Group 1 - The core viewpoint of the article is that China's National Railway Group plans to invest in over 2,000 kilometers of new railway lines and aims for infrastructure investment to reach 520 billion RMB, which sets a solid foundation for the industry's next phase [1] - Morgan Stanley believes that despite a cautious tone in mainland policies, actual investment delivery and new mileage have consistently exceeded expectations, with the National Railway exceeding its annual new line targets by approximately 20% for four consecutive years, a trend expected to continue until 2026 and beyond [1] - The report highlights that China CRRC (01766, 601766.SH) and CRRC Times Electric (03898, 688187.SH) have outperformed the market among domestic railway stocks, with better performance opportunities anticipated for the industry this year [1] Group 2 - The report indicates that increased MU density, ongoing expansion of high-speed rail, and clear demand for multiple units, locomotives, and rail vehicles are expected to continue driving vehicle demand [1] - Both China CRRC and CRRC Times Electric possess strong order volumes and hold dominant market shares, which positions them favorably in the industry [1] - For China Railway Group (00390), even as revenue growth normalizes, the transition to high-value national projects and steady growth in overseas orders will support profit margin resilience and create new growth engines [1]

Group 1 - The core viewpoint of the article is that China National Railway Group plans to invest in over 2000 kilometers of new railway lines and aims for infrastructure investment to reach 520 billion yuan, which lays a solid foundation for the industry's next phase [1] - Morgan Stanley believes that despite a cautious tone in mainland policies, actual investment delivery and new mileage have consistently exceeded expectations, with the National Railway exceeding its annual new line targets by approximately 20% for four consecutive years [1] - The trend of exceeding targets is expected to continue until 2026 and beyond, indicating a positive outlook for the industry [1] Group 2 - Companies like CRRC and Times Electric are outperforming the market within the mainland railway sector, and the industry is anticipated to have better performance opportunities this year [1] - The demand for vehicles is expected to be driven by increased MU density, ongoing expansion of high-speed rail, and clear demand for multiple units, locomotives, and rail vehicles [1] - Both CRRC and Times Electric possess strong order volumes and hold dominant market shares, which positions them well for future growth [1] Group 3 - For China Railway Group, even as revenue growth normalizes, the transition to high-value national projects and steady growth in overseas orders will support profit margin resilience and create new growth engines [1]

Group 1 - The core viewpoint of the article is that China National Railway Group plans to invest in over 2000 kilometers of new railway lines and aims for infrastructure investment to reach 520 billion yuan, which is seen as a solid foundation for the industry's next phase and supports a constructive outlook for the 14th Five-Year Plan [1] - Despite a cautious tone in mainland policies, actual investment delivery and new mileage have consistently exceeded expectations, with the national railway exceeding its annual new line targets by approximately 20% for four consecutive years, a trend expected to continue until 2026 and beyond [1] - Companies like CRRC Corporation and Times Electric are outperforming the market within the mainland railway sector, and the industry is anticipated to have better performance opportunities this year [1] Group 2 - The demand for vehicles is expected to continue to be driven by increased MU density, ongoing expansion of high-speed rail, and clear demand for multiple units, locomotives, and rail vehicles [1] - Both CRRC Corporation and Times Electric possess strong order volumes and hold dominant market shares [1] - For China Railway Group, even as revenue growth normalizes, the transition to high-value national projects and steady growth in overseas orders will support profit margin resilience and create new growth engines [1]

Core Viewpoint - The announcement details the resignation of Mr. Niu Jie, the Vice President of Zhuzhou CRRC Times Electric Co., Ltd., effective January 1, 2026, due to work adjustments, while he will continue to serve in other roles within the company [2][3]. Group 1: Management Changes - Mr. Niu Jie submitted his resignation to the board, which will take effect upon receipt of the resignation report [2][3]. - Following his resignation, Mr. Niu will remain with the company as a researcher and serve on the boards of some subsidiaries [2][3]. Group 2: Impact on the Company - The resignation is not expected to adversely affect the company's daily operations, as Mr. Niu has completed the necessary handover procedures [3]. - As of the announcement date, Mr. Niu does not hold any company shares and has no outstanding commitments [3]. Group 3: Acknowledgment - The board expresses sincere gratitude for Mr. Niu's significant contributions to the company's development during his tenure [4].

Group 1 - The company announced that on January 1, 2026, the board of directors received a resignation report from Deputy General Manager Niu Jie due to work adjustment reasons [1] - After resigning from the position of Deputy General Manager, Niu Jie will continue to work at the company as a researcher and serve as a director for some of its subsidiaries [1]

Group 1 - The core point of the article is the resignation of Niu Jie, the Deputy General Manager of Times Electric, effective January 1, 2026, due to work adjustment reasons [1] - After resigning from the Deputy General Manager position, Niu Jie will continue to work at the company as a researcher and serve on the boards of some subsidiaries [1]

智通财经APP讯，时代电气(03898)发布公告，2026年1月1日，株洲中车时代电气股份有限公司(以下简 称"公司")董事会收到公司副总经理牛杰先生的辞职报告。牛杰先生因工作调整原因辞去副总经理职 务。辞职后，牛杰先生仍然在公司任职，担任公司调研员及部分下属子公司的董事。 ...

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 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 海外監管公告 本 公 告 乃 由 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公司證券上市規則第13.10B條而作出。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 刊 登 之《株 洲 中 車 時 代 電 氣 股 份 有 限 公 司 關 於 公 司 高 級 管 理 人 員 離 任 的 公 告》，僅 供 參 閱。 承董事會命 株洲中車時代電氣股份有限公司 董事長 李東林 | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | ...

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2026-001 证券代码： 3898（H 股） 证券简称：时代电气（H 股） 株洲中车时代电气股份有限公司 关于公司高级管理人员离任的公告 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： (一) 提前离任的基本情况 | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | | 股子公司任职 | （如适用） | 毕的公开 承诺 | | 牛杰 | 副总经理 | 2026 年 1 | 2026 年 6 月 | 工作调整 | 是 | 公 司 调 研 | 否 | | | | 月 1 日 | 26 日 | | | 员；部分下 | | | | | | | | | 属 子 公 司 | | | | | | | | | 董事 | | (二) 离任对公 ...

时代电气1月5日公告，公司董事会收到公司副总经理牛杰的辞职报告，牛杰因工作调整原因辞去副总经 理职务。辞职后，牛杰仍然在公司任职，担任公司调研员及部分下属子公司的董事。牛杰的辞职自辞职 报告送达董事会时生效。 ...