Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported significant growth in its H1 2025 performance, with a revenue of 1197.58 billion yuan, representing a year-on-year increase of 32.99%. The net profit attributable to shareholders was 72.46 billion yuan, up 72.48%, and the net profit excluding non-recurring items was 66.61 billion yuan, reflecting a growth of 98.25% [6][2]. - The outlook for 2025 indicates continued growth in the high-speed train business, improvement in locomotive operations, and development in urban rail and new industries, suggesting a sustained upward trend in the company's operations [2][11]. Summary by Sections Financial Performance - In H1 2025, the company achieved a total revenue of 1197.58 billion yuan, a 32.99% increase year-on-year. The net profit attributable to shareholders was 72.46 billion yuan, marking a 72.48% increase, while the net profit excluding non-recurring items reached 66.61 billion yuan, up 98.25% [6][2]. - The railway equipment business generated revenue of 597 billion yuan, a 42% increase, driven by growth in high-speed trains and freight cars. Urban rail and city infrastructure revenue was 174 billion yuan, up 6%, and new industry revenue was 407 billion yuan, reflecting a 36% increase [11][11]. Profitability Metrics - The overall gross margin for H1 2025 was 21.81%, an increase of 0.40 percentage points year-on-year. The gross margins for railway equipment, urban rail, new industries, and modern services were 25.17%, 18.86%, 17.74%, and 30.86%, respectively [11][11]. - The net profit margin for H1 2025 was 7.45%, an increase of approximately 1.3 percentage points compared to H1 2024 [11]. Market Outlook - The railway passenger and freight transport sectors are experiencing high demand, with passenger volume reaching 2.691 billion, a 6.7% increase year-on-year. Freight transport also showed a positive trend, with 4.52 million tons transported in July, up 4.5% [11][11]. - The company is committed to international expansion, leveraging opportunities from the Belt and Road Initiative and enhancing its global market presence [11][11]. Dividend Policy - The company announced a mid-term cash dividend of 1.1 yuan per 10 shares, totaling 31.57 billion yuan, which represents 43.57% of the net profit attributable to shareholders for H1 2025 [11][11]. Future Projections - The company is expected to achieve net profits of 147 billion yuan and 164 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 15.0 and 13.4 [11][11].

Core Viewpoint - The company reported strong mid-year performance for 2025, with significant growth in revenue and net profit, driven by robust demand in the railway equipment and new industries sectors [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 1197.58 billion yuan, a year-on-year increase of 32.99% [1] - The net profit attributable to shareholders reached 72.46 billion yuan, up 72.48% year-on-year [1] - The net profit excluding non-recurring items was 66.61 billion yuan, reflecting a 98.25% year-on-year growth [1] - For Q2 2025, the company reported revenue of 710.87 billion yuan, a 22.85% increase year-on-year, and a net profit of 41.93 billion yuan, up 31.22% year-on-year [2] Segment Performance - Railway equipment revenue was 597.06 billion yuan, a 42.21% increase year-on-year, with significant contributions from passenger and freight transport [2] - New industries revenue reached 407.33 billion yuan, growing by 35.59% year-on-year, driven by demand in wind power and energy storage [2] - The modern services segment generated revenue of 19.17 billion yuan, reflecting a 16.39% year-on-year increase [2] Profitability and Cost Management - The company's gross margin for H1 2025 was 21.81%, an increase of 0.40 percentage points year-on-year [3] - The railway equipment segment had a gross margin of 25.17%, up 2.46 percentage points year-on-year [3] - The sales net profit margin improved to 7.45%, a year-on-year increase of 1.32 percentage points [3] - The company effectively managed its expenses, with sales, management, financial, and R&D expense ratios showing improvements [3] Market Outlook - The railway sector is expected to continue benefiting from strong passenger and freight demand, with significant orders for high-speed trains and locomotives [4] - The new industries sector is projected to maintain growth momentum due to favorable market conditions in wind power and energy storage [4] - The company anticipates achieving net profits of 140.20 billion yuan, 140.99 billion yuan, and 155.88 billion yuan for 2025, 2026, and 2027, respectively [4]

