时代电气公告称，2026年1月1日，公司董事会收到副总经理牛杰辞职报告。牛杰因工作调整辞去副总经 理职务，原定任期到2026年6月26日。辞职后，他仍在公司任职，担任调研员及部分下属子公司董事。 牛杰已做好交接工作，其辞职不会对公司日常经营产生不利影响。截至公告披露日，牛杰未持有公司股 票，无未履行的承诺事项。 ...

Group 1 - Major investment banks like Goldman Sachs, Morgan Stanley, and UBS are optimistic about the global stock market outlook for 2026, expecting double-digit gains in both developed and emerging markets due to strong earnings growth, declining interest rates, and reduced policy headwinds [1] - The United States is projected to maintain its position as the global growth engine, driven by a resilient economy and an AI-driven supercycle that is leading to record capital expenditures and rapid earnings expansion [1] - The momentum of the AI industry is spreading globally across various sectors including technology, utilities, banking, healthcare, and logistics, creating both winners and losers amid an already imbalanced K-shaped economy [1] Group 2 - Goldman Sachs has released a list of recommended stocks for investment based on the Earnings Revision Leading Indicator (ERLI), which includes companies such as AIA Group (01299.HK), Xiaomi Group-W (01810.HK), Lenovo Group (00992.HK), and Hong Kong Exchanges and Clearing (00388.HK) [1] - Other notable stocks on the list include China Ping An (02318.HK), Zijin Mining (02899.HK), Techtronic Industries (00669.HK), and China Pacific Insurance (02601.HK) [1] - Additional companies mentioned are ZTO Express-W (02057.HK), Luoyang Molybdenum (03993.HK), Hua Hong Semiconductor (01347.HK), and China Aluminum (02600.HK) [1]

本月底法定/註冊股本總額： RMB 1,357,948,412 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 株洲中車時代電氣股份有限公司 呈交日期: 2025年12月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03898 | 說明 | H 股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 489,040,900 | RMB | | 1 | RMB | | 489,040,900 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 489,040,900 | RMB | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 株洲中車時代電氣股份有限公司 呈交日期: 2025年12月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03898 | 說明 | H 股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 489,040,900 | RMB | | 1 | RMB | | 489,040,900 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 489,040,900 | RMB | | | 1 RMB | | 489,040,900 | | 2. ...

Group 1 - The core viewpoint of the news is that Times Electric has shown a positive stock performance, with a 1.06% increase, reaching a price of 50.44 yuan per share, and a total market capitalization of 68.495 billion yuan [1] - Times Electric, established on September 26, 2005, and listed on September 7, 2021, specializes in the research, design, manufacturing, and sales of rail transit equipment, with a product structure that includes "devices + systems + complete machines" [1] - The main business revenue composition of Times Electric includes 56.58% from rail transit equipment, 42.94% from emerging equipment, and 0.48% from other sources [1] Group 2 - From the perspective of fund holdings, HSBC Jintrust Fund has a significant position in Times Electric, with its flagship fund holding 106,600 shares, accounting for 3.38% of the fund's net value, making it the largest holding [2] - The HSBC Jintrust Value Pioneer Stock A fund, established on November 14, 2018, has a current scale of 125 million yuan and has achieved a year-to-date return of 27.54%, ranking 2045 out of 4189 in its category [2] - The fund manager, Wu Peiwen, has a tenure of 10 years and 96 days, with the fund's total assets amounting to 999.2 million yuan, and the best return during his tenure being 177.98% [3]

Core Insights - Zhuzhou CRRC Times Electric Co., Ltd. has obtained a patent for a method of "state detection of pantographs based on meta-learning and multi-scale feature fusion," with authorization announcement number CN116681928B, applied for on May 2023 [1] Company Overview - Zhuzhou CRRC Times Electric Co., Ltd. was established in 2005 and is located in Zhuzhou City, primarily engaged in the manufacturing of railway, shipbuilding, aerospace, and other transportation equipment [1] - The company has a registered capital of 1,411.54 million RMB [1] - The company has invested in 37 enterprises and participated in 5,000 bidding projects, holding a total of 3,697 patents and 151 administrative licenses [1]

