Core Viewpoint - Goldman Sachs released its October Asia-Pacific strategy report, highlighting a list of recommended stocks based on the "Earnings Revisions Leading Indicator" criteria, focusing on Hong Kong and Chinese concept stocks [1] Group 1: Recommended Stocks - The report includes a list of stocks recommended for purchase, which are: - Tencent (00700.HK) - Alibaba-W (09988.HK) - Xiaomi-W (01810.HK) - AIA (01299.HK) - Pinduoduo (PDD.US) - Hong Kong Exchanges and Clearing (00388.HK) - Ping An Insurance (02318.HK) - Kuaishou-W (01024.HK) - Techtronic Industries (00669.HK) - China Pacific Insurance (02328.HK) - Lenovo Group (00992.HK) - ZTO Express-W (02057.HK) - Hua Hong Semiconductor (01347.HK) - Kingdee International (00268.HK) - GDS Holdings-SW (09698.HK) - AAC Technologies (02018.HK) - BYD Electronic (00285.HK) - China International Capital Corporation (03908.HK) - Weichai Power (02338.HK) - CRRC Corporation (01766.HK) - JD Logistics (02618.HK) - Swire Pacific A (00019.HK) - Miniso Group (09896.HK) - Times Electric (03898.HK) - Haitian International (01882.HK) [1]

Core Viewpoint - The announcement by Times New Materials indicates a planned equity transfer from its controlling shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, to China CRRC, which will not change the company's control structure or operational activities [1] Group 1: Equity Transfer Details - The equity transfer is part of the State-owned Assets Supervision and Administration Commission's initiative to streamline ownership structures [1] - After the transfer, China CRRC will become the controlling shareholder, but the overall equity percentage held by China CRRC will remain unchanged [1] - The actual controller of the company will still be the State-owned Assets Supervision and Administration Commission, ensuring continuity in control [1] Group 2: Impact on Operations - The equity transfer is not expected to affect the normal production and operations of the company [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01766 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,371,066,040 | RMB | | 1 | RMB | | 4,371,066,040 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,371,066,040 | RMB | | | 1 RMB | | 4,371,066,040 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國中車股份有限公司 呈交日期: 2025年9月30日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01766 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,371,066,040 | RMB | | 1 | RMB | | 4,371,066,040 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,371,066,040 | RMB | | | 1 RMB | | 4,371,066,040 | II. 已發行 ...

Core Viewpoint - China CRRC Corporation Limited (01766) has seen a stock increase of over 4%, currently at 6.1 HKD, with a trading volume of 73.42 million HKD, following the announcement of several significant contracts totaling approximately 54.34 billion RMB [1][2][3] Group 1: Contract Details - The company’s subsidiary in the high-speed train sector signed sales contracts with China National Railway Group totaling approximately 37.82 billion RMB [1] - The locomotive subsidiary entered into sales and maintenance contracts with China National Railway Group, Daqin Railway Co., Ltd., and Luxembourg Nexrail AssetCo S.à.r.1., amounting to about 9.45 billion RMB [1] - Contracts for urban rail vehicle sales and maintenance were signed with Changchun Metro Co., Shenyang Metro Group, and Buenos Aires Subterraneos, totaling around 3.48 billion RMB [1] - The freight subsidiary signed sales contracts with China National Railway Group worth approximately 2.48 billion RMB [1] - Additionally, the freight subsidiary signed repair contracts with various railway bureaus under China National Railway Group, totaling about 1.11 billion RMB [2] Group 2: Financial Impact - The total value of these contracts represents approximately 22% of the company's projected revenue for 2024 under Chinese accounting standards [3]

Major Events - Lai Kai Pharmaceutical-B (02105) reported positive preliminary results from Phase I clinical MAD study, with LAE102 showing encouraging trends in muscle gain and fat loss [1] - Fuhong Hanlin (02696) received FDA approval for the Phase I clinical trial application of HLX13 for first-line treatment of unresectable hepatocellular carcinoma (HCC) patients [1] - Ningmeng Media (09857) has commenced filming the urban medical emotional drama "Asking Heart 2" [1] - CRRC Corporation (01766) and its subsidiaries signed significant contracts totaling approximately 54.34 billion [1] - Heng Rui Pharmaceutical (01276) received approval to conduct clinical trials for SHR-7787 injection, SHR-4849 injection, Bevacizumab injection, and Atezolizumab injection [1] - Hema Medical (03309) entered into a tripartite global licensing and collaboration agreement with Gilead and Hanmi regarding enecuidar [1] - Jinfang Pharmaceutical-B (02595) completed the enrollment of the first patient in the Phase I/II clinical trial of the molecular glue Pan RAS(ON) inhibitor GFH276 for RAS mutant cancer patients [1] - Gao Shi Medical (02407) obtained international certification for its medical device quality management system [1] Operating Performance - Shenzhen Expressway Company (00548) reported toll revenue of 114 million for the Outer Ring project in August [1] - China National Automobile (00026) announced an annual performance with a post-tax loss attributable to shareholders of 185 million HKD, a year-on-year reduction of 29.64% [1] - OKURA HOLDINGS (01655) reported an annual profit attributable to shareholders of 1.342 billion JPY, a year-on-year decrease of 34.34% [1] - Elephant Future Group (02309) disclosed an annual performance with a loss attributable to owners of approximately 314 million HKD, a year-on-year increase of 71.77% [1] - Henghe Group (00513) reported an annual performance with a loss attributable to owners of approximately 259 million HKD, a year-on-year increase of 0.7% [1]

