According to the China Galaxy Securities Research Report, in the first half of 2026, the national railway completed fixed asset investment of 363.2 billion yuan, +2.1% over the same period last year, continuing to grow from last year's high; 355.2 kilometers of new lines were put into operation, +16.5% over the same period last year. In the first half of the year, railways across the country delivered 2,348 billion passengers, +5% year-on-year, a record high for the same period; completed shipments of 2,622 million tons of goods, +2.5% year-on-year. According to China Galaxy Securities's analysis of routes, the average annual production mileage from 2026 to 2028 is expected to exceed 3,000 kilometers, with 2027 being the peak of traffic, and new EMU tenders are expected to remain high for the next three years. Meanwhile, EMU maintenance is progressing according to the repair process and entering the release cycle starting in 2024. China Galaxy Securities estimates that the average annual advanced repair market space is expected to exceed 50 billion yuan during the “15th Five-Year Plan” period; continue to be optimistic about the continuation of the boom in railway equipment.

According to the China Galaxy Securities Research Report, in the first half of 2026, the national railway completed fixed asset investment of 363.2 billion yuan, +2.1% over the same period last year, continuing to grow from last year's high; 355.2 kilometers of new lines were put into operation, +16.5% over the same period last year. In the first half of the year, railways across the country delivered 2,348 billion passengers, +5% year-on-year, a record high for the same period; completed shipments of 2,622 million tons of goods, +2.5% year-on-year. According to China Galaxy Securities's analysis of routes, the average annual production mileage from 2026 to 2028 is expected to exceed 3,000 kilometers, with 2027 being the peak of traffic, and new EMU tenders are expected to remain high for the next three years. Meanwhile, EMU maintenance is progressing according to the repair process and entering the release cycle starting in 2024. China Galaxy Securities estimates that the average annual advanced repair market space is expected to exceed 50 billion yuan during the “15th Five-Year Plan” period; continue to be optimistic about the continuation of the boom in railway equipment.