Core Viewpoint - The rail transit equipment sector experienced a decline of 0.9% on December 30, with Tongye Technology leading the drop at -6.11% [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index rose to 13604.07, up 0.49% [1]. - The rail transit equipment sector saw a net outflow of 202 million yuan from main funds, while retail investors contributed a net inflow of 113 million yuan [2][3]. Group 2: Individual Stock Performance - Tongye Technology (300960) closed at 25.82, down 6.11% with a trading volume of 59,800 shares and a transaction value of 155 million yuan [2]. - Other notable declines included Tianzhixin Material (688033) at -4.25% and Jinchuan Heavy Industry (603680) at -3.93% [2]. - On the positive side, Tieda Technology (920541) increased by 0.83% to close at 13.38 [1]. Group 3: Fund Flow Analysis - Among individual stocks, the largest net inflow from main funds was seen in Times Electric (688187) at 3.968 million yuan, while the largest outflow was from Raylway (301016) at -677.74 million yuan [3]. - Retail investors showed a significant net inflow into Times Electric at 2.86% of its trading volume, despite overall sector outflows [3].

Overview - The mechanical equipment sector has shown strong performance, with a 30.48% increase from January to November 2025, ranking sixth among 31 primary industry indices [20][21][22] - Multiple sub-sectors have outperformed the Shanghai Composite Index and CSI 300, with significant gains in electric motors, general equipment, and specialized equipment [20][22] General Sector - The PMI and new orders PMI for the general sector showed a trend of rising and then falling, indicating stable manufacturing demand, with inventory levels remaining reasonable [2][32] - The peak growth rate for finished product inventory PMI was 2.56%, suggesting a stable inventory situation [2][32] - Companies to watch include Inovance Technology, Okuma, Huari Precision, New Sharp, Naipu Mining Machinery, and Jereh [2][39] Engineering Machinery Sector - The engineering machinery industry is experiencing a recovery in domestic demand and high overseas demand, with a focus on electrification and technological transformation [3] - Key players like SANY Heavy Industry, XCMG, Zoomlion, and LiuGong are noted for their advantages in technology research and global channels [3] Rail Transit Equipment Sector - The growth rates for passenger and freight transport have exceeded the annual expectations set by the China National Railway Group, with significant investment in the railway sector [4] - From January to October 2025, passenger volume reached 3.95 billion, up 6.4% year-on-year, and freight volume was 4.37 billion tons, up 2.6% [4] - Companies to focus on include CRRC Corporation, China Railway Signal & Communication, and Siwei Control [4][39] Quantum Technology Sector - The national strategy increasingly emphasizes quantum technology, with expectations for continued investment and policy support [8] - The development of quantum technology is anticipated to drive demand for related hardware and software, benefiting core equipment manufacturers [8][39] Low-altitude Economy Sector - The low-altitude economy has been highlighted in government work reports, with local governments actively promoting development plans [9] - By 2025, local low-altitude economic industry funds are expected to exceed 100 billion, providing financial support for development [9][39] Export Chain Sector - The export chain is advised to focus on the U.S. market and emerging markets, with potential recovery in consumer spending if the U.S. continues to lower interest rates [10] - Companies to monitor include Jack Technology, Honghua Digital, Yindu Co., and Yizhiming [10][39]

Market Performance - The rail transit equipment sector increased by 0.15% compared to the previous trading day, with Jiuzhou Yitui leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Individual Stock Performance - Jiuzhou Yitui (688485) closed at 17.96, up 5.40% with a trading volume of 29,400 lots and a transaction value of 51.55 million yuan [1] - Leierwei (301016) closed at 21.15, up 4.70% with a trading volume of 75,300 lots [1] - Weiao Co. (605001) closed at 7.81, up 3.58% with a trading volume of 245,500 lots [1] - Tongye Technology (300960) closed at 27.50, up 3.58% with a trading volume of 101,800 lots [1] - Langjin Technology (300594) closed at 20.15, up 2.54% with a transaction value of 92.97 million yuan [1] Capital Flow Analysis - The rail transit equipment sector experienced a net outflow of 77.64 million yuan from institutional investors, while retail investors saw a net outflow of 0.33 million yuan [2] - Speculative funds had a net inflow of 80.97 million yuan into the sector [2] Detailed Capital Flow for Selected Stocks - Jinchuan Group (603680) had a net inflow of 53.53 million yuan from institutional investors, while retail investors had a net outflow of 72.32 million yuan [3] - Weiao Co. (605001) saw a net inflow of 17.79 million yuan from institutional investors, with a net outflow of 27.79 million yuan from retail investors [3] - Jiuzhou Yitui (688485) had a net inflow of 3.21 million yuan from institutional investors, while retail investors had a net inflow of 3.23 million yuan [3]

