Group 1 - The core viewpoint of the article is that the company, Times Electric, is actively participating in global competition, with its overseas revenue dependent on market development efforts [1] Group 2 - The company has indicated that its overseas income is influenced by the situation of market expansion [1] - Times Electric is engaging in efforts to enhance its competitiveness in international markets [1]

Core Viewpoint - The company has completed the design and development of its fourth-generation SiC trench gate products, achieving industry-leading standards, and has also laid out its fifth-generation SiC technology [1] Product Development - The key SiC products include 3300V high-voltage planar gate SiCMOSFET, 1200V fine planar gate SiCMOSFET, and 1200V SBD, with the performance metrics of the 1200V trench gate SiCMOSFET being comparable to leading international companies [1] Voltage Range and Applications - The company's SiCMOSFET covers a voltage range from 650V to 6500V, suitable for high-frequency and high power density system requirements, with applications in electric vehicles, uninterruptible power supplies (UPS), wind power generation, photovoltaic inverters, railway transportation, industrial sectors, and smart grids [1]

Core Viewpoint - The company, Times Electric (688187.SH), is actively monitoring the demand in data center and SST sectors, indicating a strategic focus on these growing markets [1]. Group 1: Company Developments - The company has a small number of bipolar devices currently applied in data center equipment [1]. - Continuous attention is being given to the needs in data centers and SST fields, suggesting potential for future product development and market expansion [1].

Group 1 - The core point of the article is that the company, Times Electric (688187.SH), currently does not have any products in mass application for the commercial aerospace sector [1]

Core Viewpoint - The newly launched 8-inch SiC production line by Times Electric is seen as a test of its technological competitiveness, with potential to enter the supply chains of leading power manufacturers like Vertiv and Huawei [1] Group 1: Company Developments - Times Electric (688187.SH) has confirmed that its SiC devices can be applied in various sectors including new energy vehicles, photovoltaic power generation, energy storage, charging piles, and rail transit [1]

Core Viewpoint - The company, Times Electric (688187.SH), currently does not have any products in mass application for the commercial aerospace sector [1] Group 1 - An investor inquired about the company's products and their applicability in the commercial aerospace field [1] - The company responded that it does not have products that are currently being mass applied in the commercial aerospace sector [1]

Market Overview - The rail transit equipment sector experienced a decline of 0.62% on January 16, with Bidu Technology leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Stock Performance - Notable gainers in the rail transit equipment sector included: - Gongda Gaoke (688367) with a closing price of 32.95, up 4.90% on a trading volume of 45,000 shares and a turnover of 146 million yuan [1] - Jiaoda Sino (300851) closed at 29.63, up 4.40% with a trading volume of 57,400 shares and a turnover of 174 million yuan [1] - Xianghe Industry (603500) closed at 12.96, up 3.43% with a trading volume of 87,000 shares and a turnover of 111 million yuan [1] Fund Flow Analysis - The rail transit equipment sector saw a net outflow of 79.08 million yuan from institutional investors, while retail investors experienced a net outflow of 75.46 million yuan [2] - Conversely, speculative funds recorded a net inflow of 155 million yuan [2] Individual Stock Fund Flow - China Railway Industry (600528) had a net inflow of 37.40 million yuan from institutional investors, but a net outflow of 34.22 million yuan from retail investors [3] - China Communication Signal (688009) saw a net inflow of 3.34 million yuan from institutional investors, while retail investors had a net outflow of 55.10 million yuan [3] - Xianghe Industry (603500) experienced a net inflow of 16.07 million yuan from institutional investors, with retail investors seeing a net outflow of 4.64 million yuan [3]

文 | 中车时代电气 近日， 株洲中车时代电气股份有限公司 完成入会流程，正式成为中关村储能产业技术联 盟会员单位。 1月1 3日，中车时代电气三大新能源解决方案重磅发布： 大型光储解决方案、下一代光储 解决方案及大型制氢解决方案。 中车时代电气将其在高铁牵引变流、智能控制与超高标 准可靠性领域数十年的尖端技术底蕴，系统性注入新能源装备。 模块化光储变流器解决方案 基于海外主型模块化产品1100kW光伏逆变器及1 2 5 0 kW储能变流器，中车时代电气推出 全新8 . 8MW逆变升压一体机及5MW变流升压一体机解决方案，凭借其高效发电、安全可 靠、电网友好、智能运维等突出性能，迅速成为展会明星，该方案可全面适应中东地区高 温、高风沙、高湿度等恶劣环境，满足吉瓦级光储电站稳定并网需求。 新一代光储解决方案 锚 定 储 能 系 统 技 术 发 展 趋 势 ， 中 车 时 代 电 气 推 出 全 新 一 代 4 6 0 kW 组 串 式 光 伏 逆 变 器 、 3 4 50kW液冷储能变流器及13.8MW变流升压一体机解决方案。通过将高效自主器件、先 进散热技术、构网技术等深度融合，大幅度提升产品可靠性、易维护性 ...

