Group 1: Project Overview - The Yarlung Tsangpo River downstream hydropower project has commenced in Nyingchi, Tibet, with a total investment of approximately 1.2 trillion yuan, making it the largest hydropower project globally [1] - The project will construct five cascade power stations, with an estimated 60% of the total investment allocated to infrastructure, 30% to equipment, and 10% to ecological compensation [1] - The project is expected to primarily focus on external power delivery while also addressing local power needs in Tibet, indicating significant investment in ultra-high voltage transmission facilities [1] Group 2: Industry Impact - The project is anticipated to drive demand in various sectors, including civil explosives, construction equipment, and engineering, with a particular emphasis on tunnel boring machine manufacturers due to the complex geological environment [3] - The opening of the Yarlung Tsangpo project is expected to lead to a definitive increase in demand across multiple sub-industries, enhancing catalytic expectations for future growth [3] Group 3: Related Companies - **Dongfang Electric (01072)**: A major supplier of pumped storage units, involved in various segments of the power system construction since the 1960s, focusing on technological innovation [5] - **Times Electric (03898)**: Engaged in products for ultra-high voltage direct current transmission projects, reporting a 14.81% year-on-year increase in Q1 revenue [6] - **Huaxin Cement (06655)**: Forecasts a 50% to 55% increase in net profit for the first half of 2025, driven by the demand from infrastructure projects [6] - **Zoomlion Heavy Industry (01157)**: Reported a 2.92% year-on-year revenue increase in Q1, with growth expected in various machinery sectors due to the recovery in domestic demand [6] Group 4: Power Demand and Investment - China's electricity load has recently reached a record high of over 1.5 billion kilowatts, with projections indicating it could reach 2 billion kilowatts by 2030 [2] - The State Grid and Southern Grid have announced significant investment plans for 2025, with combined investments exceeding 825 billion yuan, marking a historical high [3][4] - The new power system construction is expected to promote sustained investment in the grid, with anticipated growth rates of over 10% by 2025 [4]

Group 1 - Infrastructure stocks in Hong Kong experienced significant upward movement, with China CRRC (01766.HK) rising nearly 9% [1] - Times Electric (03898.HK) saw an increase of over 5.5% [1] - Other companies such as China Metallurgical Group (01618.HK), China Railway (00390.HK), China Railway Construction (01186.HK), and China Communications Construction (01800.HK) also reported gains exceeding 2% [1]

Core Viewpoint - The integration of power infrastructure development and ecological protection is a key initiative by the Southern Power Grid Guangdong Electric Power Company to support high-quality rural development in the "Two Mountains" leading area [1][2]. Group 1: Infrastructure Development - The Southern Power Grid has optimized the layout of power lines in tourist areas, such as the tea gardens in Huizhou, to enhance the aesthetic appeal and maintain ecological integrity [2]. - The company has implemented a comprehensive upgrade of power supply facilities in response to the increasing electricity demand from the local tea industry, ensuring reliable power supply for modernized tea production [4][5]. - A total of 72 charging stations and 369 charging piles have been established across the county, achieving full coverage in 17 towns, which supports the development of the tourism industry [6]. Group 2: Ecological and Economic Impact - The "All-Electric Homestay" project in Xuetian Village exemplifies the integration of renewable energy solutions, reducing carbon emissions by approximately 34 tons annually [6]. - The company has signed cooperation agreements with over 50 local governments to invest approximately 1.3 billion yuan in building 362 new electrified villages in 2024, promoting sustainable rural development [6]. - The establishment of 36 boutique electrified villages in the "Two Mountains" leading area is part of a broader strategy to enhance local industries and promote economic growth [7].

