The Huaxin Securities Research Report pointed out that China's CRRC business structure has been optimized, and the new industry has broken down. As the core business, railway equipment benefits from market demand after mainline railway construction and maintenance, and has maintained rapid growth; the new industry focuses on clean energy equipment, which is in line with the “dual carbon” strategy and has become an important growth pole; urban rail and modern service businesses are progressing steadily, and multiple sectors collaborate to form anti-cyclical capabilities. Using the “Belt and Road” as an opportunity to implement the five-pronged model of “localized manufacturing, procurement, employment, maintenance and marketing”, major overseas projects have achieved remarkable results, the layout of overseas bases and channels has been improved, overseas revenue has grown steadily, and the ability to resist the risk of single market fluctuations has been enhanced. The company continues to invest heavily in R&D to support core technology research and product iteration, leading patent reserves and participation in industry standards. Core product technology has reached the international advanced level, supporting import substitution and global market expansion. Consider the continued execution of the company's orders and maintain a “buy” investment rating.

The Huaxin Securities Research Report pointed out that China's CRRC business structure has been optimized, and the new industry has broken down. As the core business, railway equipment benefits from market demand after mainline railway construction and maintenance, and has maintained rapid growth; the new industry focuses on clean energy equipment, which is in line with the “dual carbon” strategy and has become an important growth pole; urban rail and modern service businesses are progressing steadily, and multiple sectors collaborate to form anti-cyclical capabilities. Using the “Belt and Road” as an opportunity to implement the five-pronged model of “localized manufacturing, procurement, employment, maintenance and marketing”, major overseas projects have achieved remarkable results, the layout of overseas bases and channels has been improved, overseas revenue has grown steadily, and the ability to resist the risk of single market fluctuations has been enhanced. The company continues to invest heavily in R&D to support core technology research and product iteration, leading patent reserves and participation in industry standards. Core product technology has reached the international advanced level, supporting import substitution and global market expansion. Consider the continued execution of the company's orders and maintain a “buy” investment rating.