Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [12]. Core Insights - The report highlights the rise of robotics and the low-altitude economy, emphasizing opportunities in high-end manufacturing and equipment upgrades [2][3]. - The report discusses the government's focus on integrating digital technology with manufacturing advantages, supporting the development of intelligent terminals such as smart robots and AI applications [6]. - The low-altitude economy is expected to see significant policy support and infrastructure development, with 2024 being a pivotal year for its growth [6]. - The report emphasizes the need for high-end manufacturing to benefit from technological innovation and industry integration, recommending companies in smart manufacturing and advanced equipment sectors [6]. - Equipment upgrade demands are anticipated to be released due to new policies aimed at enhancing manufacturing capabilities [6]. Summary by Sections Robotics and Intelligent Manufacturing - The report advocates for the development of intelligent terminals, including smart robots and AI applications, driven by policy support and market demand [6]. - Companies to watch include Tianzhun Technology, Kaierda, and Sanhua Intelligent Control [6]. Low-altitude Economy - The report notes the importance of developing the low-altitude economy, with a focus on commercial aerospace and general aviation [6]. - Key companies in this sector include Laies Information and Deep City Transportation [6]. High-end Manufacturing - The report stresses the integration of technology and industry innovation, with a focus on advanced manufacturing sectors [6]. - Recommended companies include Haomai Technology and Kede CNC [6]. Equipment Upgrades - The report indicates that new policies will facilitate equipment upgrades across various sectors, including engineering machinery and rail transit [6]. - Companies to consider include Sany Heavy Industry and China Railway [6].

Financial Performance - In 2024, the total operating revenue was RMB 32.64 billion, a decrease of 11.99% compared to the previous year[3] - The net profit attributable to the parent company was RMB 3.49 billion, an increase of 0.28% year-on-year[3] - The net profit attributable to the parent company after deducting non-recurring gains and losses was RMB 3.26 billion, a decrease of 0.15% year-on-year[3] - The basic earnings per share remained at RMB 0.32, unchanged from the previous year[3] - The weighted average return on net assets decreased by 0.22 percentage points to 7.32%[3] Assets and Equity - Total assets at the end of the reporting period were RMB 1182.65 billion, a decrease of 0.61% from the beginning of the year[5] - The equity attributable to the parent company was RMB 48.03 billion, an increase of 2.59% from the beginning of the year[5] Business Strategy and Outlook - The company's focus on optimizing business structure and transitioning traditional industries contributed to improved economic efficiency[5] - There were no projects with a change in magnitude exceeding 30% during the reporting period[5] - Investors are advised to be cautious as the financial data is preliminary and may differ from the final annual report[6]

证券代码：688009 证券简称：中国通号 公告编号：2025-001 表决结果：3票同意；0票反对；0票弃权。 中国铁路通信信号股份有限公司 第四届监事会第十七次会议决议公告 二、 监事会会议审议情况 经与会监事认真审议，以记名投票方式一致通过： 1.《关于中国铁路通信信号股份有限公司2025-2026年对外担保计划的议案》 同意《关于中国铁路通信信号股份有限公司2025-2026年对外担保计划的议 案》。 具体内容详见同日刊登于上海证券交易所网站（www.sse.com.cn）的相关 公告。 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 中国铁路通信信号股份有限公司（以下简称"公司"）第四届监事会第十七 次会议（以下简称"本次会议"）于2025年1月20日以现场结合通讯形式召开， 本次会议通知及相关材料已于2025年1月15日以邮件方式送达公司全体监事。本 次会议由孔宁先生负责主持，会议应到3人，实到3人。本次会议的召集、召开符 合《中华人民共和国公司法》等法律、法规、规章、规范性文件和《中国 ...

Group 1 - The "Air-Rail Intermodal" project between Zhanjiang West and Haikou stations marks a significant innovation in transportation, providing new travel options for passengers and exploring low-altitude economic development paths [1][2] - The project is led by Tonghao Low Altitude Intelligent Technology Co., Ltd., in collaboration with CITIC Ocean Helicopter Co., Ltd. and Tonghao (Guangzhou) Engineering Technology Co., Ltd., receiving strong support from local government and railway authorities [2] - The successful operation of this project aims to address the low efficiency of transportation between the two locations, significantly reducing travel time and creating new opportunities for regional development [2] Group 2 - China Communications Signal Group (China Tonghao) focuses on intelligent control technology, emphasizing both rail transportation and low-altitude economy, and aims to establish a comprehensive low-altitude economic ecosystem [3] - The project utilizes advanced technologies such as the ID-Space low-altitude airspace intelligent control system and micro-meteorological monitoring systems, showcasing the role of central enterprises in technological innovation within the new economy [3] - CITIC Group, a large multinational enterprise, aims to integrate financial and industrial sectors, with CITIC Ocean Helicopter being a leading general aviation company in China, actively contributing to the development of low-altitude economy models [4]

证券时报e公司讯，据中国通号消息，12月17日至18日，应越南铁路总公司邀请，中国通号党委书记、 董事长楼齐良带队赴越南考察调研，并开展系列商务活动。 其中，12月17日，楼齐良拜会了越南政府副总理陈红河。 会谈中，陈红河重点介绍了中越跨境标轨铁路、河内和胡志明市城市铁路系统等项目，呼吁加强双方铁 路领域合作。 楼齐良表示，中国通号希望参与越南既有铁路信号系统升级改造，不断提供安全、先进、高效的高质量 解决方案。 双方一致同意在中越全面战略合作伙伴关系的框架下，进一步加强轨道交通项目建设及人员培训等方面 合作。 ...

