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。 （上 市 債 務 證 券 代 號：40686、40687、84570、85087和85088） – 2 – （二）按地區分佈統計 | | 地區分佈 | | 新簽合同額 | | 同比增減 | | --- | --- | --- | --- | --- | --- | | | | （億 元 人 | 民 | 幣） | | | 境 | 內 | | 27,131.572 | | -0.43% | | 境 | 外 | | 3,633.398 | | 16.46% | | 合 | 計 | | 30,764.970 | | 1.30% | 上 述 經 營 指 標 和 數 據 為 初 步 統 計 數 據，與 定 期 報 告 披 露 的 數 據 可 能 存 在 差 異，僅 供 參 考。 2025年第四季度主要經營數據公告 本 公 告 乃 中 國 鐵 建 股 ...

（一）按产业类型统计 | 产业类型 | 2025 | 年 10-12 月 | | 本年累计 | | | --- | --- | --- | --- | --- | --- | | | 新签项目 | 新签合同额 | 新签项目 | 新签合同额 | 同比增减 | | | 数量 | | 数量 | | | | 新签合同总额（亿元人民币） | / | 15577.320 | / | 30764.970 | 1.30% | | 1.工程承包及相关业务情况 | | | | | | | 工程承包 | 3158 | 12547.303 | 7475 | 23639.603 | 1.52% | | 绿色环保 | 545 | 1905.683 | 1196 | 3350.973 | 5.76% | | 规划设计咨询 | 3223 | 60.649 | 10451 | 202.531 | -1.12% | | 工业制造 | / | 221.856 | / | 439.448 | 3.93% | | 物资物流 | / | 459.817 | / | 1981.365 | 0.33% | | 产业金融 | / | 19.165 | / | ...

中国铁建公告称，2025年第四季度新签合同额15577.32亿元，全年累计新签合同额30764.97亿元，同比 增长1.3%。按产业类型，工程承包及相关业务中，工程承包新签合同额23639.603亿元，同比增1.52%； 绿色环保同比增5.76%等。房地产开发签约合同额785.82亿元，同比降19.55%。按地区分布，境内新签 合同额27131.572亿元，同比降0.43%；境外3633.398亿元，同比增16.46%。目前无已签订尚未执行的重 大项目。 ...

Group 1: Fund Analysis - The public FOF fund scale increased in Q4 2025, with a new issuance scale of 458.54 billion yuan, primarily in bond-type funds [6][7] - The proportion of positive returns for FOF was 49%, with the top performer being CITIC Securities' selected fund [6][8] - Fund managers are optimistic about the market outlook, focusing on structural opportunities with technology and cyclical sectors as the main themes [6][11] Group 2: Electric Vehicle Market - The European electric vehicle market is entering a new phase, with a projected penetration rate of 29% in 2025 and 35% in 2026 due to supply-side drivers and supportive policies [14][15] - The introduction of affordable electric models by European automakers is expected to stimulate consumer demand significantly [15] - Chinese lithium battery companies are positioned to capitalize on the growth of the European market, enhancing their competitive landscape [14][16] Group 3: Construction and Decoration Industry - The construction state-owned enterprises are expected to benefit from strategic and professional restructuring policies initiated by the state [18][19] - The market share of major construction state-owned enterprises remains relatively low, with significant competition and operational pressure evident [19][20] - Recommendations include companies like China Communications Construction, China Railway, and China Chemical, which are likely to enhance their competitiveness through restructuring [21] Group 4: Beauty and Personal Care - The beauty industry in China is transitioning from incremental expansion to competitive positioning, with domestic brands gaining market share [23][24] - The company aims to achieve 30 billion yuan in sales by 2030, driven by research and development, brand expansion, and global operations [25] - The application of AI in production and marketing is expected to enhance operational efficiency and support long-term growth [25] Group 5: Basic Chemicals - The price of hafnium has surged by 21.64% since the beginning of 2026, driven by high demand in sectors like semiconductors and aerospace [27][28] - The company is advancing its zirconium-hafnium separation project, which is expected to significantly contribute to future earnings [29] - Hafnium's unique properties make it essential in high-tech applications, indicating strong future demand [28] Group 6: Electronics - The company is set to benefit from the high demand for PCB and packaging substrates, with projected net profits for 2025 expected to increase by 68% to 78% [31][32] - The expansion of production capacity is ongoing, with new facilities in Thailand and South China expected to enhance growth potential [33] - The company is recognized as a leading provider of electronic circuit technology, with a positive outlook for future performance [33]

行业专题报告 | 建筑装饰 建筑央企有望受益于国资央企战略性/专业化重组 证券研究报告 2026 年 01 月 28 日 核心结论 行业评级 超配 政策层面：导向明确，加强国资央企战略性、专业化重组。2024 年 12 月， 国务院国资委召开中央企业负责人会议便已经提出"加大力度推进战略性重 组和专业化整合"。2025 年下半年国资委表述开始频繁，比如 2025 年 9 月， 国务院国资委副主任李镇在国新办举行的新闻发布会上表示，下一步"大力 推动国资央企战略性专业化重组整合"；2025 年 12 月，国务院国资委主任 张玉卓在《充分激发各类经营主体活力》一文中强调，要"加强战略性、专 业化重组，加大力度合并'同类项'，避免重复建设和无序竞争"；2025 年 12 月国务院国资委召开中央企业负责人会议，以及 2026 年 1 月国新办举行 新闻发布会介绍 2025 年国资央企高质量发展情况，均表明 2026 年国资央 企要"大力推进战略性、专业化重组整合和高质量并购"。 行业层面：需求承压，专业化重组或助力建筑央企提升综合竞争力。大建筑 央企市占率相对较低：2024 年八大建筑央企合计市占率达到 21.4%， ...

