Core Insights - The rail transit equipment sector experienced a decline of 0.5% on October 13, with Jin Chuang Group leading the losses [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance Summary - Notable gainers in the rail transit equipment sector included: - Times New Material (600458) with a closing price of 16.72, up 5.03% and a trading volume of 627,000 shares, totaling 1.028 billion yuan [1] - Tianzhi New Material (688033) closed at 7.18, up 4.36% with a trading volume of 362,300 shares, totaling 255 million yuan [1] - Gongda High-Tech (688367) closed at 22.25, up 3.92% with a trading volume of 52,300 shares, totaling 114 million yuan [1] - Major decliners included: - Jin Chuang Heavy Group (603680) closed at 12.53, down 3.32% with a trading volume of 56,100 shares, totaling 70.63 million yuan [2] - Jiao Da Tie Fa (920027) closed at 26.80, down 2.97% with a trading volume of 16,500 shares, totaling 44.06 million yuan [2] - Kanni Electromechanical (603111) closed at 8.10, down 2.06% with a trading volume of 183,400 shares, totaling 147 million yuan [2] Capital Flow Analysis - The rail transit equipment sector saw a net inflow of 82.63 million yuan from institutional investors, while retail investors experienced a net outflow of 101 million yuan [2] - Key stocks with significant capital flow included: - Times New Material (600458) had a net inflow of 71.83 million yuan from institutional investors, while retail investors saw a net outflow of 98.40 million yuan [3] - China CNR Corporation (601766) had a net inflow of 33.73 million yuan from institutional investors, with retail investors experiencing a net outflow of 2.17 million yuan [3] - Times Electric (688187) had a net inflow of 31.85 million yuan from institutional investors, while retail investors saw a net outflow of 40.13 million yuan [3]

证券代码：688187 (A 股） 证券简称：时代电气 （A 股） 公告编号：2025-036 证券代码： 3898（H 股） 证券简称：时代电气（H 股） 株洲中车时代电气股份有限公司 2025年半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。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利0.44元（含税） 相关日期 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 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： 本次利润分配以方案实施前的公司总股本1,357,948,412股为基数，每股派发现 金红利0.44元（含税），共计派发现金红利597,497,301.28元。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/10/17 | 2025/10/20 | 2025/10/20 ...

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 海外監管公告 本 公 告 乃 由 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公司證券上市規則第13.10B條而作出。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 刊 登 之《株 洲 中 車 時 代 電 氣 股 份 有 限 公 司2025 年 半 年 度 權 益 分 派 實 施 公 告》，僅 供 參 閱。 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 株洲中车时代电气股份有限公司 2025 年半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。 重要内容提示： | 股权登记日 ...

Core Insights - The rail transit equipment sector experienced a significant increase of 3.26% on October 9, with Times Electric leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Group 1: Stock Performance - Times Electric (688187) closed at 56.85, with a rise of 8.02% and a trading volume of 212,500 shares [1] - Railway Technology (301016) closed at 22.46, increasing by 7.11% with a trading volume of 92,800 shares [1] - Xianghe Industry (603500) closed at 11.76, up 5.09% with a trading volume of 138,900 shares [1] - China CNR Corporation (601766) closed at 7.79, rising by 4.28% with a trading volume of 2,073,300 shares [1] - Other notable performers include Kanda (002972) with a 3.98% increase and Dinghan Technology (300011) with a 3.42% increase [1] Group 2: Capital Flow - The rail transit equipment sector saw a net inflow of 178 million yuan from institutional investors, while retail investors experienced a net outflow of 182 million yuan [2] - The sector's overall capital flow indicates a strong interest from institutional investors despite the outflow from retail investors [2]

Core Viewpoint - As of September 30, 2025, Times Electric (688187) closed at 52.63 yuan, reflecting a 1.74% increase with a turnover rate of 1.22% and a trading volume of 106,200 shares, amounting to a transaction value of 559 million yuan [1]. Trading Information Summary - On September 30, the net inflow of main funds was 11.25 million yuan, accounting for 2.01% of the total transaction value [2][3]. - Retail investors experienced a net outflow of 11.78 million yuan, representing 2.11% of the total transaction value [2]. Company Announcement Summary - The monthly securities change report for Zhuzhou CRRC Times Electric Co., Ltd. as of September 30, 2025, indicates no change in the legal/registered share capital [2]. - The total issued shares for H-shares and A-shares remained unchanged at 489,040,900 shares and 868,907,512 shares, respectively, with a par value of 1 yuan per share [2]. - The total legal/registered share capital at the end of the month was 1,357,948,412 yuan, with zero inventory shares [2].

