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份內容 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。 關於公司2021年限制性股票激勵計劃部份限制性股票的回購註銷實施 茲提述中國中鐵股份有限公司（「本公司」）分別於2021年12月30日臨時股東大會、A股類別 股東會議及於2022年1月12日舉行的H股類別股東會議通過2021年限制性股票激勵計劃 （「《2021年限制性股票激勵計劃》」），日期為2021年12月14日的通函（「通函」），向本公司 《2021年限制性股票激勵計劃》激勵對象首次授予限制性股票於2022年1月17日及2022年2 月24日發出的公告，向本公司《2021年限制性股票激勵計劃》激勵對象授予預留部分限制 性股票於2022年10月28日及2022年12月1日發出的公告，日期為2022年10月30日、2022年 12月27日、2023年12月29日、2024年3月6日、2024年8月30日、2024年10月30日、2024年 12月20日、2025年3月13日及2025年6月9日有關回購註 ...

Core Viewpoint - The Hong Kong Stock Exchange announced adjustments to stock option position limits for 36 companies, increasing limits for 26 companies and decreasing limits for 10 companies, effective April 1, 2026 [1]. Group 1: Companies with Increased Position Limits - New World Development (00017) will see its position limit increase from 50,000 to 150,000 contracts [2]. - MTR Corporation (00066) will have its limit raised from 50,000 to 100,000 contracts [2]. - Geely Automobile (00175) will also have its limit increased from 50,000 to 100,000 contracts [2]. - Other notable increases include BYD Electronic (285) from 100,000 to 200,000 contracts and China Biologic Products (1177) from 50,000 to 250,000 contracts [2]. Group 2: Companies with Decreased Position Limits - China Railway Group (601390) will see its limit reduced from 250,000 to 200,000 contracts [3]. - China Overseas Land & Investment (00688) will have its limit cut from 100,000 to 50,000 contracts [3]. - China Tower (00788) will experience a decrease from 200,000 to 100,000 contracts [3]. - Other significant reductions include China Minmetals (2319) from 250,000 to 150,000 contracts and Sunny Optical Technology (2382) from 100,000 to 50,000 contracts [3].

| A H | | | | | --- | --- | --- | --- | | 股代码：601390 股代码：00390 | | | | | | A H | | | | | | 股简称：中国中铁 股简称：中国中铁 | | | | | | 公告编号：临 2026-006 | 中国中铁股份有限公司 关于 2021 年限制性股票激励计划部分限制性股票 回购注销实施公告 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、准确性和完整性承担法 律责任。 重要内容提示： | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | --- | --- | --- | | 63,700 | 63,700 | 2026 年 1 月 19 日 | 一、本次限制性股票回购注销的决策与信息披露 1.公司于 2025 年 9 月 29 日召开第六届董事会第十五次会议，审议通 过了《关于回购注销中国中铁 2021 年限制性股票激励计划部分限制性股 1 回购注销原因：中国中铁股份有限公司（以下简称"公司"）2021 年限制性股票激励计划第三个解除限售期所设定的公司层面业绩 ...

Core Viewpoint - China Railway (601390) is actively engaging with the Ministry of Transport to align its operations with the national transportation strategy and to promote major infrastructure projects [1] Group 1 - The Chairman of China Railway, Chen Wenjian, and President Zhao Dianlong met with Minister of Transport Liu Wei in Beijing [1] - The discussions focused on enhancing services for the national transportation strategy and advancing significant transportation infrastructure projects [1]