Core Insights - China CRRC celebrated its 10th anniversary since restructuring, emphasizing its commitment to brand development and high-quality growth in the rail transportation equipment industry [2] - The company introduced the "Dingxin" brand value contribution management model and the "Zhuolun" AI model, aiming to enhance brand value management through data-driven approaches [2] - The publication of "A Brief History of CRRC" highlights the company's 144-year journey and its role in the development of China's rail transportation industry [3] Brand Development Strategy - China CRRC has implemented a brand-led strategy, integrating brand value enhancement into all operational processes, which has strengthened its core competitiveness [4] - The "Xingchi Science Popularization" project aims to promote advanced equipment technology and green living concepts, further enhancing brand value [4] - The company has achieved significant milestones, including the development of the "Fuxing" series trains, which cover speed ranges from 160 km/h to 400 km/h, marking a transition from "catching up" to "leading" in the industry [4] Future Goals - By 2035, China CRRC aims to establish itself as a world-class brand characterized by product excellence, innovation leadership, and modern governance, enhancing its reputation in high-end equipment manufacturing [5]

Core Points - China CNR Corporation announced the signing of several major contracts with a total value of approximately 54.34 billion RMB, primarily scheduled between July 2025 and September 2025 [2] Group 1 - The total contract amount signed by the company and its subsidiaries is approximately 54.34 billion RMB [2]

Company News - China CRRC (01766.HK) signed significant contracts totaling approximately 54.34 billion RMB in the last three months, accounting for about 22% of the company's projected revenue for 2024 under Chinese accounting standards [2] - China Railway Construction (01186.HK) recently secured 14 major projects, each exceeding 1.5 billion RMB, with a total project value of 63.037 billion RMB, representing 5.91% of the company's audited revenue for 2024 [2] - Shenzhen Expressway (00548.HK) reported toll revenues for August from various projects, totaling approximately 134.46 million RMB, 624.58 million RMB, 516.79 million RMB, 714.85 million RMB, and 114 million RMB [2] - Bay Area Development (00737.HK) reported toll revenues for August from several highways, with total revenues of approximately 256 million RMB, 105 million RMB, and 714.85 million RMB, showing a year-on-year decrease of 0.5%, 12%, and an increase of 1% respectively [2] - Hema Medical (03309.HK) entered into a global licensing and collaboration agreement with Gilead and Hanmi regarding encequidar, with an initial payment of 10 million USD and potential future payments up to 72.5 million USD [3] Financial Performance - Times Group Holdings (01023.HK) reported annual revenue of 1.584 billion HKD for the year ending June 30, 2025, a decrease of 1.38%, with a shareholder loss of 178 million HKD, marking a shift from profit to loss [4] - China National Automobile (00026.HK) reported annual revenue of 53.063 million HKD for the year ending June 30, 2025, a decrease of 23.71%, with a narrowed shareholder loss of 185 million HKD, down 29.64% [4] Financing and Share Buybacks - Tencent Holdings (00700.HK) repurchased 837,000 shares at a total cost of 551 million HKD, with prices ranging from 648 to 664 HKD per share [5] - Xiaomi Group-W (01810.HK) repurchased 507,400 shares for a total of 26.996 million HKD, with prices between 53.15 and 53.25 HKD [5] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of 23.6501 million HKD, with prices ranging from 117.4 to 118.9 HKD [6] - Guofu Hydrogen Energy (02582.HK) completed a placement of 1.9948 million shares at a price of 50.13 HKD per share, raising approximately 98.49 million HKD [7] - Youbao Online (02429.HK) successfully placed 157.5 million shares at a price of 2.45 HKD per share to at least six subscribers [8]

Core Viewpoint - China CNR Corporation Limited (601766.SH) has announced the signing of several significant contracts totaling approximately 54.34 billion RMB, which represents about 22% of the company's projected revenue for 2024 under Chinese accounting standards [1] Group 1 - The total amount of the contracts signed by the company and its subsidiaries is approximately 54.34 billion RMB [1] - The contracts are expected to be executed mainly between July 2025 and September 2025 [1] - The total contract value accounts for around 22% of the company's anticipated operating revenue for the year 2024 [1]