Overview - The report summarizes the bidding results for urban rail traction systems in China for the year 2025, covering 15 cities and 36 lines, with a total of 4248 vehicles awarded to 7 companies [3][4][10]. Bidding Statistics by City - In 2025, the traction system procurement market for urban rail in China showed steady development, with 15 cities completing the bidding for 36 lines, totaling 4248 vehicles [4][23]. - The demand for traction systems exhibited a clear tiered distribution among cities: - First tier (over 600 vehicles): Beijing (756), Shanghai (650), and Shenyang (612) - Second tier (200-600 vehicles): Shijiazhuang (314), Changchun (300), Nanjing (282), Chongqing (240), Chengdu (224), Xiamen (222), and Jinan (210) - Third tier (100-200 vehicles): Guangzhou (120), Xiong'an New Area (104), Tianjin (78), Urumqi (72), and Shenzhen (64) [4][5][23]. Market Concentration - The top five cities (Beijing, Shanghai, Shenyang, Shijiazhuang, and Changchun) accounted for a total of 2632 vehicles, representing 61.96% of the total procurement volume, indicating a high market concentration [5][23]. Bidding Methods - The bidding methods for traction systems in 2025 were primarily dominated by main engine factory bidding, with 19 projects involving 2388 vehicles (56.21% of total), while owner public bidding accounted for 13 projects involving 1860 vehicles (43.79% of total) [6][24]. Company Performance - In 2025, seven companies participated in the bidding for traction systems, with Zhuzhou CRRC Times Electric Co., Ltd. leading the market by winning 16 projects and securing 2588 vehicles, which constitutes 60.92% of the total market share [10][11]. - Jiangsu Jingwei Transportation Equipment Co., Ltd. ranked second with 726 vehicles (17.09% market share) across 5 projects, while CRRC Qingdao Sifang Co., Ltd. ranked third with 336 vehicles (7.91% market share) [10][11]. Year-on-Year Comparison - Compared to 2023, the number of awarded vehicles decreased by 2092 (33% drop), and the number of projects decreased by 9 (20% drop). However, compared to 2024, there was an overall upward trend in both the number of awarded vehicles and projects [14][15].

Core Insights - The railway transportation equipment sector experienced a 1.57% increase on January 12, with Langjin Technology leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Sector Performance - Langjin Technology (300594) closed at 23.72, up 12.15% with a trading volume of 105,800 shares [1] - Jinchuan Group (603680) closed at 17.82, up 6.83% with a trading volume of 145,500 shares [1] - Zhonghe Technology (000925) closed at 9.79, up 6.18% with a trading volume of 1,172,100 shares [1] - Shenzhou High-speed Railway (000008) closed at 3.21, up 4.22% with a trading volume of 1,807,900 shares [1] - Tianzhizhi New Materials (688033) closed at 8.69, up 3.58% with a trading volume of 646,800 shares [1] - Bidetech (605298) closed at 45.20, up 3.48% with a trading volume of 47,200 shares [1] - Xianghe Industrial (603500) closed at 12.56, up 2.87% with a trading volume of 94,100 shares [1] - Yonghui Electric (300351) closed at 19.09, up 2.52% with a trading volume of 224,300 shares [1] - Tongye Technology (300960) closed at 25.98, up 2.40% with a trading volume of 32,100 shares [1] - China Railway Signal & Communication (688009) closed at 5.68, up 2.16% with a trading volume of 451,200 shares [1] Capital Flow - The railway transportation equipment sector saw a net inflow of 85.024 million yuan from institutional investors, while retail investors experienced a net outflow of 38.8308 million yuan [1] - Major stocks like China CRRC (601766) had a net inflow of 81.3475 million yuan, while Shenzhou High-speed Railway (000008) had a net inflow of 66.1107 million yuan [2] - Retail investors showed significant outflows in several stocks, including Shenzhou High-speed Railway with a net outflow of 6.43381 million yuan [2]