本报讯 （记者肖伟）9月30日晚间，株洲中车时代电气股份有限公司（以下简称"时代电气"）在公司官 方微信公众号上发布消息，全球首个2000V光伏实证基地在海南文昌正式揭牌，时代电气作为基地内唯 一的逆变器厂商，携全球首款2000V光伏逆变器"赤霄"入驻，正式启动项目实证。 该实证基地依托国家级实证技术重点实验室，具备多气候模拟与全周期数据采集能力，将系统性开展湿 热、高盐雾等一系列典型气候环境下光伏产品的长期可靠性验证，为行业提供真实、可靠的数据支撑与 系统解决方案。 面对更高电压等级对器件性能、系统架构和安全设计提出的挑战，时代电气将"复兴号"动车组、时速 600公里高速磁浮中沉淀的技术成果经验，注入2000V光伏逆变器的研发，确保产品在高压工况下的稳 定运行。2000V系统对安全提出更高要求，时代电气采用包含支路绝缘检测、智能拉弧检测等多重智能 保护设计与完善的绝缘方案，构建全方位安全防护体系，以"高铁级品质"保障电站长期可靠运行。 （编辑 郭之宸） ...

Core Viewpoint - Morgan Stanley has upgraded the forecasts for China CNR (601766) and CRRC Times Electric (03898), reflecting a more optimistic outlook based on strong order acquisition in Q3, improved demand visibility, and a shift towards cyclical growth in the industry [1][2] Group 1: Company Performance - China CNR's H-share target price has been raised from HKD 6.8 to HKD 8, while the A-share target price has been adjusted down from RMB 10.1 to RMB 10 [1] - CRRC Times Electric's H-share target price has increased from HKD 43 to HKD 50, and the A-share target price has been raised from RMB 59 to RMB 68 [1] - Since July, the average H-share price of both companies has risen approximately 30%, compared to a 10% increase in the Hang Seng Index, while the A-shares have increased by 15%, against an 18% rise in the CSI 300 Index [1] Group 2: Industry Trends - The upgrade is supported by several positive catalysts, including stable financial performance from CNR, strong railway fixed asset investment (up 6% year-on-year over eight months), and accelerating passenger volume growth (up 7% year-on-year during peak summer travel) [2] - These factors are translating into healthier order reserves and more predictable earnings [2] - Both companies maintain a net cash position and possess strong operating cash flow generation capabilities, with valuations still below long-term cycle medians, providing a solid foundation for further upside [2]

Core Viewpoint - Morgan Stanley has upgraded its forecasts for China CNR (01766, 601766.SH) and CRRC Times Electric (03898, 688187.SH) based on strong order acquisition in Q3, improved demand visibility, and a shift towards cyclical growth in the industry [1][2] Group 1: Company Performance - China CNR's H-share target price has been raised from HKD 6.8 to HKD 8, while its A-share target price has been slightly decreased from CNY 10.1 to CNY 10 [1] - CRRC Times Electric's H-share target price has increased from HKD 43 to HKD 50, and its A-share target price has risen from CNY 59 to CNY 68 [1] - Both companies have maintained a net cash position and exhibit strong operating cash flow generation capabilities [2] Group 2: Market Trends - Since July, the average H-share price of China CNR and CRRC Times Electric has increased by approximately 30%, compared to a 10% rise in the Hang Seng Index [1] - The A-share prices have risen by 15%, while the CSI 300 Index has increased by 18% during the same period, indicating investor confidence in the improving fundamentals of the industry [1] - The railway fixed asset investment has shown a year-on-year increase of 6% over the past eight months, and passenger volume has grown by 7% during the peak summer travel period, contributing to healthier order reserves and more predictable earnings [2]

Core Viewpoint - Goldman Sachs released its October Asia-Pacific strategy report, highlighting a list of recommended stocks based on the "Earnings Revisions Leading Indicator" criteria, focusing on Hong Kong and Chinese concept stocks [1] Group 1: Recommended Stocks - The report includes a list of stocks recommended for purchase, which are: - Tencent (00700.HK) - Alibaba-W (09988.HK) - Xiaomi-W (01810.HK) - AIA (01299.HK) - Pinduoduo (PDD.US) - Hong Kong Exchanges and Clearing (00388.HK) - Ping An Insurance (02318.HK) - Kuaishou-W (01024.HK) - Techtronic Industries (00669.HK) - China Pacific Insurance (02328.HK) - Lenovo Group (00992.HK) - ZTO Express-W (02057.HK) - Hua Hong Semiconductor (01347.HK) - Kingdee International (00268.HK) - GDS Holdings-SW (09698.HK) - AAC Technologies (02018.HK) - BYD Electronic (00285.HK) - China International Capital Corporation (03908.HK) - Weichai Power (02338.HK) - CRRC Corporation (01766.HK) - JD Logistics (02618.HK) - Swire Pacific A (00019.HK) - Miniso Group (09896.HK) - Times Electric (03898.HK) - Haitian International (01882.HK) [1]

