该行上调中国中车的动车组收入预测，相应将2025至27年各年每股盈利预测由原先0.47元、0.51元及 0.54元，上调至0.51元、0.53元及0.57元，目标价从6.44港元上调至7.42港元，维持"买入"评级。 华泰证券发表研究报告指，中国中车上半年收入按年增长近33%，纯利更增长72.5%。该行指，期内铁 路装备业务录得较高增长，预计新增动车组及动车组高级修将支持轨交设备行业维持稳中有升，而中车 作为轨交设备龙头，有望受益于行业持续向好。 ...

长江商报消息 ●长江商报记者 潘瑞冬 央企巨头中国中车（601766.SH、01766.HK）半年度业绩大增。 日前，中国中车发布2025年半年报，2025年上半年，中国中车实现营业收入1197.58亿元，同比增长 32.99%；归母净利润72.46亿元，同比增长72.48%。对于业绩增长，公司称主要是产品销量增长所致。 2025年上半年，中国中车接连新签订单，金额约1460亿元，其中新签海外订单约309亿元。 同时，中国中车继续加码研发。2025年上半年，公司的研发费用为67.79亿元，同比增长16.99%。报告 期内，公司新增专利申请1630项，其中发明专利1216项、海外专利37项。 新签订单约1460亿 半年报显示，2025年上半年，中国中车实现营业收入1197.58亿元，同比增长32.99%；归母净利润72.46 亿元，同比增长72.48%；扣非净利润为66.61亿元，同比增长98.25%，接近翻倍。 同时，中国中车持续加码研发，巩固竞争优势。2020年以来，公司年度研发费用均超过130亿元，2024 年逼近160亿元。近五年公司研发费用累计达到698.66亿元，投入金额及占比总体呈现稳步增长趋势。 ...

丨证券研究报告丨 公司研究丨点评报告丨中国中车（601766.SH） [Table_Title] 中国中车 25H1 点评：上半年业绩高增，多业务 景气向上 报告要点 [Table_Summary] 中国中车发布 2025 年半年度报告，Q2 归母净利润和扣非净利润高增。25Q1 报表已显示公司 营收利润、存货订单等各项指标继续向好，整体经营持续改善；Q2 业绩再超预期显示出轨交装 备行业景气。展望 25 年全年，动车组业务将继续增长，且机车业务同比改善，叠加城轨和新产 业的发展，公司经营持续向上。 分析师及联系人 [Table_Author] 赵智勇 倪蕤 屈奇 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490524070003 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国中车（601766.SH） cjzqdt11111 [Table_Title 中国中车 25H1 2] 点评：上半年业绩高增，多业务 景气向上 [Table_Summary2] 事件描述 中国中车发布 2025 年半 ...

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 ...

行情回顾 本周板块表现：上周（2025/08/18-2025/08/22）5 个交易日，SW 机械设备指数上涨 2.75%，在申万 31 个一级行 业分类中排名第 17；同期沪深 300 指数上涨 4.18%。2025 年至今表现：SW 机械设备指数上涨 29.11%，在申万 3 1 个一级行业分类中排名第 5；同期沪深 300 指数上涨 11.26%。 核心观点 投资建议 见"股票组合"。 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 7 月工程机械出口加速增长，看好出口持续增长带动主机厂利润释放。25 年 1 月-7 月我国工程机械出口额为 33 4.86 亿美元，同比增长 10.8%，其中 6 月、7 月出口额分别为 50.74 亿美元、52.38 亿美元，同比+10.2%、+19. 3%，7 月工程机械出口加速向上。卡特彼勒 EAME、北美地区 25Q1 增速分别为-12%、-10%，25Q2 为+6%、-2%，从 卡特的数据一定程度反映出欧美发达地区或将迎拐点。近年来，海外业务已经成为工程机械厂商利润释放的核 心因素之一，看好海外发达市场复苏，带动工 ...