Group 1 - The core viewpoint of the article highlights the strong financial performance of CRRC Corporation Limited in the first half of 2025, with significant year-on-year growth in revenue and net profit [1] - The company achieved operating revenue of 1197.58 billion RMB, a year-on-year increase of 32.99%, and a net profit attributable to shareholders of 72.46 billion RMB, up 72.48% [1] - The revenue from the railway equipment business reached 597.06 billion RMB, growing by 42.21%, driven by strong demand in passenger and freight transport [1] Group 2 - In the first half of 2025, CRRC's overseas revenue reached 132.34 billion RMB, marking an 8.43% increase, with new overseas orders amounting to 309 billion RMB [2] - The company signed significant international projects, including the Dubai Metro Blue Line, and received positive feedback for its operations in the Jakarta-Bandung High-Speed Railway and the China-Laos Railway [2] - CRRC invested approximately 69.40 billion RMB in R&D, accounting for 5.79% of its operating revenue, maintaining a high level of research intensity [2] Group 3 - The company plans to distribute cash dividends of 1.1 RMB per 10 shares, totaling 31.57 billion RMB, to enhance shareholder returns [1] - CRRC showcased 22 innovative products at the High-Speed Rail Conference, including the CR450 train and a hydrogen-powered tram, highlighting its commitment to technological innovation [2]

Summary of Key Points Core Viewpoint - On August 25, a total of 200 stocks received buy ratings from brokerages, with 34 stocks announcing target prices, indicating a positive sentiment in the market [1]. Group 1: Stock Performance - The stocks with the highest target price increases are Yuyue Medical, CRRC Corporation, and Juchip Technology, with target price increases of 56.27%, 41.85%, and 41.85% respectively [1]. Group 2: Rating Adjustments - Out of the 200 stocks, 196 maintained their ratings, while 4 stocks received their first ratings. Additionally, 28 stocks attracted attention from multiple brokerages [1]. Group 3: Brokerage Attention - Yuyue Medical, Hualu Hengsheng, and Huadian Technology received the most ratings, with 4, 3, and 3 brokerages respectively providing ratings [1]. Group 4: Industry Analysis - The sectors with the highest number of stocks receiving buy ratings are Materials II, Capital Goods, and Semiconductors and Semiconductor Equipment, with 37, 34, and 22 stocks respectively [1].

来源：金吾财讯 花旗发表研报，中国中车今年次季盈利按年增长31%至41.9亿元，超出初步业绩中点3%，还因中国国家 铁路集团(CSRG)210组高铁动车组招标，使2025年至今动车组招标(278组)较2024年全年总量(245组)高 出约14%。 花旗将中国中车2025及2026年盈利预测分别上调9%和10%，以反映上半年好于预期的业绩及下半年乐 观展望，后者得益于上述强劲的动车组招标；将目标价从5.4港元上调至7.3港元，评级从"中性"上调 至"买入"。 金吾财讯 | 中国中车(01766)反复上扬，盘中一度高涨逾6%，截至发稿，仍涨3.26%，报6.34港元，成交 额2.87亿港元。A股中国中车(601766)今日收涨3.13%，报7.91元。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a record high performance in H1 2025, with revenue of 119.76 billion, a year-on-year increase of 32.99%, and a net profit attributable to shareholders of 7.25 billion, up 72.48% [5][8] - The railway equipment business showed the fastest growth, with revenue of 59.71 billion, a year-on-year increase of 42.21% [8] - The company plans to distribute a cash dividend of 1.1 yuan per 10 shares, totaling 3.16 billion, which represents 43.57% of the net profit for the first half of 2025 [8] - The profit margin and net profit for the first half of the year reached historical highs, with a net profit margin of 7.45% [8] Financial Data and Profit Forecast - The company expects total revenue for 2025 to be 265.21 billion, with a year-on-year growth rate of 7.6% [7] - The forecasted net profit for 2025 is 13.82 billion, reflecting an 11.6% increase compared to the previous year [7] - The projected earnings per share for 2025 is 0.48 yuan, with a price-to-earnings ratio of 16 [7] Business Segment Performance - The railway equipment repair and modification business generated revenue of 22.36 billion, a year-on-year increase of 11.81% [8] - The new industry segment reported revenue of 40.73 billion, up 35.59% year-on-year [8] - The modern service revenue reached 1.92 billion, with a growth of 16.39% [8] Market Context - National railway fixed asset investment for January to July 2025 was 433 billion, a year-on-year increase of 5.6%, indicating strong demand for railway services [8] - The company has exceeded the previous year's bidding volume for high-speed trains, with 278 sets of 350 km/h trains bid in the first eight months of 2025 [8]

