2025 年 12 月 23 日 业务结构优化，新产业破局 —中国中车（601766.SH）公司动态研究报告 买入(维持) 投资要点 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn 铁路装备作为核心主业，受益于干线铁路建设与检修后市场 需求，保持高速增长；新产业聚焦清洁能源装备（风电、储 能等），契合"双碳"战略，成为重要增长极；城轨与现代 服务业务稳步推进，多板块协同形成抗周期能力。2025 年前 三季度，公司实现总营收 1838.65 亿元，同比增长 20.49 %， 实现归母净利润 99.64 亿元，同比上升 37.53%。分业务来看 2025 年上半年公司铁路装备实现收入 597.06 亿元，同比增长 42.21%，主因动车组、货车业务需求旺盛。新产业业务收入 407.33 亿元，同比增长 35.59%，以清洁能源装备为核心增长 极，风电整机及零部件、储能设备、氢能装备等业务快速拓 展，"氢春号"氢能源有轨电车正式运行，"启航号"漂浮 式风机完成并网试运行。城轨与城市基础设施业务收入 174.02 亿元，同比增长 6.27%，主因城轨地铁车辆新造业务 增加。 -30 ...

韩国产业通商资源部周二表示，今年前11个月韩国出口创下历史新高，并誓言将努力在明年全年保持上 升势头。 根据韩国产业通商资源部的数据，今年前11个月的总出口额达到6401亿美元，比去年同期增长2.9%， 再创历史新高。 由于半导体、汽车、船舶、生物保健产品、计算机等领域的需求强劲，今年全年韩国的出口额有望首次 突破7000亿美元。 韩国产业通商资源部表示，由于人工智能芯片和数据中心的强劲需求，半导体出口今年四次创下单月新 高，而由于欧洲、俄罗斯和其他地区的强劲需求，尽管受到美国关税的影响，汽车出口仍在1月至11月 创下历史新高。 韩国产业通商资源部负责贸易和投资的副部长Kang Gam-chan表示："从6月份开始，韩国的出口连续6 个月呈现增长态势，截至12月22日，累计出口额已经超过了2024年创下的6836亿美元的年度最高纪 录。" 韩国产业通商资源部负责贸易和投资的副部长Kang Gam-chan表示："从6月份开始，韩国的出口连续6 个月呈现增长态势，截至12月22日，累计出口额已经超过了2024年创下的6836亿美元的年度最高纪 录。" 他补充说："这反映了韩国企业在美国关税等出口困难的情况下，仍 ...

汽车零配件、医药品、船舶等出口保持强势。主要出口商品中，汽车零配件、纺织服装、集成电路、医 药材及药品、船舶分别增长12.6%、6.9%、6.5%、35.6%、155.3%。 对共建"一带一路"国家出口增长7.8%，占比近6成。主要出口伙伴中，对共建"一带一路"国家出口 7697.0亿元、增长7.8%、占58.3%。对东盟、欧盟、非洲、南美洲出口分别增长4%、4%、32%、 13.7%。 新京报讯(记者吴婷婷)据北京海关统计，前11个月京津冀区域出口1.32万亿元、同比增长5.9%，创历史 同期新高。 京津冀区域民营企业出口6259.4亿元、增长16.1%，已超去年全年水平，首次突破6000亿元，占同期京 津冀出口总值的47.4%。 ...

第二大利好，是能戳破美元GDP计价的水分。中国GDP的含金量，也能更真实地展现了。按照中美预 测，美国2025年GDP，可能会突破30万亿美元。我们自己，则是140万亿人民币。用人民币来计算，那 不用说，这个GDP规模再创新高了。可是如果换算成美元计价呢？大概20万亿美元规模，只相当于美国 GDP的67%。要知道2021年，中国GDP总量，达到了美国的77%。难道说？咱们辛苦干了四年，还倒退 了10%吗？中美GDP差距，难道越来越大了？很多人用这种数据，唱衰中国经济。实际情况，当然不是 这么回事。 首先，美元加息带来的潮汐效应，让美元不断升值。对应的，人民币也出现了阶段性贬值。2021年，1 美元兑6.45元人民币。2025年呢？最夸张的时候，1美元能兑7.35元人民币，人民币贬值了超12%。未来 如果人民币稳定升值，中美之间的实际GDP差距，将会越来越小，甚至中方能实现反超。为啥呢？因为 汇率差缩小，能挤出大量金融水分，数据会变得更加真实。 黄奇帆预测，人民币将进入十年升值周期！很多人又会拿出经典语录了，这跟我"月薪三千"有啥关系？ 这回还真就有关系，而且关系很大。咱做个假设，人民币升值了一倍，你的"月薪三 ...