Group 1 - Morgan Stanley has raised its forecasts for China CRRC (01766, 601766.SH) and Times Electric (03898, 688187.SH) based on strong order acquisition in Q3, improved demand visibility, and a shift towards cyclical growth in the industry [1] - Since July, the average H-share prices of China CRRC and Times Electric have increased by approximately 30%, compared to a 10% rise in the Hang Seng Index, while A-shares have risen by 15%, against an 18% increase in the CSI 300 Index, indicating investor confidence in the improving fundamentals of the industry [1] - The upgrade is supported by several positive catalysts, including CRRC's robust financial performance, strong railway fixed asset investment (which has seen an 8-month cumulative year-on-year increase of 6%), and accelerating passenger volume growth (which increased by 7% year-on-year during the peak summer travel season) [1]

本报讯 （记者肖伟）9月30日晚间，株洲中车时代电气股份有限公司（以下简称"时代电气"）在公司官 方微信公众号上发布消息，全球首个2000V光伏实证基地在海南文昌正式揭牌，时代电气作为基地内唯 一的逆变器厂商，携全球首款2000V光伏逆变器"赤霄"入驻，正式启动项目实证。 该实证基地依托国家级实证技术重点实验室，具备多气候模拟与全周期数据采集能力，将系统性开展湿 热、高盐雾等一系列典型气候环境下光伏产品的长期可靠性验证，为行业提供真实、可靠的数据支撑与 系统解决方案。 面对更高电压等级对器件性能、系统架构和安全设计提出的挑战，时代电气将"复兴号"动车组、时速 600公里高速磁浮中沉淀的技术成果经验，注入2000V光伏逆变器的研发，确保产品在高压工况下的稳 定运行。2000V系统对安全提出更高要求，时代电气采用包含支路绝缘检测、智能拉弧检测等多重智能 保护设计与完善的绝缘方案，构建全方位安全防护体系，以"高铁级品质"保障电站长期可靠运行。 （编辑 郭之宸） ...

Core Viewpoint - Morgan Stanley has upgraded the forecasts for China CNR (601766) and CRRC Times Electric (03898), reflecting a more optimistic outlook based on strong order acquisition in Q3, improved demand visibility, and a shift towards cyclical growth in the industry [1][2] Group 1: Company Performance - China CNR's H-share target price has been raised from HKD 6.8 to HKD 8, while the A-share target price has been adjusted down from RMB 10.1 to RMB 10 [1] - CRRC Times Electric's H-share target price has increased from HKD 43 to HKD 50, and the A-share target price has been raised from RMB 59 to RMB 68 [1] - Since July, the average H-share price of both companies has risen approximately 30%, compared to a 10% increase in the Hang Seng Index, while the A-shares have increased by 15%, against an 18% rise in the CSI 300 Index [1] Group 2: Industry Trends - The upgrade is supported by several positive catalysts, including stable financial performance from CNR, strong railway fixed asset investment (up 6% year-on-year over eight months), and accelerating passenger volume growth (up 7% year-on-year during peak summer travel) [2] - These factors are translating into healthier order reserves and more predictable earnings [2] - Both companies maintain a net cash position and possess strong operating cash flow generation capabilities, with valuations still below long-term cycle medians, providing a solid foundation for further upside [2]

Core Viewpoint - Morgan Stanley has upgraded its forecasts for China CNR (01766, 601766.SH) and CRRC Times Electric (03898, 688187.SH) based on strong order acquisition in Q3, improved demand visibility, and a shift towards cyclical growth in the industry [1][2] Group 1: Company Performance - China CNR's H-share target price has been raised from HKD 6.8 to HKD 8, while its A-share target price has been slightly decreased from CNY 10.1 to CNY 10 [1] - CRRC Times Electric's H-share target price has increased from HKD 43 to HKD 50, and its A-share target price has risen from CNY 59 to CNY 68 [1] - Both companies have maintained a net cash position and exhibit strong operating cash flow generation capabilities [2] Group 2: Market Trends - Since July, the average H-share price of China CNR and CRRC Times Electric has increased by approximately 30%, compared to a 10% rise in the Hang Seng Index [1] - The A-share prices have risen by 15%, while the CSI 300 Index has increased by 18% during the same period, indicating investor confidence in the improving fundamentals of the industry [1] - The railway fixed asset investment has shown a year-on-year increase of 6% over the past eight months, and passenger volume has grown by 7% during the peak summer travel period, contributing to healthier order reserves and more predictable earnings [2]

Core Viewpoint - CITIC Securities has given a "outperform" rating to Times Electric (03898), highlighting strong order growth and a favorable market outlook for the company [1] Group 1: Company Performance - Times Electric announced a total new order value of 54 billion RMB for the period from July to September, which includes 37.8 billion RMB from the sale of high-speed trains [1] - The sales from high-speed trains are attributed to the second batch of high-speed train tenders released by China National Railway Group on August 19 [1] Group 2: Industry Trends - As of this year, a total of 278 high-speed train units have been tendered, surpassing the total of 247 units from the previous year, indicating strong demand for rail passenger transport and replacement needs [1] - The stable tendering momentum from China National Railway Group, along with an upcoming railway equipment maintenance cycle, is expected to drive sustainable growth in the railway business for Times Electric over the next three years [1]