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: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 株洲中車時代電氣股份有限公司 呈交日期: 2025年7月31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) | 03898 | 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 | | | 489,040,900 | RMB | | 1 | RMB | | 489,040,900 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 489,040,900 | RMB | | 1 | RMB | | 489,040,900 | | 2. 股份 ...

株洲中车时代电气股份有限公司 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：688187（A 股） 证券简称：时代电气 （A 股） 公告编号：2025-027 证券代码： 3898（H 股） 证券简称：时代电气（H 股） 重要内容提示： 每股现金红利1元（含税） 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/8/7 | 2025/8/8 | 2025/8/8 | 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 6 月 27 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。 是否涉及差异化分红送转：否 每股分配比例 1. 发放年度：2024年年度 2. 分派对象： 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,357,948,4 ...

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: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 株洲中車時代電氣股份有限公司 呈交日期: 2025年7月31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) | 03898 | 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 | | | 489,040,900 | RMB | | 1 | RMB | | 489,040,900 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 489,040,900 | RMB | | | 1 RMB | | 489,040,900 | | 2. 股份 ...

Group 1 - The stock price of Times Electric closed at 44.79 yuan on July 30, 2025, down 0.71% from the previous trading day, with a trading volume of 154 million yuan and a turnover rate of 1.22% [1] - Times Electric operates in the fields of rail transit equipment and new energy, and is part of the transportation equipment sector and Hunan market [1] - Recently, there has been a slight net inflow of main funds into Times Electric, with a net inflow of 4.295 million yuan on July 30 [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant developments in ESG policies and initiatives, emphasizing the importance of climate change cooperation between China and the EU, as well as the acceleration of clean energy transitions globally [9][20][24] Policy Developments - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised "Corporate Governance Guidelines for Listed Companies," aiming to enhance governance standards and protect minority investors [5][6] - The National Development and Reform Commission (NDRC) has revised the "Energy Conservation Review and Carbon Emission Evaluation Measures for Fixed Asset Investment Projects," integrating carbon emission evaluations into energy conservation reviews [7][8] Industry Trends - The joint statement by China and EU leaders on climate change emphasizes the need for stable policies and cooperation in addressing climate challenges, highlighting the significance of the Paris Agreement [9][12] - The 2025 World Artificial Intelligence Conference introduced the "Global Governance Action Plan for Artificial Intelligence," focusing on the opportunities and challenges posed by AI technology [13][14] - The Ministry of Water Resources released the "China Water Conservation Report 2024," indicating a 2.15 billion cubic meter increase in total water usage compared to 2023, while improving water efficiency metrics [17][18] International Events - The UN Secretary-General called for an accelerated transition to clean energy, noting that renewable energy investments have surged to $2 trillion, surpassing fossil fuel investments by $800 billion [20][21] - France is expected to see a slowdown in greenhouse gas emission reductions in 2025, with a projected increase in emissions in the first quarter of that year [22][23] - The International Court of Justice provided a systematic interpretation of countries' legal responsibilities in addressing climate change, emphasizing the urgent need for action [24][25] Corporate Developments - The first annual list of "Best ESG Companies on the Sci-Tech Innovation Board" was released, highlighting 20 companies that excel in ESG performance across various sectors [26][27] - The agricultural, forestry, and fishery sectors showed an increase in ESG disclosure rates, yet still lag behind the overall industry average [29][30]

Investment Rating - The report rates the industry as "Outperform" compared to the market [1] Core Insights - The integrated circuit manufacturing sector leads the electronic industry, with a weekly increase of 7.55% [2] - The launch of the Yajiang Hydropower Project is expected to accelerate the development of High Voltage Direct Current (HVDC) technology, with a total investment of approximately 1.2 trillion yuan [5][6] - The global HVDC market is projected to grow from $10.94 billion in 2024 to $11.70 billion in 2025, reflecting a year-on-year increase of 6.9% [7][24] - The domestic market for thyristors is expected to grow significantly, from 1.582 billion yuan in 2020 to 3.096 billion yuan in 2024, with a compound annual growth rate of approximately 18.3% [26] Summary by Sections 1. HVDC Overview - The Yajiang Hydropower Station will alleviate the imbalance in water and electricity supply in the region, with the southwestern area holding 70% of China's water energy resources [9][11] - HVDC technology has evolved through three generations, with the second generation (LCC) being the most mature and widely used for ultra-high voltage direct current (UHVDC) applications [17][20] 2. Market Demand for Thyristors - The demand for thyristors in the HVDC market is continuously increasing, driven by the expansion of high-voltage direct current projects [22][26] - The domestic market for thyristors is dominated by companies such as JieJie Microelectronics and Times Electric, which hold significant market shares [27][34] 3. Investment Opportunities - The report suggests focusing on investment opportunities in the thyristor market, particularly with companies like JieJie Microelectronics and Times Electric, which are closely linked to the HVDC industry [8][34] - JieJie Microelectronics has achieved full control over the thyristor supply chain and has recently patented technology to enhance thyristor performance [34] - Times Electric has introduced a new series of high-voltage thyristors, filling a domestic gap and contributing to the localization of ultra-high voltage projects [37]

