Group 1 - Ping An Asset Management Co., Ltd. increased its stake in China CNR Corporation Limited (01766.HK) by acquiring 9.167 million shares at an average price of HKD 6.1339 per share, totaling approximately HKD 56.23 million [1] - Following the acquisition, Ping An's total shareholding in China CNR has risen to 226,498,000 shares, which represents an increase in ownership from 4.97% to 5.18% [1]

Core Insights - The 15th China (Macau) International Auto Show showcased China CRRC's advancements in the new energy commercial vehicle sector, highlighting its full industry chain innovation capabilities from materials to complete vehicles [1] - The company presented two new energy commercial vehicles designed for Macau's unique environment, emphasizing efficiency, human-centered service, and adaptability to local terrain [1] Group 1: Product Innovations - A 12-meter low-floor electric bus featuring a high-efficiency energy system and noise optimization technology was unveiled, designed to enhance accessibility for individuals with mobility challenges while providing a comfortable travel experience [1] - An 8.5-meter pure electric bus was also showcased, tailored to Macau's high tourism density, utilizing innovative structural layout and cabin airflow technology to address battery temperature differences and improve passenger comfort [1] Group 2: Technological Advancements - The exhibition highlighted two cutting-edge products: EMB electronic mechanical brake systems and aluminum-ceramic brake discs, which align with the current trends of electrification, intelligence, greening, and lightweighting in the new energy vehicle industry [2] - China CRRC has been focusing on high-end new materials, with composite and functional materials being widely applied across rail transit and new energy sectors, enhancing vehicle safety, comfort, and energy efficiency [2] Group 3: Strategic Development - The company has established a complete new energy vehicle industry chain from "chip-device-module-system-vehicle-solution," aiming to promote supply chain recycling and create a safe, sustainable industrial ecosystem [2] - As a high-end transportation equipment R&D and manufacturing enterprise under China CRRC, the Qishuyan Institute has set a strategic framework focusing on core rail transit components, wind power equipment, and automotive parts as key development areas [2]

Group 1 - The core point of the article is that Ping An Asset Management has increased its stake in China CNR Corporation (601766) by acquiring 9.167 million shares at an average price of HKD 6.1339 per share, totaling approximately HKD 56.2295 million [1] - After the acquisition, Ping An Asset Management's total shareholding in China CNR Corporation is approximately 226 million shares, representing a holding percentage of 5.18% [1]

Core Viewpoint - China CNR Corporation (01766) experienced a nearly 3% increase in stock price, with a reported net profit growth of 37.53% year-on-year for the first three quarters of 2025, indicating strong performance and potential benefits from industry growth [1] Financial Performance - The company reported operating revenue of approximately 183.87 billion yuan, representing a year-on-year increase of 20.49% [1] - The net profit attributable to shareholders was approximately 9.96 billion yuan, reflecting a year-on-year growth of 37.53% [1] - Basic earnings per share were reported at 0.35 yuan [1] Revenue Breakdown - Revenue contributions from various business segments include: - Railway equipment business: 47.71% - Urban rail and municipal infrastructure business: 14.84% - New industry business: 35.95% - Modern service business: 1.50% [1] Industry Outlook - Huatai Securities' research report indicates that the delivery pace of high-speed trains in the first half of the year was rapid, leading to a slowdown in revenue and profit growth in the third quarter [1] - The report anticipates that the rail transit equipment industry will maintain a steady upward trend in new high-speed trains and advanced repairs, positioning China CNR as a key beneficiary of ongoing industry prosperity [1]

每经AI快讯，中国中车(01766.HK)午前涨近3%，截至发稿，涨2.67%，报6.16港元，成交额9015.12万港 元。 ...

