[New home transaction area in first-tier cities grew over 10% YoY]

Recently, GENMA completed the delivery of a 1,200-mt shipbuilding gantry crane for Jiangsu Yangzi Hongyuan Shipbuilding Co., Ltd., a new base under Yangzijiang Shipbuilding Group, marking further improvement of key production equipment at the Yangzi Hongyuan green high-tech clean energy ship manufacturing base. After the equipment was delivered, GENMA has simultaneously arranged after-sales engineers to provide on-site service, offering round-the-clock technical support covering equipment operation, daily inspection, fault prevention, and emergency handling, working closely with the client to ensure stable equipment operation and production continuity. The Yangzi Hongyuan green high-tech clean energy ship manufacturing base is a major project invested by Yangzijiang Shipbuilding Group with approximately 3 billion yuan. It was signed and settled in Jingjiang in July 2024, officially commenced construction on February 19 last year, and is expected to be completed within this year. As a major project of Jiangsu Province in 2025, the Yangzi Hongyuan project is an important layout for Yangzijiang Shipbuilding Group's transformation and upgrading, with products developing toward higher-end, greener, and higher-quality directions. The base aims to build a world-class demonstration zone for high-quality development of clean energy gas ships. Following the planning concepts of intelligence and digitalization, it promotes modern shipbuilding models and builds a modern intelligent factory. Upon completion, the project will become the main base for constructing Yangzijiang Shipbuilding Group's existing green clean energy ship orders. The project will utilize a shoreline length of approximately 1,320 meters and cover an area of about 1,300 mu, with construction of one 300,000 DWT shipbuilding dock, one 200,000 DWT outfitting quay, and one 100,000 DWT harbor basin, with an annual capacity of approximately 800,000 DWT. After reaching full production, the project is expected to achieve an annual output value of no less than 10 billion yuan and average annual comprehensive taxes and fees of no less than 300 million yuan. After being put into use, the new shipbuilding base will be able to meet the demand for constructing more clean energy ships. In March this year, Yangzi Hongyuan undertook its first batch of new ship orders, building 1,100 TEU container ships for SITC International. At present, the three major workshops—the processing workshop, block workshop, and pipe outfitting workshop—have all been fully put into use, and shipbuilding tasks are being accelerated. As the base gradually commenced production, Yangzi Hongyuan has begun contributing new revenue to Yangzijiang Shipbuilding. In Q2 2026, the base recognized shipbuilding revenue of 545 million yuan, becoming a new growth driver for the Group's shipbuilding business.

At 8:30 a.m. on September 23, the fall 2026 centralized maintenance on the Wari Railway, a heavy-haul corridor for transporting coal out of Shanxi, was completed, laying a solid track foundation for the upcoming winter thermal coal supply guarantee. The Wari Railway starts from Watang Town, Xing County, Lvliang, Shanxi Province in the west and ends at Rizhao Port in Shandong Province in the east, traversing the three provinces of Shanxi, Henan, and Shandong. It is an important corridor for transporting coal from the west to the east and is also China's first heavy-haul railway built with a 30-ton axle load in a single phase. This centralized maintenance on the Wari Railway began on September 4. Over 20 days, three hours were used each day to carry out comprehensive, multi-dimensional renewal and maintenance of all facilities and equipment along the entire line. A total of 26.313 km of large-machine ballast cleaning, 255.51 km of large-machine track tamping, 120 sets of large-machine turnout tamping, and 323.35 km of large-machine rail grinding were completed, with all types of facilities and equipment receiving in-depth "checkups" and extensive upgrades. During the centralized maintenance period, China Railway Taiyuan Group invested more than 80 large machines, over 30 small machines, and a construction workforce of 1,660 people to improve operational efficiency. At the same time, refined management was applied throughout the entire centralized maintenance process, with daily dynamic optimization of train operation plans to ensure rapid resumption of operations after construction and minimize the impact of construction on transportation. It is understood that the Wari Railway's transport capacity has continued to be released. After annual freight volume exceeded 100 million mt in 2022 and 2023, freight volume reached 100.07 million mt in 2025, marking the third time annual volume surpassed 100 million mt. In the first eight months of this year, the Wari Railway completed a cumulative freight volume of 75.3299 million mt, playing a positive role in ensuring energy security.

According to SMM data, both mill stocks and social inventory of construction steel saw destocking of varying degrees this period. Total construction steel inventory stood at 7.1381 million mt, down 508,600 mt PoP, or -6.65%, with the destocking pace notably accelerating.