Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - The report highlights significant achievements in China's railway construction during the "14th Five-Year Plan," with the total railway operating mileage expected to reach 162,000 kilometers by July 2025, including 48,000 kilometers of high-speed rail covering 97% of cities with a population of over 500,000 [2][3]. - The construction of the railway network is being enhanced through "smart+" management and the adoption of BIM technology, contributing to the development of a modernized railway network that supports the Belt and Road Initiative [2][3]. - The report emphasizes the positive impact of railway construction on people's livelihoods and economic growth, with record daily passenger volumes and a continuous increase in freight volume, which reached 702 million tons during the summer transport season in 2025, a year-on-year increase of 4.8% [3]. Summary by Sections Railway Network Development - The State Council has set a target for the railway operating mileage to reach 165,000 kilometers by 2025, with high-speed rail mileage reaching 50,000 kilometers. By 2035, the goal is to expand the railway network to approximately 200,000 kilometers, including 70,000 kilometers of high-speed rail [4]. - To achieve the 2035 target, approximately 35,000 kilometers of railway, including 20,000 kilometers of high-speed rail, need to be constructed from 2026 to 2035, averaging 3,500 kilometers of new railway lines annually [4]. Investment Opportunities - The report suggests focusing on several key companies in the railway equipment sector: 1. China CNR Corporation: A leading global supplier of railway equipment, maintaining a strong industry position [4]. 2. China Railway Signal & Communication Corporation: A global leader in rail transit control technology [4]. 3. Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [4]. 4. Sifang Automation: A core supplier in the field of high-speed rail comprehensive monitoring [4]. 5. Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [4]. 6. Huifeng Technology: Provides integrated solutions for rail transit operation and maintenance, with rich experience in technology development and project implementation [4].

Core Viewpoint - The stock of Times Electric has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 15.53%, indicating volatility in its market performance [1]. 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 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 is as follows: rail transit equipment business accounts for 56.58%, emerging equipment business for 42.94%, and others for 0.48% [1]. Financial Performance - For the first half of 2025, Times Electric achieved an operating income of 12.214 billion yuan, representing a year-on-year growth of 18.77%. The net profit attributable to the parent company was 1.672 billion yuan, with a year-on-year increase of 10.93% [2]. - Since its A-share listing, Times Electric has distributed a total of 5.11 billion yuan in dividends, with 3.835 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Times Electric was 21,800, a decrease of 11.12% from the previous period. The average circulating shares per person increased by 13.09% to 13,443 shares [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited, holding 15.9467 million shares (a decrease of 4.5628 million shares), and Huaxia SSE STAR 50 ETF, holding 14.3741 million shares (a decrease of 308,500 shares) [3].

Core Viewpoint - The rail transit equipment sector experienced a decline of 0.44% on October 22, with major stocks like Times Electric leading the drop, while the overall market indices also showed slight decreases [1] Market Performance - The Shanghai Composite Index closed at 3913.76, down 0.07% - The Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance in Rail Transit Equipment Sector - 九州一轨 (Code: 688485) closed at 15.68, up 9.42% with a trading volume of 85,700 shares and a transaction value of 130 million yuan - 交大铁发 (Code: 920027) closed at 27.29, up 2.29% with a trading volume of 20,900 shares and a transaction value of 57.17 million yuan - 神州高铁 (Code: 000008) closed at 2.92, up 1.04% with a trading volume of 656,300 shares and a transaction value of 192 million yuan - 铁大科技 (Code: 920541) closed at 15.71, up 1.03% with a trading volume of 28,400 shares and a transaction value of 4.49 million yuan - 高铁电气 (Code: 688285) closed at 9.10, up 1.00% with a trading volume of 27,900 shares and a transaction value of 2.53 million yuan - 科安达 (Code: 002972) closed at 12.81, up 0.95% with a trading volume of 44,200 shares and a transaction value of 56.51 million yuan - 朗进科技 (Code: 300594) closed at 18.36, up 0.82% with a trading volume of 24,300 shares and a transaction value of 44.58 million yuan - 鼎汉技术 (Code: 300011) closed at 7.92, up 0.76% with a trading volume of 67,300 shares and a transaction value of 53.40 million yuan - 康尼机电 (Code: 603111) closed at 7.94, up 0.76% with a trading volume of 98,600 shares and a transaction value of 78.53 million yuan - 交大思诺 (Code: 300851) closed at 27.30, up 0.66% with a trading volume of 8,460 shares and a transaction value of 23.05 million yuan [1] Capital Flow Analysis - The rail transit equipment sector saw a net outflow of 211 million yuan from institutional investors - Retail investors contributed a net inflow of 129 million yuan, while speculative funds saw a net inflow of 82.54 million yuan [1]