Group 1 - The offshore RMB closed at 7.033, with expectations of rising below 7.0 in the coming week, potentially marking the highest exchange rate since October 2024 [1] - The appreciation of the RMB is a result of multiple economic factors, reflecting China's strategic elevation in the global economic landscape and the dynamic adjustments in the global monetary system [3] - The current macroeconomic environment presents a strategic window for RMB appreciation, driven by the Federal Reserve's shift in monetary policy, which has seen the federal funds rate drop from 5.5% to 3.75% [3] Group 2 - The RMB's appreciation has significant strategic value for the Chinese economy, particularly in addressing the challenge of weak domestic demand [5] - Despite external pressures like increased tariffs from the U.S., China's foreign trade remains resilient, with a trade surplus exceeding $1 trillion in the first eleven months of 2025 [6] - The RMB's appreciation enhances purchasing power, benefiting imports and allowing consumers to access a wider range of imported goods at lower costs, thus stimulating consumption [8] Group 3 - RMB-denominated assets become more attractive to foreign investors due to valuation advantages, leading to increased capital inflows into the stock, real estate, and bond markets [9] - The appreciation of the RMB is expected to create significant value reassessment effects in asset markets [10] - While there are concerns about the impact of RMB appreciation on exports, Chinese exporters have demonstrated resilience, achieving year-on-year export growth despite tariff pressures [12] Group 4 - The export structure is undergoing a strategic upgrade, with high-value products like machinery, ships, and new energy vehicles becoming the main export drivers, capable of absorbing cost pressures from RMB appreciation [12] - Traditional labor-intensive products may face challenges, but these pressures can catalyze industry transformation towards high-tech and high-value sectors [14] - Overall, the RMB's appreciation aligns with the internal needs of China's economic transformation, enhancing import capacity, expanding consumption, optimizing asset allocation, and promoting industrial upgrades [14]

Economic Performance - The provincial economy has shown steady progress in the first 11 months of the year, with industrial growth and a vibrant service sector contributing to a stable recovery in the consumer market [1] - The industrial added value for large-scale enterprises increased by 6.6% year-on-year from January to November, with a monthly growth of 5.1% in November [1] - Key sectors such as equipment manufacturing, high-tech manufacturing, and digital core product manufacturing saw growth rates of 7.5%, 10.4%, and 10.2% respectively [1] Service Sector - The service industry has shown a steady recovery, with large-scale service industry revenue increasing by 7.5% year-on-year from January to October [1] - Notable growth was observed in residential services, repair and other services (15.5%), leasing and business services (13.4%), and scientific research and technical services (10.1%) [1] - Financial operations remained stable, with the balance of RMB deposits in financial institutions reaching 27 trillion yuan, a year-on-year increase of 7.8% [1] Consumer Market - The consumer market is experiencing a steady recovery, with total retail sales of consumer goods reaching 42,586.8 billion yuan, reflecting a year-on-year growth of 3.8% from January to November [2] - Sales in the wholesale and retail sectors increased by 5.1% and 7.1% respectively, while the accommodation and catering sectors saw growth rates of 2.5% and 5.4% [2]

本公司董事会及全体董事保证本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、准确性和完整性承担个别及连带责任。 二、CRH380D型动车组闸片通过小批量试用的意义 2021年，公司已获得200~250km/h燕尾I-B型粉末冶金闸片(C.3/C.5)和200~250km/h非燕尾型粉末冶金闸 片(C.3/C.5)的CRCC产品认证证书。此次CRH380D型动车组闸片通过小批量试用，获得了该产品进行市 场销售的资格，标志着公司动车组制动产品已延伸至300~350km/h速度级，该进展将进一步丰富公司轨 道交通制动产品矩阵。 三、对公司经营及业绩影响 CRH380D型动车组闸片通过小批量试用，仅代表该产品有资格参与市场竞争，与市场订单取得或对业 绩贡献并不构成直接关系。该产品的市场销售情况与业绩贡献，视具体获得订单或合同执行情况而定。 公司新产品通过小批量试用，对公司市场拓展及未来经营业绩会产生积极的影响，但不会对公司当年经 营业绩构成重大影响。敬请投资者注意投资风险。 重要内容提示： ● CRH380D型动车组闸片通过小批量试用，仅代表该产品有资格参与市场竞争，与市场订单取得或对 业绩 ...

