Group 1 - The issuer of the bonds is China National Railway Group Co., Ltd. [3][22] - The total issuance amount for the bond series is 50 billion yuan for both the new and renewed bonds [17][39][50]. - The bonds are guaranteed by the Railway Construction Fund, providing an irrevocable joint liability guarantee [45][58]. Group 2 - The renewed bond, named "2025 Third Phase China Railway Construction Bond (30-year) (Second Renewal)," has a fixed interest rate of 2.40% [30][38]. - The new bond, named "2025 Eleventh Phase China Railway Construction Bond," will have its interest rate determined based on the Shibor benchmark plus a basic spread [50][51]. - The maturity date for the renewed bond is March 19, 2055, while the new bond matures on September 18, 2030 [34][55]. Group 3 - The bonds will be issued through a public offering to institutional investors via a bidding process [40][50]. - The bidding for both bonds will take place on September 17, 2025, with payment due by September 18, 2025 [42][53]. - The bonds will be registered and maintained by the Central National Debt Registration and Settlement Co., Ltd. [8][60]. Group 4 - The issuer's credit rating is assessed as AAA by China Chengxin International Credit Rating Co., Ltd. [100]. - The funds raised from the bond issuance will be used for debt structure adjustment, enhancing the issuer's sustainable development capacity [97][98]. - The issuer has a history of timely payment of principal and interest on previously issued bonds [96].

一、 释义 在本发行办法中，除非上下文另有规定，下列词汇具有以下含义： 发行人或公司：指中国国家铁路集团有限公司。 中国铁路总公司：指原中国铁路总公司。 铁道部：指原中华人民共和国铁道部。 本期债券：指本期续发行债券及对应的存量债券。 存量债券：指本期续发行对应的已经上市的"2025年第三期中国铁路建设债券（30年期）"，存量债券的 简称为"25铁道06"。 主承销商：指本期续发行债券发行及存续期限内对中信证券股份有限公司（以下简称"中信证券"）、国 开证券股份有限公司（以下简称"国开证券"）、申万宏源证券有限公司（以下简称"申万宏源证券"）、 中德证券有限责任公司（以下简称"中德证券"）的总称。 牵头主承销商：指中信证券。 承销团：指主承销商为本期续发行债券发行组织的，由主承销商和分销商组成的承销团。 余额包销：指承销团全体成员按照承销协议的约定对发行人承担本期续发行债券的余额包销责任。 中央结算公司：指中央国债登记结算有限责任公司。 证券登记公司：指中国证券登记结算有限责任公司。 招标系统：指中央结算公司提供的中国人民银行债券发行系统。本期续发行债券招投标采用中央结算公 司提供的中国人民银行债券发行系统。 ...