Core Viewpoint - The transformation of highway service areas in China is evolving from a singular function of "fueling and restroom" to becoming AAA-rated tourist attractions, educational bases, and rural revitalization exhibition windows, indicating a significant shift towards "transportation + cultural tourism" integration [1][4]. Group 1: Industry Challenges - As of the end of 2024, China's total highway mileage is projected to reach 191,000 kilometers, covering over 99% of cities with populations exceeding 200,000 [4]. - The growth of toll revenue is facing challenges due to the deepening of electric vehicle incentives and the promotion of "road-to-rail" and "road-to-water" policies [4]. - The self-driving tourism market is booming, with 3.6 billion domestic self-driving trips recorded in 2023, accounting for 73.6% of total travel, and expected to rise to 78% by 2025 [4]. Group 2: Service Area Transformation - The Yiyang North Service Area has become the first in Henan to receive dual certification as an "AAA scenic area + research base," showcasing a successful transformation from a rest stop to a popular destination [5]. - The service area features a 3,000 square meter "Luoyang Z Generation Scenic Area," integrating cultural elements and immersive experiences to attract younger visitors [5]. - The establishment of the first highway service area research base in the province includes a rural revitalization product exhibition area and non-heritage workshops, enhancing educational engagement [5]. Group 3: Economic Impact - The service area has set up a special section for local agricultural products, boosting sales in surrounding towns by 50% and helping over 30 types of local specialties reach broader markets [8]. - The integration of ecological and cultural resources aims to shift the economic model from "transit economy" to "stay economy," enhancing the overall value of highway service areas [8]. Group 4: Innovative Business Model - The New Yi Highway is a model of "investment, construction, and operation integration," managed by China Railway and Henan Transportation Investment, demonstrating effective collaboration between state-owned enterprises and local governments [9]. - The project has received excellent government performance evaluations and has been recognized as a model for the province's "Double Thousand Project" [9]. Group 5: Future Directions - The success of the Yiyang North Service Area aligns with national policy directions and market demand changes, emphasizing the need for highway service areas to evolve into tourism distribution centers [10][11]. - The focus on young demographics and family units, along with a light asset-heavy operation model, has led to a 30.9% higher average spending compared to regular visitors [11]. - Future plans include deepening the integration of "transportation + culture + tourism" and expanding the curriculum and industry chain associated with the service area [12].

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [11] Core Insights - China is accelerating its satellite constellation application to secure scarce orbital resources, with over 200,000 satellite frequency resources applied for by December 2025 [2][6] - The urgency of securing orbital resources is highlighted by the "first come, first served" rule established by the International Telecommunication Union (ITU) [7] - Recent catalysts in new productive forces suggest investment opportunities in construction and new sectors [9] Summary by Sections Industry Overview - The report discusses the rapid growth of China's satellite constellation plans, with significant applications from various organizations, including the Wireless Radio Innovation Institute and China Mobile [6][7] - The urgency of securing orbital resources is emphasized, as failure to deploy satellites within specified timeframes could lead to loss of rights and potential service disruptions [7] Market Performance - The Shanghai Composite Index rose by 3.82%, while the Longjiang Construction Engineering Index increased by 5.34%, indicating strong market performance in the construction sector [20] - Various sub-sectors within construction have shown different performance metrics, with steel structure and other specialized engineering sectors leading in growth [20] Investment Opportunities - Companies like Shanghai Port and the Wireless Radio Innovation Institute are highlighted for their innovative projects, such as perovskite batteries for satellites and drones, which could drive future growth [9] - The semiconductor sector is also noted for potential growth due to increased capital expenditure, with specific companies recommended for investment [9] Key Data Updates - The construction industry's PMI for December 2025 was reported at 52.8%, indicating a slight decrease year-on-year but an increase month-on-month [44] - Fixed asset investment in November 2025 was 3.5 billion, showing a year-on-year decrease of 12.0% [44][50] - Real estate development investment for November 2025 was reported at 0.5 trillion, down 30.3% year-on-year, indicating challenges in the real estate sector [56]