华泰证券研报指出，中国中车上半年动车组交付节奏较快，令第三季收入及利润增长有所放缓。该行预 计轨交设备行业未来新增动车组及高级修将维持稳中有升态势，中国中车作为轨交设备龙头，有望受惠 于行业持续高景气。 消息面上，近日，中国中车公布2025年前三季度业绩，营业收入约1838.65亿元，同比增长20.49%；归 属于上市公司股东的净利润约99.64亿元，同比增长37.53%；基本每股收益0.35元。公告称，营业收入 较上年同期增加20.49%，主要是铁路装备业务和新产业（300832）业务收入增加所致。铁路装备业 务、城轨与城市基础设施业务、新产业业务、现代服务业务分别占营业收入的47.71%、14.84%、 35.95%、1.50%。 中国中车（601766）(01766)午前涨近3%，截至发稿，涨2.67%，报6.16港元，成交额9015.12万港元。 ...

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10月31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11月3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 | | 2. 股 ...

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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 公司名稱: 中國中車股份有限公司 呈交日期: 2025年11月3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 | ...

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation (601766) [1] Core Insights - The company reported a revenue of 183.87 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 20.49%, with a net profit attributable to shareholders of 9.96 billion yuan, up 37.53% year-on-year [4] - New orders exceeded expectations, with a total of 247.2 billion yuan in new contracts signed in the first three quarters, marking a 16.49% increase year-on-year [7] - The company’s new industries maintained high growth, with a revenue of 66.1 billion yuan, reflecting a year-on-year increase of 31.91% [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 265.21 billion yuan, with a year-on-year growth rate of 7.6% [6] - The projected net profit attributable to shareholders for 2025 is 13.82 billion yuan, with an expected growth rate of 11.6% [6] - Earnings per share for 2025 is estimated at 0.48 yuan, with a projected price-to-earnings ratio of 16 [6] Revenue Breakdown - For the first three quarters, revenue from railway equipment was 87.72 billion yuan, up 22.23% year-on-year, while the urban rail segment saw a decline of 3.99% [7] - In Q3 alone, revenue from railway equipment was 28.01 billion yuan, down 5.94% year-on-year, with urban rail revenue dropping 17.93% [7] Margin and Cost Analysis - The gross margin for Q3 was 20.34%, a decrease of 0.59 percentage points year-on-year, attributed to changes in product mix [7] - The net profit margin for Q3 was 5.71%, down 0.62 percentage points year-on-year [7]

Core Insights - China CRRC Corporation Limited reported a revenue of 183.87 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 20.49% and a net profit of 9.10 billion yuan, up 51.67% year-on-year [2] Revenue Breakdown - Revenue from railway equipment reached 87.72 billion yuan, growing by 22.23% year-on-year - Urban rail and urban infrastructure revenue was 27.29 billion yuan, declining by 3.99% year-on-year - New industries generated 66.10 billion yuan, with a growth of 31.91% year-on-year - Modern services contributed 2.76 billion yuan, increasing by 20.15% year-on-year [2] Business Performance - The growth in railway equipment revenue was primarily driven by increased sales of high-speed trains, with specific revenues of 16.70 billion yuan from locomotives, 6.00 billion yuan from passenger cars, 52.62 billion yuan from high-speed trains, and 12.40 billion yuan from freight cars [2] - The decline in urban rail and infrastructure was attributed to reduced income from urban infrastructure projects [2] Market Opportunities - The robust demand for railway passenger transport led to two large-scale tenders for high-speed trains by China National Railway Group, significantly boosting the railway equipment market with new orders [2][3] - The first tender in April 2025 involved 68 standard sets of Fuxing trains worth approximately 11.5 billion yuan, while the second tender in August involved 210 standard sets valued at about 35.7 billion yuan, marking the largest single tender in history for Fuxing trains [3] Future Outlook - The peak period for urban rail and infrastructure construction has passed, with stricter national approvals leading to a projected decline in new vehicle orders in this sector [4] - China CRRC plans to expand into urban transportation services, electromechanical contracting, and operation and maintenance sectors [4] - The company secured new orders worth approximately 247.2 billion yuan in the first three quarters of 2025, with international contracts amounting to about 46.7 billion yuan [4]