Core Viewpoint - The 2026 Beijing Urban Rail Transit Construction Plan has been officially released, outlining significant expansions in both urban rail and suburban railway systems [2] Group 1: Urban Rail Transit Expansion - Beijing will advance the construction of 9 urban rail lines totaling 150.6 kilometers in 2026 [2] - Key projects include the new airport line (Caoqiao to Lize Business District), Phase 1 of Line 3 (Guanzhuang Road West to Caogezhuang North), and Line 12 (Dongba North to Dongba North Street) [2] - Additional projects involve the enhancement of Line 13, the M101 Line Phase 1, and the connection of Yizhuang Line to Lines 5 and 10 [2] Group 2: Suburban Railway Development - The plan includes the construction of 2 suburban railway lines totaling 90.5 kilometers [2] - The Northeast Ring Line of the suburban railway will also be developed, comprising 9 segments [2] - Ongoing projects include the addition of a new station at Wangjing South on the Capital Airport Line [2]

轨道交通19号线德州路站预计2027年底完成施工，届时济明路（德州路—耀川路）及耀川路（耀龙路—济阳路）将恢复双向通 行。 资料：市公安局交通管理总队 编辑：王一帆 市公安局交通管理总队介绍，为配合轨道交通19号线德州路站建设，自2026年2月7日（周六）17时起，济明路（德州路—耀川 路）采取全天禁止车辆和行人双向通行的管理措施。详见↓ 为配合轨道交通19号线德州路站建设，受车站基坑及新建跨川杨河桥梁施工影响，济明路（德州路—耀川路）段不具备维持车 辆和行人通行的条件。计划自2026年2月7日（周六）17时起，济明路（德州路—耀川路）采取全天禁止车辆和行人双向通行的 管理措施。同步在耀川路（耀龙路—济阳路）采取禁止机动车西向东通行的管理措施（机动车仅允许东向西通行，行人和非机 动车不受影响）。 ...

图源：智通财经安徽频道 许启明/摄 空载试运行是地铁开通前必须通过的"关键大考"，旨在全面验证线路设备系统的稳定性、行车组织的科学性及应急处置的 可靠性。试运行前，合肥轨道已对车辆、信号、综合监控、通信和站台门等核心专业及相关设施设备，进行了全面综合检 验，确保各系统充分磨合、功能稳定。 为确保试运行顺利进行，合肥轨道在前期综合联调测试中做了充分准备。7号线一期围绕全自动运行系统，优化设置了44个 系统场景，涵盖正常、故障与应急三类，车辆、信号、综合监控、通信和站台门五大核心专业围绕44个全自动场景，进一 步细化为135个小场景、1016个测试用例，并在此基础上实现了丰富的无人控制联动功能。新桥机场S1线梳理出48个全自 动运行应用场景，分解为158个小场景、1218个测试用例，累计完成实验室测试2轮、全自动运行场景功能性测试2轮，全面 验证了系统运行的可靠性与安全性，为后续评估取证奠定基础。 2月1日上午，合肥轨道7号线一期与合肥新桥机场S1线（以下简称"7号线及S1线"）在项目工程验收顺利通过的基础上，正 式启动空载试运行。这标志着两条线路的建设进入最后冲刺阶段，距离开通初期运营目标又迈出坚实一步。 本次 ...

Group 1 - The company announced a total new signed and awarded project amount of approximately RMB 1.88 billion for the 12 months ending December 31, 2025 [1] - In the domestic market, the company made significant progress by entering the Shijiazhuang market and successfully winning the bid for the ground PIS system of Metro Line 6, with a total bid amount of approximately RMB 25.29 million [1] - The company signed a comprehensive intelligent network service project in Beijing worth approximately RMB 56.52 million, marking an innovative breakthrough in the civil communication business model [1] Group 2 - The company is steadily advancing key engineering construction, playing an important role in the opening of several metro lines, including the Dongguan Metro Line 1 and Beijing Metro Line 18 [2] - The company participated in the construction of the Beijing Tongzhou Station, which has successfully opened, further consolidating its professional advantages in rail transit and large-scale comprehensive transportation hub construction [2] - The company received the "ITSS Information Technology Service Operation and Maintenance Standard Compliance Level 2 Certificate," indicating authoritative recognition of its service capabilities in operation and maintenance [2]

