<p>投资股票最简单的方法是购买交易所交易基金。但通过选择表现优于平均水平的股票（作为多元化投资组合的一部分），可以获得更好的回报。例如，<strong>株洲中车时代电气股份有限公司</strong>（HKG:3898）的股价在过去一年上涨了 40%，明显超过了市场约 33% 的回报（不包括股息）。按照我们的标准，这是一项稳健的表现！另一方面，长期持有者的经历则较为艰难，股票在三年内下跌了 3.6%。</p>
<p>在过去一周强劲上涨后，值得关注长期回报是否受到基本面改善的推动。</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<p>用本杰明·格雷厄姆的话来说：短期内市场是一个投票机，但长期来看它是一个称重机。检查市场情绪如何随时间变化的一种方法是观察公司股价与每股收益（EPS）之间的互动。</p>
<p>在过去一年中，株洲中车时代电气的每股收益（EPS）增长了 18%。这一 EPS 增长显著低于股价的 40% 涨幅。因此，可以合理地假设市场对该公司的看法比一年前更为积极。</p>
<p>下图显示了 EPS 随时间的变化情况（如果点击图片可以查看更详细的信息）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/30585735-earnings-per-share-growth-1-dark-2/1768887772957?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1642" height="1040" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/30585735-earnings-per-share-growth-1-dark-2/1768887772957"/></p>
<p>SEHK:3898 每股收益增长 2026 年 1 月 20 日</p>
<p>我们很高兴地报告，CEO 的薪酬比大多数同类公司更为适中。关注 CEO 薪酬总是值得的，但更重要的问题是公司是否能够在未来几年内持续增长收益。查看我们关于株洲中车时代电气的收益、收入和现金流的 <strong>免费</strong> 报告可能会非常有价值。</p>
<h2>股息情况如何？</h2>
<p>除了衡量股价回报外，投资者还应考虑总股东回报（TSR）。TSR 包括任何分拆或折扣融资的价值，以及任何股息，基于股息再投资的假设。可以公平地说，TSR 为支付股息的股票提供了更全面的图景。我们注意到，株洲中车时代电气在过去一年中的 TSR 为 47%，这比上述股价回报更好。公司支付的股息因此提升了_总_股东回报。</p>
<h2>不同的视角</h2>
<p>我们很高兴地报告，株洲中车时代电气的股东在一年内获得了 47% 的总股东回报。这包括股息。这比过去五年年化回报 1.2% 要好，暗示公司最近表现更佳。持乐观态度的人可能会认为，TSR 的近期改善表明公司本身随着时间的推移在变得更好。与其他公司相比，株洲中车时代电气是否便宜？这三项估值指标可能会帮助你做出决定。</p>
<p>如果我们看到一些大额内部购买，我们会更喜欢株洲中车时代电气。在我们等待的同时，查看这份 <strong>免费</strong> 的被低估股票名单（大多数为小盘股），其中有相当多的近期内部购买。</p>
<p><em>请注意，本文中引用的市场回报反映了目前在香港交易所交易的股票的市场加权平均回报。</em></p>

时代电气

<p>株洲中车时代电气（HKG:3898）在过去一年中股价上涨了 40%，超过了市场 33% 的回报。然而，其每股收益（EPS）仅增长了 18%，这表明市场对该公司的情绪较为积极。过去一年的总股东回报率（TSR）为 47%，受股息推动，显示出与过去五年 1.2% 的年化回报相比，近期业绩有所改善。投资者被鼓励考虑公司的增长潜力和内部人士的买入活动</p>

