证券之星消息，9月1日轨交设备板块较上一交易日下跌0.42%，祥和实业领跌。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。轨交设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688015 | 交控科技 | 23.93 | 8.72% | 8.66万 | 2.06亿 | | 605298 | 必得科技 | 32.80 | 7.01% | 10.16万 | 3.30亿 | | 300594 | 朗进科技 | 17.68 | 3.27% | 8.54万 | 1.50亿 | | 688033 | 天宜新材 | 7.06 | 2.47% | 1 22.00万 | 1.56亿 | | 688285 | 高铁电气 | 8.91 | 1.02% | 3.01万 | 2668.45万 | | 300851 | 交大思诺 | 27.87 | 0.98% | 1.38万 | 3866.52万 | | 6888889 | 铁科轨道 | 22 ...

Core Viewpoint - The rail transit equipment sector experienced a slight decline of 0.08% on August 29, with Langjin Technology leading the drop, while the overall market indices showed positive movements [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3857.93, up 0.37% - The Shenzhen Component Index closed at 12696.15, up 0.99% [1] Group 2: Individual Stock Performance - Bidetech (605298) saw a significant increase of 10.01%, closing at 30.65 with a trading volume of 64,100 shares and a turnover of 190 million yuan - Dinghan Technology (300011) rose by 6.61%, closing at 8.39 with a trading volume of 390,800 shares and a turnover of 324 million yuan - Kanni Electromechanical (603111) increased by 3.92%, closing at 7.68 with a trading volume of 406,400 shares and a turnover of 308 million yuan - Other notable performances include Jinchuan Shengtuan (603680) up 0.89%, Tianzhixin Material (688033) up 0.58%, and China CNR (601766) up 0.13% [1] Group 3: Capital Flow - The rail transit equipment sector saw a net outflow of 241 million yuan from main funds, while retail investors contributed a net inflow of 186 million yuan and speculative funds saw a net inflow of 55.18 million yuan [3]

8月28日晚间，鼎汉技术（300011）发布2025年半年度报告。报告显示，2025年1—6月，鼎汉技术实现 营收7.21亿元，稳中有增，实现归属于上市公司股东的净利润为967万元。其中二季度实现归属于上市 公司股东的净利润为2466.61万元，同比大增234.27%，环比增长264.47%；经营现金流为3279万元，同 比增长149%，环比增长139%，大幅改善。2025年上半年新增订单8.3亿元，同比取得良好增长。二季度 业绩增长的背后，是公司锚定市场开拓、科技创新、降本增效三大核心的成果落地。 资本加持夯实发展基础 在广州国资的引领下，鼎汉积极推进内部管理优化，凭借精细化管控措施，于上半年成功使管销财费用 率下降2.33个百分点，为公司战略转型筑牢了强劲的内生动力根基。与此同时，公司在资本市场动作不 断，控股股东广州工控资本拟全额认购公司本次增发股份，推动广州国资定增落地进程向前迈进一大 步。从行业趋势而言，中国城市轨道交通协会发布的《国创城轨发展规划》为轨道交通行业指明方 向，"十五五"期间将以新质生产力为引擎构建创新驱动、绿智发展的产业生态体系，这将促使轨交设备 更新周期加速、新能源装备替代成为重要 ...

证券之星消息，8月28日轨交设备板块较上一交易日上涨0.68%，中国通号领涨。当日上证指数报收于 3843.6，上涨1.14%。深证成指报收于12571.37，上涨2.25%。轨交设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688009 | 中国通号 | 5.63 | 2.55% | 74.83万 | 4.16亿 | | 301048 | 全唐車丁 | 12.67 | 1.77% | 13.99万 | 1.72亿 | | 300351 | 永贵电器 | 18.41 | 1.49% | 17.38万 | 3.13亿 | | 600458 | 时代新材 | 14.49 | 1.33% | 16.47万 | 2.36亿 | | 688485 | 九州一轨 | 13.53 | 1.12% | 4.53万 | 6105.08万 | | 600528 | 中铁丁业 | 8.62 | 0.94% | 38.33万 | 3.26亿 | | 601766 | 中国中车 | 7.66 ...