Investment Rating - The report initiates coverage on China Railway Signal & Communication Corp (3969 HK/688009 CH) with a "Buy" rating, setting target prices at 7.56 RMB and 4.12 HKD for A/H shares respectively [3][10]. Core Views - The company is a leading provider of rail transit control systems globally, maintaining a dominant market share in domestic railway and urban rail communication signal systems. The report anticipates stable growth in the next 3-5 years, driven by the demand for system upgrades and overseas business expansion [3][25]. - The railway industry is expected to maintain high investment levels until 2028, benefiting the company as it holds over 60% market share in railway communication signal systems. The report estimates that approximately 11,000 kilometers of high-speed rail systems are due for upgrades starting in 2025, which could significantly enhance revenue [4][25]. - Urban rail construction is entering a stable development phase, with the company expected to benefit from a projected CAGR of 17.1% in the urban rail communication signal system upgrade market from 2025 to 2028 [5][26]. - The company possesses leading core technologies and a comprehensive innovation system, which positions it well for international market participation. The overseas order growth from 2020 to 2023 has shown a CAGR of 36%, indicating strong potential for future expansion [7][27]. Summary by Sections Investment Rating and Valuation - The report assigns a "Buy" rating with target prices of 7.56 RMB for A shares and 4.12 HKD for H shares, based on a PE ratio of 18/9 times [3][10]. Industry Outlook - The railway investment and construction are projected to remain robust until 2028, driven by fixed asset investments and passenger volume growth. The company is expected to benefit from this high industry demand [4][25]. - The urban rail market is stabilizing, with expected new operational lines in 2024-2025 remaining consistent with 2023 levels, and a significant portion of the urban rail communication signal systems is due for upgrades [5][26]. Financial Projections - The report forecasts EPS for 2024, 2025, and 2026 to be 0.35, 0.42, and 0.44 RMB respectively, with corresponding PE ratios of 18.18, 15.28, and 14.57 [6][9]. Technological Leadership and Growth Opportunities - The company’s advanced technologies and strong innovation capabilities solidify its market leadership. The report highlights the potential for growth in overseas markets and low-altitude economy sectors, with significant planned projects in both the Asia-Pacific and European regions [7][27].

中国铁路通信信号股份有限公司 关于 2024 年面向专业投资者公开发行科技创新可续期 公司债券（第一期）发行结果的公告 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、准确性和完整性依法承担法律责任。 证券代码：688009 证券简称：中国通号 公告编号：2024-030 本期科技创新可续期公司债券的成功发行，有利于公司拓宽融资渠道，优化 资本结构，促进公司研发实力和技术创新能力的持续提升，助力公司在市场竞争 中获取更多优势。 特此公告。 中国铁路通信信号股份有限公司董事会 2024 年 12 月 10 日 中国铁路通信信号股份有限公司（以下简称"发行人""公司"）面向专业投 资者公开发行面值不超过人民币 25 亿元（含 25 亿元）的科技创新可续期公司债 券已经中国证券监督管理委员会证监许可〔2024〕1635 号文注册。公司 2024 年 面向专业投资者公开发行科技创新可续期公司债券（第一期）（以下简称"本期 债券"）发行规模不超过 25 亿元。本期债券分为两个品种，其中品种一期限为 5+N 年期，品种二期限为 10+N 年期。 本期债券采取网下面向专 ...

FF301 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: 2024年11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: 中國鐵路通信信號股份有限公司 呈交日期: 2024年12月2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) | 03969 | 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 | | | 1,968,801,000 | RMB | | 1 | RMB | | 1,968,801,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,968,801,000 | RMB | | 1 | RMB | | 1,968,801 ...

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、准确性和完整性依法承担法律责任。 近日，中国铁路通信信号股份有限公司（简称"公司"）收到中国证券监督 管理委员会《关于同意中国铁路通信信号股份有限公司向专业投资者公开发行科 技创新可续期公司债券注册的批复》（证监许可〔2024〕1635 号）（以下简称"批 复文件"），主要内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 25 亿元科技创新可续 期公司债券的注册申请。 二、本次发行科技创新可续期公司债券应严格按照报送上海证券交易所的募 集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行科技创新可续期公司债券。 证券代码：688009 证券简称：中国通号 公告编号：2024-029 中国铁路通信信号股份有限公司 关于向专业投资者公开发行科技创新可续期公司债券 申请获得中国证监会注册批复的公告 四、自同意注册之日起至本次科技创新可续期公司债券发行结束前，公司如 发生重大事项，应及时报告并按有关规定处理。 公司将按照上述批复文件和相关法律法规的要求以及公司股东大 ...