Core Viewpoint - China CNR Corporation Limited (601766.SH) has appointed Qu Xiaoli as the Chief Financial Officer (CFO) and Chief Accountant, with the term starting from the date of the board's approval until the end of the fourth board term [1] Group 1 - The board of directors has approved the proposal for the appointment of the CFO [1] - Qu Xiaoli's appointment is effective immediately following the board's decision [1] - The term of the new CFO will last until the conclusion of the fourth board term [1]

格隆汇3月1日丨中国中车(601766.SH)发布公告，董事会会议审议通过了《关于聘任中国中车股份有限 公司财务总监(总会计师)的议案》，同意聘任曲孝利为公司财务总监(总会计师)，任期为自公司董事会 审议通过之日起至第四届董事会任期结束之日止。 ...

Core Viewpoint - China CRRC's Hong Kong stock (code: 01766.HK) has shown active performance in the week from February 17 to February 23, 2026, influenced by post-Spring Festival market sentiment [1] Group 1: Stock Performance - As of February 23, the stock price closed at HKD 5.90, with a single-day increase of 1.90% and a fluctuation of 2.25% [1] - The weekly price change was 1.55%, with a range fluctuation of 3.27% [1] Group 2: Capital Flow - On February 23, there was a net inflow of HKD 2.2479 million from major investors, indicating an increase in short-term capital participation [1] Group 3: Technical Analysis - The stock price has been fluctuating recently, with the Bollinger Band's middle track at HKD 5.839 and a resistance level to watch at HKD 5.957 [1] Group 4: Industry Comparison - During the same period, the rail transit equipment sector rose by 2.99%, while the Hang Seng Index increased by 2.57%, indicating that the company's performance is in line with the sector trend [1]

Group 1 - Pei Mingshan appointed as Deputy Secretary and Director of China Railway Construction Group Co., Ltd., nominated as candidate for General Manager, relieved of his position as a member of the Standing Committee of China Communications Construction Group Co., Ltd., and no longer serves as Deputy General Manager of China Communications Construction Group Co., Ltd. [2][14] - Hou Xiao appointed as Deputy Secretary and Director of China Guoxin Holdings Co., Ltd., nominated as candidate for General Manager [3][15] - Dong Baoliang appointed as Deputy Secretary and Director of China Railway Signal and Communication Group Co., Ltd., nominated as candidate for General Manager, and no longer serves as an external director of China Automotive Technology Research Center Co., Ltd. [4][16] Group 2 - Zheng Weili appointed as a member of the Standing Committee of China Coal Technology and Engineering Group Co., Ltd., nominated as candidate for Chief Accountant [5][17] - Zhang Deyong appointed as a member of the Standing Committee of China Electrical Equipment Group Co., Ltd., nominated as candidate for Chief Accountant [6][18] - Qu Xiaoli appointed as a member of the Standing Committee of China CNR Corporation Limited, relieved of his position as a member of the Standing Committee of China National Building Material Group Corporation, and no longer serves as Deputy General Manager of China National Building Material Group Corporation [7][19] Group 3 - Hu Naimin relieved of his position as a member of the Standing Committee of China Energy Conservation and Environmental Protection Group Co., Ltd., no longer serves as Deputy General Manager, and is retiring [8][20] - Ma Shizhi relieved of his position as a member of the Standing Committee of China Coal Energy Group Co., Ltd., no longer serves as Deputy General Manager, and is retiring [9][21] - Wu Xiangong relieved of his position as a member of the Standing Committee of China Chemical Engineering Group Co., Ltd., and is retiring [10][22] Group 4 - Wang Shiqi relieved of his positions as Deputy Secretary and member of the Standing Committee of China Railway Engineering Group Co., Ltd., and is retiring [11][23] - Sun Lixia relieved of her positions as a member of the Standing Committee and Secretary of the Discipline Inspection Commission of China Poly Group Co., Ltd., and is retiring [12][24]