Stock Market Performance - The Hang Seng Index rose 234 points or 0.9% to close at 25,339 points, the China Enterprises Index rose 105 points or 1.2% to close at 9,079 points, and the Hang Seng Tech Index rose 149 points or 2.7% to close at 5,647 points. The total turnover of the market was HK$285.584 billion [1]. - The Shanghai Composite Index rose 54 points or 1.45% to close at 3,825 points, the Shenzhen Component Index rose 246 points or 2.07% to close at 12,166 points, and the ChiNext Index rose 87 points or 3.36% to close at 2,682 points. The total turnover of the Shanghai and Shenzhen stock markets increased to approximately RMB2.55 trillion, setting a record for the A-share market [2]. - The Dow Jones Industrial Average and the Nasdaq Composite both rose 1.9%, the Dow Jones Industrial Average reached a new high, closing 846 points higher at 45,631 points, the Nasdaq Composite rose 396 points to 21,496 points, and the S&P 500 Index closed 96 points or 1.5% higher at 6,466 points, approaching last week's high [2]. Monetary Policy - The People's Bank of China conducted a seven-day reverse repurchase operation of RMB253 billion in the open market on the 21st, with an operating interest rate remaining flat at 1.4%. There were RMB128.7 billion of reverse repurchases due, resulting in a net injection of RMB124.3 billion [2]. - The central parity rate of the RMB against the US dollar was raised by 97 points to 7.1287 [2]. Trade Policy - Canada announced on Friday the cancellation of several countervailing tariffs against the US but maintained a 25% tariff on US automobiles, steel, and aluminum. The policy adjustment will take effect on September 1st [3]. Company Announcements IPO - Aux Group (02580.HK) plans to globally issue 207.16 million shares, with 5% (approximately 10.3582 million shares) for the Hong Kong public offering and 95% (approximately 196.8 million shares) for the international placement. The offering price ranges from HK$16 to HK$17.42 per share, with a maximum fundraising of approximately HK$3.61 billion. The subscription period is from the 25th to noon on the 28th, and it is expected to be listed on September 2nd [4]. Interim Results - Sinopharm Group (01099.HK) reported a turnover of RMB286.043 billion for the six months ended June 30th, a year-on-year decrease of 2.9%. The net profit was RMB3.466 billion, a year-on-year decrease of 6.4%, and the earnings per share were RMB1.11. No dividend was declared [4]. - Zhaojin Mining Industry (01818.HK) reported an income of RMB6.972 billion for the six months ended June 30th, a year-on-year increase of 50.7%. The gross profit was RMB3.05 billion, an increase of 54.3%. The net profit was RMB1.44 billion, a growth of 160.4%, and the earnings per share were RMB0.38. No dividend was declared [4]. - Greentown China (03900.HK) reported an income of RMB53.368 billion for the six months ended June 30th, a year-on-year decrease of 23.3%, due to a 22.7% decrease in the transfer area during the period. The gross profit was RMB7.159 billion, a decrease of 21.4%. The net profit was RMB210 million, a decline of 89.7%, mainly affected by an impairment loss of RMB1.933 billion on related assets. The earnings per share were RMB0.08. No dividend was declared [5]. - Chow Tai Fook Jewellery Group (06168.HK) reported an income of RMB3.15 billion for the six months ended June 30th, a year-on-year increase of 5.2%. The gross profit was RMB827 million, an increase of 8.7%, mainly due to the contribution of the self - operated business model. The net profit was RMB415 million, a growth of 11.9%, and the earnings per share were RMB1.09. An interim dividend of HK$0.45 was declared [5]. - Nine Masts Catering Group (09922.HK) reported an income of RMB2.753 billion for the six months ended June 30th, a year-on-year decrease of 10.1%. The net profit was RMB60.69 million, a decline of 16%, and the earnings per share were RMB0.04. No dividend was declared [5]. - CMOC Group (03993.HK) reported an operating income of RMB94.773 billion for the six months ended June 30th, a year-on-year decrease of 7.8%. The operating cost was RMB74.727 billion, a decrease of 11%. The net profit attributable to shareholders was RMB8.671 billion, a growth of 60.1%, setting a new high for the same period. The earnings per share were RMB0.41. No dividend was declared [5]. - CRRC Corporation Limited (01766.HK) reported an operating income of RMB119.758 billion for the six months ended June 30th, a year-on-year increase of 33%, mainly due to the growth of railway equipment and new industry revenues. The net profit was RMB7.246 billion, a growth of 72.5%, and the earnings per share were RMB0.25. An interim dividend of RMB0.11 was declared [6]. - Dongfang Selection (01797.HK) reported a total revenue of RMB4.392 billion for the fiscal year ended May 31st, a year-on-year decrease of 37.9%. The net profit was RMB5.74 million, a decline of 99.7%, and the earnings per share were RMB0.01. No dividend was declared. The net profit from continuing operations was RMB6.2 million, compared with RMB249 million in 2024. Excluding the financial impact of the sale of Yuhui Tongxing, the net profit from continuing operations was RMB135 million, a growth of 30%. The total operating cost of continuing operations decreased by 38.2% to RMB3 billion, mainly due to the decrease in the inventory cost and logistics cost of self - operated products caused by the decrease in GMV. The gross profit from continuing operations decreased by 17% to RMB1.4 billion, and the gross profit margin increased from 25.9% to 32% [7]. - China National Tobacco Hong Kong (06055.HK) reported an income of RMB10.316 billion for the six months ended June 30th, a year-on-year increase of 18.5%. The gross profit was RMB946 million, a decrease of 1.8%. The net profit was RMB706 million, a growth of 9.8%, and the earnings per share were RMB1.02. An interim dividend of HK$0.19 was declared, compared with HK$0.15 in the same period last year [7].

