Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the rail transit equipment sector [3]. Core Insights - The report highlights a strong performance in railway fixed asset investment, with a total of 355.9 billion yuan completed in the first half of 2025, representing a year-on-year growth of 5.5% [3]. - Passenger traffic reached 2.236 billion, up 6.7% year-on-year, while freight volume increased by 1.8% to 25.58 million tons [3]. - The report anticipates a significant increase in vehicle tenders in the second half of the year, with expectations of new line openings and a surge in demand for high-speed trains [5]. Summary by Sections Railway Investment Performance - In June, railway fixed asset investment was 113.8 billion yuan, a 4.6% increase year-on-year, showcasing high industry vitality despite a high base from the previous year [5]. - Key projects include the opening of several new railway lines and upgrades to major railway hubs, enhancing operational efficiency [5]. Passenger and Freight Traffic - The railway passenger volume in June was 373 million, reflecting a 3.6% increase year-on-year, with additional night trains introduced to meet summer travel demand [5]. - The report notes that the Chengdu-Chongqing high-speed railway is nearing completion, promising a travel time of 50 minutes between the two cities [5]. Company Performance - Several rail transit equipment companies reported better-than-expected performance in the first half of the year: - China CNR Corporation is projected to achieve a net profit of 6.722-7.562 billion yuan, a growth of 60-80% year-on-year [5]. - Siwei Control is expected to report a net profit of 276-314 million yuan, up 45-65% [5]. - Jinchuan Group anticipates a net profit increase of 123.85-157.77% [5]. - The report emphasizes the strong performance of these companies as a validation of the sector's growth potential [5]. Future Outlook - The second half of 2025 is expected to see a significant increase in vehicle tenders, with a projected 2,300 kilometers of new lines to be put into operation [5]. - The report recommends focusing on vehicle equipment segments and suggests key suppliers such as China CNR, Siwei Control, and others for investment opportunities [5].

证券代码： 603680 证券简称：今创集团 公告编号：2025-029 今创集团股份有限公司 2025年半年度业绩预增公告 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、准确性和完整性承担个别及连带责任。 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比增长50% 以上的情形。 今创集团股份有限公司（以下简称"公司"）预计公司2025年半年度实现归属 于上市公司股东的净利润为33,000万元到38,000万元，同比增长123.85%到 157.77%；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 利润为38,000万元到43,000万元，同比增长173.49%到209.47%。 一、本期业绩预告情况 （一）业绩预告期间 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 的净利润为33,000万元到38,000万元，与上年同期相比，将增长18,258.06万元到 23,258.06万元，同比增长123.85%到157.77%。 2、预计202 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1] Core Views - The company, Jinchuan Group, is experiencing a period of rapid growth due to strong demand in the railway equipment sector, with a comprehensive product system and one-stop supply capabilities [4][5] - The railway fixed asset investment in China is in a high prosperity state, with significant increases in new lines and maintenance demands, projected to reach 165,000 kilometers of operational railway by 2025 [5] - The company reported a 244% year-on-year increase in profit for Q1 2025, indicating a strong performance driven by the booming rail transit industry [6] Company Overview - Latest closing price: 11.85 yuan - Total shares: 784 million, with a total market value of 9.3 billion yuan - Debt-to-asset ratio: 43.5% - Price-to-earnings ratio: 30.38 - Major shareholder: Yu Jinkun [3] Financial Performance - In 2024, the company achieved revenue of 4.499 billion yuan, a 22% increase year-on-year, and a net profit of 302 million yuan, up 9% year-on-year [6] - For Q1 2025, revenue was 1.086 billion yuan, a 22% increase, with net profit soaring to 149 million yuan, a 244% increase [6] - Revenue projections for 2025-2027 are 5.601 billion, 6.379 billion, and 7.069 billion yuan, with corresponding net profits of 611 million, 685 million, and 782 million yuan [7][9] Valuation Metrics - The estimated price-to-earnings ratios for 2025, 2026, and 2027 are 15.21, 13.56, and 11.87 respectively, indicating a favorable valuation trend [7][9] - The company is expected to maintain a gross margin of approximately 25.4% and a net profit margin of around 10.9% by 2025 [10]

Investment Rating - The report rates the railway equipment industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [12]. Core Insights - The report highlights that from January to May, the national railway fixed asset investment reached 242.1 billion, a year-on-year increase of 5.9%. Passenger volume was 1.863 billion, up 7.3%, while freight volume was 21.21 million tons, increasing by 1.7% [4]. - In May, railway fixed asset investment accelerated, reaching 47.4 billion, a year-on-year growth of 8.72%, surpassing the 5.9% growth rate from January to May. Significant progress was made on multiple railway construction projects during this month [6]. - The report emphasizes the sustained high demand for both passenger and freight transport, with May passenger volume at 406 million, a 12.6% increase, and freight volume at 440 million tons, a 0.7% increase [6]. - The railway equipment sector is projected to remain a highly certain investment direction through 2025, driven by new demand and maintenance needs. The "14th Five-Year Plan" aims for a national railway operating mileage of 165,000 kilometers by 2025, including 50,000 kilometers of high-speed rail [6]. - The report recommends focusing on vehicle equipment segments and suggests key suppliers such as CRRC Corporation, Sifang Co., and others for investment opportunities [6]. Summary by Sections Investment Performance - National railway fixed asset investment from January to May was 242.1 billion, with a 5.9% year-on-year increase [4]. - May's investment reached 47.4 billion, marking an 8.72% increase year-on-year [6]. Passenger and Freight Transport - Passenger volume in May was 406 million, up 12.6% year-on-year, while freight volume was 440 million tons, increasing by 0.7% [6]. - The report notes significant growth in coal and other freight categories, with coal transport reaching 845 million tons in the first five months [6]. Future Outlook - The railway equipment sector is expected to see continued demand due to new projects and maintenance needs, with a target of 3,000 kilometers of new railway lines by 2025 [6]. - Key suppliers in the vehicle equipment segment are highlighted for potential investment, including CRRC and Sifang Co. [6].

