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 ...

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 Viewpoint - China CRRC (01766) saw its stock price increase by 3.94% to HKD 6.60, with a trading volume of HKD 77.95 million, indicating positive market sentiment ahead of its upcoming board meeting to discuss Q3 performance [1] Group 1: Company Performance - China CRRC plans to hold a board meeting on October 30 to consider and approve its performance for the first three quarters [1] - The company and its subsidiaries have recently signed several significant contracts, totaling approximately HKD 543.4 billion, primarily for the period from July 2025 to September 2025 [1] Group 2: Industry Outlook - According to a report by Galaxy Securities, the National Railway Group's "New Era Transportation Power Railway First Planning Outline" indicates that by 2035, the national railway network is expected to reach around 200,000 kilometers, with high-speed rail accounting for about 70,000 kilometers [1] - The report suggests that an average of new high-speed rail lines will need to be added annually from 2025 to 2035 to meet this target [1]

Core Viewpoint - The stock of China CNR Corporation Limited (01766.HK) has seen an increase of over 4% on October 21, reaching a price of 6.63 HKD with a trading volume of 56.939 million HKD [1] Summary by Category - **Stock Performance** - China CNR Corporation Limited's stock rose by 4.41% to 6.63 HKD [1] - The trading volume was reported at 56.939 million HKD [1]

Core Viewpoint - China CRRC (01766) shares have risen over 4%, currently at 6.63 HKD, with a trading volume of 56.939 million HKD, ahead of the board meeting scheduled for October 30 to consider and approve Q3 performance [1] Group 1: Company Performance - China CRRC has recently signed several major contracts totaling approximately 54.34 billion RMB, which accounts for about 22% of the company's projected revenue for 2024 under Chinese accounting standards [1] - Among these contracts, the subsidiary responsible for high-speed trains has secured sales contracts worth approximately 37.82 billion RMB with China National Railway Group [1] - Additionally, the locomotive subsidiary has signed sales and maintenance contracts totaling around 9.45 billion RMB with relevant parties [1] Group 2: Industry Outlook - According to a report from Galaxy Securities, the national railway network is expected to reach around 200,000 kilometers by 2035, with approximately 70,000 kilometers dedicated to high-speed rail [1] - It is projected that an average of over 2,000 kilometers of new high-speed rail will need to be added annually from 2025 to 2035, benefiting from the recovery in passenger flow and ongoing maintenance of existing stock [1]

Core Viewpoint - China CRRC (601766) shares have risen over 4%, currently at 6.63 HKD, with a trading volume of 56.939 million HKD, following the announcement of a board meeting to consider Q3 performance on October 30 [1] Group 1: Company Performance - China CRRC has recently signed several major contracts totaling approximately 54.34 billion RMB, which accounts for about 22% of the company's projected revenue for 2024 under Chinese accounting standards [1] - Among these contracts, the subsidiary responsible for high-speed trains has secured sales contracts worth approximately 37.82 billion RMB with China National Railway Group [1] - The locomotive subsidiary has signed contracts totaling around 9.45 billion RMB for locomotive sales and maintenance services [1] Group 2: Industry Outlook - According to a report by Galaxy Securities, the national railway network is expected to reach around 200,000 kilometers by 2035, with approximately 70,000 kilometers being high-speed rail [1] - An average of over 2,000 kilometers of new high-speed rail lines will need to be added annually from 2025 to 2035, benefiting from the recovery in passenger traffic and ongoing maintenance of existing stock [1]

Core Insights - The China Central State-Owned Enterprises Innovation-Driven Index has decreased by 1.72% as of October 17, 2025, with mixed performance among constituent stocks [3] - The China Central State-Owned Enterprises Innovation-Driven ETF (515900) has seen a decline of 1.44%, currently priced at 1.57 yuan, but has increased by 2.05% over the past two weeks [3][4] - The conference on the integrated development of the hydrogen energy industry chain was held in Changchun, focusing on rail transit equipment, clean energy equipment, and hydrogen energy [3] Market Performance - The top-performing stocks include China Telecom, which rose by 1.02%, and Yangnong Chemical, which increased by 0.44%, while XJ Electric fell by 6.86% [3] - The trading volume for the China Central State-Owned Enterprises Innovation-Driven ETF was 6.1667 million yuan, with a turnover rate of 0.17% [3] - Over the past year, the ETF has maintained an average daily trading volume of 20.4625 million yuan, ranking first among comparable funds [3] Industry Trends - The recycled aluminum industry is experiencing rapid growth, with an expected production of approximately 10.5 million tons in 2024, accounting for nearly 19% of total aluminum supply [4] - The Ministry of Industry and Information Technology has set a target for recycled aluminum production to exceed 15 million tons by 2027, indicating a compound annual growth rate of 13% [4] - The carbon emissions from recycled aluminum are only 2.1% of those from electrolytic aluminum, which is expected to enhance its green premium due to the launch of the national carbon market and the upcoming EU CBAM [4] ETF Performance - The China Central State-Owned Enterprises Innovation-Driven ETF has seen a significant increase in scale, growing by 61.0039 million yuan over the past month, ranking 1/4 among comparable funds [4] - The ETF's share count increased by 6 million shares in the past week, also ranking 1/4 among comparable funds [4] - The index tracks 100 representative listed companies under the State-owned Assets Supervision and Administration Commission, reflecting the overall performance of innovative and profitable central state-owned enterprises [4][5]