Core Viewpoint - CITIC Securities has given a "outperform" rating to Times Electric (03898), highlighting strong order growth and a favorable market outlook for the company [1] Group 1: Company Performance - Times Electric announced a total new order value of 54 billion RMB for the period from July to September, which includes 37.8 billion RMB from the sale of high-speed trains [1] - The sales from high-speed trains are attributed to the second batch of high-speed train tenders released by China National Railway Group on August 19 [1] Group 2: Industry Trends - As of this year, a total of 278 high-speed train units have been tendered, surpassing the total of 247 units from the previous year, indicating strong demand for rail passenger transport and replacement needs [1] - The stable tendering momentum from China National Railway Group, along with an upcoming railway equipment maintenance cycle, is expected to drive sustainable growth in the railway business for Times Electric over the next three years [1]

Core Viewpoint - CITIC Securities has given a "outperform" rating to Times Electric (03898), highlighting strong order growth and market demand for high-speed trains in China [1] Group 1: Company Performance - Times Electric announced a total of 54 billion RMB in new orders from July to September, including 37.8 billion RMB from high-speed train sales [1] - The sales from high-speed trains are attributed to the second batch of high-speed train tenders released by China National Railway Group on August 19 [1] Group 2: Industry Trends - As of this year, a total of 278 high-speed train units have been tendered, surpassing the total of 247 units from the previous year, indicating strong demand for rail passenger transport and replacement needs [1] - The stable tendering momentum from China National Railway Group and the upcoming railway equipment maintenance cycle are expected to drive sustainable growth in Times Electric's railway business over the next three years [1]

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9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9月30日 I. 法定/註冊股本變動 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 | | 2. 股 ...

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9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9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 | | | 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. 股份分類 | 普通股 | 股份類別 | ...

Core Viewpoint - The stock of Times Electric (03898) has risen over 4%, driven by significant growth in its rail transit business and the upcoming capacity release in emerging sectors [1] Group 1: Rail Transit Business - The second round of bidding for CRRC's new train sets has reached 210 units, in addition to the 68 units from the first round, totaling 278 units, which is a 13.5% increase compared to the 245 units planned for the entire year of 2024 [1] - The National Railway Administration aims to phase out old diesel locomotives by 2027, which is expected to drive growth in railway equipment as related regulations are gradually introduced [1] - The urban rail sector is recovering due to reduced local debt pressures, leading to improved profitability in subways and regional railways, indicating an overall upward trend in the company's rail transit business [1] Group 2: Emerging Business Prospects - The power semiconductor segment in Zhuzhou has reached full operational capacity, while the Yixing Phase III project is set to be fully operational by the end of 2024 [1] - The production capacity of medium and low-voltage devices is continuously increasing, with the Zhuzhou Phase III project currently under construction and expected to be operational by 2026 [1] - The rapid growth in power semiconductor capacity is anticipated with the upcoming launches of the Yixing Phase III and Zhuzhou Phase III projects [1]

Group 1 - The core point of the article highlights that Times Electric (03898) has seen a stock increase of over 4%, currently trading at HKD 42.46, with a transaction volume of HKD 98.28 million [1] - The second round of bidding for high-speed trains by the national railway has reached 210 sets, in addition to the 68 sets from the first bidding this year, totaling 278 sets, which represents a 13.5% increase compared to the 245 sets planned for the entire year of 2024 [1] - The company is expected to benefit from the national railway bureau's goal to phase out old diesel locomotives by 2027, which will drive growth in railway equipment as the relevant regulations are gradually introduced [1] Group 2 - The urban rail sector is entering a recovery phase due to reduced local debt pressure, leading to improved profitability for subways and regional railways [1] - The company's overall rail transit business is experiencing an upward trend in market conditions [1] - The company's emerging business prospects are promising, with the power semiconductor segment in Zhuzhou fully operational, and the Yixing Phase 3 project expected to be fully operational by the end of 2024 [1] - The production capacity of medium and low-voltage devices is continuously increasing, and the Zhuzhou Phase 3 project is under construction, with an expected launch in 2026, indicating rapid growth in the company's power semiconductor capacity [1]