CRRC Corp Ltd Class A

At 9:03 a.m. on September 30, Fuxing train G43, numbered CR400AF-X-2544, departed Beijing South Railway Station for Hangzhou East Railway Station, marking the official entry into service of the upgraded intelligent Fuxing EMUs. According to a source from the passenger car division of CRRC Corporation Limited who spoke to China Business Journal, this upgrade was led and organized by China State Railway Group, with joint participation in research and development by CRRC Changchun Railway Vehicles, CRRC Qingdao Sifang, and CRRC Tangshan. A source from Sifang's overall vehicle design department said the CR400AF-X intelligent upgraded EMU put into service this time is the latest upgraded version of China's intelligent Fuxing trains, with a maximum operating speed of 350 kilometers per hour, an eight-car formation with four motor cars and four trailer cars, and a seating capacity of 619 passengers. It adds an emergency self-propelled function, carries highly safe and reliable power batteries, and can travel more than 40 kilometers on battery power without relying on external overhead line power supply. It is also the first to adopt 10-gigabit Ethernet technology. Dong Xueyan, a senior engineer at CRRC Changchun, said the train optimizes emergency braking logic and adds an extreme braking function, which can shorten braking distance by 23 percent at an operating speed of 350 kilometers per hour, while also carrying an intelligent air pressure adjustment system to ease ear discomfort in tunnels. Research and design of this model began in 2025, and the first prototype completed final assembly and left the factory for testing in early August 2026. At present, a total of six CR400AF-X EMUs have been put into service in the first batch, and the number in operation and the scope of routes will be expanded later according to railway department arrangements. In addition, the CR450 EMU prototypes, the world's fastest high-speed trains, have completed all operational assessment, and both prototypes have returned to CRRC Changchun and CRRC Sifang for final analysis and verification. Two short-formation CR220J power-concentrated EMU prototypes with a speed of 200 kilometers per hour have also completed 400,000 kilometers of operational assessment for new products.

The first batch of demonstration cases under the Shanghai Stock Exchange's Quality and Efficiency, Return Enhancement 2.0 special initiative has been released, with more than 10 Shanghai-listed companies setting quantitative targets around core indicators such as revenue, profit, R&D, output, buybacks, and dividends, and disclosing specific plans. These companies include CRRC, Guangxi Guiguan Electric Power, Ningbo Zhoushan Port, Eastroc Beverage, Jinshi Resources, Sepax Technologies, Anhui Heli, Haier Biomedical, Jiangsu Expressway, Laobaixing Pharmacy, and Jointown Pharmaceutical. Among them, Ningbo Zhoushan Port has set a 2026 cargo throughput target of 1.25 billion tonnes and a container throughput target of 57.65 million TEU, both up from 2025 levels. Sepax Technologies, using 2025 as the base year, has proposed a 25% revenue growth target and a 33% net profit growth target for 2026. Haier Biomedical aims to raise the share of overseas revenue from 36% in 2025 to above 50% within three years, and to lift the contribution of M&A revenue from 30% to above 40%. Raising dividend payout ratios, increasing dividend frequency, and implementing shareholding increases and buybacks have also become common choices for many companies. Jinshi Resources and Haier Biomedical, among others, have rolled out three-year shareholder return plans covering 2026 to 2028. Ningbo Zhoushan Port, Guangxi Guiguan Electric Power, and Eastroc Beverage have respectively proposed 2026 dividend payout ratios of no less than 65%, 70%, and 80%. Jiangsu Expressway has specified a change from one dividend per year to two dividends per year, and Anhui Heli plans to increase dividend frequency through measures such as interim dividends. In addition, several companies have set quantitative targets for increasing the frequency and forms of investor communication, and have formulated ESG-specific goals and implementation paths. Ningbo Zhoushan Port has also proposed governance-related targets such as independent directors spending no fewer than 15 days on-site in 2026.

CRRC released its 2026 interim report, with net profit attributable to the parent company of 7.991 billion yuan, an increase of 745 million yuan compared with the same period last year, up 10.28% year on year, achieving four consecutive years of growth. The company's total operating revenue was 131.682 billion yuan, an increase of 11.924 billion yuan year on year, up 9.96%, also achieving four consecutive years of growth. Net cash flow from operating activities was negative 16.139 billion yuan, and the asset-liability ratio was 59.68%, down 1.28 percentage points from the same period last year. Gross margin was 22.27%, up 0.45 percentage points year on year, and diluted earnings per share was 0.28 yuan, up 12.00% year on year.