Core Insights - China CNR Corporation Limited (中国中车) experienced a stock price increase of 0.51% on October 16, with a trading volume of 1.134 billion yuan [1] - The company reported a financing net buy of -17.27 million yuan on the same day, indicating a higher level of financing repayment compared to new purchases [1] - As of October 16, the total financing and securities lending balance for China CNR stood at 2.187 billion yuan, reflecting a high level of activity in the financing market [1] Financing Summary - On October 16, the financing buy amount for China CNR was 94.46 million yuan, with a current financing balance of 2.178 billion yuan, accounting for 1.14% of the circulating market value [1] - The financing balance is above the 80th percentile level for the past year, indicating a high position in terms of financing activity [1] Securities Lending Summary - On October 16, China CNR repaid 80,600 shares in securities lending and sold 231,900 shares, with a selling amount of 1.8251 million yuan based on the closing price [1] - The remaining securities lending amount was 1.1528 million yuan, which is above the 90th percentile level for the past year, indicating a high level of securities lending activity [1] Company Performance - As of June 30, China CNR had 513,200 shareholders, a decrease of 1.20% from the previous period, while the average circulating shares per person increased by 1.21% to 47,597 shares [2] - For the first half of 2025, the company achieved operating revenue of 119.758 billion yuan, a year-on-year increase of 33.01%, and a net profit attributable to shareholders of 7.246 billion yuan, up 72.48% year-on-year [2] Dividend and Shareholding Summary - Since its A-share listing, China CNR has distributed a total of 60.442 billion yuan in dividends, with 17.506 billion yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, holding 842 million shares, an increase of 81.0814 million shares from the previous period [3]

Core Viewpoint - The conference focused on the collaborative development of three key industrial chains: rail transit equipment, clean energy equipment, and hydrogen energy, aiming to build a modern industrial system and promote the revitalization of Northeast China [1][2][3] Group 1: Conference Overview - The conference was held in Changchun, Jilin, under the theme of "new quality leadership, central-local collaboration, hydrogen energy chain movement, and co-construction" [1] - A total of 57 collaborative action projects were collected, involving 79 external partners, covering various categories such as supply-demand matching, collaborative support, innovative cooperation, resource sharing, and central-local cooperation [1] Group 2: Key Statements - China CRRC's Chairman emphasized the company's commitment to developing a dual-track and dual-cluster industrial pattern for rail transit and clean energy equipment, enhancing its role in technological innovation and safety support [2] - The Vice Governor of Jilin Province highlighted the historical cooperation with China CRRC in rail transit, new energy vehicles, and hydrogen industries, aiming for high-quality development and collaboration [2] - The Ministry of Industry and Information Technology expressed support for central enterprises, including China CRRC, to engage in collaborative innovation across industrial chains [3] Group 3: Agreements and Innovations - A signing ceremony took place, where agreements were made between Jilin Province and China CRRC regarding the hydrogen energy industrial chain [4] - China CRRC launched the first hydrogen-powered cultural tourism train, "Hydrogen Spring," which is characterized by environmental friendliness and smart comfort, marking a breakthrough in green rail transit [4] - The company also held parallel meetings focused on technological innovation, supply-demand matching, and building a robust ecosystem for the collaborative development of the industrial chains [4]

Core Viewpoint - The China CRRC Modern Industrial Chain Integration Development Conference held on October 16 in Changchun showcased multiple hydrogen energy products, focusing on the collaboration of three major industrial chains: rail transit equipment, clean energy equipment, and hydrogen energy [2] Group 1: Event Overview - The conference aims to establish a new industrial ecosystem characterized by openness, sharing, and mutual benefit through central-local cooperation and industrial chain linkage [2] Group 2: Product Highlights - Various hydrogen energy products were presented, including hydrogen-powered locomotives and hydrogen fuel cell passenger trains, attracting significant attention from attendees [2][4][6][8] - A hydrogen refueling robot was also demonstrated, showcasing advancements in hydrogen energy technology [10] Group 3: Industry Collaboration - The event emphasized the integration of rail transit, clean energy, and hydrogen energy industries, highlighting the importance of cross-chain collaboration [12]