11月27日晚，A股市场再现"A拆A"重磅消息，中国中车发布公告称，拟将所属子公司中车戚墅堰机车车辆工艺研究所股份有限公司（以下简称"中车戚 所"）分拆至深交所创业板上市。此次分拆不会改变中国中车的股权结构，公司仍将牢牢掌控对中车戚所的控制权。 中国中车明确表示，本次分拆需满足多项条件才能顺利推进，包括获得公司股东会对分拆方案的正式批准，还需履行交易所、中国证监会相应程序以及遵 循相关法律法规所要求的其他程序。 作为全球规模领先、品种齐全、技术一流的轨道交通装备供应商，中国中车连续多年在轨道交通装备业务销售规模上位居全球首位。其主营业务广泛，涵 盖铁路装备业务、城轨与城市基础设施业务、新产业业务、现代服务业务等多个板块。自2008年上市以来，公司市值已突破2000亿元。 那么，此次分拆中车戚所对上市公司会产生怎样的影响呢？中国中车在分拆预案中给出了详细说明。通过本次分拆上市，公司将进一步实现业务聚焦，集 中精力发展铁路装备业务、城轨与城市基础设施业务、新产业业务、现代服务业务等核心板块，加快向"制造 + 服务"和系统解决方案提供商的转型步伐。 在盈利能力方面，分拆完成后，中车戚所仍为中国中车合并财务报表范围内 ...

Core Viewpoint - China CNR Corporation plans to spin off its subsidiary, CRRC Qishuyan Locomotive and Rolling Stock Research Institute Co., Ltd. (referred to as "CRRC Qishuyan"), for listing on the Shenzhen Stock Exchange's ChiNext board, which will not affect the company's ownership structure and control over CRRC Qishuyan [1][3]. Group 1: Spin-off Details - The spin-off requires approval from the company's shareholders and compliance with relevant procedures from the stock exchange and the China Securities Regulatory Commission [3]. - The spin-off aims to enhance business focus, allowing China CNR to concentrate on its core sectors, including railway equipment, urban rail and infrastructure, new industries, and modern services [4][5]. - After the spin-off, CRRC Qishuyan will remain a controlled subsidiary within the consolidated financial statements of China CNR, meaning its financial performance will still impact the parent company's overall financials [4][5]. Group 2: Financial Performance and Market Position - CRRC Qishuyan, established in 1992, specializes in high-end equipment key components and system solutions, with products covering rail transit equipment, energy and engineering equipment, automotive parts, and intelligent manufacturing [8]. - According to unaudited financial data, CRRC Qishuyan is projected to achieve a net profit attributable to the parent company of 308 million yuan in 2024 [8]. - The spin-off is expected to strengthen CRRC Qishuyan's capital base and business development capabilities, enhancing its market competitiveness and expanding its business layout, which will benefit the overall profitability of China CNR in the long run [5][8]. Group 3: Industry Trends - The trend of spin-offs is gaining momentum, with nearly 30 A-share listed companies planning similar actions since 2025, primarily in high-tech industries such as information technology and advanced equipment manufacturing [10]. - Other companies, such as China Unicom and Zhejiang Pharmaceutical, are also pursuing spin-offs to enhance their operational capabilities and market presence [10][12].

Group 1 - China CRRC plans to spin off its subsidiary CRRC Qishuyan Locomotive Research Institute for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, marking a resurgence of "A-share spin-offs" in the A-share market since 2025, with nearly 30 companies pursuing similar plans [1][6] - The spin-off will not affect the equity structure of China CRRC, which will maintain control over CRRC Qishuyan [1][3] - The company aims to achieve business focus through this spin-off, concentrating on its core sectors such as railway equipment, urban rail and infrastructure, new industries, and modern services [2][3] Group 2 - CRRC Qishuyan, established in 1992, specializes in high-end equipment key components and system solutions, with products covering rail transit equipment, energy and engineering equipment, automotive parts, and intelligent manufacturing [4] - The unaudited financial data for CRRC Qishuyan indicates a projected net profit of 308 million yuan for 2024 [4] - The spin-off is expected to enhance CRRC Qishuyan's capital strength and business development capabilities, thereby improving its market competitiveness and overall profitability [3][4] Group 3 - The trend of spin-off listings is gaining momentum, with companies like Zhejiang Pharmaceutical and China Unicom also planning to spin off subsidiaries for independent listings to enhance their financing channels and overall competitiveness [6] - The "A-share spin-off" model is becoming a significant strategy for companies to expand their capital footprint and enhance the international influence of their subsidiaries [6][7]