Hebei and upcoming events in Tianjin [2] - The initiative aims to strengthen the workforce in the railway sector, including various roles such as transportation, passenger service, and maintenance, thereby contributing to the integration of transportation in the Beijing-Tianjin-Hebei area [2]