<p>The simplest way to invest in stocks is to buy exchange traded funds. But one can do better than that by picking better than average stocks (as part of a diversified portfolio). For example, the <strong>Zhuzhou CRRC Times Electric Co., Ltd.</strong> (HKG:3898) share price is up 40% in the last 1 year, clearly besting the market return of around 33% (not including dividends). That's a solid performance by our standards! On the other hand, longer term shareholders have had a tougher run, with the stock falling 3.6% in three years.</p>
<div class="lb-trans"><p>投资股票最简单的方法是购买交易所交易基金。但通过选择表现优于平均水平的股票（作为多元化投资组合的一部分），可以获得更好的回报。例如，<strong>株洲中车时代电气股份有限公司</strong>（HKG:3898）的股价在过去一年上涨了 40%，明显超过了市场约 33% 的回报（不包括股息）。按照我们的标准，这是一项稳健的表现！另一方面，长期持有者的经历则较为艰难，股票在三年内下跌了 3.6%。</p>
</div><p>After a strong gain in the past week, it's worth seeing if longer term returns have been driven by improving fundamentals.</p>
<div class="lb-trans"><p>在过去一周强劲上涨后，值得关注长期回报是否受到基本面改善的推动。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
</div><p>To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).</p>
<div class="lb-trans"><p>用本杰明·格雷厄姆的话来说：短期内市场是一个投票机，但长期来看它是一个称重机。检查市场情绪如何随时间变化的一种方法是观察公司股价与每股收益（EPS）之间的互动。</p>
</div><p>During the last year Zhuzhou CRRC Times Electric grew its earnings per share (EPS) by 18%. This EPS growth is significantly lower than the 40% increase in the share price. So it's fair to assume the market has a higher opinion of the business than it a year ago.</p>
<div class="lb-trans"><p>在过去一年中，株洲中车时代电气的每股收益（EPS）增长了 18%。这一 EPS 增长显著低于股价的 40% 涨幅。因此，可以合理地假设市场对该公司的看法比一年前更为积极。</p>
</div><p>The image below shows how EPS has tracked over time (if you click on the image you can see greater detail).</p>
<div class="lb-trans"><p>下图显示了 EPS 随时间的变化情况（如果点击图片可以查看更详细的信息）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/30585735-earnings-per-share-growth-1-dark-2/1768887772957" alt="" original-src="https://images.simplywall.st/asset/chart/30585735-earnings-per-share-growth-1-dark-2/1768887772957"/></p>
<p>SEHK:3898 Earnings Per Share Growth January 20th 2026</p>
<div class="lb-trans"><p>SEHK:3898 每股收益增长 2026 年 1 月 20 日</p>
</div><p>We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. It might be well worthwhile taking a look at our <strong>free</strong> report on Zhuzhou CRRC Times Electric's earnings, revenue and cash flow.</p>
<div class="lb-trans"><p>我们很高兴地报告，CEO 的薪酬比大多数同类公司更为适中。关注 CEO 薪酬总是值得的，但更重要的问题是公司是否能够在未来几年内持续增长收益。查看我们关于株洲中车时代电气的收益、收入和现金流的 <strong>免费</strong> 报告可能会非常有价值。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情况如何？</h2>
</div><p>As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for Zhuzhou CRRC Times Electric the TSR over the last 1 year was 47%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the <em>total</em> shareholder return.</p>
<div class="lb-trans"><p>除了衡量股价回报外，投资者还应考虑总股东回报（TSR）。TSR 包括任何分拆或折扣融资的价值，以及任何股息，基于股息再投资的假设。可以公平地说，TSR 为支付股息的股票提供了更全面的图景。我们注意到，株洲中车时代电气在过去一年中的 TSR 为 47%，这比上述股价回报更好。公司支付的股息因此提升了_总_股东回报。</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的视角</h2>
</div><p>We're pleased to report that Zhuzhou CRRC Times Electric shareholders have received a total shareholder return of 47% over one year. And that does include the dividend. That's better than the annualised return of 1.2% over half a decade, implying that the company is doing better recently. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. Is Zhuzhou CRRC Times Electric cheap compared to other companies? These 3 valuation measures might help you decide.</p>
<div class="lb-trans"><p>我们很高兴地报告，株洲中车时代电气的股东在一年内获得了 47% 的总股东回报。这包括股息。这比过去五年年化回报 1.2% 要好，暗示公司最近表现更佳。持乐观态度的人可能会认为，TSR 的近期改善表明公司本身随着时间的推移在变得更好。与其他公司相比，株洲中车时代电气是否便宜？这三项估值指标可能会帮助你做出决定。</p>
</div><p>We will like Zhuzhou CRRC Times Electric better if we see some big insider buys. While we wait, check out this <strong>free</strong> list of undervalued stocks (mostly small caps) with considerable, recent, insider buying.</p>
<div class="lb-trans"><p>如果我们看到一些大额内部购买，我们会更喜欢株洲中车时代电气。在我们等待的同时，查看这份 <strong>免费</strong> 的被低估股票名单（大多数为小盘股），其中有相当多的近期内部购买。</p>
</div><p><em>Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.</em></p>
<div class="lb-trans"><p><em>请注意，本文中引用的市场回报反映了目前在香港交易所交易的股票的市场加权平均回报。</em></p>
</div>

株洲中车时代电气（HKG:3898）的一年收益增长不及股东获得的良好回报