Market Overview - The three major indices in the A-share market showed a strong performance in the morning session, with the Shanghai Composite Index at 3803.08 points, up by 0.07% [1] - The Shenzhen Component Index reached 12364.34 points, increasing by 0.56% [1] - The ChiNext Index reported 2757.41 points, with a rise of 1.26% [1] Sector Performance Top Performing Sectors - The semiconductor sector led the gains with a rise of 1.80%, total trading volume of 2,640.70 million hands, and a net inflow of 78.80 billion [2] - Communication equipment followed with an increase of 1.54%, trading volume of 2,714.16 million hands, and a net inflow of 44.26 billion [2] - Electronic chemicals also performed well, up by 1.29%, with a trading volume of 790.41 million hands and a net inflow of 11.07 billion [2] Underperforming Sectors - The education sector experienced the largest decline, down by 2.34%, with a trading volume of 470.85 million hands and a net outflow of 7.02 billion [2] - The internet e-commerce sector fell by 2.28%, with a trading volume of 430.24 million hands and a net outflow of 7.61 billion [2] - The rail transit equipment sector decreased by 2.24%, with a trading volume of 321.60 million hands and a net outflow of 2.63 billion [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In the first half of 2025, the company achieved a revenue of 119.76 billion yuan, representing a year-on-year increase of 32.99%, and a net profit attributable to shareholders of 7.25 billion yuan, up 72.48% year-on-year [2] - The growth in revenue and profit is driven by strong performance in railway equipment and new industries, with significant contributions from the delivery of high-speed train orders and growth in clean energy equipment [3] Revenue and Profit Analysis - The company's revenue for 2025H1 was 1197.58 billion yuan, with a year-on-year growth of 32.99% - The net profit attributable to shareholders for 2025H1 was 72.46 billion yuan, reflecting a year-on-year increase of 72.48% - The net profit excluding non-recurring items was 66.61 billion yuan, up 98.25% year-on-year [2] Business Segment Performance - In 2025H1, the railway equipment segment generated revenue of 597.06 billion yuan, a year-on-year increase of 42.21% - The urban rail and infrastructure segment achieved revenue of 174.02 billion yuan, up 6.27% year-on-year - The new industries segment reported revenue of 407.33 billion yuan, reflecting a year-on-year growth of 35.59% [3] Margin and Cash Flow - The gross margin for 2025H1 was 21.81%, an increase of 0.4 percentage points year-on-year - The net cash flow from operating activities showed a net outflow of 8.998 billion yuan, a significant decrease of 587.64% year-on-year, primarily due to high procurement expenditures [4][5] Market Outlook - The second batch of high-speed train tenders for 2025 includes 210 units, indicating a positive outlook for rail transit equipment demand - Fixed asset investment in railways is recovering, with a completion amount of 355.9 billion yuan in the first half of 2025, up 5.5% year-on-year, supporting ongoing procurement and maintenance of rail transit equipment [6]

证券之星消息，8月27日轨交设备板块较上一交易日下跌2.51%，长青科技领跌。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。轨交设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300960 | 通业科技 | 31.98 | 5.65% | 8.34万 | | 2.57亿 | | 605298 | 必得科技 | 27.68 | 4.81% | 9.41万 | | 2.60亿 | | 603111 | 康尼机电 | 7.34 | -0.81% | 49.33万 | | 3.68亿 | | 301016 | 雷尔伟 | 19.08 | -0.99% | 10.39万 | | 2.00亿 | | 603680 | 今创集团 | 13.39 | -1.69% | 7.51万 | | 1.03亿 | | 688009 | 中国通号 | 5.49 | -2.14% | 56.44万 | | 3.14亿 | | 68 ...