董事會會議通知 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈，本 公 司 將 於 二 零 二 五 年 八 月 二 十 二 日（星 期 五）舉 行 董 事 會 會 議，以 批 准 發 佈 本 集 團（包 括 本 公 司 及 其 附 屬 公 司）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 未 經 審 計 的 中 期 業 績，及 處 理 其 他 事 宜（如 有）。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 承董事會命 株洲中車時代電氣股份有限公司 董事長 李東林 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 中國株洲，二零二五年七月十一日 於本公告日期，本公司董事長兼執行董事為李東林；副董事長兼執行董事為尚敬； 其他執行董事為徐紹龍；以及獨立非執行董事為李開國、鍾寧樺、林兆豐及馮曉雲。 ...

Core Viewpoint - The integration of power infrastructure development with ecological protection is essential for promoting high-quality rural tourism and economic growth in the Guangdong region [1][3][7]. Group 1: Power Infrastructure and Ecological Protection - The Southern Power Grid's Guangdong Huizhou Supply Bureau has implemented optimization projects to conceal power lines in Guoqian Village, enhancing the village's aesthetic appeal and aligning with ecological preservation efforts [1][3]. - The Guangdong Power Grid is actively promoting the construction of typical demonstration villages in key areas, such as the "Two Mountains" leading area, to support integrated development of industries, counties, and rural communities [1][7]. - The power supply department has optimized power line construction plans around the tea gardens to preserve scenic views, thereby enhancing the tourism experience [3][6]. Group 2: Support for Traditional Industries - The local power supply department has upgraded power facilities in response to the increasing electricity demand from the tea industry, including the construction of 28 kilometers of new 10 kV feeder and ring network lines, and the addition of 76 transformers with a capacity increase of 25,670 kVA over the past three years [6][7]. - The introduction of electric equipment in tea production has significantly increased efficiency, allowing workers to produce 13 to 15 pounds of tea per day compared to just 3 to 4 pounds previously [7][8]. Group 3: Green Tourism Development - The "All-Electric Homestay" in Xutian Village, supported by the Southern Power Grid, features a fully electrified system that reduces carbon emissions by approximately 34 tons annually, showcasing the potential for eco-friendly tourism [8][10]. - The Guangdong Power Grid has established 72 charging stations and 369 charging piles across the county, ensuring comprehensive coverage for electric vehicle charging in rural areas [10]. - The company plans to invest approximately 1.3 billion yuan in 2024 to build 362 new electrified villages, further promoting rural modernization and sustainable tourism [10].

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Insights - The mechanical industry is experiencing significant advancements, particularly in humanoid robots and automation technologies, with major companies launching mass production of innovative products [3][4][6] - The humanoid robot sector is expected to see a breakthrough in 2025, with mass production levels reaching thousands of units, which will enhance data collection and training capabilities [6] - The agricultural machinery market is facing challenges, but long-term demand is anticipated to rise due to policy support and export opportunities [9] - The engineering machinery sector is currently under pressure domestically but is witnessing growth in exports, with a positive outlook for infrastructure investments [13] - The low-altitude economy is gaining traction, with government support and increasing applications in tourism and logistics [24] Summary by Relevant Sections Humanoid Robots - On June 30, Junpu Intelligent's subsidiary launched mass production of humanoid robots, marking a significant milestone in the industry [3] - The Sichuan provincial government is promoting the development of humanoid robots and related AI products [3] - The humanoid robot industry is expected to see substantial growth, with a focus on complex functionalities and cost reduction in production [6] Agricultural Machinery - The agricultural machinery market's sentiment index is at 40.9%, indicating a downturn [8] - Despite current challenges, tractor exports have increased by 12.6% in quantity and 31.2% in value from January to May 2025 [9] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, with domestic sales declining by 1.5% but exports increasing by 5.4% [13] - The engineering machinery sector is expected to recover as infrastructure investments rise [13] Low-altitude Economy - The low-altitude economy is being actively developed, with initiatives in low-altitude tourism and support for eVTOL aircraft [24][22] - The government is encouraging the application of low-altitude equipment and services across various sectors [22]

