Group 1 - The Guangzhou East Station renovation project, in which the company participates, has entered the implementation phase with a total investment of 14.432 billion yuan, aiming to upgrade the station into a high-speed rail hub that will connect to future high-speed rail lines such as Guangshan and Ganshen [1] - The Guangdong province plans to advance multiple high-speed rail projects, including Zhangshan, Meiwu, and Shenan, between 2025 and 2027, which is expected to drive growth in the company's transportation service business [1] Group 2 - The "Regulations on Promoting the Development of Rail Transit in Nine Cities of the Guangdong-Hong Kong-Macao Greater Bay Area" will officially take effect on January 1, 2026, encouraging the establishment of a differentiated fare system, which may impact the company's cross-border direct train services [2] - The intercity train services have been optimized and accelerated since November 2025, with an 18% increase in the average daily number of train services, which is expected to enhance passenger volume [2]