CRRC announced that its controlling shareholder CRRC Group made its first purchase of 4.73 million A-shares of the company through centralized bidding on July 28, 2026, representing approximately 0.02% of total share capital, for a total consideration of 28.18495 million yuan. This purchase is part of a share-buying plan launched on July 20, 2026, which runs from July 20, 2026 to January 19, 2027, with a planned purchase amount of no less than 150 million yuan and no more than 300 million yuan. As of now, CRRC Group has accumulated a total of 4.73 million shares purchased, with a total consideration of 28.18495 million yuan, raising its shareholding from approximately 51.45% to approximately 51.47%.

On the morning of July 20, several listed central state-owned enterprises including Chalco, CRRC, and China Coal Energy announced shareholding increase plans by their controlling shareholders, while NARI Technology and Sinopec disclosed buyback plans or progress. Chalco's controlling shareholder Chinalco and its concert parties plan to increase their holdings of the company's A-shares and H-shares by 1 billion to 2 billion yuan, with the number of shares not exceeding 2% of total share capital, over a 12-month period. CRRC's controlling shareholder CRRC Group plans to increase its holdings by 150 million to 300 million yuan within the next six months, with no price range set. China Coal Energy's controlling shareholder China Coal Group plans to increase its holdings by 50 million to 100 million yuan. NARI Technology's chairman proposed a buyback of 500 million to 1 billion yuan worth of shares for equity incentives or registered capital reduction. Sinopec disclosed buyback progress, having repurchased a cumulative 77.9 million A-shares as of July 17, 2026, for a total of 365 million yuan, under a buyback plan totaling 500 million to 1 billion yuan. Several companies have recently reported improving performance. Chalco expects first-half net profit of 11.2 billion to 12.2 billion yuan, up 58% to 73% year-on-year, a record high for the period. China Shenhua Energy expects first-half net profit of 26.3 billion to 29.8 billion yuan, up 6.9% to 21.1% year-on-year.

China Reform Holdings Corporation and China Chengtong Holdings Group simultaneously disclosed progress on large-scale secondary market purchases, having together deployed nearly 60 billion yuan into core A-share assets. China Reform’s investment arm used over 50 billion yuan from a special central bank relending facility for share buybacks and increases, while China Chengtong, together with Chengtong Capital and Chengtong Yang Capital, has cumulatively bought close to 10 billion yuan. Both firms define these purchases as medium- to long-term strategic allocations, with funds continuously deployed via the central bank’s special relending facility. On the same day, five central enterprises—China Coal Energy, CRRC, Aluminum Corporation of China, NARI Technology, and China Shenhua Energy—jointly announced share increases, buybacks, asset injections, and dividend plans. Among them, three controlling shareholders’ increase plans total between 1.2 billion and 2.4 billion yuan. Five insurance institutions with assets under management exceeding one trillion yuan each voiced support for the stock market. China Pacific Insurance said it will continue to add positions in technology, consumer, and new energy stocks and ETFs. Ping An Insurance stated it will increase allocations to emerging industries, advanced manufacturing, and undervalued value stocks. New China Life Insurance expressed confidence in the market’s long-term value and will raise equity allocations. PICC and China Life Group also expressed a firm bullish stance and plans to boost allocations. On the evening of July 20, more than 20 listed companies issued share increase and buyback announcements, with confirmed deployed funds exceeding 720 million yuan and planned implementation funds totaling between 4.64 billion and 7.6 billion yuan. China Securities Regulatory Commission Chairman Wu Qing visited a securities branch to exchange views with investor representatives, listening to suggestions on strengthening oversight of quantitative and AI program trading and encouraging listed companies to increase dividend payouts.

CRRC controlling shareholder CRRC Group plans to increase its holdings of the company's A-shares over the next six months, with the purchase amount no less than 150 million yuan and no more than 300 million yuan. The implementation period is from July 20, 2026 to January 19, 2027. The company achieved revenue of 53.819 billion yuan in the first quarter of 2026, with net profit attributable to the parent company of 3.378 billion yuan.