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-026 证券代码： 3898（H 股） 证券简称：时代电气（H 股） | 序 号 | 开户机构 | 账户名称 | 帐号 | | --- | --- | --- | --- | | 1 | 中信银行股份有限公司 株洲天台路支行 | 株洲中车时代电气股份有限公司 | 81116010210 00789990 | | 2 | 招商银行股份有限公司 | 宝鸡中车时代工程机械有限公司西安 | 91890024927 | | | 株洲分行 | 中车轨道工程机械研发中心 | 900101 | | --- | --- | --- | --- | | 3 | 招商银行股份有限公司 株洲分行 | 宝鸡中车时代工程机械有限公司 | 91890024927 900115 | | 4 | 招商银行股份有限公司 | 宝鸡中车时代工程机械有限公司 | 73390069917 | | | 株洲分行 | | 900044 | | 5 | 中国工商银行股份有限 公司株洲田心支行 | 株洲中车时代电气股份有限公司 | 19030205142 00005748 | ...

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-025 证券代码： 3898（H 股） 证券简称：时代电气（H 股） 株洲中车时代电气股份有限公司 关于部分募集资金账户注销的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 株洲中车时代电气股份有限公司(以下简称"时代电气"或"公司")首次公开 发行股票募集资金按照相关法律、法规和规范性文件的规定在银行开立了募集资金 专项账户。2025 年 6 月 27 日公司办理完成部分募集资金专用账户的注销手续，现 将具体情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意株洲中车时代电气股份有限公司首次公 开发行股票注册的批复》（证监许可[2021]2112 号）核准，公司首次公开发行人 民币普通股（A 股）240,760,275 股，发行价格为人民币 31.38 元/股，募集资金总 额为人民币 755,505.74 万元，扣除不含增值税发行费用 11,184.54 万元后，募集 资金净额为 744,321.20 万元。以上 ...

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6月30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6月30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 | | | 500,432,200 | RMB | | 1 RMB | | 500,432,200 | | 增加 / 減少 (-) | | | -11,391,300 | | | RMB | | -11,391,300 | | 本月底結存 | | | 489,040,900 | RMB | | 1 RMB | | 489,040,900 | | 2. ...

Core Viewpoint - The document outlines the fundraising management system of Zhuzhou CRRC Times Electric Co., Ltd, aiming to standardize the management and utilization of raised funds, enhance their effectiveness, and protect investors' rights [2][3]. Group 1: Fundraising Management Principles - The fundraising refers to funds raised through the issuance of stocks or other equity-like securities for specific purposes, excluding funds raised for equity incentive plans [2]. - The system applies to the management of funds raised domestically and does not cover funds raised in the H-share market, which follows different regulations [2]. - The shareholders' meeting and the board of directors are responsible for decision-making regarding the fundraising plan and its usage [3]. Group 2: Fund Usage Regulations - Funds must be used strictly for the purposes disclosed in the prospectus or other public offering documents, and any changes require approval from the shareholders' meeting and relevant regulatory bodies [4][5]. - The company must establish a special account for fundraising, ensuring that funds are not mixed with other funds or used for unauthorized purposes [6][7]. - The company is required to disclose the usage of funds in a timely manner according to relevant regulations [5][6]. Group 3: Fund Storage and Management - Funds must be stored in a centralized manner, with strict management and accurate disclosure [6][7]. - A tripartite supervision agreement must be signed with the underwriter or independent financial advisor and the commercial bank where the funds are stored [6][7]. - The company must ensure that funds are not used for financial investments or for the benefit of controlling shareholders or related parties [12][13]. Group 4: Project Investment and Changes - Funds raised should primarily be invested in the main business to enhance competitiveness and innovation, and not for financial investments [8][9]. - If a project cannot be completed within the original timeframe, the company must disclose the reasons and any adjustments to the investment plan [18][19]. - Any changes to the investment projects must be approved by the board of directors and disclosed to shareholders [31][32]. Group 5: Supervision and Reporting - The company must maintain accurate records of fund usage and report any significant deviations from the investment plan [37][38]. - Independent financial advisors are required to conduct regular audits and provide reports on the management and usage of the funds [20][21]. - The board of directors must review and disclose the findings of these audits in the annual report [20][21].