ein इ答 h 北京 BEJJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 北京市嘉源律师事务所 关于中国中车股份有限公司分拆所属子公司 中车戚墅堰机车车辆工艺研究所股份有限公司 至深圳证券交易所创业板上市 相关内幕信息知情人买卖公司股票情况 之专项核查意见 上一 同 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二零二五年十二月 致:中国中车股份有限公司 北京市嘉源律师事务所 关于中国中车股份有限公司分拆所属子公司 中车威墅堰机车车辆工艺研究所股份有限公司 至深圳证券交易所创业板上市 相关内幕信息知情人买卖公司股票情况 之专项核查意见 嘉源(2025)-05-492 敬启者: 北京市嘉源律师事务所(以下简称"本所")受中国中车股份有限公司(以 下简称"中国中车"或"公司")委托,担任中国中车分拆所属子公司中车戚墅 堰机车车辆工艺研究所股份有限公司(以下简称"中车威所")至深圳证券交易 所创业板上市（以下简称"本次分拆上市"或"本次分拆"）的专项法律顾问。 根据《中华人民共和国证券法》《上市 ...

中国中车股份有限公司 关于分拆所属子公司中车戚墅堰机车车辆工艺研究 所股份有限公司至深圳证券交易所创业板上市 相关内幕信息知情人买卖公司股票情况的自查报告 本公司董事会及全体董事保证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、完整性承担法律责任。 中国中车股份有限公司（以下简称"中国中车"、"公司"或"上市公司"） 拟分拆所属子公司中车戚墅堰机车车辆工艺研究所股份有限公司（以下简称"中 车戚所"）至深圳证券交易所创业板上市（以下简称"本次分拆上市"或"本次 分拆"）。2023 年 10 月 27 日，公司召开第三届董事会第十七次会议、第三届监 事会第九次会议，审议通过了《关于〈中国中车股份有限公司关于分拆所属子公 司中车戚墅堰机车车辆工艺研究所有限公司至深圳证券交易所创业板上市的预 案〉的议案》及其他与本次分拆相关的议案，并于 2023 年 10 月 28 日披露相关 公告。2025 年 11 月 27 日，公司召开第四届董事会第四次会议，审议通过了《关 于〈中国中车股份有限公司关于分拆所属子公司中车戚墅堰机车车辆工艺研究所 股份有限公司至深圳证券交易所创业板上市的预案（ ...

Group 1 - Key point 1: The article lists various executives from different companies, indicating a focus on leadership within the industry [2][3] - Key point 2: The companies mentioned span multiple sectors, including transportation, energy, and technology, highlighting a diverse range of industries [2][3] - Key point 3: The presence of executives from both state-owned and private enterprises suggests a mixed economic landscape in China [2][3] Group 2 - Key point 1: The mention of specific individuals such as Wang Jian from CRRC and Li Yan from Fuanna indicates their significance in their respective companies [2] - Key point 2: The inclusion of companies like BYD and Tianqi Lithium reflects the growing importance of electric vehicles and battery materials in the current market [2] - Key point 3: The diversity of sectors represented, from environmental technology to traditional manufacturing, points to a broad spectrum of investment opportunities [2][3]

Core Viewpoint - The rail transit equipment sector experienced a slight decline of 0.09% on December 26, with a notable drop in the stock of Jiuzhou Yituo leading the losses [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3963.68, up by 0.1%, while the Shenzhen Component Index closed at 13603.89, up by 0.54% [1]. - The rail transit equipment sector saw mixed performance among individual stocks, with notable gainers including Jinchuan Group, which rose by 9.99% to a closing price of 16.29, and Tianzhi New Materials, which increased by 4.44% to 8.24 [1]. Group 2: Stock Performance Details - The following stocks in the rail transit equipment sector had significant movements: - Jinchuan Group: Closing price 16.29, up 9.99%, volume 230,500, turnover 364 million [1]. - Tianzhi New Materials: Closing price 8.24, up 4.44%, volume 743,300, turnover 605 million [1]. - China CNR: Closing price 6.90, down 0.29%, volume 546,000, turnover 377 million [1]. - Jiuzhou Yituo: Closing price 17.04, down 2.24%, volume 35,000, turnover 60.77 million [2]. Group 3: Capital Flow Analysis - The rail transit equipment sector experienced a net outflow of 92.79 million from institutional investors, while retail investors saw a net inflow of 161 million [2]. - Individual stock capital flows showed that Jinchuan Group had a net inflow of 71.70 million from institutional investors, while retail investors had a net outflow of 56.43 million [3].

