Core Viewpoint - Times Electric reported a strong performance in the first half of the year, with significant revenue and profit growth, supported by stable sales in the railway equipment sector and expansion in new industries [1] Financial Performance - The company achieved a revenue of approximately 12.214 billion yuan, representing a year-on-year increase of 17.95% [1] - Net profit reached about 1.6715 billion yuan, reflecting a year-on-year growth of 12.93% [1] Market Analysis - HSBC's report highlights that Times Electric's sales growth in new industries is supported by stable capacity expansion, while railway equipment sales remain steady [1] - Key catalysts for growth include stronger bidding for high-speed trains and locomotives, faster capacity enhancement at the Yixing IGBT factory, alleviated price competition, and the first interim dividend distribution [1] Investment Outlook - Despite underperforming against the Hang Seng Index this year, HSBC maintains a "Buy" rating for Times Electric, citing low valuation and steady progress in new industry sales as factors supporting a valuation reassessment [1] - The target price for H-shares has been raised from 38 HKD to 47 HKD, implying a projected price-to-earnings ratio of 13 times for 2026, reflecting stronger long-term growth potential [1]

Core Viewpoint - Times Electric (03898) reported a strong performance in its interim results, with significant revenue and profit growth, indicating a positive outlook for the company's future performance [1] Financial Performance - For the first half of the year, Times Electric achieved a revenue of approximately 12.214 billion yuan, representing a year-on-year increase of 17.95% [1] - The net profit for the same period was around 1.6715 billion yuan, reflecting a year-on-year growth of 12.93% [1] Market Outlook - Huatai Securities anticipates that the company's performance will continue to grow steadily in the second half of the year, driven by peak demand for national railway repairs and new train set tenders, as well as breakthroughs in high-power devices, renewable energy generation, and deep-sea equipment sectors [1] - HSBC's report highlights that the sales growth in new industries is supported by stable capacity expansion, while railway equipment sales remain stable [1] Catalysts for Growth - Key catalysts for Times Electric's growth include stronger tenders for train sets and locomotives, faster capacity enhancement at the Yixing IGBT factory, alleviated price wars, and the first interim dividend distribution [1] - HSBC has raised the target price for Times Electric's H-shares from 38 HKD to 47 HKD, implying a projected price-to-earnings ratio of 13 times for 2026, reflecting stronger long-term growth potential [1]

Core Viewpoint - Times Electric (03898) reported a strong performance in its interim results, with significant revenue and profit growth, indicating a positive outlook for the company's future performance [1] Financial Performance - For the first half of the year, Times Electric achieved revenue of approximately 12.214 billion yuan, representing a year-on-year increase of 17.95% [1] - The net profit for the same period was around 1.6715 billion yuan, reflecting a year-on-year growth of 12.93% [1] Market Outlook - According to Huatai Securities, the company is expected to maintain steady growth in the second half of the year due to ongoing demand from national railway maintenance and new high-speed train tenders [1] - The company is also making progress in high-power devices, renewable energy generation, and deep-sea equipment, which are expected to contribute to order breakthroughs [1] Analyst Ratings and Price Target - HSBC's report highlights that the growth in new industry sales is supported by stable capacity expansion, while railway equipment sales remain stable [1] - Key catalysts for growth include stronger tenders for high-speed trains and locomotives, faster capacity increases at the Yixing IGBT factory, alleviated price competition, and the first interim dividend distribution [1] - HSBC maintains a "Buy" rating for Times Electric, raising the H-share target price from 38 HKD to 47 HKD, reflecting a projected price-to-earnings ratio of 13 times for 2026, indicating stronger long-term growth potential [1]

Group 1 - The State Council Information Office will hold two press conferences on September 8, focusing on the China-ASEAN economic cooperation and the 22nd China-ASEAN Expo and Business and Investment Summit [2] - The 25th China International Investment and Trade Fair will take place from September 8 to 11 in Xiamen, featuring approximately 120,000 square meters of exhibition space and over 70 investment-themed events [3] - A total of 605.61 billion yuan worth of restricted shares will be unlocked today, with 12 companies involved, totaling 2.935 billion shares [3] Group 2 - The unlocking of shares includes significant volumes from companies such as Nanfang Energy Storage, Times Electric, and Huayin Technology, with respective unlock volumes of 2.087 billion shares, 590 million shares, and 102 million shares [3] - The market value of unlocked shares is substantial, with Times Electric, Nanfang Energy Storage, and Huayin Technology leading at 27.823 billion yuan, 23.081 billion yuan, and 6.882 billion yuan respectively [3] - Today, 1,827 billion yuan of 7-day reverse repos will mature, with the operation rate set at 1.40% [3]

