Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company is expected to achieve a significant increase in net profit attributable to shareholders for the first half of 2025, with a projected growth of 60%-80%, amounting to between 6.722 billion and 7.562 billion yuan [2]. - The anticipated growth in net profit is primarily attributed to the concentrated release of high-level maintenance orders for train sets and the delayed delivery of train procurement orders from the end of 2024 [2]. - The recovery of fixed asset investment in railways is expected to drive demand for train sets, with a stable annual planning mileage for high-speed railways in China around 2,500 km [3]. Financial Projections - The company forecasts total revenue of 273.163 billion yuan for 2025, reflecting a year-on-year growth of 10.84% [5]. - The projected net profit attributable to shareholders for 2025 is 13.808 billion yuan, representing an increase of 11.47% compared to the previous year [5]. - The earnings per share (EPS) is expected to reach 0.48 yuan in 2025, with a dynamic price-to-earnings (P/E) ratio of 14.99 times [5]. Market Dynamics - In 2024, the National Railway Group publicly tendered for 245 sets of 350 km/h train sets, marking a 49% increase year-on-year [4]. - The demand for high-level maintenance of train sets is also expected to rise, with significant new orders signed in 2024 [4]. - The report highlights that the company, as the only domestic manufacturer of complete train sets, is well-positioned to benefit from the recovery in railway fixed asset investment [5].

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

Investment Rating - The report maintains a "Buy" rating for China CRRC Corporation Limited (601766.SH) [8] Core Views - The company has announced a significant increase in expected net profit for the first half of 2025, projecting a range of CNY 6.722 billion to CNY 7.562 billion, representing a year-on-year growth of 60% to 80% [6][11] - The second quarter of 2025 has shown performance exceeding expectations, indicating a continued upward trend in the rail transit equipment industry [2][11] - The overall business outlook for 2025 remains positive, with growth anticipated in the high-speed train segment and improvements expected in the locomotive business, alongside developments in urban rail and new industries [2][11] Summary by Sections Financial Performance - For the first half of 2025, the company expects a net profit increase of CNY 2.521 billion to CNY 3.361 billion compared to the previous year, with a projected net profit of CNY 6.722 billion to CNY 7.562 billion [6] - The second quarter is expected to yield a net profit of CNY 3.67 billion to CNY 4.51 billion, marking a year-on-year increase of 15% to 41% [11] Market Outlook - The railway market is experiencing a favorable environment, with fixed asset investment in railways continuing to grow, reaching CNY 242.1 billion in the first five months of the year, a 5.9% increase year-on-year [11] - Passenger traffic has also reached historical highs, with 1.86 billion passengers transported, a 7.3% increase year-on-year [11] Business Development - The company has completed significant deliveries in Q2, including high-speed trains and locomotives, which have contributed to revenue and profit growth [11] - The report anticipates a busy bidding season for railway projects in Q3, with expectations for new tenders in high-speed trains and urban rail [11]

Macro Dynamics - The Chinese Ministry of Foreign Affairs responded to the U.S. request for South Korea to impose restrictions on China, emphasizing that any agreements should not harm third-party interests [1] - China has expanded its visa-free and transit visa-free countries to 47 and 55 respectively, aiming to simplify visa application processes and enhance international travel [2] Financial Institutions - The China Securities Association issued new guidelines to regulate underwriting fees, prohibiting tiered pricing and enhancing the quality of underwriting practices [3] - The Ministry of Finance announced measures to guide insurance funds towards long-term stable investments, adjusting performance evaluation methods for state-owned insurance companies [5] - The former chairman of China Construction Bank (Macau) is under investigation for serious violations of discipline and law [6] Company Dynamics - Huaxia Fund completed a 10% equity transfer to Qatar Holding, making it the third-largest shareholder [8] - China CNR Corporation expects a net profit of 6.722 billion to 7.562 billion yuan for the first half of 2025, representing a year-on-year growth of 60% to 80% [12] - Nestlé's offices in France were searched due to allegations of using illegal filtration systems that could conceal contamination issues [13] - Huawei published a new patent applicable to foldable devices, enhancing user interface switching capabilities [13] Market Data - On July 11, the Shanghai Composite Index rose by 0.01%, while the ChiNext Index increased by 0.8%, with a total market turnover of approximately 1.712 trillion yuan [9] - The Hong Kong Hang Seng Index increased by 0.46%, led by financial stocks, while new consumer stocks experienced declines [10]

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發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國中車股份有限公司 CRRC CORPORATION LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 2025年半年度業績預增公告 本公告乃中國中車股份有限公司（「本公司」或「公司」）根據香港聯合交易所有限公司證 券上市規則第13.09(2)條以及證券及期貨條例（香港法例第571章）第XIVA部之內幕消 息條文而作出。 一、本期業績預告情況 （一）業績預告期間 （二）業績預告情況 1. 經公司財務部門初步測算，預計2025年半年度實現歸屬於上市公司 股東的淨利潤人民幣67.22億元－人民幣75.62億元，與上年同期（法 定披露數據）相比，將增加人民幣25.21億元－人民幣33.61億元，同 比增長60%-80%。 2. 預計2025年半年度實現歸屬於上市公司股東的扣除非經常性損益的 淨利潤人民幣62.16億元－人民幣70.56億元，與上年同期（法定披露 數據）相比， ...

