中邮证券研报指出，中国中车上半年实现归母净利润72.46亿元，同比+72%；2025Q2实现归母净利润41.93亿元，同比+31%，环比+37%。分版块来看，2025H1，铁路装备营收597.06亿元，同比+42%，得益于国内铁路客运、货运和铁路建设的良性发展，铁路装备需求支撑良好，动车组新造延续去年的态势，机车新造招标与去年相比有较好提升；城轨业务营收174.02亿元，同比+6%，基本符合年初的预期，上半年保持稳定；新产业营收407.33亿元，同比+36%，受益于风电、储能等清洁能源装备的订单交付增长；现代服务营收19.17亿元，同比+16%。国铁集团今年招标已突破2024年度总额，继续看好轨交行业景气度。公司注重股东回报，中期分红比例高。公司计划派发现金红利31.57亿元（含税），占2025半年报归母净利润的43.57%。维持“增持”评级。
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