Core Viewpoint - China CRRC (601766.SH) has recently signed several major contracts totaling approximately 32.92 billion RMB, indicating strong demand in urban rail vehicles, locomotive repairs, and renewable energy equipment sales [1] Group 1: Contract Details - The company’s subsidiaries signed urban rail vehicle sales and maintenance contracts worth approximately 14.34 billion RMB with clients including the São Paulo Metro and Shanghai Shentong Metro Construction Group [1] - Contracts for locomotive repairs totaling about 6.9 billion RMB were signed with various subsidiaries of China National Railway Group [1] - Wind power equipment and energy storage equipment sales contracts amounting to around 4.03 billion RMB were signed with several energy companies [1] - Sales contracts for power concentrated multiple units worth approximately 3.02 billion RMB were signed with China National Railway Group [1] - Freight car sales contracts totaling about 2.55 billion RMB were also signed with China National Railway Group [1] - Passenger car repair contracts worth approximately 2.08 billion RMB were signed with various subsidiaries of China National Railway Group [1]

Core Viewpoint - China CNR Corporation Limited (SH 601766, closing price: 7.49 RMB) announced on July 29 that it has signed several major contracts totaling approximately 32.92 billion RMB, indicating strong demand in the urban rail and energy sectors [2][3]. Group 1: Contract Details - The company’s subsidiaries signed urban rail vehicle sales and maintenance contracts worth approximately 14.34 billion RMB with clients including the São Paulo Metro in Brazil and various domestic companies [2]. - Contracts for locomotive repair worth about 6.9 billion RMB were signed with various subsidiaries of China National Railway Group [2]. - Wind power and energy storage equipment sales contracts totaling around 4.03 billion RMB were established with several energy companies [2]. - Sales contracts for power concentrated multiple units worth approximately 3.02 billion RMB were signed with China National Railway Group [2]. - Freight car sales contracts amounting to about 2.55 billion RMB were also signed with China National Railway Group [3]. - Passenger car repair contracts totaling approximately 2.08 billion RMB were established with subsidiaries of China National Railway Group [3]. Group 2: Financial Impact - The total value of these contracts represents approximately 13.4% of the company's projected revenue for 2024 under Chinese accounting standards [3]. - For the year 2024, the company's revenue composition is expected to be 100% from rail transit equipment and its extended products and services [3].

Core Viewpoint - China CNR Corporation Limited (601766.SH) has recently signed several significant contracts totaling approximately 32.92 billion RMB, primarily between May and July 2025 [1] Group 1: Contract Details - The company's subsidiaries signed urban rail vehicle sales and maintenance contracts totaling approximately 14.34 billion RMB with clients including the São Paulo Metro in Brazil and Shanghai Shentong Metro Group [1] - The locomotive subsidiary signed locomotive repair contracts totaling approximately 6.9 billion RMB with various subsidiaries of China National Railway Group [1] - Contracts for wind power and energy storage equipment sales totaling approximately 4.03 billion RMB were signed with companies such as State Power Investment Corporation Jiangxi Electric Power and Huaneng Renewable Energy [1] - The company signed contracts for the sale of power concentrated multiple units totaling approximately 3.02 billion RMB with China National Railway Group [1] - Freight car sales contracts totaling approximately 2.55 billion RMB were signed with China National Railway Group [1] - Passenger car repair contracts totaling approximately 2.08 billion RMB were signed with various subsidiaries of China National Railway Group [1]

| 证券代码： | 1766（H | 股） | 股票简称：中国中车（H | 股） | | | | --- | --- | --- | --- | --- | --- | --- | | 证券代码：601766（A | | 股） | 股票简称：中国中车（A | 股） | 编号：临 | 2025-029 | 中国中车股份有限公司 签订合同公告 上述合同总金额约占本公司中国会计准则下 2024 年营业收入的 13.4%。 特此公告。 中国中车股份有限公司董事会 1. 本公司下属企业与巴西圣保罗地铁公司（Secretaria dos Transportes Metropolitanos Companhia do Metropolitano de São Paulo - Metrô）、上海申通地铁 建设集团有限公司、上海地铁维护保障有限公司等境内外客户分别签订了总计约 143.4 亿元人民币的城市轨道车辆销售及维保合同。 2. 本公司下属机车企业与中国国家铁路集团有限公司下属各路局公司分别 签订了总计约 69 亿元人民币的机车修理合同。 3. 本公司下属企业与国家电投集团江西电力有限公司新昌发电分公司、新余 市风润新能 ...

人民财讯7月29日电，中国中车(601766)7月29日晚间公告，公司及下属企业于近期（主要为2025年5月 至7月）签订了若干项重大合同，合计金额约329.2亿元，约占本公司中国会计准则下2024年营业收入的 13.4%。 转自：证券时报 ...

中国中车公告称，公司及下属企业于近期签订了若干项重大合同，合计金额约329.2亿元人民币。主要 包括：城市轨道车辆销售及维保合同约143.4亿元，机车修理合同约69亿元，风电设备销售合同和储能 设备销售合同约40.3亿元，动力集中动车组销售合同约30.2亿元，货车销售合同约25.5亿元，客车修理 合同约20.8亿元。上述合同总金额约占公司中国会计准则下2024年营业收入的13.4%。 ...