Two major state-owned capital operation platforms, China Reform Holdings and China Chengtong Holdings, simultaneously announced large-scale increased holdings of A-shares, injecting strong confidence into the capital market. China Reform Holdings' investment arm has already used over 50 billion yuan from special re-lending for stock buybacks and increased holdings along with supporting funds, and will continue to increase holdings in central enterprise stocks. China Chengtong and its affiliated entities have recently purchased nearly 10 billion yuan of state-owned central enterprise and technology company stocks and ETFs, and will continue to make large additional purchases. Driven by this, many central and state-owned enterprises and industry leaders have intensively disclosed buyback and increased holding plans. Among them, the controlling shareholder of China Coal Energy plans to increase holdings by 50 million to 100 million yuan, the controlling shareholder of CRRC Corporation has an increased holding plan of 150 million to 300 million yuan, the chairman of NARI Technology proposed a buyback of 500 million to 1 billion yuan, the controlling shareholder of China State Construction Engineering plans to increase holdings by 500 million to 1 billion yuan, Huayou Cobalt plans a buyback of 600 million to 1 billion yuan, and the chairman of SANY Heavy Industry proposed a buyback of 400 million to 800 million yuan. Since July, nearly 300 listed companies have implemented share buybacks, with cumulative buyback scale exceeding 15 billion yuan. Midea Group, TCL Technology, and Haier Smart Home rank top three in buyback scale, totaling nearly 4.9 billion yuan. Meanwhile, nearly 120 listed companies have seen net increased holdings by significant shareholders, with the chemical sector becoming the main battleground, and Jiangsu Eastern Shenghong receiving over 300 million yuan in increased holdings. Industry insiders point out that this round of concentrated increased holdings and buybacks by central and state-owned enterprises is a medium- to long-term strategic layout based on long-term economic resilience and aimed at fostering new quality productive forces, with cancellation-type buybacks expected to become the mainstream model.

The China Securities Regulatory Commission recently organised a symposium with representatives from securities fund institutions and listed companies to hear opinions and suggestions on promoting the stable and healthy development of the capital market. Before the market opened on 20 July, five central enterprise listed companies—China Shenhua Energy, CRRC Corporation, Aluminum Corporation of China, NARI Technology, and China Coal Energy—released intensive announcements, sending positive signals through shareholder shareholding increases, share buybacks, cash dividends, and injections of high-quality assets. The previous evening, China Reform Holdings disclosed that it had already used over 50 billion yuan in special re-lending for share buybacks and shareholding increases, along with supporting funds, to maintain market stability, while China Chengtong Holdings disclosed that it had recently purchased nearly 10 billion yuan in onshore stock assets cumulatively. In the brokerage sector, three brokerages—Huaan Securities, Guolian Minsheng Securities, and Sinolink Securities—successively launched buyback plans with a combined maximum amount of 700 million yuan. In the private equity industry, two billion-yuan-level quantitative private equity firms, Lingjun Investment and Pingfanghe Investment, simultaneously announced large-scale self-purchases. Since July, six institutions have made self-purchases totalling 412 million yuan, accounting for nearly 79 percent of the full-year total. Funds entered the market against the trend via exchange-traded funds. Last week, total net inflows into ETFs across the market reached 229.033 billion yuan, of which equity ETFs contributed 203.592 billion yuan, and broad-based ETFs saw net inflows of 156.12 billion yuan in a single week. The latest size of the Huatai-PineBridge CSI 300 ETF reached 99.521 billion yuan. The market adjustment was mainly triggered by external factors such as geopolitical tensions in the Middle East and deleveraging in overseas technology sectors. There has been no trend reversal in the fundamentals of the domestic economy or corporate earnings. The 900 companies on the Shenzhen market that have disclosed half-year earnings forecasts reported total net profits of approximately 230.7 billion yuan, a year-on-year surge of 147 percent.

Wu Qing, chairman of the China Securities Regulatory Commission, said at a meeting with investors on the 20th that the regulator will do everything possible to maintain stable market operations. The pledge came after a stock plunge wiped out 10 trillion yuan in market value over the past two weeks. He stressed the need to prevent risks in the capital market, strengthen supervision, and uphold an open, fair, and just market order. At the meeting, investors put forward suggestions including more forceful counter-cyclical adjustments, bringing in long-term capital, and tougher penalties for securities-related crimes. Government-backed investment firms China Reform Holdings and China Chengtong Holdings Group invested about 60 billion yuan in stock purchases on the 19th. State-owned enterprises such as CRRC and SDIC Power also announced share purchases by major shareholders or buybacks. Bosera Funds said it would invest 50 million yuan in its own equity funds.

