茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 刊 登 之《畢 馬 威 華 振 會 計 師 事 務 所（特 殊 普 通 合 夥）出 具 的 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司2025年 度 審 計 報 告》，僅 供 參 閱。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 海外監管公告 本 公 告 乃 由 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公司證券上市規則第13.10B條而作出。 於本公告日期，本公司董事長兼執行董事為李東林；副董事長兼執行董事為尚敬； 其他執行董事為徐紹龍；獨立非執行董事為李開國、鍾寧樺、林兆豐及馮曉雲；以 及職工董事為陳志漫。 株洲中车时代电气股份有限公司 自 2025 年 1 月 ...

Core Viewpoint - The recent ruling by the U.S. Supreme Court declaring President Trump's "reciprocal tariffs" illegal has led to an increase in global import tariffs to 15%, significantly impacting Taiwan's economy and trade relations with the U.S. [1] Group 1: Impact on Taiwan's Trade - The new tariffs have reduced the number of agricultural products exempt from tariffs to 230, with 27 products not exempted, while industrial products have 1,367 exempted and 444 not exempted [1] - The so-called "U.S.-Taiwan Reciprocal Trade Agreement" (ART) was expected to lower tariffs on Taiwanese goods to 15% in exchange for $250 billion in new investments and guarantees, but the new tariff structure has raised concerns about significant financial losses for Taiwan [2] Group 2: Economic Consequences - The current tariff model is expected to lead to increased costs and loss of competitiveness for many traditional industries and agriculture in Taiwan, with farmers and exporters facing higher cumulative tariffs [2] - The Taiwanese government has not provided concrete remedial measures, leading to feelings of abandonment among local agricultural communities [2] Group 3: Political and Strategic Context - The ruling has destabilized the legal foundation of the U.S.-Taiwan trade agreement, raising questions about Taiwan's commitment to its investment promises, which were contingent on tariff exemptions [3] - There is a stark contrast between Taiwan's passive response to U.S. tariff policies and mainland China's assertive stance against U.S. trade actions, highlighting Taiwan's vulnerability in the current geopolitical landscape [3]

Core Viewpoint - Companies such as Levi Strauss & Co. and McCormick & Co. are initiating a new round of price increases on various products, including blue jeans, spices, home goods, and industrial products, after a period of price stability [1] Group 1: Price Increases - Many companies are raising prices by high single-digit percentages after previously holding prices steady for several months [1] - The pause in price increases that began in the fall has ended, with many companies typically raising prices at the start of the new year [1] - UBS economist Alan Detmeister noted that the price increases for electronics, appliances, and other durable goods in January appear to be stronger than usual [1] Group 2: Reasons for Price Increases - Some companies attribute the price hikes to tariffs, while others, particularly small businesses, cite rising wages and high healthcare costs as reasons they cannot absorb or share these costs with suppliers [1] - Harvard Business School professor Alberto Cavallo tracks daily online prices of major U.S. retailers, reporting a 2.3% increase in the prices of the most affordable imported goods since late November [1] Group 3: Online Price Trends - The Adobe Digital Price Index indicates that January saw the largest monthly increase in online prices in twelve years, driven by rising prices in electronics, computers, appliances, furniture, and bedding [1]

Group 1 - The core point of the article is the announcement of a trade agreement between the United States and Bangladesh aimed at strengthening bilateral economic relations [1] - Bangladesh has committed to providing significant market access for U.S. industrial and agricultural products, while the U.S. will reduce the "equivalent tariff" rate on Bangladeshi goods from 20% to 19% [1] - The U.S. aims to establish a mechanism for certain Bangladeshi textiles and apparel to qualify for zero "equivalent tariffs," based on the volume of U.S. exports of textiles to Bangladesh [1] Group 2 - Both countries are committed to addressing non-tariff barriers affecting bilateral trade and investment in key sectors, enhancing economic and national security collaboration [1] - Bangladesh will take measures in areas such as data transfer, food and agricultural imports, insurance markets, labor rights, environmental protection, intellectual property rights, and anti-corruption [1] - The U.S. is considering providing investment financing support to key sectors in Bangladesh through institutions like the Export-Import Bank of the United States (EXIM Bank) and the U.S. International Development Finance Corporation (DFC) [1]