Group 1 - The report highlights that Jinma Amusement has achieved significant performance growth through technological breakthroughs and a comprehensive industry chain layout, covering 13 categories of large amusement facilities and 8 series of virtual immersive projects, with exports to nearly 50 countries [1][2][14] - The amusement equipment industry in China is undergoing structural upgrades driven by policy support and market demand, with the global theme park market expected to reach USD 55.9 billion in 2024, growing by 8.21% year-on-year, indicating a strong recovery trend [2][14] - Jinma Amusement is positioned as a benchmark enterprise in the industry, holding over 240 authorized patents and participating in the formulation of 26 industry standards, while continuously enhancing its R&D capabilities and accelerating the application of AI and robotics in the cultural tourism sector [2][14] Group 2 - The company has a broad customer network, deeply binding with leading domestic theme park groups and entering high-end markets in Europe and the "Belt and Road" emerging markets, with new orders expected to grow by over 40% year-on-year in 2024 [3][14] - Jinma Amusement's strategic investment in Shanghai Matrix Super Intelligence aims to promote the implementation of cultural tourism robotics, establishing a joint venture to create a digital service ecosystem [3][14] - The report projects Jinma Amusement's net profit attributable to shareholders to be CNY 1.09 billion, CNY 2.07 billion, and CNY 3.46 billion for 2025-2027, with corresponding PE ratios of 83, 44, and 26 times, respectively, and assigns a target price of CNY 81.16, indicating a potential upside of 40.7% from the current stock price [3][14]

行 轨交设备Ⅱ 2025 年 12 月 28 日 业 研 究 轨交设备Ⅱ 高铁突破五万公里，驰骋领跑新时代 投资要点： 里程跃新峰，技术树标杆 行 业 定 期 报 告 2025 年 12 月 26 日西延高铁开通，中国高铁营业里程正式突破 5 万公里，占全球总量 70%以上，稳居世界第一且远超其他国家总和。 从引进消化吸收到自主创新，中国高铁攻克高寒、跨海等工程难题， 复兴号形成 160-350 公里时速系列化产品，CR450 攻坚更高时速，"八 纵八横"网络覆盖 97%城区人口 50 万以上城市，铸就全球高铁技术与 路网双重领先优势。 惠民强发展，出海显担当 高铁让"跨省通勤""快旅慢游"成为常态，2025 年前 4 个月旅 客发送量达 14.6 亿人次，同时助力区域协调、乡村振兴与绿色出行。 作为"国家名片"，雅万高铁、匈塞铁路等项目输出中国技术标准， 促进国际合作与民心相通，既改写国内出行格局，也为全球高铁发展 注入中国力量。 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 ...

截至2025年12月26日收盘，晋西车轴（600495）报收于4.82元，较上周的4.85元下跌0.62%。本周，晋 西车轴12月22日盘中最高价报4.9元。12月23日盘中最低价报4.76元。晋西车轴当前最新总市值58.23亿 元，在轨交设备板块市值排名14/31，在两市A股市值排名3001/5178。 本周关注点 公司公告汇总 2025年7月19日至2025年12月23日，晋西车轴股份有限公司及全资子公司晋西铁路车辆有限责任公司累 计获得与收益相关的政府补助合计4,414,425.24元，占公司2024年度经审计合并报表净利润的19.13%。 上述补助将列入其他收益，对公司利润产生一定积极影响，具体会计处理以会计师事务所审计确认为 准。 2025年12月24日，晋西车轴股份有限公司及全资子公司晋西铁路车辆有限责任公司累计获得与收益相关 的政府补助合计2,585,100.00元，占公司2024年度经审计合并报表净利润的11.20%。其中，晋西车轴获 得1,440,700.00元，晋西车辆获得1,144,400.00元。上述补助将列入其他收益，对公司利润产生一定积极 影响，具体会计处理以会计师事务所审计确认为 ...