（来源：千龙网） 冬季气温走低，雨雪霜冻频发，运架梁施工面临路面结冰、作业环境湿滑等安全挑战。近日，中铁六局 路桥公司运架队坚守"防风险、除隐患、保安全"核心准则，聚焦防滑关键环节落地精细化管控，为冬季 施工筑牢安全屏障。 据了解，作业前，运架队专人对架桥机主梁、轨道、人员通行通道、爬梯、操作平台及桥面等全作业区 域拉网式排查，以人工清扫、机械除冰方式彻底清除冰雪霜冻，确保作业面无结冰无积水。针对关键易 滑通道，该队强化防护，铺设草垫、麻袋、防滑地毯，结合现场科学撒布融雪剂、砂子、炉灰提升路面 摩擦力，从源头杜绝滑倒风险。 高空作业是管控重点，项目部严格执行高空作业安全规程，要求高空作业人员100%系挂安全带，作业 前必查安全带挂钩牢固度与冰层附着情况，严防防护不到位引发事故。同时，项目部安排专人作业前全 面检查清除架桥机结构、吊具、钢丝绳、立柱等关键部位冰凌，保障设备以良好技术状态投入施工。 冬季低温易致吊索具变硬变脆，且与梁体接触面易结冰打滑，形成极大安全隐患。项目部重点强化吊索 具防滑管控，每次起吊前由专业技术人员细致检查吊点，确认无冰层、无杂物附着；针对特殊工况额外 铺设防滑垫，增大接触面摩擦力，防范 ...

Group 1 - The sixth meeting of the board of directors of China Railway Group Limited was held on January 9, 2026, via telecommunication voting, with all 7 directors participating [2][3] - The board approved the appointment of Mr. Zhao Dianlong as the president of the company, effective from the date of the board's approval until the end of the current board's term [3][9] - The board also approved the nomination of Mr. Zhao Dianlong as a candidate for executive director, which will be submitted for shareholder approval [4][5] Group 2 - The board agreed to convene the first extraordinary general meeting of shareholders in 2026, with the secretary of the board responsible for notifying shareholders [5][6] - Mr. Zhao Dianlong meets all qualifications to serve as a senior executive and has no disqualifying conditions as per relevant laws and regulations [10][11] - Mr. Zhao has a comprehensive background in engineering and management, having held various significant positions within the industry since 1998 [11]

Core Viewpoint - The board of directors of China Railway Group Limited has appointed Mr. Zhao Dianlong as the new president of the company, effective immediately, with his term lasting until the end of the current board's tenure [1][8]. Group 1: Appointment Announcement - The board meeting was held on January 9, 2026, where the appointment of Mr. Zhao Dianlong was approved with a unanimous vote of 7 in favor, 0 against, and 0 abstentions [1][8]. - Mr. Zhao's appointment complies with the relevant laws and regulations, and he is deemed qualified to fulfill the responsibilities of the position [2][8]. Group 2: Mr. Zhao Dianlong's Qualifications - Mr. Zhao, aged 52, is a senior engineer and has held various significant positions, including general manager of China Railway Engineering Group [3][2]. - He has a strong educational background with a master's degree in engineering from North China University of Water Resources and Electric Power, graduating in 1998 [3]. Group 3: Board Meeting Details - The board meeting was conducted in accordance with legal and regulatory requirements, with all 7 directors participating in the vote [7][8]. - The meeting also approved the proposal to nominate Mr. Zhao as a candidate for executive director, which will be submitted for shareholder approval [9][10].

Core Viewpoint - The installation of traction transformers for the Chengyu Middle Line High-Speed Railway in Sichuan has been successfully completed, marking a significant step towards the commissioning of the railway's power supply system [1] Group 1: Project Progress - The last traction transformer, weighing 39.6 tons, has been installed at the Lezhi Traction Substation in Sichuan Province, completing the installation of all traction transformers along the Sichuan section of the Chengyu Middle Line High-Speed Railway [1] - A total of 12 traction transformers have been deployed at three traction substations located in Anyue, Lezhi, and Jianzhou, forming the core framework of the railway's power supply system [1] Group 2: Importance of Traction Transformers - Traction transformers are described as the "heart" of the railway traction power supply system, responsible for converting high-voltage electricity from the national grid into power suitable for electric locomotives [1] - The precision and quality of the installation of these transformers are critical for ensuring the safety, stability, and efficiency of future railway operations [1]