Group 1 - The State-owned Assets Supervision and Administration Commission announced personnel changes for 14 central enterprises, including leadership appointments and removals [1][2][3][4][5][6][7][8][9][10][11] - Pei Mingshan was appointed as the Deputy Secretary and Director of China Railway Construction Corporation Limited, nominated as the candidate for General Manager [1] - Hou Xiao was appointed as the Deputy Secretary and Director of China National New Group Corporation, nominated as the candidate for General Manager [2] - Dong Baoliang was appointed as the Deputy Secretary and Director of China Railway Signal and Communication Group, nominated as the candidate for General Manager [3] - Zheng Weili was appointed as a member of the Standing Committee of China Coal Technology and Engineering Group, nominated as the candidate for Chief Accountant [4] - Zhang Deyong was appointed as a member of the Standing Committee of China Electrical Equipment Group, nominated as the candidate for Chief Accountant [5] - Qu Xiaoli was appointed as a member of the Standing Committee of China CNR Corporation Limited, removed from the Standing Committee of China National Building Material Group [6] - Hu Naimin was removed from the Standing Committee of China Energy Conservation and Environmental Protection Group and retired [7] - Ma Shizhi was removed from the Standing Committee of China Coal Energy Group and retired [8] - Wu Xiangong was removed from the Standing Committee of China Chemical Engineering Group and retired [9] - Wang Shiqi was removed from the Deputy Secretary and Standing Committee of China Railway Engineering Group and retired [10] - Sun Lixia was removed from the Standing Committee and Discipline Inspection Commission of China Poly Group and retired [11]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) announced personnel changes in 14 central enterprises, involving 11 leadership appointments and removals. Group 1: Leadership Appointments - Pei Mingshan appointed as Deputy Secretary of the Party Committee and Director of China Railway Construction Group, nominated as General Manager candidate [1] - Hou Xiao appointed as Deputy Secretary of the Party Committee and Director of China National New Group, nominated as General Manager candidate [2] - Dong Baoliang appointed as Deputy Secretary of the Party Committee and Director of China Railway Signal and Communication Group, nominated as General Manager candidate [3] - Zheng Weili appointed as Member of the Standing Committee of the Party Committee of China Coal Technology and Engineering Group, nominated as Chief Accountant candidate [4] - Zhang Deyong appointed as Member of the Standing Committee of the Party Committee of China Electrical Equipment Group, nominated as Chief Accountant candidate [5] - Qu Xiaoli appointed as Member of the Standing Committee of the Party Committee of China CRRC Group, removed from the same position at China National Building Material Group [6] Group 2: Leadership Removals - Hu Naimin removed from the Standing Committee of the Party Committee of China Energy Conservation and Environmental Protection Group, retired [7] - Ma Shizhi removed from the Standing Committee of the Party Committee of China Coal Energy Group, retired [8] - Wu Xiangong removed from the Standing Committee of the Party Committee of China Chemical Engineering Group, retired [9] - Wang Shiqi removed from the Deputy Secretary and Standing Committee of the Party Committee of China Railway Engineering Group, retired [10] - Sun Lixia removed from the Standing Committee and Discipline Inspection Secretary of China Poly Group, retired [11]

Group 1 - 14 central enterprises have undergone leadership changes, with 11 personnel appointments and removals [1][2][3][4][5][6][7][8][9][10][11] - Pei Mingshan has been appointed as the Deputy Secretary and Director of China Railway Construction Group, nominated as the candidate for General Manager [1] - Hou Xiao has been appointed as the Deputy Secretary and Director of China Guoxin Holdings, nominated as the candidate for General Manager [2] - Dong Baoliang has been appointed as the Deputy Secretary and Director of China Railway Signal and Communication Group, nominated as the candidate for General Manager [3] - Zheng Weili has been appointed as a member of the Standing Committee of China Coal Technology and Engineering Group, nominated as the candidate for Chief Accountant [4] - Zhang Deyong has been appointed as a member of the Standing Committee of China Electrical Equipment Group, nominated as the candidate for Chief Accountant [5] - Qu Xiaoli has been appointed as a member of the Standing Committee of China CNR Corporation, removed from the Standing Committee of China National Building Material Group [6] Group 2 - Hu Naimin has been removed from the Standing Committee of China Energy Conservation and Environmental Protection Group and has retired [7] - Ma Shizhi has been removed from the Standing Committee of China Coal Energy Group and has retired [8] - Wu Xiangong has been removed from the Standing Committee of China Chemical Engineering Group and has retired [9] - Wang Shiqi has been removed from the Deputy Secretary and Standing Committee of China Railway Engineering Group and has retired [10] - Sun Lixia has been removed from the Standing Committee and Discipline Inspection Commission of China Poly Group and has retired [11]

