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12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12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. ...

Group 1 - The A-share market saw a rebound in the afternoon, with the Shanghai Composite Index turning positive again. The Kexin 50 ETF (588000) continued to show weakness, with a maximum decline of 1.10% [1] - Commercial aerospace concept stocks remained active, with Guobo Electronics rising over 6%, reaching a historical high. Shengke Communication increased by 2.23%, and Times Electric rose by 1.82%. Other stocks like Yingstone Network and Kingsoft Office also saw gains of over 1% [1] - Samsung's HBM4 chip production may be ahead of schedule, with the global HBM market expected to reach $98 billion by 2030. The construction of Samsung's P4 factory is accelerating, with equipment installation and testing running 2-3 months ahead of the original plan [1] Group 2 - The Kexin 50 ETF (588000) tracks the Kexin 50 Index, with 69.39% of its holdings in the electronics sector and 4.88% in the computer sector, totaling 74.27%. This aligns well with the development direction of cutting-edge industries such as artificial intelligence and robotics [2] - The ETF also covers multiple sub-sectors, including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology. Investors optimistic about the long-term development prospects of China's hard technology are advised to continue monitoring [2] Group 3 - Huatai Securities expresses a positive outlook for 2026, focusing on three main investment lines: 1) Embracing AI computing power, with attention to domestic and international investment opportunities in the computing power industry; 2) New productive forces, with emerging sectors like commercial aerospace, satellite internet, low-altitude economy, and quantum communication expected to accelerate; 3) Core assets, where leading companies with long-term competitiveness and performance resilience are likely to see valuation improvement opportunities as market liquidity improves [1]

Group 1 - The core viewpoint of the news is that Times Electric has shown a positive stock performance, with a 1.06% increase, reaching a price of 50.44 yuan per share, and a total market capitalization of 68.495 billion yuan [1] - Times Electric, established on September 26, 2005, and listed on September 7, 2021, specializes in the research, design, manufacturing, and sales of rail transit equipment, with a product structure that includes "devices + systems + complete machines" [1] - The main business revenue composition of Times Electric includes 56.58% from rail transit equipment, 42.94% from emerging equipment, and 0.48% from other sources [1] Group 2 - From the perspective of fund holdings, HSBC Jintrust Fund has a significant position in Times Electric, with its flagship fund holding 106,600 shares, accounting for 3.38% of the fund's net value, making it the largest holding [2] - The HSBC Jintrust Value Pioneer Stock A fund, established on November 14, 2018, has a current scale of 125 million yuan and has achieved a year-to-date return of 27.54%, ranking 2045 out of 4189 in its category [2] - The fund manager, Wu Peiwen, has a tenure of 10 years and 96 days, with the fund's total assets amounting to 999.2 million yuan, and the best return during his tenure being 177.98% [3]

Core Viewpoint - The article discusses the upcoming 2026 International Forum on Marine Corrosion and Anti-Fouling, focusing on key materials and technologies in the marine industry, highlighting the importance of innovation and collaboration among young scientists and industry experts [3][8]. Group 1: Conference Overview - The forum will take place on April 8, 2026, in Qingdao, featuring a format of 10-minute presentations followed by expert commentary to encourage young scientists [3]. - The event aims to analyze global marine equipment corrosion and anti-fouling technologies, sharing innovative methods and transformative technologies in marine key materials [8]. - The conference will include a main conference, 12 specialized forums, and various networking activities, inviting global government departments, industry organizations, experts, and corporate representatives [8]. Group 2: Specialized Forums - **Forum 1: Marine Key Materials** will cover topics such as marine anti-corrosion and anti-fouling materials, new materials for hull drag reduction and noise reduction, and materials for seawater desalination [22]. - **Forum 2: Corrosion and Protection Technologies** will focus on new mechanisms of marine corrosion and fouling, protective and monitoring technologies, and the innovative application of artificial intelligence [23]. - **Forum 3: Erosion and Protection Technologies** will explore micro-motion wear mechanisms, high-temperature friction wear mechanisms, and protective technologies for erosion and cavitation [23]. Group 3: Key Topics and Innovations - The conference will address innovative marine functional materials, including new anti-corrosion coatings and eco-friendly anti-fouling agents [19][20]. - Discussions will include advancements in marine structural materials, such as various alloys and composite materials suitable for marine environments [19]. - The application of digital technology and artificial intelligence in corrosion simulation and monitoring will be a significant focus, enhancing predictive maintenance and safety assessments [20]. Group 4: Industry Applications - The forum will highlight the corrosion protection needs of various marine sectors, including shipbuilding, offshore oil and gas, and marine renewable energy [21]. - Specific discussions will cover the requirements for corrosion protection in underwater oil and gas production facilities and marine renewable energy systems [21]. - The event will also address the challenges posed by extreme environments, such as polar conditions, on marine engineering materials [21].

