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發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國中車股份有限公司 CRRC CORPORATION LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 海外監管公告 此海外監管公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條發出。 茲載列中國中車股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國中車股 份有限公司關於召開2025年第三季度業績說明會的公告》，僅供參閱。 承董事會命 中國中車股份有限公司 董事長 孫永才 中國 • 北京 2025年10月27日 於本公告日期，本公司的執行董事為孫永才先生及王銨先生；獨立非執行董事為王 西峰先生、魏明德先生、楊家義先生及張振戎先生；非執行董事為范冰先生；職工 董事為易冉女士。 证券代码：601766（A 股） 证券简称：中国中车（A 股） 公告编号：2025-047 证券代码： 1766（H 股） 证券简称：中国中车（H 股） 中国中车股份有限公司 关 ...

科技日报讯 （记者杨仑）记者10月23日获悉，全国首列氢能文旅列车"氢春号"在近日举行的中国中车 现代产业链融通发展共链行动大会正式发布，标志我国在绿色轨道交通领域实现全新突破，氢能驱动城 市出行迈入崭新阶段。 "氢春号列车具有零碳环保、智慧舒适、安全可靠、文旅融合等特点，可以为现代城市交通提供绿色、 经济的定制化解决方案。"中车长客股份公司副总经理、总工程师汪中海说。 会上，中国中车集团与吉林省政府签署了《氢能产业链合作协议》，双方将共同推动氢能列车应用场景 建设及产业链布局。"中国中车将依托吉林资源禀赋、产业基础、应用场景，不断发挥产业优势、技术 优势、资本优势，深化央地合作，构建氢能产业新集群，推进氢能产业高质量发展，打造产业链融合共 建样板。"中国中车党委常委、副总裁林存增说。 "氢春号"由中车长客股份公司研制，采用氢燃料电池动力系统，运行唯一产物为水，实现零碳排放，无 需接触网供电，适应多场景线路。据介绍，该列车支持1至6辆灵活编组，可覆盖城市通勤与文旅线路， 有助于降低建设与运维成本，填补低运量轨道交通市场空白。在能耗方面，"氢春号"列车每公里平均能 耗约1.5千瓦时，储氢系统采用金属基体加碳纤维 ...

证券代码：601766（A 股） 证券简称：中国中车（A 股） 公告编号：2025-047 证券代码： 1766（H 股） 证券简称：中国中车（H 股） 中国中车股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 11 月 5 日（星期三） 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 会议召开方式：网络文字互动 投资者可于 2025 年 11 月 4 日（星期二）16:00 前登录上证路演中心网 站首页点击"提问预征集"栏目或通过公司邮箱 crrc@crrcgc.cc 进行提问。公司 将在业绩说明会上对投资者普遍关注的问题进行回答。 （二）会议召开地点：上海证券交易所上证路演中心（网址：https://road 1 show.sseinfo.com/） （三）会议召开方式：网络文字互动 三、 参加人员 公司董事长、执行董事孙永才先生，独 ...

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - The report highlights significant achievements in China's railway construction during the "14th Five-Year Plan," with the total railway operating mileage expected to reach 162,000 kilometers by July 2025, including 48,000 kilometers of high-speed rail covering 97% of cities with a population of over 500,000 [2][3]. - The construction of the railway network is being enhanced through "smart+" management and the adoption of BIM technology, contributing to the development of a modernized railway network that supports the Belt and Road Initiative [2][3]. - The report emphasizes the positive impact of railway construction on people's livelihoods and economic growth, with record daily passenger volumes and a continuous increase in freight volume, which reached 702 million tons during the summer transport season in 2025, a year-on-year increase of 4.8% [3]. Summary by Sections Railway Network Development - The State Council has set a target for the railway operating mileage to reach 165,000 kilometers by 2025, with high-speed rail mileage reaching 50,000 kilometers. By 2035, the goal is to expand the railway network to approximately 200,000 kilometers, including 70,000 kilometers of high-speed rail [4]. - To achieve the 2035 target, approximately 35,000 kilometers of railway, including 20,000 kilometers of high-speed rail, need to be constructed from 2026 to 2035, averaging 3,500 kilometers of new railway lines annually [4]. Investment Opportunities - The report suggests focusing on several key companies in the railway equipment sector: 1. China CNR Corporation: A leading global supplier of railway equipment, maintaining a strong industry position [4]. 2. China Railway Signal & Communication Corporation: A global leader in rail transit control technology [4]. 3. Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [4]. 4. Sifang Automation: A core supplier in the field of high-speed rail comprehensive monitoring [4]. 5. Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [4]. 6. Huifeng Technology: Provides integrated solutions for rail transit operation and maintenance, with rich experience in technology development and project implementation [4].