Group 1 - The railway fixed asset investment in June reached 113.8 billion, showing a year-on-year growth of 4.6%, indicating high industry prosperity despite a high base from the previous year [1] - From January to June, the total railway fixed asset investment was 355.9 billion, with a year-on-year increase of 5.5% [1] - The number of railway passengers reached 2.236 billion, reflecting a year-on-year growth of 6.7%, while freight volume was 25.58 million tons, up by 1.8% [1] Group 2 - The railway department has increased night high-speed trains to meet the rising passenger demand during the summer peak, with June passenger volume at 373 million, a 3.6% increase year-on-year [2] - The Chengdu-Chongqing high-speed railway is under construction and will operate at a speed of 400 km/h, reducing travel time between Chengdu and Chongqing to 50 minutes [2] Group 3 - Several rail transit equipment companies reported better-than-expected performance in the first half of the year, confirming the sector's prosperity, with China CNR expected to achieve a net profit of 6.722-7.562 billion, a growth of 60-80% [3] - Other companies like Siwei Control and Jinchuan Group also reported significant profit increases, with growth rates ranging from 45% to over 200% [3] Group 4 - The upcoming vehicle tenders are expected to see a significant increase, with the second half of the year projected to have a tender volume that may exceed expectations [4] - The total new railway line expected to be put into operation in the second half is around 2300 kilometers, following a modest 301 kilometers in the first half [4] Group 5 - The focus is recommended on vehicle equipment segments, with key suppliers such as China CNR and Siwei Control highlighted for their reliability in the upcoming peak and major repair years [5] - Other companies to watch include Times Electric, China Communications, and Jinchuang Group, among others, for their respective components and systems [5]

Investment Rating - The report maintains an "Overweight" rating for the machinery industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The machinery industry is expected to see a moderate recovery in demand in the second half of 2025, driven by equipment upgrades and technological empowerment [4]. - Key companies in the machinery sector are projected to experience varied growth rates in Q2 2025, with notable performances from companies like SANY Heavy Industry (25% growth) and PCB manufacturer Ding Tai Gao Ke (66% growth) [4][5]. - The report highlights three main trends in the robotics sector: the advancement of humanoid robots, the entry of global giants into the robotics field, and the practical application of various robot forms in specific scenarios [4]. - In the rail transit equipment sector, significant investment is expected to continue, with a projected fixed asset investment nearing 900 billion yuan for the year, supported by strong passenger demand [4]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and a favorable environment for new machine sales [4]. - The laser segment is experiencing rapid growth, particularly in general laser applications, driven by technological advancements and increased overseas exports [4]. Summary by Sections Robotics and Components - The humanoid robot industry is progressing towards commercialization, with significant contributions expected from companies like Greentech Harmonic and Wolong Electric Drive [4]. Rail Transit Equipment - In the first half of 2025, China's railway fixed asset investment reached 355.9 billion yuan, a year-on-year increase of 5.5%, with expectations for continued high growth [4]. Engineering Machinery - The engineering machinery sector has seen improved profitability and is positioned for a new sales cycle as construction activity resumes [4]. Laser Technology - General laser demand is rapidly increasing due to high-power technology iterations and new applications in consumer electronics and photovoltaics [4].

Core Viewpoint - The integration of power infrastructure development and ecological protection is a key initiative by the Southern Power Grid Guangdong Electric Power Company to support high-quality rural development in the "Two Mountains" leading area [1][2]. Group 1: Infrastructure Development - The Southern Power Grid has optimized the layout of power lines in tourist areas, such as the tea gardens in Huizhou, to enhance the aesthetic appeal and maintain ecological integrity [2]. - The company has implemented a comprehensive upgrade of power supply facilities in response to the increasing electricity demand from the local tea industry, ensuring reliable power supply for modernized tea production [4][5]. - A total of 72 charging stations and 369 charging piles have been established across the county, achieving full coverage in 17 towns, which supports the development of the tourism industry [6]. Group 2: Ecological and Economic Impact - The "All-Electric Homestay" project in Xuetian Village exemplifies the integration of renewable energy solutions, reducing carbon emissions by approximately 34 tons annually [6]. - The company has signed cooperation agreements with over 50 local governments to invest approximately 1.3 billion yuan in building 362 new electrified villages in 2024, promoting sustainable rural development [6]. - The establishment of 36 boutique electrified villages in the "Two Mountains" leading area is part of a broader strategy to enhance local industries and promote economic growth [7].

董事會會議通知 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈，本 公 司 將 於 二 零 二 五 年 八 月 二 十 二 日（星 期 五）舉 行 董 事 會 會 議，以 批 准 發 佈 本 集 團（包 括 本 公 司 及 其 附 屬 公 司）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 未 經 審 計 的 中 期 業 績，及 處 理 其 他 事 宜（如 有）。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 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 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。 中國株洲，二零二五年七月十一日 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。 ...