Market Overview - The rail transit equipment sector experienced a decline of 0.62% on January 16, with Bidu Technology leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Stock Performance - Notable gainers in the rail transit equipment sector included: - Gongda Gaoke (688367) with a closing price of 32.95, up 4.90% on a trading volume of 45,000 shares and a turnover of 146 million yuan [1] - Jiaoda Sino (300851) closed at 29.63, up 4.40% with a trading volume of 57,400 shares and a turnover of 174 million yuan [1] - Xianghe Industry (603500) closed at 12.96, up 3.43% with a trading volume of 87,000 shares and a turnover of 111 million yuan [1] Fund Flow Analysis - The rail transit equipment sector saw a net outflow of 79.08 million yuan from institutional investors, while retail investors experienced a net outflow of 75.46 million yuan [2] - Conversely, speculative funds recorded a net inflow of 155 million yuan [2] Individual Stock Fund Flow - China Railway Industry (600528) had a net inflow of 37.40 million yuan from institutional investors, but a net outflow of 34.22 million yuan from retail investors [3] - China Communication Signal (688009) saw a net inflow of 3.34 million yuan from institutional investors, while retail investors had a net outflow of 55.10 million yuan [3] - Xianghe Industry (603500) experienced a net inflow of 16.07 million yuan from institutional investors, with retail investors seeing a net outflow of 4.64 million yuan [3]

文 | 中车时代电气 近日， 株洲中车时代电气股份有限公司 完成入会流程，正式成为中关村储能产业技术联 盟会员单位。 1月1 3日，中车时代电气三大新能源解决方案重磅发布： 大型光储解决方案、下一代光储 解决方案及大型制氢解决方案。 中车时代电气将其在高铁牵引变流、智能控制与超高标 准可靠性领域数十年的尖端技术底蕴，系统性注入新能源装备。 模块化光储变流器解决方案 基于海外主型模块化产品1100kW光伏逆变器及1 2 5 0 kW储能变流器，中车时代电气推出 全新8 . 8MW逆变升压一体机及5MW变流升压一体机解决方案，凭借其高效发电、安全可 靠、电网友好、智能运维等突出性能，迅速成为展会明星，该方案可全面适应中东地区高 温、高风沙、高湿度等恶劣环境，满足吉瓦级光储电站稳定并网需求。 新一代光储解决方案 锚 定 储 能 系 统 技 术 发 展 趋 势 ， 中 车 时 代 电 气 推 出 全 新 一 代 4 6 0 kW 组 串 式 光 伏 逆 变 器 、 3 4 50kW液冷储能变流器及13.8MW变流升压一体机解决方案。通过将高效自主器件、先 进散热技术、构网技术等深度融合，大幅度提升产品可靠性、易维护性 ...

Overview - The report summarizes the bidding results for urban rail traction systems in China for the year 2025, covering 15 cities and 36 lines, with a total of 4248 vehicles awarded to 7 companies [3][4][10]. Bidding Statistics by City - In 2025, the traction system procurement market for urban rail in China showed steady development, with 15 cities completing the bidding for 36 lines, totaling 4248 vehicles [4][23]. - The demand for traction systems exhibited a clear tiered distribution among cities: - First tier (over 600 vehicles): Beijing (756), Shanghai (650), and Shenyang (612) - Second tier (200-600 vehicles): Shijiazhuang (314), Changchun (300), Nanjing (282), Chongqing (240), Chengdu (224), Xiamen (222), and Jinan (210) - Third tier (100-200 vehicles): Guangzhou (120), Xiong'an New Area (104), Tianjin (78), Urumqi (72), and Shenzhen (64) [4][5][23]. Market Concentration - The top five cities (Beijing, Shanghai, Shenyang, Shijiazhuang, and Changchun) accounted for a total of 2632 vehicles, representing 61.96% of the total procurement volume, indicating a high market concentration [5][23]. Bidding Methods - The bidding methods for traction systems in 2025 were primarily dominated by main engine factory bidding, with 19 projects involving 2388 vehicles (56.21% of total), while owner public bidding accounted for 13 projects involving 1860 vehicles (43.79% of total) [6][24]. Company Performance - In 2025, seven companies participated in the bidding for traction systems, with Zhuzhou CRRC Times Electric Co., Ltd. leading the market by winning 16 projects and securing 2588 vehicles, which constitutes 60.92% of the total market share [10][11]. - Jiangsu Jingwei Transportation Equipment Co., Ltd. ranked second with 726 vehicles (17.09% market share) across 5 projects, while CRRC Qingdao Sifang Co., Ltd. ranked third with 336 vehicles (7.91% market share) [10][11]. Year-on-Year Comparison - Compared to 2023, the number of awarded vehicles decreased by 2092 (33% drop), and the number of projects decreased by 9 (20% drop). However, compared to 2024, there was an overall upward trend in both the number of awarded vehicles and projects [14][15].