Group 1 - General Secretary Xi Jinping emphasized the importance of central enterprises in serving the Party and the country's work, promoting high-quality economic and social development, and contributing to the modernization of China [1][2] - Central enterprises are encouraged to focus on their main responsibilities and continuously optimize the layout of state-owned economy to enhance core functions and competitiveness [2][3] - The State-owned Assets Supervision and Administration Commission (SASAC) plans to implement the "14th Five-Year Plan" for central enterprises, aiming for a comprehensive optimization of the state-owned economy [2] Group 2 - Companies like China Southern Power Grid and China Huaneng Group are committed to fulfilling their economic, political, and social responsibilities while ensuring energy supply and supporting national energy security [2][3] - China Railway Engineering Corporation is focused on integrating into national strategies and promoting the transformation and upgrading of the construction industry [3] - The aviation and energy sectors, represented by China Aviation Industry Corporation and China Dongfang Electric Corporation, are prioritizing technological innovation and deep integration of technology and industry [4] Group 3 - The need for further reform and improvement of the modern enterprise system with Chinese characteristics is highlighted, aiming to build world-class enterprises [6][7] - China Energy Construction Group is focusing on reform to stimulate corporate vitality and enhance operational efficiency [6] - China Changan Automobile Group is committed to transforming into a smart low-carbon travel technology company, aiming for global competitiveness [7]

Group 1 - General Secretary Xi Jinping emphasized the importance of central enterprises in serving the Party and the country's work, contributing to high-quality economic and social development, and fulfilling social responsibilities for the modernization of China [1] - Central enterprises are urged to focus on their main responsibilities and continuously optimize the layout of state-owned economy to enhance core functions and competitiveness [2] - China Southern Power Grid is committed to fulfilling economic, political, and social responsibilities while ensuring electricity supply for over 270 million people [2] - China Huaneng Group aims to maintain energy security and innovate in energy technology to better support the modernization process [2] - China Railway Engineering Group is focused on integrating into national strategies and promoting the transformation and upgrading of the construction industry [3] Group 2 - Xi Jinping called for strengthening key core technology research and promoting deep integration of technological and industrial innovation [4] - China Aviation Industry Corporation is focusing on independent innovation and advanced manufacturing to enhance capabilities and stabilize growth [4] - China Baowu Steel Group has achieved significant milestones in low-carbon products and aims to strengthen its steel business while integrating technology and industry [4] Group 3 - Xi Jinping highlighted the need for further reform to establish a modern enterprise system and improve corporate governance structures to build world-class enterprises [5] - China Energy Construction Group is committed to deepening reforms to enhance corporate vitality and improve management efficiency [6] - China CRRC Corporation is accelerating the application of new high-speed train technologies to enhance its global competitiveness [6] - China Changan Automobile is focused on transforming into a smart low-carbon mobility technology company while adhering to the Party's directives [6] Group 4 - The China Enterprise Confederation is working to optimize evaluation indicators and expand the range of evaluated enterprises to support central enterprises in building world-class status [7]

证券之星消息，12月24日轨交设备板块较上一交易日上涨0.89%，永贵电器领涨。当日上证指数报收于 3940.95，上涨0.53%。深证成指报收于13486.42，上涨0.88%。轨交设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300351 | 永慧电器 | 18.63 | 7.32% | 52.53万 | 286.6 | | 300594 | 朗进科技 | 20.47 | 7.06% | 8.17万 | 1.64亿 | | 300960 | 通业科技 | 25.98 | 6.17% | 4.77万 | 1.22亿 | | 688033 | 天宜新材 | 7.05 | 4.75% | 1 31.99万 | 2.22亿 | | 688015 | 交控科技 | 22.72 | 3.23% | 1.84万 | 4123.38万 | | 603500 | 祥和实业 | 11.80 | 2.52% | 4.38万 | 5137.19万 | | 000925 | 众合科技 | ...