Core Points - The meeting between the Secretary of the Provincial Party Committee and the Chairman of CRRC Group highlights the importance of collaboration for economic development in Wuhan [3][4] - CRRC Group is recognized as a leading global manufacturer in rail transit equipment, with strong technical capabilities and industry influence [3] - The focus is on enhancing investment in Wuhan, expanding cooperation in key technologies, and promoting the development of high-end manufacturing, new energy, new materials, and rail transit industries [3][4] Summary by Sections - **Meeting Overview** - The Secretary of the Provincial Party Committee and the Mayor of Wuhan welcomed the delegation from CRRC Group and expressed gratitude for their contributions to Wuhan's economic development [3] - **Strategic Importance of CRRC Group** - CRRC Group is acknowledged for its significant role in the rail transit equipment manufacturing sector, with a comprehensive product range and strong technological strength [3] - **Future Collaboration** - There is a strong emphasis on CRRC Group's commitment to deepen cooperation with Wuhan, focusing on digitalization, intelligent upgrades in shipping, and clean energy development [4] - **Support from Local Government** - The local government aims to optimize the business environment and provide high-quality services to facilitate the growth of enterprises in Wuhan [3]

Core Insights - The rail transit equipment sector experienced a slight increase of 0.05% on October 24, with Jiuzhou Yitui leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance Summary - Jiuzhou Yitui (688485) closed at 16.96, up 8.72% with a trading volume of 78,500 shares and a transaction value of 128 million yuan [1] - Xianghe Industrial (603500) closed at 12.45, up 4.18% with a trading volume of 151,700 shares and a transaction value of 187 million yuan [1] - Gongda Gaoke (688367) closed at 21.93, up 3.59% with a trading volume of 20,100 shares and a transaction value of 43.49 million yuan [1] - Bidetech (605298) closed at 40.14, up 3.19% with a trading volume of 32,300 shares and a transaction value of 128 million yuan [1] - Yonggui Electric (300351) closed at 17.65, up 3.16% with a trading volume of 161,700 shares and a transaction value of 282 million yuan [1] - Other notable performers include Jiaokong Technology (688015) and Times New Materials (600458), with increases of 2.05% and 1.85% respectively [1] Capital Flow Analysis - The rail transit equipment sector saw a net inflow of 48.06 million yuan from institutional investors, while retail investors experienced a net outflow of 57.13 million yuan [2] - Major stocks with significant net inflows include Yonggui Electric (300351) with 31.83 million yuan and Xianghe Industrial (603500) with 19.05 million yuan [3] - Conversely, stocks like China Iron & Steel (000927) and China Railway Industry (600528) faced net outflows of 2.13% and 1.27% respectively [2][3]

Core Viewpoint - The A-share market is experiencing a significant increase in cash dividends, with over 600 listed companies distributing more than 300 billion yuan in cash dividends for the first half of the year, indicating a shift towards a return-focused capital market [1][2]. Group 1: Dividend Distribution - As of October 24, over 30 A-share companies, including China Ping An and China Unicom, have completed their cash dividend distributions for the first half of 2025 [2]. - The total cash dividend amount for A-share companies reached 649.7 billion yuan, with a payout ratio of 31.97%, slightly up from the previous year [2][3]. - Central enterprises are leading the way in dividend distribution, with companies like China Mobile and China Petroleum distributing over 100 billion yuan each [2]. Group 2: Future Dividend Plans - More than 3 billion yuan in cash dividends are still pending distribution, with major banks and coal companies expected to contribute significantly [3]. - The third-quarter dividend window has opened, with over 30 companies planning to distribute more than 4 billion yuan in dividends [3]. - Companies are increasingly adopting a multi-dividend strategy, with firms like WuXi AppTec and CRRC announcing their first interim dividends this year [3]. Group 3: Dividend Yield and Investor Sentiment - The average dividend yield for companies that have distributed dividends is 2.52%, with over 90 companies yielding more than 3% [4]. - The proactive approach of companies in returning capital to shareholders has been recognized, with total distributions over the past five years reaching 10.6 trillion yuan, significantly higher than previous periods [4]. - Companies are making long-term commitments to shareholder returns, with some planning to distribute at least 70% of their net profits as dividends from 2025 to 2027 [4]. Group 4: Investment Perspective - The stable dividend distribution in the A-share market is attracting more attention to dividend assets, which are viewed as long-term investments rather than short-term speculative plays [5]. - Investors are encouraged to focus on the sustainability of dividend payments rather than short-term stock price fluctuations, reinforcing the long-term logic behind dividend investments [5].

