Core Viewpoint - The company plans to initiate a new fundraising project for the "Rail Transit Signal System Pilot Base Project" with a total investment of 85.9676 million yuan, which will be funded entirely by the company's own subsidiary [1] Group 1: Project Details - The project will be constructed by the wholly-owned subsidiary, Tonghao (Changsha) Rail Transit Control Technology Co., Ltd., located in Changsha, Hunan [1] - The total investment for the project is 85.9676 million yuan, which accounts for 0.83% of the net proceeds from the company's initial public offering of A-shares [1] - The construction period for the project is set for 7 months, with an expected completion and production date in April 2027 [1] Group 2: Strategic Alignment - The project aligns with national policies and is expected to enhance the company's research and development efficiency upon completion [1] - The board of directors approved the proposal on January 23, 2026, and it is pending approval from the shareholders' meeting [1]

Summary of Low Altitude Economy Conference Call Industry Overview - The low altitude economy is emphasized for its safety and orderly development, with a goal to establish a standard system by 2027 and over 300 standards by 2030 to regulate industry growth and prevent competition and safety risks [1][2] - The low altitude economy includes emerging technologies such as drones and eVTOL, with applications in emergency rescue and power line inspection, gradually replacing traditional manned aircraft [1][6] Key Points and Arguments - **Standardization and Regulation**: The recent release of the "Low Altitude Economic Standard System Construction Guide" aims to address the chaotic state of the industry by establishing a unified standard system, which has been fragmented since 2016 [2][3] - **Safety Measures**: The Civil Aviation Administration mandates that drones over 25 kg must meet airworthiness standards, and a "combination of guidance and blockage" strategy is employed to control illegal flights [4][18] - **Market Growth**: The low altitude aviation market has expanded significantly, surpassing the traditional general aviation market, which is valued at approximately 20 billion [7] - **Drone Types and Applications**: Drones are categorized into multi-rotor, fixed-wing, and vertical take-off and landing (VTOL) types, with multi-rotor drones being widely used due to their ease of operation [8][9] Infrastructure Development - **Investment in Infrastructure**: The construction costs for low altitude aviation infrastructure vary significantly, with rooftop helipads costing around 7 million yuan and large general aviation airports requiring investments exceeding 200 million yuan [11][20] - **Challenges in Infrastructure**: The development of low altitude infrastructure faces challenges such as the need for military-civilian site evaluation and obtaining multiple governmental approvals [15][16] Certification and Compliance - **Certification Process**: The certification process for aircraft is lengthy, often exceeding 10 years, with only a few models currently certified [17][19] - **Leading Companies**: Companies like EHang and Fengfei Logistics are at the forefront of obtaining airworthiness certificates, but the certification process remains stringent [10] Regulatory Framework - **Unified Regulatory Platform**: The establishment of a unified UOM platform for drone regulation is underway, which will facilitate data management and compliance across national, provincial, and local levels [25][26] - **Local Government Initiatives**: Local governments are encouraged to build drone regulatory platforms to enhance safety and manage illegal flights [24][20] Emerging Trends and Future Outlook - **Technological Advancements**: The development of new technologies such as eVTOL and flying motorcycles is expanding the scope of the low altitude economy [6] - **Market Participation**: Major companies like SF Express and Meituan are actively building their own infrastructure and conducting pilot flights, indicating a trend towards self-sufficiency in the industry [20][13] Conclusion - The low altitude economy is poised for significant growth, driven by technological advancements and regulatory support, but faces challenges in standardization, safety, and infrastructure development that need to be addressed for sustainable progress [1][16]

● 本报记者刘丽靓 新兴产业是赢得未来发展的"必答题"，发展新兴产业已成为中央企业优化布局结构的"必选项"。 不少地方和中央企业系统梳理产业发展图谱，推动精准布局，开辟"第二曲线"：如招商局集团、国机集 团并购整合、项目直投布局生物制药、仪器仪表产业；中国通号、中国航信深耕低空经济细分领域；中 核集团新一代可控核聚变实现离子电子"双亿度"；国投探索"绿电+算力"融合互促新路径；中国国新发 起设立新兴产业发展专项基金；北京加快形成新一代信息技术、智能网联汽车两个千亿级规模产业；江 苏、浙江等地构建覆盖全链条基金群，支持战新产业（300832）发展…… 数据显示，"十四五"以来，中央企业在战略性新兴产业累计投资超过10万亿元，占总投资比重从"十四 五"初期的22%提升至40%以上。2025年，中央企业完成战略性新兴产业投资2.5万亿元、占总投资的 41.8%，中央企业战略性新兴产业营收规模超过12万亿元，连续三年实现了"每年1万亿"可喜增长。 国务院国资委科技创新局局长张剑龙近日在国新办新闻发布会上表示，2026年，国务院国资委将以高质 量编制实施"十五五"规划为契机，接续推动中央企业加快布局新兴产业，抢占未来竞 ...