今创集团股份有限公司2024年年度权益分派实施公告 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、准确性和完整性承担法律责任。 证券代码：603680 证券简称：今创集团 公告编号：2025-028 重要内容提示： 每股分配比例 A 股每股现金红利0.15元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/18 | － | 2025/6/19 | 2025/6/19 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 26 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记 日上海证券交易所收市后登记在册并在上海证券交易所 ...

证券代码：603680 证券简称：今创集团 公告编号：2025-027 今创集团股份有限公司 股票交易异常波动的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 一、 股票交易异常波动的具体情况 （一）生产经营情况 公司目前主要从事轨道交通车辆配套产品的研发、生产、销售及服务。经公 司自查，公司目前经营状况正常，主营业务、主营产品及内外部经营环境均未发 生重大变化，也不存在预计将要发生重大变化的情形。 （二）重大事项情况 1 今创集团股份有限公司（以下简称"公司"）股票于2025年6月6日、 2025年6月9日、2025年6月10日连续3个交易日内收盘价格涨幅偏离值 累计超过20%，根据《上海证券交易所交易规则》的有关规定，属于 股票交易异常波动情况 经公司自查并向控股股东及实际控制人书面发函查证，截至本公告披 露日，确认不存在应披露而未披露的重大事项或重要信息。 敬请广大投资者理性投资，注意投资风险。 经公司自查并书面问询公司控股股东及实际控制人，确认截至本公告披露日， 公司控股股东及实际控制人均不 ...

证券代码：603680 证券简称：今创集团 公告编号：2025-027 今创集团股份有限公司 股票交易异常波动的公告 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、准确性和完整性承担个别及连带责任。 公司目前主要从事轨道交通车辆配套产品的研发、生产、销售及服务。经公 司自查，公司目前经营状况正常，主营业务、主营产品及内外部经营环境均未发 生重大变化，也不存在预计将要发生重大变化的情形。 （二）重大事项情况 1 今创集团股份有限公司（以下简称"公司"）股票于2025年6月6日、 2025年6月9日、2025年6月10日连续3个交易日内收盘价格涨幅偏离值 累计超过20%，根据《上海证券交易所交易规则》的有关规定，属于 股票交易异常波动情况 经公司自查并向控股股东及实际控制人书面发函查证，截至本公告披 露日，确认不存在应披露而未披露的重大事项或重要信息。 敬请广大投资者理性投资，注意投资风险。 经公司自查并书面问询公司控股股东及实际控制人，确认截至本公告披露日， 公司控股股东及实际控制人均不存在其他应披露而未披露的重大信息，包括但不 限于重大资产重组、股份发行 ...

今创集团（603680）发布异动公告，公司主营业务、主营产品及内外部经营环境均未发生重大变化，也 不存在预计将要发生重大变化的情形。公司控股股东及实际控制人均不存在其他应披露而未披露的重大 信息，包括但不限于重大资产重组、股份发行、收购、债务重组、业务重组、资产剥离、资产注入、股 份回购、股权激励、破产重整、重大业务合作、引进战略投资者等对公司股票价格产生较大影响的重大 事项。 ...

具体来看，今日上榜的营业部中，沪股通为第四大买入营业部及第一大卖出营业部，买入金额为519.20 万元，卖出金额为1507.04万元，合计净卖出987.84万元。 资金流向方面，今日该股主力资金净流入4867.11万元，其中，特大单净流入2927.80万元，大单资金净 流入1939.31万元。近5日主力资金净流入4168.24万元。 4月29日公司发布的一季报数据显示，一季度公司共实现营业收入10.86亿元，同比增长22.09%，实现净 利润1.49亿元，同比增长244.32%。（数据宝） 今创集团(603680)今日涨停，全天换手率1.79%，成交额1.57亿元，振幅7.57%。龙虎榜数据显示，沪股 通净卖出987.84万元，营业部席位合计净买入1646.19万元。 上交所公开信息显示，当日该股因日涨幅偏离值达9.99%上榜，沪股通净卖出987.84万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交5576.38万元，其中，买入成交额为 3117.37万元，卖出成交额为2459.01万元，合计净买入658.35万元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | - ...

一、董事会会议召开情况 今创集团股份有限公司（以下简称"公司"）第五届董事会第十次会议于2025年5月26日以现场和通讯会 议相结合的形式在公司609会议室召开。本次会议为临时会议，会议通知于同日以电子邮件、电话和文 件直接送达方式发出，与会的各位董事已知悉与所议事项相关的必要信息，经全体与会董事同意，豁免 本次会议的通知时限。会议应出席董事人数9人，实际出席董事人数9人。董事长俞金坤先生主持了会 议，公司部分高级管理人员列席会议。会议的召开符合《中华人民共和国公司法》和《公司章程》等有 关规定，会议决议合法有效。 二、董事会会议审议情况 （一）审议通过《关于调整公司第五届董事会战略委员会委员的议案》 证券代码：603680 证券简称：今创集团 公告编号：2025-025 今创集团股份有限公司 第五届董事会第十次会议决议公告 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、准确性和完整性承担个别及连带责任。 鉴于戈耀红先生和俞金坤先生辞去董事会战略委员会委员职务，同意补选金琰先生和戈建鸣先生为第五 届董事会战略委员会委员，任期自本次董事会审议通过之日起至第 ...