【DT新材料】 获 悉， 北京证券交易所上市委员会2025年第45次审议会议结果公布，专业 从事陶瓷管壳和封装散热基板等功率半导体器件关键部件研发、制 造和销售的 赛英电子 ，符合发行条件、上市条件和信息披露要求，成功过会。 公司的主要产品是晶闸管用 陶瓷管壳、平板压接式IGBT用陶瓷管壳、平底型散热基板、针齿型散热基 板 。产品应用于特高压、新能源汽车、轨道交通等领 域。公司掌握高密度等静压陶瓷金属化等核心技术，主导制定IGBT平板 陶瓷管壳行业标准。 凭借多年技术积累，公司已与 英飞凌、日立能源、中车时代、 斯达半导等国内外功率半导体龙头企业 建立长期合作关系，其产品质量与技术实力获得行业认可。 01 功率模块的"上限瓶颈"，正在被散热结构重新定义 功率器件封装结构示意图（ 来源：洞见热管理绘制 ） 常见的几种散热技术如下所示： 功率器件热管理技术（来源：洞见热管理整理） 02 平底型与针齿型散热基板，为什么开始成为"量产标配" 赛英电子的产品主要用于的就是该功率器件模块结构中的 散热基板（平底型封装散热基板、针齿型封装散热基板） 如下图所示，主要 用于IGBT功率器件、 工业控制、新能源发电、新能源汽车 ...

Core Viewpoint - The release of the first batch of national-level zero-carbon park lists aims to establish institutional models, with 52 park projects tasked with "pilot testing" new systems, clean energy frameworks, and business models, guiding future development in zero-carbon parks [5][6]. Group 1: Characteristics of Zero-Carbon Parks - The policy behind the zero-carbon parks features three main characteristics: nationwide coverage across eastern, central, and western regions; diverse park types including manufacturing, port bonded areas, and digital industry parks; and the coexistence of "park within a park" and "whole park" projects [6][12]. - The first batch of parks is expected to support a production value of up to 3.54 trillion yuan, highlighting the critical role of energy storage in the green industrial revolution [6][12]. Group 2: Energy Storage as a Standard Configuration - Energy storage is now a key component and prerequisite for the construction of zero-carbon parks, transitioning from "encouraged" to "standard configuration" due to clear policy guidance and the inherent logic of energy structure transformation [6][8]. - Various local policies have set rigid requirements for energy storage configurations, such as Shanghai's requirement for a storage system ratio of ≥15% to ≥30%, and Jiangsu's requirement for new energy storage capacity to be ≥10% of daily electricity consumption [8][9]. Group 3: Market Potential and Challenges - The existing provincial and above parks exceed 2,500, making them the main battlefield for industrial carbon reduction. The national-level zero-carbon parks alone could drive a billion-level demand for energy storage, with broader local park low-carbon transformations offering even greater market capacity [12][13]. - The transition of energy storage from a backup power source to a multi-value system hub is crucial for resolving the contradiction between the intermittent nature of wind and solar energy and the continuous stable electricity demand of parks [8][12]. Group 4: Key Players in Zero-Carbon Parks - Major companies like Envision, CRRC Zhuzhou, CATL, and Trina Solar are actively involved in the layout of zero-carbon parks, with numerous projects already in place [13][14]. - Envision has established a significant presence in the first batch of national-level zero-carbon parks, providing comprehensive solutions and leading in various challenging park types [14]. - CRRC Zhuzhou has successfully integrated photovoltaic technology and energy storage in its zero-carbon industrial park, achieving rapid delivery and significant carbon reduction [14][15]. - Huawei's project in Jiangsu has deployed over 8.6 MW of photovoltaic and more than 10 MWh of energy storage, achieving over 85% clean energy consumption [16]. - CATL is promoting dual-mode construction of "zero-carbon factories + lighthouse factories" in Yibin, focusing on energy-saving transformations in high-energy-consuming industries [17].

Core Insights - Zhuzhou CRRC Times Electric Co., Ltd. has obtained a patent for a method of "state detection of pantographs based on meta-learning and multi-scale feature fusion," with authorization announcement number CN116681928B, applied for on May 2023 [1] Company Overview - Zhuzhou CRRC Times Electric Co., Ltd. was established in 2005 and is located in Zhuzhou City, primarily engaged in the manufacturing of railway, shipbuilding, aerospace, and other transportation equipment [1] - The company has a registered capital of 1,411.54 million RMB [1] - The company has invested in 37 enterprises and participated in 5,000 bidding projects, holding a total of 3,697 patents and 151 administrative licenses [1]