Core Viewpoint - The "Fengyunhui·Smart Rail Cooperation Conference 2026" showcased the strength and collaborative ecosystem of the Fengtai rail transit industry, highlighting various projects and technological advancements aimed at promoting high-quality development in the sector [1]. Group 1: Industry Development and Collaboration - Fengtai District has established itself as a key hub for rail transit, housing over 260 major enterprises with an annual revenue exceeding 300 billion yuan, forming a comprehensive industrial ecosystem covering planning, construction, equipment manufacturing, and operation management [2]. - The district aims to enhance its industrial ecosystem by focusing on quality, innovation, and collaboration, positioning itself as a center for technological innovation and industrial aggregation in rail transit [2]. Group 2: Strategic Partnerships and Research Initiatives - The conference facilitated the signing of cooperation agreements among various entities, including the establishment of a joint research center for new railway electrical technologies to address industry challenges and promote innovation [3]. - Collaborations between companies and academic institutions, such as the partnership between China Railway Electrification Bureau and Hong Kong Polytechnic University, aim to advance research in subway power supply systems [3]. Group 3: Industry Planning and International Cooperation - A series of initiatives were announced to support the rail transit industry, including a focus on smart equipment and operational scheduling, encouraging companies to innovate in AI and core sensor technologies [4]. - The "Xianfeng Qihang" overseas service platform was launched to assist companies in exploring international markets by providing policy support and risk management [4]. Group 4: Service Mechanisms and Support Systems - Fengtai District introduced a "one-on-one smart rail butler" service mechanism to enhance support for the rail transit industry, focusing on personalized and comprehensive service delivery [5]. Group 5: Innovation and Product Showcase - The conference featured a display of cutting-edge products and solutions from major companies, demonstrating advancements in smart signaling systems and intelligent operation solutions that have significantly improved operational efficiency and safety [6][7]. - The 2025 Zhongguancun International Rail Transit Innovation and Entrepreneurship Competition highlighted innovative projects, fostering collaboration between large and small enterprises in the rail transit sector [7].

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: 2026年1月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.2.0 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: 2026年2月3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 ...

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: 2026年1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: 中國鐵路通信信號股份有限公司 呈交日期: 2026年2月3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 | | 1,968,801,0 ...

Core Viewpoint - China Railway Signal & Communication Corporation (China Tonghao) experienced a decline of 1.09% in stock price on February 2, with a trading volume of 254 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On February 2, China Tonghao had a financing buy-in amount of 15.45 million yuan and a financing repayment of 21.45 million yuan, resulting in a net financing outflow of 5.9966 million yuan [1] - The total financing and securities lending balance for China Tonghao reached 438 million yuan, with the financing balance accounting for 0.93% of the circulating market value, which is above the 70th percentile of the past year [1] - The securities lending aspect showed a repayment of 2,301 shares with no shares sold, and a securities lending balance of 691,900 yuan, also above the 50th percentile of the past year [1] Company Overview - China Tonghao, established on December 29, 2010, and listed on July 22, 2019, is primarily engaged in the design and integration, equipment manufacturing, and system delivery for railway communication and signaling [2] - The main business revenue composition includes 89.91% from railway control systems, with design and integration contributing 39.86%, system delivery services 28.37%, equipment manufacturing 21.68%, and general contracting 9.25% [2] - As of September 30, the number of shareholders was 64,600, a decrease of 0.68%, while the average circulating shares per person increased by 0.71% [2] Financial Performance - For the period from January to September 2025, China Tonghao reported a revenue of 21.748 billion yuan, reflecting a year-on-year growth of 4.48%, while the net profit attributable to shareholders decreased by 3.16% to 2.284 billion yuan [2] Dividend Information - Since its A-share listing, China Tonghao has distributed a total of 11.437 billion yuan in dividends, with 5.401 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 100 million shares, a decrease of 8.7029 million shares from the previous period [3] - Other notable shareholders include E Fund's SSE STAR 50 ETF and Huaxia's SSE STAR 50 ETF, both of which have seen reductions in their holdings [3]