Group 1 - The core viewpoint of the report indicates that China CNR's revenue increased by nearly 33% year-on-year in the first half of the year, with net profit growing by 72.5% [1] - The railway equipment business experienced significant growth, and the introduction of new high-speed trains and advanced repairs is expected to support the steady growth of the rail transit equipment industry [1] - As a leading player in the rail transit equipment sector, China CNR is anticipated to benefit from the ongoing positive trends in the industry [1] Group 2 - The forecast for China CNR's high-speed train revenue has been revised upward, with earnings per share projections for 2025 to 2027 adjusted from 0.47, 0.51, and 0.54 to 0.51, 0.53, and 0.57 respectively [1] - The target price for China CNR has been raised from 6.44 HKD to 7.42 HKD, while maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Viewpoints - The humanoid robot sector is experiencing significant advancements, with companies like Unitree and Zhiwei Robotics making strides in product development and partnerships, indicating a robust growth trajectory for the industry [4][5][6] - The liquid cooling technology is becoming increasingly essential due to the rising power consumption of data center servers, with a projected increase in adoption as standards are established and high-power chips become more common [7][8] - The engineering machinery sector is expected to benefit from increased infrastructure investment, particularly with major projects like the Yarlung Zangbo River hydropower project, which will drive demand for machinery [13][14] Summary by Relevant Sections Humanoid Robots - Unitree Technology announced a new humanoid robot with enhanced flexibility, featuring 31 joints, a 19% increase from its previous model [4] - The humanoid robot industry is poised for a breakthrough in 2025, with mass production expected to address data scarcity issues and enhance practical applications [6] Liquid Cooling - The establishment of national standards for immersion liquid cooling power supplies is underway, which will guide the design and application of liquid cooling systems in data centers [7] - The shift towards liquid cooling is driven by the limitations of traditional air cooling systems in managing the heat generated by high-power chips [8] Engineering Machinery - The engineering machinery sector is witnessing a recovery in domestic sales, with excavator sales in July 2025 showing a year-on-year increase of 25.2% [14] - Major infrastructure projects, such as the Yarlung Zangbo River hydropower project, are expected to significantly boost demand for engineering machinery [13] Forklifts - Forklift sales have shown strong growth, with a total of 118,605 units sold in July 2025, reflecting a 14.4% year-on-year increase [15] - The rise of autonomous forklifts is anticipated to further enhance market growth, with a projected 39.3% increase in sales by 2025 [15] Rail Transit Equipment - The rail transit equipment sector is benefiting from increased investment in railway infrastructure, with significant growth in orders for high-speed train maintenance [16] Semiconductor Equipment - The push for domestic semiconductor equipment manufacturing is accelerating due to geopolitical tensions and trade restrictions, with a focus on critical equipment like photolithography machines [17][18] New Energy Equipment - The solid-state battery sector is expected to see rapid growth, with new equipment needs arising from the transition to solid-state production lines [21] - The market for photovoltaic equipment is also anticipated to recover as competition stabilizes and prices begin to rise [21]

证券研究报告 中国中车 (1766 HK/601766 CH) 中国中车发布半年报，2025 年 H1 实现营收 1197.58 亿元（yoy+32.99%）， 归母净利 72.46 亿元（yoy+72.48%），扣非净利 66.61 亿元（yoy+98.25%）。 其中 Q2 实现营收 710.87 亿元（yoy+22.85%，qoq+46.06%），归母净利 41.93 亿元（yoy+31.32%，qoq+37.33%）。25H1 公司铁路装备业务高增， 我们预计轨交设备行业未来新增动车组及高级修将维持稳中有升态势，公司 作为轨交设备龙头有望受益于行业持续高景气，维持"买入"评级。 25H1 盈利能力提升，费用积极管控降本增效成果显著 港股通 动车组增长亮眼，各板块均向好 华泰研究 中报点评 2025 年 8 月 25 日│中国内地/中国香港 运输设备 公司各业务板块营收均实现增长，铁路装备/城轨与城市基础设施/新产业/ 现代服务业务营业收入分别为 597.06/174.02/407.33/19.17 亿元，同比增 长 42.21%/6.27%/35.59%/16.39%，主要因动车组和货车、城轨地铁车辆 ...