Group 1 - The company expects to achieve a net profit attributable to shareholders of 6.722 billion to 7.562 billion yuan for the first half of 2025, representing an increase of 2.521 billion to 3.361 billion yuan compared to the same period last year, with a year-on-year growth of 60%-80% [1][2] - The net profit for the same period last year was 4.201 billion yuan, with a total profit of 6.619 billion yuan [1][2] - The increase in performance is primarily due to a growth in product sales compared to the same period last year [2] Group 2 - The earnings per share for the previous period was 0.15 yuan [2] - The profit attributable to shareholders after deducting non-recurring gains and losses for the previous period was 3.360 billion yuan [1] - The performance forecast has not been audited by a registered accountant [1]

| 证券代码：601766（A | | 股） | 股票简称：中国中车（A | 股） | 编号：临 | 2025-027 | | --- | --- | --- | --- | --- | --- | --- | | 证券代码： | 1766（H | 股） | 股票简称：中国中车（H | 股） | | | 中国中车股份有限公司 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 1. 经公司财务部门初步测算，预计 2025 年半年度实现归属于上市公司股东 的净利润 67.22 亿元—75.62 亿元，与上年同期（法定披露数据）相比，将增加 25.21 亿元—33.61 亿元，同比增长 60%-80%。 2. 预计 2025 年半年度实现归属于上市公司股东的扣除非经常性损益的净利 润 62.16 亿元－70.56 亿元，与上年同期（法定披露数据）相比，将增长 28.56 亿元－36.96 亿元，同比增长 85%-110%。 （三）本次业绩预告未经注册会计师审计。 2025 年半年度业绩预增公告 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 ...

Core Viewpoint - The development of the superconducting electric high-speed maglev train, capable of reaching speeds of 600 km/h, is progressing well, with the first prototype completed in July 2024 [1][3]. Group 1: Project Overview - The superconducting electric high-speed maglev train utilizes electromagnetic induction between onboard superconducting magnets and track coils for magnetic levitation, designed for a maximum speed of 600 km/h, offering high efficiency, safety, energy conservation, and comfort [3][4]. - The train is positioned as a point-to-point transportation tool between major cities, aiming to fill the speed gap between high-speed rail and air travel within a distance of 2000 km [4][6]. Group 2: Technical Specifications - The train's core technology includes onboard high-temperature superconducting magnets that generate a magnetic field exceeding 5 Tesla, ensuring reliable traction [6][8]. - The train features a streamlined design using high-strength aluminum alloy and carbon fiber composite materials to reduce aerodynamic drag, and it meets GoA4 level for autonomous driving, integrating 5G communication and AI monitoring [8][9]. Group 3: Industry Impact - The successful implementation of this maglev technology could significantly boost the rail transportation industry and related sectors, showcasing China's capabilities in high-end equipment manufacturing and independent innovation [9][10]. - The commercial operation of the train could reduce travel time between Beijing and Shanghai to approximately 2.5 to 3 hours, enhancing travel efficiency [6].

Core Viewpoint - The majority of the constituent stocks of the FTSE China A50 Index showed positive performance, with mixed results in the banking sector on July 11, 2025 [1]. Banking Sector - Agricultural Bank of China had a market capitalization of 2,271.39 billion with a trading volume of 2.88 billion, increasing by 2.85% [2]. - Bank of Communications reported a market cap of 1,888.17 billion and a trading volume of 1.19 billion, up by 0.69% [2]. - Industrial and Commercial Bank of China had a market cap of 2,965.30 billion, with a trading volume of 3.36 billion, rising by 2.97% [2]. - Other banks like China Merchants Bank and Ping An Bank showed slight increases, while some banks like China Citic Bank and Jiangsu Bank experienced minor declines [2]. Insurance Sector - China Life Insurance had a market cap of 4,847.49 billion, with a trading volume of 1.27 billion, increasing by 4.28% [3]. - China Pacific Insurance and Ping An Insurance also reported positive changes in their market caps and trading volumes [3]. Alcohol Industry - Kweichow Moutai had a market cap of 2,194.84 billion, with a trading volume of 4.20 billion, increasing by 0.77% [3]. - Other companies in the alcohol sector like Shanxi Fenjiu and Wuliangye also showed positive performance [3]. Technology Sector - Companies like North Huachuang and Cambrian Technologies reported significant market caps and trading volumes, with North Huachuang increasing by 4.36% [3]. - Hygon also showed a positive change in its market cap and trading volume [3]. Energy and Transportation - China Petroleum had a market cap of 16,087.54 billion, with a trading volume of 4.32 billion, increasing by 1.04% [3]. - China Railway and China National Offshore Oil Corporation also reported positive performance [3]. Other Sectors - In the automotive sector, BYD had a market cap of 1,789.94 billion, with a trading volume of 5.07 billion, increasing by 1.41% [4]. - The chemical and pharmaceutical sectors also showed positive trends with companies like Hengrui Medicine and Wanhua Chemical reporting increases in their market caps [4].

Core Viewpoint - The first prototype of a superconducting electric high-speed maglev train, capable of reaching speeds of 600 kilometers per hour, has successfully completed its development phase as of July 2024 [1] Group 1: Company Developments - CRRC Changchun Railway Vehicles Co., Ltd. (referred to as "CRRC Changchun") announced the successful completion of the first phase of the superconducting electric high-speed maglev train project [1] - The prototype was showcased during the 17th China International Modern Railway Technology and Equipment Exhibition held in Beijing from July 8 to 10 [1] Group 2: Industry Highlights - The outdoor exhibition area at the National Railway Test Center featured various maglev train models, including conventional high-speed maglev trains and superconducting high-speed maglev trains [1] - The event highlighted significant advancements in railway technology, with the superconducting high-speed maglev train being a key focus [1]