Core Viewpoint - The railway transportation equipment sector experienced a decline of 2.13% on February 2, with significant losses from companies like Jiuzhou Yituo, which fell by 11.89% [1][2]. Market Performance - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1]. - The railway equipment sector's individual stock performance showed mixed results, with notable declines in several key companies [1]. Stock Performance Summary - Jiuzhou Yituo (688485) closed at 24.23, down 11.89% with a trading volume of 90,800 shares and a transaction value of 230 million [2]. - Other significant declines included Gongda Gaoke (688367) down 11.19% and Shenzhou Gaotie (000008) down 6.13% [2]. - In contrast, companies like Keanda (002972) and Changqing Technology (001324) saw slight increases of 1.47% and 1.27%, respectively [1]. Capital Flow Analysis - The railway equipment sector saw a net outflow of 209 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 74 million yuan [2][3]. - Notable net inflows from retail investors were observed in stocks like 时代电气 (Times Electric) and 朗进科技 (Langjin Technology) [3]. Individual Stock Capital Flow - Times Electric (688187) had a net inflow of 39.35 million yuan from institutional investors, while experiencing a net outflow from retail investors of 38.50 million yuan [3]. - Other stocks like 朗进科技 (300594) and 工大高科 (688367) also showed varying degrees of net inflows and outflows among different investor categories [3].

中国青年报客户端讯（实习生 程嘉怡 中青报·中青网记者 尹希宁）北京丰台轨道交通产业正加速链式出 海，向全球市场迈出坚实步伐。记者1月30日从2026央地合作推进轨道交通高质量安全发展大会了解 到，丰台区将联合中国中铁、中国通号等龙头企业，拓展"一带一路"沿线国际业务，加速推进轨道交通 产业高端化、智能化、全球化发展。作为"轨道上的京津冀"重要节点，轨道交通是融入丰台城市血脉的 核心产业。丰台区委书记王少峰介绍，近年来，依托雄厚的产业根基，"丰台智造"成功走向全球，该区 企业参建的匈塞铁路、雅万高铁等项目成为"一带一路"合作典范。 目前，该区已汇聚260余家轨道交通全链条企业，年收入规模突破3000亿元，形成"一个试点、两个集 群、两个基地"的产业特色，构建起覆盖规划设计、工程建设、装备研制、运维管理的完整产业体系。 面向"十五五"，丰台区企业组团将从单一装备提供商向投建运管整体方案提供商转变。丰台区副区长崔 向华表示，未来丰台轨道交通产业发展将聚焦智能装备、运维调度等领域，深耕工程建设、通信信号等 赛道，提升产业链整体竞争力。丰台区着力构建"有平台、有项目、有资金、有场景、有服务"的"五 有"产业生态，持续 ...

行 轨交设备Ⅱ 2026 年 01 月 31 日 业 研 究 轨交设备Ⅱ 宜兴高铁全线隧道贯通，350 时速联通区域发展 投资要点： 工程关键突破，技术攻关破解地质难题 路网枢纽成型，缩短时空助力协同发展 宜兴高铁承担着衔接郑渝高铁与沪渝蓉沿江高铁的重要功能，其 开通运营将带来显著出行变革。兴山至宜昌的旅行时间将压缩至 20 分 钟左右，宜昌至重庆的通行时长也将大幅缩短，这一线路的投用将有 效完善长江经济带综合立体交通体系，为区域资源流动与协同发展注 入强劲动力。 营业里程持续增长，20 万公里目标创造广阔市场空间 2022 年国务院印发《"十四五"现代综合交通运输体系发展规划》， 明确提出到 2025 年，铁路营业里程达到 16.5 万公里，其中高速铁路营 业里程达到 5 万公里；2020 年国铁集团出台《新时代交通强国铁路先 行规划纲要》，2021 年国务院印发《国家综合立体交通网规划纲要》， 两个文件均对 2035 年我国铁路网规模提出了一致要求：到 2035 年， 全国铁路网达 20 万公里左右，其中高铁 7 万公里左右。结合"十四五" 铁路网规模，若想达到 2035 年的目标，2026 年至 203 ...