Core Insights - The core viewpoint of the article emphasizes the significant role of medium and high-voltage variable frequency drives (VFDs) in industrial production, driven by China's "dual carbon" strategy and policy support, leading to a stable growth in market demand [1][10]. Industry Overview - Medium and high-voltage VFDs are essential for adjusting motor speed and operational status to meet various process requirements, commonly used in fans, pumps, and compressors [1][6]. - The market size of China's medium and high-voltage VFD industry is projected to grow from 10.8 billion yuan in 2017 to 21.6 billion yuan in 2024, with a compound annual growth rate (CAGR) of 10.41% [1][11]. Industry Chain - The upstream of the medium and high-voltage VFD industry includes raw materials and components such as transformers, IGBTs, capacitors, and cooling systems [8]. - The downstream applications encompass sectors like electricity, petrochemicals, construction materials, coal, and metallurgy [8]. Market Demand and Growth - The demand for medium and high-voltage VFDs is significantly influenced by the need for energy conservation and emission reduction in high-energy-consuming industries, particularly under strict environmental regulations [1][10]. - The industrial power generation in China is expected to grow from 6,275.82 billion kWh in 2017 to 9,418.1 billion kWh in 2024, with a CAGR of 5.97% [9][10]. Competitive Landscape - The medium and high-voltage VFD industry in China features a diversified competitive landscape, with both international brands (like Schneider, ABB, Siemens) and domestic leaders (like Invt, Huichuan Technology, and HeKang New Energy) [11]. - Domestic companies are gaining market share by leveraging localized service responsiveness and competitive product pricing [11]. Key Companies - Invt Electric Co., Ltd. focuses on industrial automation and energy sectors, reporting a revenue of 1.153 billion yuan from VFDs in the first half of 2025, a year-on-year increase of 6.56% [12]. - Huichuan Technology Co., Ltd. provides automation solutions across various industries, with a revenue of 8.807 billion yuan from general automation in the first half of 2025, reflecting a year-on-year growth of 17.11% [13]. Development Trends - Future trends in the medium and high-voltage VFD industry include energy efficiency optimization and enhanced dynamic response capabilities through advanced semiconductor devices and control algorithms [14]. - The integration of VFDs into the industrial internet will enable full lifecycle digital management, enhancing operational efficiency and predictive maintenance [15]. - VFDs are expected to evolve into power conversion nodes with multi-energy interfaces, supporting renewable energy integration and smart grid functionalities [15].

Core Insights - Zhuzhou CRRC Times Electric Co., Ltd. has obtained a patent for a method, system, and storage medium for automatically constructing SBOM based on MBOM, with the authorization announcement number CN117611063B and application date of December 2023 [1] Company Overview - Zhuzhou CRRC Times Electric Co., Ltd. was established in 2005 and is located in Zhuzhou City, primarily engaged in the manufacturing of railway, shipbuilding, aerospace, and other transportation equipment [1] - The company has a registered capital of 1,411.54 million RMB [1] - According to data analysis, the company has invested in 37 enterprises, participated in 5,000 bidding projects, and holds 3,697 patents, in addition to having 151 administrative licenses [1]

Core Viewpoint - The article discusses the upcoming 2026 International Forum on Marine Corrosion and Fouling Prevention and Marine Key Materials, highlighting the importance of marine materials and technologies in response to national initiatives for upgrading traditional marine industries and fostering new productive forces in the marine sector [8]. Group 1: Conference Overview - The forum will take place on April 8, 2026, in Qingdao, featuring various activities including keynote speeches, specialized forums, and a youth forum aimed at encouraging young scientists [8]. - The event is organized by the National Key Laboratory of Marine Key Materials in collaboration with several prestigious institutions, including the Chinese Academy of Sciences and China Shipbuilding Group [11][12]. Group 2: Specialized Forums - The conference will include three specialized forums focusing on: 1. Marine Key Materials: Topics include marine corrosion and fouling materials, new materials for hull drag reduction and noise reduction, and materials for deep-water composite pipes [22]. 2. Corrosion and Protection Technologies: Discussions will cover new mechanisms of marine corrosion, protective technologies, and the application of artificial intelligence in these fields [23]. 3. Erosion and Protection Technologies: This forum will explore wear mechanisms, high-temperature wear studies, and protective technologies for materials under multi-phase flow conditions [23]. Group 3: Youth Forum - The youth forum will adopt a format of 10-minute presentations followed by expert evaluations, aiming to highlight key scientific issues and innovative solutions proposed by young researchers [6][24]. Group 4: Industry Applications - The conference will address the latest demands in traditional and emerging marine industries, including: 1. Shipbuilding: Focus on corrosion protection needs for various ship structures and green ship fuel requirements [21]. 2. Marine Oil and Gas: Discussing protective needs for underwater production facilities and pipelines [21]. 3. Marine Clean Energy: Covering offshore CCUS projects, hydrogen production systems, and offshore wind and solar energy technologies [21]. 4. Deep-Sea Technology: Addressing needs for underwater production devices and deep-sea mining [21]. Group 5: Special Activities - The forum will feature special activities such as product and technology exhibitions, technology matchmaking sessions, and academic poster displays to facilitate collaboration between industry and academia [24].