株洲中车时代电气股份有限公司（以下简称"公司"或"本公司"）于 2025 年 3 月 28 日召开的第七届董事会第十六次会议，并于 2025 年 6 月 27 日召开 2024 年年度股东会，审议通过了《关于聘请本公司 2025 年度审计机构的议案》，同 意续聘毕马威华振会计师事务所（特殊普通合伙）（以下简称"毕马威华振"） 为公司 2025 年度审计机构。详情请见公司分别于 2025 年 3 月 29 日及 2025 年 6 月 28 日在上海证券交易所网站（www.sse.com.cn）发布的相关公告。近日，公 司收到毕马威华振《关于变更株洲中车时代电气股份有限公司 2025 年度签字注 册会计师的函》，现将具体情况公告如下： 一、签字注册会计师变更情况 毕马威华振作为公司 2025 年度财务报表和内部控制报告的审计机构，原指 派项目合伙人为张欢，原指派签字注册会计师为张欢、曹璐，质量控制复核人为 张楠。现因工作调整，毕马威华振指派邵思奇接替曹璐作为签字注册会计师，继 续完成公司 2025 年度财务报表审计和内部控制审计相关工作。变更后的财务报 表审计和内部控制审计项目合伙人为张欢，签字注册会计师为张欢、 ...

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 海外監管公告 本 公 告 乃 由 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公司證券上市規則第13.10B條而作出。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 刊 登 之《株 洲 中 車 時 代 電 氣 股 份 有 限 公 司 關 於 變 更 簽 字 註 冊 會 計 師 的 公 告》，僅 供 參 閱。 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 中國，株洲，二零二五年十月二十一日 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。 证券代码：688187（A 股） 证券简称：时 ...

证券日报网讯时代电气10月20日在互动平台回答投资者提问时表示，公司将积极关注国内外市场变化。 （文章来源：证券日报） ...

（编辑 任世碧） 证券日报网讯 时代电气10月20日在互动平台回答投资者提问时表示，公司2025年上半年归属于上市公 司股东的扣除非经常性损益的净利润为人民币15.88亿元，相比去年同期增长37.04%。 ...

Core Viewpoint - The company emphasizes its commitment to technology research and development, aiming for high-quality operations and efficient management while pursuing a diversified strategy to expand its market presence in the rail transit sector [1] Group 1 - The company will continue to focus on technology research and development as its core [1] - The company adheres to the philosophy of "high-quality operation and high-efficiency management" [1] - The company aims to strengthen its rail transit business while gradually expanding into external markets to create new growth points [1]

（文章来源：证券日报） 证券日报网讯时代电气10月20日在互动平台回答投资者提问时表示，公司半导体产品中的功率组件、工 业变流产品中的中央空调变流器可用于数据中心领域。 ...

Core Viewpoint - The company has extensive experience in the power transmission and distribution sector, having served over 40 domestic and international ultra-high voltage direct current and flexible direct current transmission projects, indicating a strong market position and expertise in the industry [1] Group 1: Company Overview - The company has been deeply engaged in the power transmission and distribution field for nearly 20 years [1] - It holds approximately 50% market share in the domestic power transmission and distribution sector, competing alongside international peers [1] - The company offers a wide range of products and complete solutions, demonstrating its capability to meet diverse customer needs [1] Group 2: Future Development - The company plans to continue developing products with larger capacity, higher power density, and greater reliability in response to the demands of the power grid and energy application sectors [1]