In early trading on July 20, the three major A-share indices rose. The Shanghai Composite Index gained 1.18%, the Shenzhen Component Index rose 0.21%, and the ChiNext Index climbed 1.13%. Combined turnover on the two exchanges reached 1.67 trillion yuan, with over 2,900 stocks advancing. Sectors such as oil and gas, baijiu, and coal led the gains, while the power sector rebounded collectively. Jiawei New Energy, Huayin Electric Power, and Fuling Electric Power hit their daily limit up. Kweichow Moutai surged over 5% to 1,322.97 yuan. Before the market opened, multiple companies in the power and coal sectors announced plans to increase holdings or conduct buybacks. SDIC Power's controlling shareholder plans to increase its stake by 150 million yuan within six months. China Coal Energy's controlling shareholder plans to increase holdings by 50 million to 100 million yuan within 12 months. NARI Technology's chairman proposed a buyback of 500 million to 1 billion yuan. China Shenhua Energy announced a 2026 coal sales volume target of 618.1 million tonnes, a power generation target of 288.1 billion kilowatt-hours, and an operating revenue target of 360 billion yuan. Longyuan Power plans to distribute annual cash dividends of no less than 30% of net profit attributable to the parent company from 2025 to 2027. In addition, Aluminum Corporation of China's controlling shareholder plans to increase holdings by 1 billion to 2 billion yuan, and CRRC Corporation's controlling shareholder plans to increase holdings by 150 million to 300 million yuan. Both stocks rose over 6% in early trading.

China State Railway Group has announced the winning bidder candidates for its first batch of locomotive procurement in 2026. Three subsidiaries of CRRC will share an order for 308 locomotives worth a total of approximately 5.687 billion yuan. The procurement includes 203 AC drive six-axle 7,200 kW freight electric locomotives, 80 AC drive eight-axle 9,600 kW freight electric locomotives, as well as 20 plateau-type AC drive six-axle 7,200 kW freight electric locomotives and 5 plateau-type AC drive eight-axle 9,600 kW freight electric locomotives. CRRC Zhuzhou secured orders worth 3.366 billion yuan, accounting for 56.19 percent of the total tender value. CRRC Datong obtained 2.035 billion yuan, representing 35.78 percent. Ziyang CRRC received 286 million yuan, making up 5.03 percent. A source from the locomotive and rolling stock department of China State Railway Group said the large-scale procurement stems from growth in bulk freight, the policy-driven shift from road to rail, the concentrated retirement of aging locomotives, and traction demand released by newly built railway networks. A source from the freight wagon division of CRRC said this major order will boost the company's performance, stabilize capacity utilization, and improve profitability.

Representatives from Chinese and Mexican governments, railway companies, and cultural institutions gathered in Mexico City on July 2 for the “Green Future: Sustainable Mobility and Mutual Learning Among Civilizations” forum. Chinese Ambassador Chen Daojiang said green transportation is key to implementing the UN 2030 Agenda and deepening the bilateral comprehensive strategic partnership. Mexico City Secretary of Mobility Héctor Ulises García highlighted progress toward an integrated, low-emission public transport system, while STE Director General Martín López noted close collaboration with CRRC on landmark railway projects. CRRC President Wang Feng reaffirmed the company’s commitment to low-carbon modernization of Mexican cities and announced a collaboration agreement with the National Museum of History at Chapultepec Castle for heritage conservation. The event also featured panel discussions on smart mobility and cultural preservation, as well as cultural activities including calligraphy workshops and a mariachi performance.

CRRC Corporation Limited inaugurated two of five planned Green Energy Hubs in Mexico, one at Tasqueña station on Mexico City's Light Rail and another at Tlajomulco Centro on Line 4 of Guadalajara's Light Rail, as part of its "Green Mobility, Sustainable Future" initiative. The hubs feature railway technology exhibits, cultural activities, and interactive experiences promoting sustainable mobility, coinciding with the 2026 FIFA World Cup during which 115 CRRC-manufactured trains are operating across Mexico City, Guadalajara, and Monterrey. Officials from STE, SITEUR, and the Chinese Cultural Center in Mexico highlighted the collaboration's role in providing efficient, safe transportation and fostering environmental awareness. The stations will remain active throughout the tournament, offering educational and cultural programming for millions of passengers.