证券代码：688425 证券简称：铁建重工 公告编号：2026-004 中国铁建重工集团股份有限公司 2025年1-12月重大合同签约中标公告 本公司董事会及全体董事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 的真实性、准确性和完整性依法承担法律责任。 一、2025年1-12月新签合同/中标情况 （一）按业务类型统计单位：万元 币种：人民币 2026年1月28日 ■ 二、2025年10-12月重大合同签约/中标情况单位：万元 币种：人民币 ■ 上述重大合同金额合计人民币117,433万元，约占本公司2024年营业收入的11.69%。 特此公告。 中国铁建重工集团股份有限公司董事会 ■ （二）按地区分布统计单位：万元 币种：人民币 ...

Group 1 - The core point of the article highlights that China Railway Construction Corporation (CRCC) achieved a transaction volume of 1.82 billion RMB, marking the highest level since July 24, 2025 [1] - The latest stock price of CRCC decreased by 0.81%, with a turnover rate of 2.14% [1] - The previous trading day recorded a total transaction volume of 1.365 billion RMB for the stock [1] Group 2 - CRCC was established on November 5, 2007, with a registered capital of 13,579.5415 million RMB [1]

Core Viewpoint - The accessibility industry is emerging as a significant economic growth point in China, transitioning from a welfare-focused sector to a market-driven one, driven by the aging population and the increasing needs of disabled groups [1][2]. Group 1: Industry Definition and Service Objects - The accessibility industry aims to improve, compensate, or replace human functions for groups such as the disabled, elderly, patients, and pregnant women, enhancing their quality of life and promoting social inclusion [1][2]. Group 2: Current Development Status - The market size of China's accessibility industry is projected to grow from 78 billion yuan in 2020 to 140 billion yuan by 2025, with an expected increase to 163 billion yuan by 2026 [2]. Group 3: Industry Chain - The upstream of the accessibility industry includes raw materials like metals, plastics, and electronic components, while the midstream consists of software systems and hardware products, and the downstream applications are found in homes, public buildings, and rehabilitation institutions [3]. Group 4: Development History - The accessibility industry in China has undergone four stages: the embryonic stage (2001-2007), the regulatory stage (2008-2014), the smart transformation stage (2015-2023), and the service ecosystem stage (2024-present) [3]. Group 5: Policy Environment - Recent national policies, such as the "Barrier-Free Environment Construction Law," have established a legal framework for the development of the accessibility industry, enhancing the construction of urban accessibility facilities [4]. Group 6: Competitive Landscape - Major companies in the accessibility software sector include iFlytek, SenseTime, and Tencent, while hardware companies include Yuyue Medical, Kefu Medical, and Shanghai Construction Group, among others [5][6]. - Kefu Medical reported a revenue of 1.496 billion yuan in the first half of 2025, with rehabilitation aids contributing 563 million yuan, accounting for 37.63% of total revenue [7][8]. - Yuyue Medical is a leading supplier of medical consumables, with a focus on rehabilitation care products, generating 234 million yuan in revenue from these products in the first half of 2025 [6]. Group 7: Future Development Trends - The accessibility industry is expected to expand significantly due to the aging population, with a shift from physical accessibility standards to digital, cultural, and social service areas, indicating a trend towards high-value software services and integrated solutions [9][10].

Core Points - The successful completion of the beam pouring on the east main tower of the Fuchimen Road-Rail Bridge, constructed by China Railway Construction Bridge Bureau, marks a significant breakthrough in the main tower's structural construction [1] - The Fuchimen Road-Rail Bridge connects Zhoushan Island with Fuchishan Island and is a key project of the Ningbo-Zhoushan Railway [1] - The bridge has a total length of approximately 1,726 meters, with a main span of 388 meters, featuring a dual-line railway and a six-lane highway arranged on the same level [1]

Market Overview - The infrastructure sector experienced a decline of 0.47% on January 23, with Jiangjian Co. leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - Notable gainers in the infrastructure sector included: - STIF Ping, closing at 5.96 with a rise of 4.93% [1] - Guosheng Technology, closing at 18.60 with a rise of 3.28% [1] - Chengdu Road and Bridge, closing at 4.73 with a rise of 2.83% [1] - Major decliners included: - Jiangjian Co., closing at 8.13 with a drop of 2.05% [2] - Sichuan Road and Bridge, closing at 9.98 with a drop of 1.96% [2] - China Railway Construction, closing at 7.39 with a drop of 1.86% [2] Capital Flow Analysis - The infrastructure sector saw a net outflow of 2.233 billion yuan from institutional investors, while retail investors had a net inflow of 1.208 billion yuan [2] - Key stocks with significant capital flow included: - Xinjiang Jiaojian, with a net inflow of 71.7255 million yuan from institutional investors [3] - Chengdu Road and Bridge, with a net inflow of 26.6281 million yuan from institutional investors [3] - Guanzhong Ecology, with a net inflow of 19.7775 million yuan from institutional investors [3]