Group 1 - The core viewpoint of the article highlights the projected decline in China's high-speed train production in 2025, with a significant year-on-year decrease of 44.2% in June, despite a cumulative growth of 41.4% in the first half of the year [1][3]. Group 2 - The article lists several listed companies in the high-speed rail sector, including China CRRC, China Railway Signal & Communication, and others, indicating a focus on key players in the industry [1]. - It references a report by Zhiyan Consulting that provides a comprehensive market survey and development outlook for the high-speed train industry from 2025 to 2031 [1].

Core Viewpoint - The article highlights the emergence of rail transit equipment as a new investment opportunity driven by a new wave of infrastructure projects initiated by the government, particularly the New Tibet Railway project, which is expected to significantly benefit related companies in the rail equipment sector [4][11]. Infrastructure Projects - A series of major infrastructure projects are being launched, including the New Tibet Railway with an estimated investment of 200 billion, the Hainan Qiongzhou Strait Bridge at 150 billion, and the Zhejiang-Jiangxi-Guangdong Grand Canal at 300 billion [10]. - The New Tibet Railway, which spans approximately 2000 kilometers, is set to begin construction in the Xinjiang section by November 2025 and in the Tibet section by 2026, with a total investment exceeding 300 billion [11]. Rail Transit Equipment Sector - The rail transit equipment sector is expected to benefit from technological upgrades, maintenance demands, and overseas market expansion, maintaining a continuous demand and growth potential even after project completion [11]. - Key companies in this sector include China CRRC, Times Electric, China Railway Signal & Communication, Golden Eagle Heavy Industry, and Tieke Rail [12]. Company Performance - **China CRRC**: The company leads globally in rail equipment sales, reporting a revenue of 48.67 billion in Q1 2024, a 51.2% increase year-on-year, with a net profit of 2.81 billion, up 320.2% [14][16]. The railway equipment segment saw a revenue increase of 93.63% [19]. - **Times Electric**: This company is a leading supplier of traction conversion systems, reporting a revenue of 4.54 billion in Q1 2024, a 14.8% increase year-on-year, with a net profit of 600 million, up 29.5% [33][35]. - **China Railway Signal & Communication**: The company is a top provider of rail control systems, with a revenue of 67.3 billion in Q1 2024, although it faced a decline in net profit due to reduced engineering contracting revenue [46][49]. Market Dynamics - The railway fixed asset investment in China reached 850.6 billion in 2024, marking an 11.3% increase year-on-year, indicating robust growth in the sector [29]. - The demand for maintenance services for high-speed trains is expected to surge as the fleet size increases, with a projected 200% growth in high-speed train ownership from 2011 to 2016 [30]. Challenges and Opportunities - **Golden Eagle Heavy Industry**: The company reported a 39.1% decline in net profit in 2024, primarily due to reduced sales of high-margin products, despite a slight increase in overall revenue [60][62]. - **Tieke Rail**: The company experienced a significant drop in net profit by 60.4% in Q1 2025, attributed to delays in supply for its fastening products [67][71]. This analysis indicates a promising outlook for the rail transit equipment sector, driven by government infrastructure investments, while also highlighting the challenges faced by individual companies in maintaining profitability amidst fluctuating market conditions.

Group 1 - The core viewpoint of the article emphasizes the significant advancements in China's transportation sector during the "14th Five-Year Plan" period, focusing on the construction of a comprehensive transportation network and improved service quality [1][3] - The national comprehensive three-dimensional transportation network has achieved over 90% completion rate, enhancing overall transportation capacity, service quality, and operational efficiency [1] - The "Eight Vertical and Eight Horizontal" high-speed rail network has been completed and put into operation at 81.5%, with a total operational mileage of 48,000 kilometers, covering 97% of cities with populations over 500,000 [1][2] Group 2 - Technological advancements in the transportation sector have accelerated, with China's high-speed rail accounting for over 70% of the world's total high-speed rail mileage, showcasing significant advantages in locomotive manufacturing and engineering construction [2] - The automotive industry is rapidly transitioning towards intelligence, electrification, and connectivity, supported by breakthroughs in artificial intelligence, 5G communication, and the Internet of Things [2] - Smart travel initiatives have been widely adopted, including online ticket sales, electronic payments, and facial recognition for travel, making travel more convenient for the public [2] Group 3 - The future of transportation in China is expected to play a pivotal role in the country's modernization efforts, with the ongoing development of a strong transportation nation further highlighting its importance [3]