Core Insights - The railway transportation equipment sector experienced a 1.57% increase on January 12, with Langjin Technology leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Sector Performance - Langjin Technology (300594) closed at 23.72, up 12.15% with a trading volume of 105,800 shares [1] - Jinchuan Group (603680) closed at 17.82, up 6.83% with a trading volume of 145,500 shares [1] - Zhonghe Technology (000925) closed at 9.79, up 6.18% with a trading volume of 1,172,100 shares [1] - Shenzhou High-speed Railway (000008) closed at 3.21, up 4.22% with a trading volume of 1,807,900 shares [1] - Tianzhizhi New Materials (688033) closed at 8.69, up 3.58% with a trading volume of 646,800 shares [1] - Bidetech (605298) closed at 45.20, up 3.48% with a trading volume of 47,200 shares [1] - Xianghe Industrial (603500) closed at 12.56, up 2.87% with a trading volume of 94,100 shares [1] - Yonghui Electric (300351) closed at 19.09, up 2.52% with a trading volume of 224,300 shares [1] - Tongye Technology (300960) closed at 25.98, up 2.40% with a trading volume of 32,100 shares [1] - China Railway Signal & Communication (688009) closed at 5.68, up 2.16% with a trading volume of 451,200 shares [1] Capital Flow - The railway transportation equipment sector saw a net inflow of 85.024 million yuan from institutional investors, while retail investors experienced a net outflow of 38.8308 million yuan [1] - Major stocks like China CRRC (601766) had a net inflow of 81.3475 million yuan, while Shenzhou High-speed Railway (000008) had a net inflow of 66.1107 million yuan [2] - Retail investors showed significant outflows in several stocks, including Shenzhou High-speed Railway with a net outflow of 6.43381 million yuan [2]

Group 1 - On January 1, 2026, the company received a resignation report from Mr. Niu Jie, the Vice General Manager, due to work adjustment reasons [1][4] - Mr. Niu will continue to work in the company as a researcher and serve as a director in some of its subsidiaries after his resignation [1][4] Group 2 - Mr. Niu's resignation will take effect upon the delivery of his resignation report to the board and will not adversely affect the company's daily operations [7] - Mr. Niu has completed the necessary handover procedures according to company regulations, and he does not hold any company shares or have any unfulfilled commitments [7] - The board expresses gratitude for Mr. Niu's significant contributions to the company's development during his tenure [2][7]

Group 1 - The core viewpoint of the article is that China's National Railway Group plans to invest in over 2,000 kilometers of new railway lines and aims for infrastructure investment to reach 520 billion RMB, which sets a solid foundation for the industry's next phase [1] - Morgan Stanley believes that despite a cautious tone in mainland policies, actual investment delivery and new mileage have consistently exceeded expectations, with the National Railway exceeding its annual new line targets by approximately 20% for four consecutive years, a trend expected to continue until 2026 and beyond [1] - The report highlights that China CRRC (01766, 601766.SH) and CRRC Times Electric (03898, 688187.SH) have outperformed the market among domestic railway stocks, with better performance opportunities anticipated for the industry this year [1] Group 2 - The report indicates that increased MU density, ongoing expansion of high-speed rail, and clear demand for multiple units, locomotives, and rail vehicles are expected to continue driving vehicle demand [1] - Both China CRRC and CRRC Times Electric possess strong order volumes and hold dominant market shares, which positions them favorably in the industry [1] - For China Railway Group (00390), even as revenue growth normalizes, the transition to high-value national projects and steady growth in overseas orders will support profit margin resilience and create new growth engines [1]

Group 1 - The core viewpoint of the article is that China National Railway Group plans to invest in over 2000 kilometers of new railway lines and aims for infrastructure investment to reach 520 billion yuan, which lays a solid foundation for the industry's next phase [1] - Morgan Stanley believes that despite a cautious tone in mainland policies, actual investment delivery and new mileage have consistently exceeded expectations, with the National Railway exceeding its annual new line targets by approximately 20% for four consecutive years [1] - The trend of exceeding targets is expected to continue until 2026 and beyond, indicating a positive outlook for the industry [1] Group 2 - Companies like CRRC and Times Electric are outperforming the market within the mainland railway sector, and the industry is anticipated to have better performance opportunities this year [1] - The demand for vehicles is expected to be driven by increased MU density, ongoing expansion of high-speed rail, and clear demand for multiple units, locomotives, and rail vehicles [1] - Both CRRC and Times Electric possess strong order volumes and hold dominant market shares, which positions them well for future growth [1] Group 3 - For China Railway Group, even as revenue growth normalizes, the transition to high-value national projects and steady growth in overseas orders will support profit margin resilience and create new growth engines [1]

