自7月以来，中国中车及时代电气的H股平均上涨约30%(对比国指升10%)，A股平均上升15%(对比沪深 300指数升18%)，因投资者认同行业基本面持续改善。小摩更新后的模型假设这两家公司未来三年盈利 复合年增长率约为15%，支撑来自于新造、更新及后市场需求更均衡的组合。 摩根大通发布研报称，上调对中国中车（601766）(01766,601766.SH)及时代电气(03898,688187.SH)的预 测，反映基于第三季强劲订单获取、需求能见度改善及行业向周期性增长驱动转变的更乐观前景。小摩 维持对中国中车及时代电气的"增持"评级。中国中车H股目标价由6.8港元升至8港元；A股目标价由10.1 元人民币降至10元人民币。时代电气H股目标价由43港元升至50港元；A股目标价由59元人民币升至68 元人民币。 此次上调获一系列正面催化剂支持，包括中车稳健的财务表现、强劲的铁路固定资产投资(八个月累计 同比升6%)，以及加速增长的客运量(暑运高峰期同比升7%)，这些因素正转化为更健康的订单储备及更 可预测的盈利状况。两家公司均维持净现金状况，拥有强劲的经营现金流生成能力，且估值仍低于长期 周期中值，为进一步上行提 ...

人民财讯9月24日电，国家铁路局披露数据，1—8月份，全国铁路固定资产投资完成5041亿元，同比增 长5.6%，有效发挥了对全社会投资的拉动作用。 ...

有效发挥对全社会投资的拉动作用 前８月全国铁路固定资产投资 超 5000 亿元 记者从中国国家铁路集团有限公司获悉 今年1至8月 全国铁路完成 固定资产投资5041亿元 15.6% 【新华】 ...

（文章来源：期货日报网） 本报讯今年以来，我国多地铁路项目建设优质高效推进。记者从中国国家铁路集团有限公司获悉，今年 1—8月，全国铁路完成固定资产投资5041亿元，同比增长5.6%，有效发挥对全社会投资的拉动作用， 为全方位扩大国内需求、促进我国经济持续回升向好注入新动能。（齐宣） ...

Group 1 - The core viewpoint of the article highlights that from January to July this year, the railway construction in China has been progressing efficiently, with a fixed asset investment of 433 billion yuan, representing a year-on-year increase of 5.6%, which injects new momentum into the continuous recovery of the economy [1] Group 2 - The investment in railway construction is seen as a significant contributor to the overall economic recovery in China, indicating the government's commitment to infrastructure development [1] - The reported investment figure of 433 billion yuan reflects the ongoing efforts to enhance the railway network, which is crucial for transportation and logistics [1] - The year-on-year growth rate of 5.6% suggests a positive trend in the railway sector, which may lead to further investments and improvements in related industries [1]

为我国经济持续回升向好 注入了新动能 初秋时节，江苏泰州，沪渝蓉高铁通泰扬特大桥建设现场机械轰鸣，来自中铁十一局的建设者穿梭忙碌，全力推进管段内851榀 箱梁架设施工。通泰扬特大桥全长172.9公里，跨越江苏南通、泰州、扬州三市，是沪渝蓉高铁全线控制性工程。 2025年1至7月 全国铁路完成固定资产投资 4330亿元 =同比增长5.6% 与此同时，在建工程项目顺利推进。各参建单位严格落实施工安全措施，强化工程质量管控，多个铁路建设项目取得重要进 展。 资料来源:中国国家铁路集团有限公司 今年以来，我国多地铁路项目建设优质高效推进。记者16日从中国国家铁路集团有限公司获悉，今年1至7月，全国铁路完成固 定资产投资4330亿元，同比增长5.6%，为我国经济持续回升向好注入了新动能。 国铁集团有关部门负责人介绍，今年以来，国铁集团积极服务国家重大战略和区域经济社会发展，发挥国铁企业在规划、技 术、管理等方面的优势，聚焦国家"十四五"规划纲要102项重大工程中的铁路项目，高质量推进铁路规划建设和铁路老旧设备更 新改造，有效发挥了对全社会投资的拉动作用。近期，沪渝蓉高铁武汉至宜昌段、沈阳至白河高铁、襄阳至荆州高铁、合肥 ...

Group 1 - The core viewpoint of the article highlights that from January to July, China's railway fixed asset investment reached 433 billion yuan, representing a year-on-year increase of 5.6%, contributing positively to the economic recovery [1] - The China National Railway Group is focusing on the railway projects outlined in the national "14th Five-Year Plan," which includes 102 major engineering projects, and is effectively driving social investment [1] - Significant progress has been made in various railway construction projects in July, including the completion of track laying for the Guizhou Panxian to Xingyi high-speed railway and the completion of new station buildings for the Nanning to Pingxiang high-speed railway [1] Group 2 - The company plans to continue increasing investment in railway construction to ensure the successful completion of all tasks outlined in the "14th Five-Year Plan" [1]

Group 1 - The core point of the article highlights that the national railway completed fixed asset investment of 433 billion yuan from January to July 2025, representing a year-on-year growth of 5.6%, which injects new momentum into the continuous recovery of the economy [1][4]

Core Insights - The China National Railway Group (referred to as "the company") reported a fixed asset investment of 433 billion RMB from January to July this year, representing a year-on-year increase of 5.6%, contributing positively to the economic recovery [1] Investment and Development - The company is focusing on 102 major railway projects outlined in the national "14th Five-Year Plan," emphasizing high-quality railway planning, construction, and the upgrading of old railway equipment [1] - Significant progress has been made on various railway construction projects since July, including the completion of track laying for the Panxian to Xingyi high-speed railway and the completion of new station buildings for the Nanning to Pingxiang high-speed railway [1] - Ongoing coordinated testing is being conducted for several projects, including the Wuhan to Yichang section of the Huhuo Railway, the Shenyang to Baihe high-speed railway, and the Xiangyang to Jingzhou high-speed railway [1]

Core Viewpoint - The railway construction in China has been effectively promoted, with a fixed asset investment of 433 billion yuan from January to July this year, reflecting a year-on-year growth of 5.6%, which contributes new momentum to the continuous recovery of the economy [1] Investment Summary - The total fixed asset investment in railway construction reached 433 billion yuan [1] - This investment represents a year-on-year increase of 5.6% [1]