市场拓展方面，集团于2025年第四季度在国内外市场均取得积极进展。于国内市场，集团在区域布局及 模式创新上同步发力：首次进入河北石家庄市场，成功中标地铁6号綫地面PIS系统等项目，中标金额合 计约人民币2,529万元；签约北京综合智能网络服务项目，金额约人民币5,652万元，实现民用通信业务 模式的创新突破；此外，商用密码应用安全评估服务在境内六个新增区域落地，形成规模化拓展与体系 化布局。于海外市场，集团进一步拓宽业务覆盖范围：首次进入摩洛哥市场，签约摩洛哥电动车组车载 PIS系统项目，金额约人民币1,789万元；在巴西市场持续深耕，中标巴西电动车组车载PIS系统项目， 金额约人民币5,929万元，推动南美市场业务版图稳步扩展。 格隆汇1月30日丨京投交通科技(01522.HK)公告，根据内部初步统计数据，截至2025年12月31日止十二 个月内，集团累计新签及中标项目金额约人民币18.8亿元。 技术创新方面，集团获颁「ITSS信息技术服务运行维护标准符合性二级证书」，标志着集团在运行维 护领域的服务能力获得权威认可。 项目实施方面，集团稳步推进重点工程建设，在2025年第四季度开通的东莞地铁1号綫、成都地 ...

Core Viewpoint - China Communication Signal Co., Ltd. (China Tonghao) has won a total of 21 significant projects from November to December 2025, with a total bid amount of approximately RMB 5.26 billion, which accounts for about 16.20% of the company's audited revenue for 2024 under Chinese accounting standards [1][2]. Summary by Category Railway Market Projects - The company secured 8 important projects in the railway market, with notable bids including: - Guangzhou East Station renovation project: RMB 408 million - Baihe Railway expansion project: RMB 360 million - Shanghai-Su-Zhou-Xiang-Chang intercity railway project: RMB 347 million - Chengdu-Dazhou-Wanzhou high-speed railway wireless center procurement: RMB 121 million [1]. Urban Rail Transit Projects - The company won 13 significant projects in the urban rail transit market, including: - Chengdu to Meishan railway signal system project: RMB 576 million - Shanghai Metro Line 19 signal system procurement: RMB 450 million - Beijing Metro Line 1 signal system equipment procurement: RMB 262 million - Riyadh KAFD monorail system project: RMB 146 million [1]. Financial Impact - The total bid amount of approximately RMB 5.26 billion is expected to have a positive impact on the company if formal contracts are signed and projects are implemented smoothly, although the impact on current performance remains uncertain due to the projects being phased over multiple years [2].

Core Viewpoint - The company plans to establish a new rail transit signal system pilot base project, utilizing raised funds of 85.9676 million yuan, which accounts for 0.83% of the net amount raised from the initial public offering of A-shares [1] Group 1 - The project will be implemented by the wholly-owned subsidiary, Tonghao (Changsha) Rail Transit Control Technology Co., Ltd. [1] - The project is located in Changsha, Hunan, and is expected to be completed and put into operation by April 2027 [1] - The total investment for the project is 85.9676 million yuan, which includes both line and system engineering [1] Group 2 - The project has been approved by the board of directors and is pending review by the shareholders' meeting [1] - Upon completion, the project is expected to enhance the company's innovation and product quality advantages [1]

Group 1 - The Cheng-Mei Line's Meishan section has successfully achieved "bridge connection," marking a significant milestone in the construction of the elevated railway [3] - The total length of the Meishan section is 32 kilometers, and the project will now transition to track laying and electromechanical installation [3][4] - The construction involved precise control during the installation of a 500-ton prefabricated box girder, with strict speed regulations during transportation and placement to ensure accuracy [3][4] Group 2 - The Cheng-Mei Line spans approximately 59.139 kilometers, with 13 stations planned; as of now, 11 stations have completed their main structures [4] - A total of 9 tunnel boring machines have completed 99% of the excavation, while 87% of the box girders have been prefabricated and 75% have been installed [4] - Track laying has reached 35% completion, and the next steps will include the installation of the contact network and signal systems [4]

Group 1 - The Hefei Metro Line 7 Phase I security equipment bidding has officially started, with the S1 line achieving full short track connectivity, both lines expected to be completed and operational by 2026 [1][2] - The Hefei Metro Line 7 Phase I project spans approximately 20 kilometers, connecting major roads and facilitating transfers with Lines 1, 3, and 5, significantly alleviating commuting pressure in the area [1] - The estimated contract value for the security equipment procurement and installation project is 10.05 million yuan, with a deadline for delivery and installation by July 1, 2026 [1] Group 2 - The S1 line, as the first urban railway in Anhui Province, is 47.5 kilometers long with 14 stations, connecting the new international airport with the new Hefei West Station [2] - The construction of the S1 line is expected to reduce travel time from the airport to downtown Hefei to within 30 minutes, enhancing the connectivity between the airport economic zone and the main urban area [2]

Group 1 - The company announced that it led a consortium that won the bid for the "Chongqing Rail Transit Line 18 North Extension (Fuhua Road Station to Xiaoshizhi Station) Signal System Engineering Project" with a contract value of 141 million yuan [1] - The project has a total length of 10.6 kilometers and includes 8 stations [1] - Signing the formal contract and implementing the project is expected to have a positive impact on the company's future annual performance, while not affecting its business independence [1]