证券研究报告 中国中车 (1766 HK/601766 CH) 中国中车发布半年报，2025 年 H1 实现营收 1197.58 亿元（yoy+32.99%）， 归母净利 72.46 亿元（yoy+72.48%），扣非净利 66.61 亿元（yoy+98.25%）。 其中 Q2 实现营收 710.87 亿元（yoy+22.85%，qoq+46.06%），归母净利 41.93 亿元（yoy+31.32%，qoq+37.33%）。25H1 公司铁路装备业务高增， 我们预计轨交设备行业未来新增动车组及高级修将维持稳中有升态势，公司 作为轨交设备龙头有望受益于行业持续高景气，维持"买入"评级。 25H1 盈利能力提升，费用积极管控降本增效成果显著 港股通 动车组增长亮眼，各板块均向好 华泰研究 中报点评 2025 年 8 月 25 日│中国内地/中国香港 运输设备 公司各业务板块营收均实现增长，铁路装备/城轨与城市基础设施/新产业/ 现代服务业务营业收入分别为 597.06/174.02/407.33/19.17 亿元，同比增 长 42.21%/6.27%/35.59%/16.39%，主要因动车组和货车、城轨地铁车辆 ...

本文源自：金融界AI电报 花旗发表研报，中国中车今年次季盈利按年增长31%至41.9亿元，超出初步业绩中点3%，还因中国国家 铁路集团(CSRG)210组高铁动车组招标，使2025年至今动车组招标(278组)较2024年全年总量(245组)高 出约14%。该行将中国中车2025及2026年盈利预测分别上调9%和10%，以反映上半年好于预期的业绩及 下半年乐观展望，后者得益于上述强劲的动车组招标；将目标价从5.4港元上调至7.3港元，评级从"中 性"上调至"买入"。 ...

花旗发表研报，中国中车今年次季盈利按年增长31%至41.9亿元，超出初步业绩中点3%，还因中国国家 铁路集团(CSRG)210组高铁动车组招标，使2025年至今动车组招标(278组)较2024年全年总量(245组)高 出约14%。该行将中国中车2025及2026年盈利预测分别上调9%和10%，以反映上半年好于预期的业绩及 下半年乐观展望，后者得益于上述强劲的动车组招标；将目标价从5.4港元上调至7.3港元，评级从"中 性"上调至"买入"。 ...