Summary of Key Points Core Viewpoint - On September 8, a total of 12 companies had their restricted shares unlocked, with a total unlock volume of 2.935 billion shares, amounting to a market value of 60.561 billion yuan based on the latest closing prices [1] Unlock Volume and Market Value - The unlock volume of 2.935 billion shares includes 7 companies with over 10 million shares unlocked [1] - The companies with the highest unlock volumes are: - Nanjing Grid Energy: 2.087 billion shares - Times Electric: 590 million shares - Huayin Technology: 102 million shares [1] - In terms of market value, 7 companies had unlock values exceeding 100 million yuan, with the top three being: - Times Electric: 27.823 billion yuan - Nanjing Grid Energy: 23.081 billion yuan - Huayin Technology: 6.882 billion yuan [1] Unlock Ratio - Five companies had an unlock ratio exceeding 10% of their total share capital [1] - The companies with the highest unlock ratios are: - Nanjing Grid Energy: 65.3% - Times Electric: 43.42% - Huayin Technology: 37.5% [1]

Group 1 - The core viewpoint of the article highlights the performance and outlook of the HSBC Jintrust Hong Kong Stock Connect Selected Fund (006781), which reported a profit of 12.09 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.1802 yuan and a net asset value growth rate of 23.73% [2] - As of September 3, 2025, the fund's unit net value was 1.149 yuan, and the fund manager is Xu Tingquan [2] - The fund's scale reached 61.259 million yuan by the end of the first half of 2025 [31] Group 2 - The fund's recent performance shows a three-month net value growth rate of 28.34%, a six-month growth rate of 37.30%, and a one-year growth rate of 85.25%, ranking it 10th among 110 comparable funds [6] - The fund's weighted average price-to-earnings ratio (TTM) is approximately 9.81 times, significantly lower than the industry average of 28.84 times, indicating a potential undervaluation [10] - The fund's weighted average revenue growth rate (TTM) for the first half of 2025 is 0.13%, and the weighted average net profit growth rate (TTM) is 0.16% [18] Group 3 - The fund's top ten holdings include major companies such as Tencent Holdings, China Biologic Products, and Alibaba Group, reflecting a diversified investment strategy [41] - The fund has maintained a high average stock position of 90.75% over the past three years, compared to the industry average of 88.09% [29] - The fund's recent six-month turnover rate is approximately 106.27%, which is consistently lower than the industry average [38]

Core Viewpoint - The stock of Times Electric has experienced fluctuations, with a recent decline of 2.01% on September 4, 2023, and a total market capitalization of 62.22 billion yuan. The company is involved in the research, design, manufacturing, and sales of rail transit equipment, with a significant portion of its revenue coming from this sector [1][2]. Company Overview - Times Electric, established on September 26, 2005, and listed on September 7, 2021, is located in Zhuzhou, Hunan Province. The company specializes in rail transit equipment, including traction conversion systems, rail engineering machinery, and communication signal systems. Its revenue composition is 56.58% from rail transit equipment, 42.94% from emerging equipment, and 0.48% from other sources [1][2]. Financial Performance - For the first half of 2025, Times Electric reported a revenue of 12.21 billion yuan, reflecting a year-on-year growth of 18.77%. The net profit attributable to shareholders was 1.67 billion yuan, marking a 10.93% increase compared to the previous year [2]. Shareholder Information - As of June 30, 2025, Times Electric had 21,800 shareholders, a decrease of 11.12% from the previous period. The average number of circulating shares per shareholder increased by 13.09% to 13,443 shares [2]. Dividend Distribution - Since its A-share listing, Times Electric has distributed a total of 4.51 billion yuan in dividends, with 3.24 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 15.95 million shares, a decrease of 4.56 million shares from the previous period. Other notable shareholders include Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF, with varying changes in their holdings [3].

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8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 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 489,040,900 | | 0 | | 489,040,900 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 489,040,900 | | 0 | | 489,040,900 | 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | ...

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8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9月1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. 股份分 ...

证券代码：688187（A 股） 证券简称：时代电气 （A 股） 公告编号：2025-034 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 首次公开发行限售股股票上市流通公告 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。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 589,585,699股。 本次股票上市流通总数为589,585,699股。 本次股票上市流通日期为2025 年 9 月 8 日。（因 2025 年 9 月 7 日为非交易 日，故顺延至下一交易日） 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2021 年 6 月 22 日出具的《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），株洲中车时代电气股份有限公司（以下简称"公司"、"时代电气"或"中车 时代电气"）首次公开发行人民币普通股（A 股）240,760,275 股，并于 2021 年 9 月 7 日在上海 ...