Core Viewpoint - The rail transit equipment sector experienced a slight decline of 0.09% on December 26, with a notable drop in the stock of Jiuzhou Yituo leading the losses [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3963.68, up by 0.1%, while the Shenzhen Component Index closed at 13603.89, up by 0.54% [1]. - The rail transit equipment sector saw mixed performance among individual stocks, with notable gainers including Jinchuan Group, which rose by 9.99% to a closing price of 16.29, and Tianzhi New Materials, which increased by 4.44% to 8.24 [1]. Group 2: Stock Performance Details - The following stocks in the rail transit equipment sector had significant movements: - Jinchuan Group: Closing price 16.29, up 9.99%, volume 230,500, turnover 364 million [1]. - Tianzhi New Materials: Closing price 8.24, up 4.44%, volume 743,300, turnover 605 million [1]. - China CNR: Closing price 6.90, down 0.29%, volume 546,000, turnover 377 million [1]. - Jiuzhou Yituo: Closing price 17.04, down 2.24%, volume 35,000, turnover 60.77 million [2]. Group 3: Capital Flow Analysis - The rail transit equipment sector experienced a net outflow of 92.79 million from institutional investors, while retail investors saw a net inflow of 161 million [2]. - Individual stock capital flows showed that Jinchuan Group had a net inflow of 71.70 million from institutional investors, while retail investors had a net outflow of 56.43 million [3].

证券之星消息，12月24日轨交设备板块较上一交易日上涨0.89%，永贵电器领涨。当日上证指数报收于 3940.95，上涨0.53%。深证成指报收于13486.42，上涨0.88%。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) | | --- | --- | --- | --- | --- | --- | | 300351 | 永慧电器 | 18.63 | 7.32% | 52.53万 | 286.6 | | 300594 | 朗进科技 | 20.47 | 7.06% | 8.17万 | 1.64亿 | | 300960 | 通业科技 | 25.98 | 6.17% | 4.77万 | 1.22亿 | | 688033 | 天宜新材 | 7.05 | 4.75% | 1 31.99万 | 2.22亿 | | 688015 | 交控科技 | 22.72 | 3.23% | 1.84万 | 4123.38万 | | 603500 | 祥和实业 | 11.80 | 2.52% | 4.38万 | 5137.19万 | | 000925 | 众合科技 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price between 10% and 20% over the next six months [6][11]. Core Insights - The company is a leading enterprise in the rail transit equipment sector, specializing in the research, production, sales, and service of rail transit vehicle supporting products, with a comprehensive service capability from design to delivery [4]. - In the first three quarters of 2025, the company achieved a revenue of 3.516 billion yuan, a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 493 million yuan, up 69.79% year-on-year [5]. - The establishment of a new aerospace investment company marks the company's entry into the commercial aerospace sector, which is expected to provide new growth opportunities [5]. Financial Performance and Forecast - The company is projected to achieve revenues of 5.537 billion yuan, 6.312 billion yuan, and 6.975 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 23.06%, 13.99%, and 10.51% [6][9]. - The net profit attributable to shareholders is expected to reach 607 million yuan, 669 million yuan, and 746 million yuan for the same years, with growth rates of 100.87%, 10.24%, and 11.52% respectively [6][9]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 17.95 in 2025 to 14.60 in 2027, indicating an improving valuation [6][9].

Market Overview - The rail transit equipment sector increased by 0.24% compared to the previous trading day, with Jiuzhou Yiqu leading the gains [1] - The Shanghai Composite Index closed at 3919.98, up 0.07%, while the Shenzhen Component Index closed at 13368.99, up 0.27% [1] Stock Performance - Jiuzhou Yiqu (688485) closed at 17.89, up 5.48% with a trading volume of 37,500 shares and a transaction value of 65.64 million [1] - Langjin Technology (300594) closed at 19.12, up 3.63% with a trading volume of 60,700 shares and a transaction value of 114 million [1] - Jinchuan Heavy Group (603680) closed at 14.35, up 3.24% with a trading volume of 165,500 shares and a transaction value of 242 million [1] - Other notable stocks include Yonghui Electric (300351) up 1.82%, and Keadar (002972) up 1.40% [1] Capital Flow - The rail transit equipment sector saw a net inflow of 86.57 million from institutional investors, while retail investors experienced a net outflow of 104 million [2] - The main capital inflow was concentrated in stocks like Jinchuan Group and Yonghui Electric, with net inflows of 27.97 million and 26.14 million respectively [3] Individual Stock Capital Flow - Jinchuan Group (603680) had a main capital net inflow of 27.97 million, accounting for 11.58% of its total trading [3] - Yonghui Electric (300351) saw a net inflow of 26.14 million, representing 13.88% of its total trading [3] - Jiuzhou Yiqu (688485) had a net inflow of 8.06 million, which is 12.28% of its total trading [3]