Core Viewpoint - The article discusses the penalties imposed on Langjin Technology for financial misconduct, including the unauthorized occupation of 4.15 billion yuan by its controlling shareholder and the issuance of fines totaling over 10 million yuan to the company and its executives [2][7]. Group 1: Financial Misconduct and Penalties - Langjin Technology received an administrative penalty notice from the Shandong Securities Regulatory Bureau, revealing a financial misconduct case involving 4.15 billion yuan over a period of one and a half years [2][7]. - The total fines amount to 10.15 million yuan, with Langjin Technology fined 2.5 million yuan and its actual controller, Li Jingmao, fined 4.4 million yuan for his role in the misconduct [2][7]. - The company and its executives were warned, and the violations do not trigger delisting concerns [2][7]. Group 2: Timeline and Regulatory Actions - The regulatory investigation began on August 27, 2025, when Langjin Technology and Li Jingmao were under scrutiny for information disclosure violations [3][7]. - The company reported a turnaround in net profit while simultaneously experiencing a 10.88% decline in revenue during the same period [3][7]. Group 3: Details of Fund Misappropriation - From February 2024 to July 2025, Langjin Technology and its subsidiaries engaged in unauthorized non-operational fund occupation, totaling 4.15 billion yuan [4][8]. - The fund occupation was not disclosed in the company's half-year report for 2024, leading to significant omissions in financial reporting [4][8]. - The amount of fund occupation increased from 86.487 million yuan between February and June 2024 to 3.29 billion yuan from July 2024 to July 2025 [4][9]. Group 4: Investor Compensation and Impact - As of November 30, 2025, the number of shareholders in Langjin Technology was 10,529, and the penalties provide substantial evidence for affected investors seeking compensation [5][10]. - The company specializes in air conditioning and thermal management products for rail transit vehicles and was listed on the Growth Enterprise Market in 2019 [5][10]. - The ongoing issues related to fund occupation and governance deficiencies are expected to impact investor confidence in the company in the long term [5][10].

Core Viewpoint - The economic performance of the province from January to November shows steady growth in industrial output, expanding market sales, and rapid export growth, indicating overall economic stability [1] Industrial Performance - The province's industrial added value increased by 1.1% year-on-year, with high-tech manufacturing growing by 3.3% [1] - Mining industry added value rose by 6.8%, while manufacturing grew by 0.5%, and the electricity, heat, gas, and water production and supply sector declined by 1.6% [1] - Among 40 major industrial sectors, 23 experienced year-on-year growth, resulting in a growth rate of 57.5% [1] - Notable growth sectors include chemical fiber manufacturing (up 7.3 times), transportation equipment manufacturing (up 41%), and non-ferrous metal mining (up 17.6%) [1] Product Performance - Civil steel ship production increased by 88.3%, transformers by 48%, and synthetic ammonia by 21.2% [2] - Sales of wearable smart devices surged by 16.3 times, while energy-efficient home appliances and smartphones both grew by 1.1 times [3] Investment and Sales - Investment in high-tech manufacturing rose by 14.1%, indicating strong growth in this sector [3] - The total retail sales of consumer goods reached 956.5 billion yuan, with a year-on-year growth of 2.3% [3] - Basic living goods saw stable sales growth, with food retail up by 12.2% and daily necessities by 9.3% [3] Export Performance - The province's total import and export value reached 684.07 billion yuan, with exports at 373.48 billion yuan, growing by 9.4% [3] - Key export products included agricultural products (310.5 billion yuan, up 9.2%) and electromechanical products (1,891.2 billion yuan, up 9.3%) [3]

证券日报网讯12月18日，日月明（300906）在互动平台回答投资者提问时表示，公司主营业务为轨道安 全测控设备的研发、生产和销售及轨道测控技术的研究与应用，服务于铁路、地铁等轨道交通领域。 ...