Group 1 - The core viewpoint of the article is that China National Railway Group plans to invest in over 2000 kilometers of new railway lines and aims for infrastructure investment to reach 520 billion yuan, which is seen as a solid foundation for the industry's next phase and supports a constructive outlook for the 14th Five-Year Plan [1] - Despite a cautious tone in mainland policies, actual investment delivery and new mileage have consistently exceeded expectations, with the national railway exceeding its annual new line targets by approximately 20% for four consecutive years, a trend expected to continue until 2026 and beyond [1] - Companies like CRRC Corporation and Times Electric are outperforming the market within the mainland railway sector, and the industry is anticipated to have better performance opportunities this year [1] Group 2 - The demand for vehicles is expected to continue to be driven by increased MU density, ongoing expansion of high-speed rail, and clear demand for multiple units, locomotives, and rail vehicles [1] - Both CRRC Corporation and Times Electric possess strong order volumes and hold dominant market shares [1] - For China Railway Group, even as revenue growth normalizes, the transition to high-value national projects and steady growth in overseas orders will support profit margin resilience and create new growth engines [1]

Core Viewpoint - The announcement details the resignation of Mr. Niu Jie, the Vice President of Zhuzhou CRRC Times Electric Co., Ltd., effective January 1, 2026, due to work adjustments, while he will continue to serve in other roles within the company [2][3]. Group 1: Management Changes - Mr. Niu Jie submitted his resignation to the board, which will take effect upon receipt of the resignation report [2][3]. - Following his resignation, Mr. Niu will remain with the company as a researcher and serve on the boards of some subsidiaries [2][3]. Group 2: Impact on the Company - The resignation is not expected to adversely affect the company's daily operations, as Mr. Niu has completed the necessary handover procedures [3]. - As of the announcement date, Mr. Niu does not hold any company shares and has no outstanding commitments [3]. Group 3: Acknowledgment - The board expresses sincere gratitude for Mr. Niu's significant contributions to the company's development during his tenure [4].

Summary of National Railway (NR) Annual Working Conference Industry Overview - The conference focused on the railway equipment industry, specifically high-speed rail (HSR) and general railway operations in China. Key Highlights 1. **New Rail/HSR Completion Targets** - NR aims for total new rail/HSR completion of 3,000 km and 2,000 km per annum during 2026-30, which is a 20% reduction compared to the actual completion from 2021-25. This indicates a demand for approximately 140 standard trainsets of multiple units (MU) annually from new line completions [1][2][7]. 2. **Passenger and Freight Volume Growth** - NR projects rail passenger volumes to grow by 3.5% year-on-year and freight volumes by 1.5% year-on-year in 2026, which is a moderation from the previous year's growth rates of 4.2% and 2.1%, respectively [1][5]. 3. **Demand Stability for MUs** - The expected demand for new MUs is projected to remain stable at around 250 standard units annually from 2026 to 2030, considering both new line completions and replacement demand [1][6]. 4. **CR450 Model Development** - The new CR450 "Fuxin" MU is set to complete its model design and operational assessment in 2026, with initial orders expected in early 2027, marking a gradual replacement of the existing CRH "Harmony" MUs [1][6]. 5. **Financial Performance Metrics** - In 2025, total railway fixed asset investment (FAI) reached RMB 901.5 billion, a 6.0% increase from RMB 850.6 billion in 2024. New line additions were 3,109 km, slightly down by 0.1% from 2024 [4]. 6. **Historical High in Revenue** - Total railway transportation revenue achieved RMB 1.02 trillion, reflecting a 3.1% year-on-year increase, surpassing the target of RMB 1.01 trillion set at the beginning of the year [4]. Additional Insights - The dual-track ratio and electrified ratio are targeted to reach 64% and 78% respectively by 2030, compared to 60.8% and 75.8% in 2024 [7]. - The shift in powertrain regulations from diesel engines to power battery systems may influence the demand for new locomotives, potentially reducing tendering demand in 2026-27 [6]. Ratings and Recommendations - Neutral ratings are maintained for Times Electric A (688187.SS) and CRRC A (601766.SS), while Buy ratings are upheld for Times Electric H (3898.HK) and CRRC H (1766.HK) based on valuation and dividend yield considerations [1].