Core Insights - Zhuzhou CRRC Times Electric Co., Ltd. has obtained a patent for a method, system, and storage medium for automatically constructing SBOM based on MBOM, with the authorization announcement number CN117611063B and application date of December 2023 [1] Company Overview - Zhuzhou CRRC Times Electric Co., Ltd. was established in 2005 and is located in Zhuzhou City, primarily engaged in the manufacturing of railway, shipbuilding, aerospace, and other transportation equipment [1] - The company has a registered capital of 1,411.54 million RMB [1] - According to data analysis, the company has invested in 37 enterprises, participated in 5,000 bidding projects, and holds 3,697 patents, in addition to having 151 administrative licenses [1]

Core Viewpoint - A block trade of 89,000 shares of Times Electric occurred on December 25, with a transaction value of 3.6116 million yuan, at a price of 40.58 yuan, representing a discount of 20.15% compared to the closing price of the day [1] Group 1: Block Trade Details - The block trade involved a volume of 89,000 shares and a transaction amount of 3.6116 million yuan [1] - The transaction price was 40.58 yuan, which is a 20.15% discount relative to the closing price of the day [1] - The buyer was Hongta Securities Co., Ltd. Zhengzhou Future Road Securities Business Department, while the seller was CITIC Securities (Shandong) Co., Ltd. Zhengzhou Yellow River Road Securities Business Department [1] Group 2: Market Performance - Times Electric's closing price on the same day was 50.82 yuan, with a slight increase of 0.24% [1] - The daily turnover rate was 0.29%, with a total transaction amount of 12.7 million yuan [1] - There was a net outflow of main funds amounting to 4.0556 million yuan for the day, and over the past five days, the stock has cumulatively increased by 4.42% with a total net outflow of 18.211 million yuan [1] Group 3: Margin Trading Data - The latest margin financing balance for Times Electric is 668 million yuan, with an increase of 0.9332 million yuan over the past five days, reflecting a growth rate of 0.14% [1]

Core Insights - On December 25, Times Electric executed a block trade of 89,000 shares, amounting to 3.6116 million yuan, which represented 2.76% of the total trading volume for the day [1][2] - The transaction price was 40.58 yuan, reflecting a discount of 20.15% compared to the market closing price of 50.82 yuan [1] Summary by Category - **Transaction Details** - Date of transaction: December 25 [2] - Security name: Times Electric [2] - Security code: 688187 [2] - Transaction price: 40.58 yuan [2] - Transaction amount: 3.6116 million yuan [2] - Transaction volume: 89,000 shares [2] - **Market Context** - The transaction price was significantly lower than the market closing price, indicating a notable discount of 20.15% [1]

Core Viewpoint - The report highlights the financial performance and stock trading activities of Zhuzhou CRRC Times Electric Co., Ltd., indicating a mixed trading environment with significant financing activities and a solid revenue growth trajectory. Group 1: Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 18.83 billion yuan, representing a year-on-year growth of 15.83% [2] - The net profit attributable to shareholders for the same period was 2.72 billion yuan, reflecting a year-on-year increase of 8.77% [2] - Cumulatively, the company has distributed a total of 5.11 billion yuan in dividends since its A-share listing, with 3.84 billion yuan distributed over the past three years [3] Group 2: Stock Trading Activities - On December 23, the company's stock rose by 0.54%, with a trading volume of 192 million yuan [1] - The financing buy-in amount for the company on the same day was 34.14 million yuan, while the financing repayment was 38.12 million yuan, resulting in a net financing outflow of 3.98 million yuan [1] - As of December 23, the total margin trading balance for the company was 676 million yuan, with the financing balance accounting for 1.55% of the circulating market value, indicating a high level compared to the past year [1] Group 3: Shareholder Structure - As of November 30, the number of shareholders for the company was 18,800, a decrease of 16.23% from the previous period [2] - The average circulating shares per shareholder remained at 0 shares, unchanged from the previous period [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 16.42 million shares, an increase of 477,500 shares from the previous period [3]