Core Viewpoint - China CNR recently signed significant contracts totaling approximately 32.92 billion yuan, which accounts for about 13.4% of the company's projected revenue for 2024 under Chinese accounting standards [2] Group 1: Recent Contracts and Financial Performance - In mid-May, China CNR announced additional contracts worth approximately 54.74 billion yuan, representing about 22.2% of the projected 2024 revenue [2] - In Q1 2025, China CNR achieved revenue of 48.67 billion yuan, a year-on-year increase of 51.23%, with net profit reaching 3.05 billion yuan, up 202.79% [2] - The significant growth in Q1 performance was attributed to increased revenue from railway equipment, particularly in the areas of high-speed trains and freight cars, with some new orders from late 2024 being delivered in Q1 2025 [2] Group 2: Future Outlook - For the year, China CNR expects stable overall demand for railway equipment compared to last year, although the structure of demand may change [3] - The company anticipates a significant increase in new orders for urban rail vehicles, with delivery levels expected to remain comparable to 2024 [3] Group 3: Profit Forecast - In early July, China CNR projected a net profit for the first half of 2025 to be between 6.72 billion and 7.56 billion yuan, an increase of 2.52 billion to 3.36 billion yuan compared to the same period last year, representing a year-on-year growth of 60% to 80% [5] - The expected non-net profit for the same period is projected to be between 6.22 billion and 7.06 billion yuan, reflecting an increase of 2.86 billion to 3.70 billion yuan, with a year-on-year growth of 85% to 110% [5] - The anticipated growth is primarily due to increased product sales compared to the previous year [5] Group 4: Historical Performance - Over the past decade, China CNR's annual net profit growth rate has consistently hovered around zero [4]

Economic Overview - In the first half of 2025, Jilin Province's GDP reached 682.33 billion yuan, with a year-on-year growth of 5.7%, an increase of 0.2 percentage points compared to the first quarter [1] - The industrial sector showed steady progress, with the added value of above-scale industries growing by 7.8%, surpassing the national average by 1.4 percentage points [1] Agricultural Sector - The agricultural, forestry, animal husbandry, and fishery sectors saw an overall growth, with an added value of 37.48 billion yuan, reflecting a year-on-year increase of 4.3%, which is 0.4 percentage points higher than the national average [1] - Specific growth rates for major agricultural products included 7.0% for crops, 10.2% for forestry, 3.6% for animal husbandry, and 9.6% for fisheries [1] Industrial Sector - The equipment manufacturing industry experienced a significant increase, with an added value growth of 19.5%, accounting for 10.9% of the province's above-scale industrial output [2] - Key industries such as information technology, pharmaceuticals, and electricity production achieved double-digit growth rates of 21.5%, 16.8%, and 10.3% respectively [1] Service Sector - The service sector's added value grew by 5.6%, contributing 63.8% to the province's GDP, with a contribution rate increase of 11.3 percentage points compared to the first quarter [2] - The information transmission, software, and IT services sectors saw a growth of 7.2%, while scientific research and technical services grew by 13.0% [2] Investment and Consumption - Fixed asset investment (excluding rural households) increased by 1.0%, with the second industry investment rising by 8.8% and the third industry by 1.9% [3] - The total retail sales of consumer goods reached 211.72 billion yuan, marking a year-on-year growth of 4.8%, with significant increases in furniture and home appliances retail sales [3]