Group 1 - The core point of the article is the announcement of a trade agreement between the United States and Bangladesh aimed at strengthening bilateral economic relations [1][2] - Bangladesh has committed to providing significant market access for U.S. industrial and agricultural products, while the U.S. will reduce the "reciprocal tariff" rate on Bangladeshi goods from 20% to 19% and identify products eligible for zero "reciprocal tariffs" [1] - The U.S. aims to establish a mechanism allowing certain Bangladeshi textiles and apparel to qualify for zero "reciprocal tariffs," based on the quantity of textiles exported from Bangladesh to the U.S. [1] Group 2 - Both countries are committed to addressing non-tariff barriers affecting bilateral trade and investment in key sectors, enhancing economic and national security collaboration [1] - Bangladesh will take measures in areas such as data transfer, food and agricultural imports, insurance markets, labor rights, environmental protection, intellectual property rights, and anti-corruption [1] - The U.S. is considering providing investment financing support to key sectors in Bangladesh through institutions like the Export-Import Bank of the United States (EXIM Bank) and the U.S. International Development Finance Corporation (DFC) [1]

Core Points - The U.S. and India have reached a temporary trade agreement framework, with India agreeing to eliminate or reduce tariffs on U.S. industrial products and various food and agricultural products, while the U.S. will lower the additional tariffs on Indian goods from 25% to 18% [1] - The two governments indicated that further negotiations are needed to establish a broader bilateral trade agreement [1] - The Indian National Congress party criticized the agreement, claiming it harms the interests of Indian farmers and traders, and undermines national interests [1] Trade Agreement Details - The U.S. government announced a 25% tariff on Indian imports effective from August 7, 2025, which was based on India's direct or indirect imports of Russian oil [1] - President Trump signed an executive order to eliminate the additional 25% tariff on Indian goods starting February 7, 2025, following India's commitment to cease purchasing Russian oil and to buy U.S. energy products [1] - Negotiations for a formal trade agreement are expected to take place in March [1]

Core Viewpoint - The government work report emphasizes the promotion of the "Fat Donglai" experience to create new consumer scenarios with broad impact and visibility, which is being accelerated through the implementation of local standards in Henan Province [1] Group 1: Implementation of Local Standards - Nine local standards, including the "Industrial Product Quality Improvement Management Guidelines," have been officially implemented, marking the first systematic conversion of advanced practices from companies like Fat Donglai into local standards [1][3] - The provincial market supervision bureau will use Xuchang as a pilot to systematically compile excellent practices from enterprises in areas such as product quality and consumer service, elevating these practices from company standards to local standards [3] Group 2: Focus on Product Quality and Consumer Services - The "Industrial Product Quality Improvement Management Guidelines" aim to guide industrial production units in enhancing quality safety control throughout the production process, ensuring product quality and promoting high-quality industrial development [5] - The "Consumer Goods Purchase and Sale Management Guidelines" focus on key aspects of purchase and sale activities, guiding large and medium-sized sales units to establish a scientific, standardized, and traceable quality management system [5] Group 3: Enhancing Service Quality - The "Business Entity Consumer Service Quality Improvement Guidelines" assist businesses in continuously improving product quality and service levels, focusing on safety, quality, price, service, and consumer rights [7] - The "Business Entity Complaint Handling Service Quality Improvement Guidelines" help businesses establish effective internal complaint handling mechanisms to enhance dispute resolution capabilities and service response efficiency [7] Group 4: Food Safety Risk Management - The "Risk Prevention Quality Improvement Guidelines for Large and Medium-sized Food Sales Enterprises" aim to promote advanced management practices in food sales, encouraging upgrades and quality improvements across the province [8] - The "Food Service Enterprise Risk Prevention Quality Improvement Guidelines" guide food service companies in implementing a culture of food safety, ensuring management practices are applied at the smallest operational units [8] - The "Food Production Enterprise Quality Control Improvement Guidelines" reference national food safety standards and combine them with best practices from leading companies to ensure compliance with regulations [8] - The "Food Raw Material Procurement Control Guidelines" promote advanced practices in procurement management among food production enterprises [8] - The "Reduction of Food Additives Guidelines" encourage companies to optimize technology and improve processes to reduce the types and amounts of food additives used [8]

