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 Insights - The Central State-Owned Enterprises Innovation-Driven Index (000861) has shown a 0.31% increase as of July 29, 2025, with notable stock performances from companies like Changfei Fiber (9.58% increase) and China Railway Construction Heavy Industry (5.43% increase) [3] - The Central State-Owned Enterprises Innovation-Driven ETF (515900) has risen by 0.32%, with a recent price of 1.55 yuan, and has accumulated a 3.77% increase over the past two weeks [3] - Market consensus remains focused on "low valuation cycle recovery" and "technology growth industry trends," with sector rotation intensifying [3] Performance Metrics - The Central State-Owned Enterprises Innovation-Driven ETF has seen a significant scale increase of 1.16 billion yuan over the past two weeks, ranking in the top quarter among comparable funds [4] - The ETF's net value has increased by 11.25% over the past year, with a maximum monthly return of 15.05% since inception [4] - The ETF has a year-to-date relative drawdown of 0.08%, with the fastest recovery time among comparable funds at 105 days [5] Fee and Tracking Precision - The management fee for the Central State-Owned Enterprises Innovation-Driven ETF is 0.15%, and the custody fee is 0.05%, both of which are the lowest among comparable funds [5] - The ETF has a tracking error of 0.038% over the past five years, indicating the highest tracking precision among comparable funds [5] Index Composition - The Central State-Owned Enterprises Innovation-Driven Index comprises 100 representative listed companies evaluated for innovation and profitability, with the top ten weighted stocks accounting for 34.87% of the index [5]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) announced the establishment of China Changan Automobile Group Co., Ltd. on July 29, 2025 [1][2] - The establishment is approved by the State Council, with SASAC representing the State Council in fulfilling the responsibilities of the investor [2] - China Changan Automobile Group Co., Ltd. is included in the list of enterprises under SASAC's supervision [2] Group 2 - China Changan Automobile Group Co., Ltd. is listed as the 73rd enterprise in the SASAC directory of state-owned enterprises [5]

Group 1 - The railway fixed asset investment in June reached 113.8 billion, showing a year-on-year growth of 4.6%, indicating high industry prosperity despite a high base from the previous year [1] - From January to June, the total railway fixed asset investment was 355.9 billion, with a year-on-year increase of 5.5% [1] - The number of railway passengers reached 2.236 billion, reflecting a year-on-year growth of 6.7%, while freight volume was 25.58 million tons, up by 1.8% [1] Group 2 - The railway department has increased night high-speed trains to meet the rising passenger demand during the summer peak, with June passenger volume at 373 million, a 3.6% increase year-on-year [2] - The Chengdu-Chongqing high-speed railway is under construction and will operate at a speed of 400 km/h, reducing travel time between Chengdu and Chongqing to 50 minutes [2] Group 3 - Several rail transit equipment companies reported better-than-expected performance in the first half of the year, confirming the sector's prosperity, with China CNR expected to achieve a net profit of 6.722-7.562 billion, a growth of 60-80% [3] - Other companies like Siwei Control and Jinchuan Group also reported significant profit increases, with growth rates ranging from 45% to over 200% [3] Group 4 - The upcoming vehicle tenders are expected to see a significant increase, with the second half of the year projected to have a tender volume that may exceed expectations [4] - The total new railway line expected to be put into operation in the second half is around 2300 kilometers, following a modest 301 kilometers in the first half [4] Group 5 - The focus is recommended on vehicle equipment segments, with key suppliers such as China CNR and Siwei Control highlighted for their reliability in the upcoming peak and major repair years [5] - Other companies to watch include Times Electric, China Communications, and Jinchuang Group, among others, for their respective components and systems [5]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the rail transit equipment sector [3]. Core Insights - The report highlights a strong performance in railway fixed asset investment, with a total of 355.9 billion yuan completed in the first half of 2025, representing a year-on-year growth of 5.5% [3]. - Passenger traffic reached 2.236 billion, up 6.7% year-on-year, while freight volume increased by 1.8% to 25.58 million tons [3]. - The report anticipates a significant increase in vehicle tenders in the second half of the year, with expectations of new line openings and a surge in demand for high-speed trains [5]. Summary by Sections Railway Investment Performance - In June, railway fixed asset investment was 113.8 billion yuan, a 4.6% increase year-on-year, showcasing high industry vitality despite a high base from the previous year [5]. - Key projects include the opening of several new railway lines and upgrades to major railway hubs, enhancing operational efficiency [5]. Passenger and Freight Traffic - The railway passenger volume in June was 373 million, reflecting a 3.6% increase year-on-year, with additional night trains introduced to meet summer travel demand [5]. - The report notes that the Chengdu-Chongqing high-speed railway is nearing completion, promising a travel time of 50 minutes between the two cities [5]. Company Performance - Several rail transit equipment companies reported better-than-expected performance in the first half of the year: - China CNR Corporation is projected to achieve a net profit of 6.722-7.562 billion yuan, a growth of 60-80% year-on-year [5]. - Siwei Control is expected to report a net profit of 276-314 million yuan, up 45-65% [5]. - Jinchuan Group anticipates a net profit increase of 123.85-157.77% [5]. - The report emphasizes the strong performance of these companies as a validation of the sector's growth potential [5]. Future Outlook - The second half of 2025 is expected to see a significant increase in vehicle tenders, with a projected 2,300 kilometers of new lines to be put into operation [5]. - The report recommends focusing on vehicle equipment segments and suggests key suppliers such as China CNR, Siwei Control, and others for investment opportunities [5].