Core Viewpoint - The 2025 Green Energy Development Conference and Smart Ship Development Conference was held in Yichang, Hubei Province, showcasing advancements in LNG-powered vessels and fuel supply systems by CRRC Changjiang Group, addressing industry challenges with innovative solutions [1][2] Group 1: LNG Vessel Innovations - CRRC Changjiang Group introduced an LNG-powered vessel with a fuel supply system that allows for a "one-tank" operation, featuring a quick tank exchange time of 15 minutes and a range of 4000 kilometers [1] - The system significantly enhances safety by eliminating intermediate operations at the dock, thereby reducing risk [1] - Economic benefits are notable as the system does not require the construction of expensive facilities and minimizes operational time, effectively lowering overall costs [1] - The design is adaptable to various scenarios, unaffected by water levels or adverse weather, optimizing shoreline resource utilization [1] - The standardized and modular design simplifies vessel selection and reduces retrofit costs, facilitating integrated storage, transportation, and usage [1] Group 2: Clean Energy Equipment Development - CRRC Changjiang Group is expanding its clean energy equipment applications, focusing on hydrogen storage, transportation, and refueling, as well as LNG vessel power tanks [2] - The company is also developing standardized low-temperature deep-cold storage and transportation equipment for various mediums, including liquid carbon dioxide, nitrogen, argon, ammonia, and alcohol [2] - The aim is to establish a full industry chain model of "R&D + manufacturing + intelligent operation services" for clean energy equipment, supporting the green and intelligent upgrade of modern logistics [2]

Market Overview - The rail transit equipment sector increased by 0.18% on October 23, with Dinghan Technology leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Dinghan Technology (300011) closed at 8.07, up 1.89% with a trading volume of 85,900 shares and a transaction value of 68.61 million yuan [1] - Other notable performers included Yan'ao Co. (300923) with a 1.25% increase, and Tongye Technology (300960) with a 1.18% increase [1] - Conversely, stocks like Railway Technology (301016) and Xianghe Industry (603500) saw declines of 5.58% and 3.55% respectively [2] Capital Flow - The rail transit equipment sector experienced a net outflow of 80.27 million yuan from institutional investors, while retail investors saw a net inflow of 73.33 million yuan [2] - The main capital flow data indicates that China CNR Corporation (601766) had a net inflow of 30.26 million yuan from institutional investors, despite a net outflow of 34.20 million yuan from retail investors [3] - Other companies like Jiuzhou Yitui (688485) and Tongye Technology (300960) also showed mixed capital flows, with Jiuzhou Yitui experiencing a net inflow from institutional investors but a net outflow from retail investors [3]

Core Insights - The Bogotá Metro Line 1 project is progressing with the arrival of the second train, currently undergoing assembly and static testing, expected to be completed soon [1] - As of September 30, the overall progress of the Metro Line 1 project reached 64.85%, with the third train expected to arrive in Cartagena by the end of the month [1] - The project will benefit approximately 2.9 million residents across nine districts, including Bosa, Kennedy, and Santa Fe [1] - Bogotá's mayor, Garcés, met with representatives from the World Bank and the Inter-American Development Bank in Washington to discuss financing for the second phase of the Metro Line 1 project, with an expected loan of $1.485 billion to be disbursed by the end of 2025 [1] - Discussions also included the bidding progress for the second phase and financing for the second line [1] Company and Industry - The Bogotá Metro Line 1 project is being implemented by a consortium led by China Harbour Engineering Company, with trains manufactured by CRRC Changchun Railway Vehicles [2]