Core Viewpoint - The successful commissioning of the Shanxi Ruicheng 100MW/50.41MWh independent energy storage project marks China CRRC's first flywheel energy storage project, enhancing the stability of the local power system and providing a replicable management experience for energy storage projects [1][2]. Group 1: Project Overview - The project was included in the first batch of new energy storage projects in Shanxi Province in 2023 and is one of the first power frequency regulation energy storage projects in the province [2]. - The project features a total installed capacity of 100MW, with 50MW/0.41MWh from flywheel storage and 50MW/50MWh from lithium iron phosphate storage, along with a newly constructed 110kV booster station [2]. Group 2: Management and Execution - The project management team adopted a precise control and efficient collaboration management philosophy from the project's inception, ensuring high-quality progress through multi-dimensional measures [2]. - The team overcame challenges related to high technical integration and complex system coordination, completing the main construction of the energy storage base ahead of schedule [4]. Group 3: Future Plans and Strategic Importance - The successful implementation of this project validates the company's investment judgment and project management capabilities in the renewable energy sector, contributing to the establishment of an integrated energy storage business system [4]. - The company plans to optimize the operation management of the Ruicheng energy storage project and accelerate the layout of subsequent energy storage projects, aiming to build a "System+" business platform for new energy [4].

Group 1 - Morgan Stanley reports that the recently announced Yarlung Tsangpo River hydropower development plan in Tibet is directing funds towards engineering machinery stocks [1] - The complex terrain makes traditional machinery crucial in the early stages of the project, with Weichai Power (000338) identified as a leading enterprise in heavy-duty truck engines and construction machinery, placed on a positive catalyst watchlist with "overweight" rating and target prices of HKD 22 and RMB 24 for H-shares and A-shares respectively [1] - Sany Heavy Industry (600031) and XCMG (000425) are also recognized as leaders in large machinery, both receiving "overweight" ratings with target prices of RMB 25 and RMB 11.1 respectively [1] Group 2 - China Railway (601390) holds a 40% market share in tunnel machinery and is rated "overweight" with target prices of HKD 5 and RMB 8.2 for H-shares and A-shares respectively [1] - Traditional infrastructure stocks such as CRRC (601766) and Conch Cement (600585) have recently strengthened, indicating a market shift from risk control to support for new project launches, with CRRC receiving an "overweight" rating and target prices of HKD 6.8 and RMB 10.1 [1] - The Yarlung Tsangpo River hydropower development plan is expected to boost demand in upstream industries such as construction, machinery, cement, and steel, benefiting companies like XJ Electric (000400), Siyuan Electric (002028), and Huaming Equipment (002270) in the power equipment sector [2]

Market Overview - The Hong Kong stock market showed volatility, with the Hang Seng Index closing at 25,130.03 points, up 0.54% or 135.89 points, with a total turnover of HKD 266.07 billion [1] - The Hang Seng China Enterprises Index rose 0.39% to 9,075.6 points, while the Hang Seng Tech Index increased by 0.38% to 5,606.83 points [1] Blue Chip Performance - BYD (01211) saw a significant increase of 5.09%, closing at HKD 134.2, contributing 37.78 points to the Hang Seng Index [2] - In the first half of 2023, BYD's domestic sales exceeded 2.113 million units, a year-on-year increase of 31.5%, while overseas sales reached 472,000 units, up 128.5% [2] - Other notable blue chips included Xinyi Glass (00868) up 7.23%, Zhongsheng Holdings (00881) up 6.15%, while New Oriental (09901) and Bank of China Hong Kong (02388) saw declines of 4.92% and 3.5% respectively [2] Sector Highlights - Coal stocks surged, with Mongolian Coking Coal (00975) up 11.55% and Yancoal Australia (01171) up 9.53%, driven by rumors of capacity control measures in the coal industry [3][4] - Infrastructure stocks performed strongly, with China Communications Construction (01800) rising 7.57% and China Railway Construction (01186) up 6.03% [4] - The launch of the Yarlung Tsangpo River downstream hydropower project, with an investment of approximately CNY 1.2 trillion, is expected to boost infrastructure investment [5] Commodity and Material Stocks - Non-ferrous metal stocks continued to rise, with Ganfeng Lithium (01772) up 8.94% and Luoyang Molybdenum (03993) up 7.12%, supported by upcoming policies aimed at stabilizing growth in key industries [6] - The photovoltaic sector was active, with Kaisa New Energy (01108) rising 8% and GCL-Poly Energy (03800) up 6.67%, as supply-side reforms are anticipated to improve industry conditions [7] Notable Stock Movements - China Longgong (03339) surged 15.83% after announcing a significant profit increase forecast for the first half of 2025 [8] - Fufeng Group (00546) rose 10.8% on expectations of a substantial profit increase due to higher sales and lower raw material costs [9] - Lijun Pharmaceutical (01513) reached a new high, up 9.37%, following positive clinical trial results for a new drug [10] - Harbin Electric (01133) climbed 8.14% after announcing a profit forecast that exceeded expectations [11] - Meizhong Jiahe (02453) faced pressure, down 6%, due to a planned share placement at a discount [12]

Group 1 - The Chain Expo showcased over 110 renowned companies in advanced manufacturing, including China CRRC, China Aluminum Group, Siemens, Honeywell, Corning, and Sumitomo Electric, highlighting the latest practices in rail transportation, aerospace, low-altitude economy, and industrial automation [1] - The theme event "Leading New Quality Productivity Development with Technological Innovation" emphasized that modern manufacturing is essential for a better life, and international cooperation is crucial for accelerating advanced manufacturing development [1] - Airbus's COO in China highlighted the importance of a global supply chain in the aviation industry, showcasing the relationship between Chinese manufacturing and the A320 aircraft, with components produced in China [1] Group 2 - Intelligent manufacturing is becoming the main focus for upgrading the manufacturing industry, with Siemens developing 18 digital and intelligent products, 16 of which were completed in just 9 months in China [2] - Honeywell is empowering small and medium-sized enterprises for digital transformation, emphasizing the unique demands of the Chinese market and collaborating with local associations, universities, suppliers, and customers [2] - China Aluminum Group is embracing digitalization by establishing the first "dark factory" in the non-ferrous metal industry, aiming for automation to improve efficiency and safety while reducing costs [2]