Core Viewpoint - The government work report emphasizes the promotion of the "Fat Donglai" experience to create new consumer scenarios with broad impact and visibility, which is being accelerated through the implementation of local standards in Henan Province [1]. Group 1: Implementation of Local Standards - Nine local standards, including the "Industrial Product Quality Improvement Management Guidelines," have been officially implemented in Henan Province, marking the first systematic conversion of advanced practices from companies like "Fat Donglai" into local standards [1]. - Starting from June 2025, the Provincial Market Supervision Administration will pilot the systematic organization of excellent enterprises' experiences in product quality, consumer service, and risk prevention, elevating these practices from enterprise standards to local standards [1]. - The compilation of these standards was led by the Provincial Market Supervision Administration, with participation from outstanding enterprises, and involved on-site research and expert feedback during the drafting process [1]. Group 2: Focus on Product Quality - The "Industrial Product Quality Improvement Management Guidelines" aim to guide industrial production units in Henan to enhance quality safety control throughout the production process, ensuring product quality and promoting high-quality industrial development [2]. - The "Consumer Goods Purchase and Sale Management Guidelines" focus on key aspects of purchase and sale activities, encouraging large and medium-sized sales units to establish scientific, standardized, and traceable quality management systems [2]. Group 3: Focus on Service Quality of Business Entities - The "Consumer Service Quality Improvement Guidelines" assist business entities in enhancing product quality and service levels, focusing on safety, quality, price, service, and consumer rights protection [3]. - The "Customer Complaint Handling Service Quality Improvement Guidelines" help business entities establish effective internal complaint handling mechanisms, improving their ability to resolve disputes and service response efficiency [3]. Group 4: Focus on Food Safety Risk Management - The "Risk Prevention Quality Improvement Guidelines for Large and Medium-sized Food Sales Enterprises" aim to promote advanced management practices in food sales, driving upgrades and efficiency improvements across the province's food sales units [4]. - The "Risk Prevention Quality Improvement Guidelines for Catering Service Enterprises" guide catering businesses in implementing a culture of food safety, ensuring that management practices are applied at the most granular level [4]. - The "Quality Control Improvement Guidelines for Food Production Enterprises" reference national food safety standards and integrate best practices from leading companies to ensure compliance with regulations at all production stages [4]. - The "Raw Material Procurement Control Guidelines" promote advanced practices in food raw material procurement, enhancing management levels among food production enterprises [4]. - The "Reduction Work Guidelines for Food Additives" encourage companies to optimize technology and improve processes to reduce the types and amounts of food additives used [4].

Core Viewpoint - Applied Industrial Technologies (AIT) reported quarterly earnings of $2.51 per share, exceeding the Zacks Consensus Estimate of $2.48 per share, and showing an increase from $2.39 per share a year ago, indicating a positive earnings surprise of +1.41% [1] Financial Performance - The company achieved revenues of $1.16 billion for the quarter ended December 2025, which was below the Zacks Consensus Estimate by 0.78%, but an increase from $1.07 billion year-over-year [2] - Over the last four quarters, AIT has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] Stock Performance - AIT shares have increased approximately 9.7% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.5% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for it to outperform the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $2.69, with projected revenues of $1.22 billion, and for the current fiscal year, the EPS estimate is $10.59 on revenues of $4.84 billion [7] - The trend of estimate revisions for AIT was favorable prior to the earnings release, suggesting potential positive movements in stock performance [6] Industry Context - The Manufacturing - General Industrial industry, to which AIT belongs, is currently ranked in the top 39% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8]

Group 1 - On January 23, Liuyao Group's stock increased by 1.57%, with a trading volume of 275 million yuan [1] - The financing data shows that on the same day, Liuyao Group had a financing purchase amount of 28.11 million yuan and a financing repayment of 44.46 million yuan, resulting in a net financing outflow of 16.35 million yuan [1] - As of January 23, the total balance of margin trading for Liuyao Group was 451 million yuan, which accounts for 6.07% of its circulating market value, indicating a low level compared to the past year [1] Group 2 - As of September 30, Liuyao Group had 30,400 shareholders, a decrease of 7.62% from the previous period, while the average circulating shares per person increased by 8.25% to 13,050 shares [2] - For the period from January to September 2025, Liuyao Group reported an operating income of 15.758 billion yuan, a year-on-year decrease of 1.47%, and a net profit attributable to shareholders of 646 million yuan, down 9.81% year-on-year [2] - Since its A-share listing, Liuyao Group has distributed a total of 1.789 billion yuan in dividends, with 720 million yuan distributed over the past three years [2]