Group 1 - Pei Mingshan appointed as Deputy Secretary and Director of China Railway Construction Group Co., Ltd., nominated as General Manager candidate, relieved of his position as Standing Committee member of China Communications Construction Group Co., Ltd., and no longer serves as Deputy General Manager of China Communications Construction Group Co., Ltd. [1] - Hou Xiao appointed as Deputy Secretary and Director of China Guoxin Holdings Co., Ltd., nominated as General Manager candidate. [2] - Dong Baoliang appointed as Deputy Secretary and Director of China Railway Communication Signal Group Co., Ltd., nominated as General Manager candidate, and no longer serves as External Director of China Automotive Technology Research Center Co., Ltd. [3] Group 2 - Zheng Weili appointed as Standing Committee member of China Coal Technology and Engineering Group Co., Ltd., nominated as Chief Accountant candidate. [4] - Zhang Deyong appointed as Standing Committee member of China Electrical Equipment Group Co., Ltd., nominated as Chief Accountant candidate. [5] - Qu Xiaoli appointed as Standing Committee member of China CNR Corporation Limited, relieved of his position as Standing Committee member of China National Building Material Group Corporation, and no longer serves as Deputy General Manager of China National Building Material Group Corporation. [6] Group 3 - Hu Naimin relieved of his position as Standing Committee member of China Energy Conservation and Environmental Protection Group Co., Ltd., no longer serves as Deputy General Manager, and is retiring. [7] - Ma Shizhi relieved of his position as Standing Committee member of China Coal Energy Group Co., Ltd., no longer serves as Deputy General Manager, and is retiring. [8] - Wu Xiangong relieved of his position as Standing Committee member of China Chemical Engineering Group Co., Ltd. and is retiring. [9] - Wang Shiqi relieved of his positions as Deputy Secretary and Standing Committee member of China Railway Engineering Group Co., Ltd. and is retiring. [10] - Sun Lixia relieved of her positions as Standing Committee member and Discipline Inspection Secretary of China Poly Group Co., Ltd. and is retiring. [11]

Core Insights - China CRRC (601766) is promoting its CR450 high-speed train and the "Qihang" 20 MW offshore wind turbine, emphasizing its strategy of "technology synergy and industrial chain collaboration" to expand in the clean energy equipment sector, forming a "dual-track dual-cluster" pattern [1] - The company has been focusing on direct exports to the European market and has established subsidiaries in Europe, while clarifying that it is not currently involved in the aerospace sector [1] Stock Performance - As of February 12, 2026, the latest stock price of China CRRC A-shares (601766.SH) is 6.41 CNY, with a slight increase of 0.16% on that day and a cumulative decline of 0.16% over the past five days, with a price range fluctuation of 1.87% [2] - Technical analysis indicates a Bollinger Bands resistance level at 6.94 CNY and a support level at 6.11 CNY; the MACD histogram has turned positive, suggesting a slight improvement in short-term momentum [2] - The wind power concept sector rose by 1.64% and the high-speed rail concept sector increased by 1.18% on the same day [2] Institutional Insights - Guosen Securities' mechanical equipment industry weekly report on February 10 highlights the sustained high prosperity of AI infrastructure and unexpected capital expenditures from overseas major manufacturers, recommending attention to sub-sectors like liquid cooling and gas turbines, which are related to the company's wind power business [3]

Core Viewpoint - The company has been actively exporting products and services to the European market in recent years, primarily through direct sales to customers [1] Group 1: Business Operations - The company has established subsidiaries in Europe to conduct overseas business [1] - The main method of sales to the European market is direct exports from domestic entities [1]