Core Viewpoint - China CRRC is optimizing its business structure and breaking into new industries, with a focus on clean energy equipment and railway equipment, benefiting from the demand in the railway construction and maintenance market [1] Group 1: Business Segments - Railway equipment remains the core business, experiencing rapid growth due to the demand from mainline railway construction and maintenance markets [1] - New industries are focusing on clean energy equipment, such as wind power and energy storage, aligning with the "dual carbon" strategy and becoming a significant growth driver [1] - Urban rail and modern service businesses are steadily advancing, with multi-sector collaboration enhancing the company's ability to withstand economic cycles [1] Group 2: International Expansion - The company leverages the "Belt and Road" initiative to implement a localized approach in manufacturing, procurement, labor, maintenance, and marketing, leading to significant achievements in major overseas projects [1] - The establishment of overseas bases and channel layouts is progressing well, contributing to steady growth in foreign income and enhancing resilience against market fluctuations [1] Group 3: Research and Development - Continuous high investment in research and development supports core technology breakthroughs and product iterations, with a leading position in patent reserves and participation in industry standards [1] - Core product technologies have reached internationally advanced levels, facilitating import substitution and global market expansion [1] Group 4: Investment Outlook - Given the sustained order fulfillment, the investment rating is maintained at "Buy" [1]

Group 1 - The core issue revolves around the EU's rapid shift from a cooperative stance towards China regarding rare earth exports to a more aggressive approach, including investigations into Chinese companies [1][5] - The Chinese Ministry of Commerce has issued longer-term export licenses for rare earths to certain European companies, temporarily alleviating pressure on the EU's manufacturing sector [3] - The EU's actions are driven by a combination of technological anxiety, a desire for control, and a need to align with U.S. policies, particularly in light of changing political dynamics in the U.S. [7][9] Group 2 - The EU's investigations into Chinese firms are seen as a form of political pressure rather than mere trade disputes, indicating a deeper strategic concern about China's technological advancements [5][7] - There is a perception among some European politicians that they must demonstrate loyalty to the U.S. by taking a hard stance against China, even as the U.S. signals a potential easing of tensions [7][9] - The Chinese government maintains that its export policies are based on global supply chain stability and international responsibilities, suggesting that any aggressive actions from the EU could lead to significant repercussions for European industries reliant on Chinese rare earths [9]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][8] Core Insights - The company is optimizing its business structure, focusing on traditional railway equipment and new industries such as clean energy equipment, which aligns with the "dual carbon" strategy, becoming a significant growth driver [4] - In the first three quarters of 2025, the company achieved total revenue of 183.87 billion yuan, a year-on-year increase of 20.49%, and a net profit attributable to shareholders of 9.96 billion yuan, up 37.53% year-on-year [4] - The railway equipment segment saw revenue of 59.71 billion yuan in the first half of 2025, growing 42.21% year-on-year, driven by strong demand for high-speed trains and freight cars [4] - New industry revenue reached 40.73 billion yuan, a 35.59% increase year-on-year, with rapid expansion in clean energy equipment, including wind power and energy storage [4] - The company signed new orders worth approximately 146 billion yuan in the first half of 2025, with about 30.9 billion yuan from overseas [5] - The company is increasing R&D investment to support core technology breakthroughs and product iterations, with total R&D expenditure reaching 10.82 billion yuan in the third quarter of 2025 [7] - Revenue forecasts for 2025-2027 are 272.32 billion yuan, 289.53 billion yuan, and 306.48 billion yuan, respectively, with EPS projected at 0.49 yuan, 0.53 yuan, and 0.58 yuan [8][10] Summary by Sections Business Structure Optimization - The company is benefiting from the construction and maintenance market for railways, maintaining high growth rates [4] - The new industry focuses on clean energy equipment, which is becoming a crucial growth area [4] Global Expansion - The company is leveraging the "Belt and Road" initiative to enhance its overseas projects and localize operations, resulting in steady growth in international revenue [5] R&D and Technological Advancements - Continuous high investment in R&D supports core technology advancements, with a leading position in patent reserves and industry standards [6][7] Financial Projections - The company forecasts revenue growth rates of 10.5% for 2025, 6.3% for 2026, and 5.9% for 2027, with net profit growth rates of 13.2%, 9.3%, and 8.8% respectively [10]