上半年，中国中车聚焦布局优化和结构调整，轨道交通装备行业地位持续巩固，清洁能源发电装备和低 碳零碳交通装备业务快速增长，系统解决方案提供能力以及产融结合、两化融合等水平进一步提升。公 司规模效益指标持续位居全球轨道交通装备制造业前列，轨道交通装备业务收入稳居全球第一，风电装 备、储能设备、高分子复合材料等进入国内前列。 中国中车的营收主要由铁路装备业务、城轨与城市基础设施业务、新产业业务、现代服务业务组成。报 告期内，上述业务分别占总收入的49.86%、14.53%、34.01%和1.60%。 上半年，中国中车铁路装备业务的营业收入比上年同期增加42.21%，实现营收597.06亿元。来自中国国 家铁路集团有限公司的数据显示，2025年1月至7月，全国铁路完成固定资产投资4330亿元，同比增长 5.6%，上半年累计投产新线301公里。 ■从半年报看产业新活力 铁路投资高景气驱动 中国中车上半年净利润同比增72.48% 8月22日晚，中国中车发布2025年半年报。报告期内公司实现营业收入1197.58亿元，同比增幅为 32.99%；实现归属于上市公司股东的净利润72.46亿元，同比增长72.48%。新签订单约1 ...

8月19日，国铁集团发布2025年第二批时速350公里复兴号智能动车组采购项目招标公告，涉及时速350公里复兴号智能动车组（8编组普通型）108组、时速350公里复兴号智能动车组（8辆编 中国银河证券指出，25年第二批动车组招标超预期，今年以来国铁集团累计招标时速350公里动车组278组（4月68组+本次210组），在去年国铁及地方铁路招标265.5组（国铁246.5组+梅龙 责任编辑：卢昱君 中国中车（01766）早盘上涨5.16%，现报6.11港元，成交额1.870亿港元。 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the rail transit equipment sector [4]. Core Insights - The recent tender for high-speed trains exceeded market expectations, with a total of 210 sets planned for procurement, marking the highest single tender volume in the past five years [4]. - The total number of high-speed train tenders for 2025 has reached 278 sets, surpassing the total of 264 sets from the previous year, suggesting a more optimistic outlook for the annual tender volume [4]. - The increase in passenger volume and the need for advanced repairs on existing trains are driving the demand for new train sets, with railway passenger volume reaching 2.691 billion people from January to July, a year-on-year increase of 6.7% [4]. - The aging of the first batch of high-speed trains, which are approaching their design lifespan of 20 years, indicates a significant upcoming demand for replacements [4]. - The report highlights key beneficiaries in the supply chain, recommending companies such as CRRC Corporation (for complete trains and core components) and others involved in various components of train manufacturing [4]. Summary by Sections Tender Details - The tender includes 108 sets of standard high-speed trains, 30 sets of cold-weather trains, and 72 sets of longer trains, totaling 210 sets [4]. Market Outlook - Historical trends suggest that there will likely be additional tenders in the second half of the year, including for different types of trains, which could further increase the total tender volume [4]. Demand Drivers - The rapid growth in passenger traffic and the need for repairs on existing trains are key factors driving the demand for new train sets [4]. Replacement Needs - The first generation of high-speed trains is nearing the end of its operational lifespan, creating a pressing need for new trains [4]. Recommended Companies - The report recommends focusing on key suppliers such as CRRC Corporation, Sifang Co., and others involved in various components of the rail transit equipment industry [4].

Core Viewpoint - The announcement of the second batch of high-speed train procurement by China Railway Group on August 19, 2025, exceeded expectations, indicating strong demand for new trains driven by robust passenger traffic growth and an upcoming peak in operational mileage [1][2][3]. Group 1: Train Procurement and Demand - The second batch of procurement includes 210 sets of high-speed trains, comprising 108 standard sets, 30 cold-resistant sets, and 72 high-capacity sets [2]. - Year-to-date, China Railway Group has tendered a total of 278 high-speed train sets, surpassing last year's total of 265.5 sets, reflecting continued growth in demand [3]. - The railway infrastructure investment target for 2025 is set at 590 billion yuan, with an aim to complete 2,600 kilometers of new lines, suggesting sustained high levels of fixed asset investment in the railway sector [3]. Group 2: Railway Freight and Locomotive Updates - From January to July, the national railway transported 2.331 billion tons of goods, marking a 3.3% year-on-year increase, indicating stable growth in freight transport [4]. - The total number of locomotives in China is projected to be 22,500 by 2024, with approximately 4,000 old diesel locomotives expected to be replaced by new energy locomotives before 2027 [4]. - In 2023, China Railway Group has procured 455 locomotives, a 26.39% increase year-on-year, with the highest procurement of diesel locomotives in recent years due to the need for replacing outdated models [4]. Group 3: Investment Recommendations - The railway industry is expected to maintain high levels of activity, with continued strong demand for new train sets and maintenance services, supporting steady growth in the performance of railway equipment companies [5]. - Recommended stocks include China CNR Corporation (601766), Times Electric (688187), and others, indicating a positive outlook for the sector [5].

Investment Rating - The report maintains a "Buy" rating for China CRRC Corporation Limited (601766.SH) [8] Core Views - The company has announced a significant increase in expected net profit for the first half of 2025, projecting a range of CNY 6.722 billion to CNY 7.562 billion, representing a year-on-year growth of 60% to 80% [6][11] - The second quarter of 2025 has shown performance exceeding expectations, indicating a continued upward trend in the rail transit equipment industry [2][11] - The overall business outlook for 2025 remains positive, with growth anticipated in the high-speed train segment and improvements expected in the locomotive business, alongside developments in urban rail and new industries [2][11] Summary by Sections Financial Performance - For the first half of 2025, the company expects a net profit increase of CNY 2.521 billion to CNY 3.361 billion compared to the previous year, with a projected net profit of CNY 6.722 billion to CNY 7.562 billion [6] - The second quarter is expected to yield a net profit of CNY 3.67 billion to CNY 4.51 billion, marking a year-on-year increase of 15% to 41% [11] Market Outlook - The railway market is experiencing a favorable environment, with fixed asset investment in railways continuing to grow, reaching CNY 242.1 billion in the first five months of the year, a 5.9% increase year-on-year [11] - Passenger traffic has also reached historical highs, with 1.86 billion passengers transported, a 7.3% increase year-on-year [11] Business Development - The company has completed significant deliveries in Q2, including high-speed trains and locomotives, which have contributed to revenue and profit growth [11] - The report anticipates a busy bidding season for railway projects in Q3, with expectations for new tenders in high-speed trains and urban rail [11]