CRRC(SH:601766) Zhong Guo Jing Ying Bao·2025-04-11 00:47Group 1 - China National Railway Group has announced the first high-speed train set tender for 2025, including 68 standard sets of various configurations [1] - The total estimated value of the tender is approximately 11.5 billion yuan, which is a slight decrease compared to the previous year's tender amount of around 28 billion yuan [1][2] - The investment ratio for railway equipment and infrastructure is expected to shift from 2:8 in 2024 to approximately 3:7 in 2025, indicating a projected equipment investment of around 200 to 250 billion yuan [2] Group 2 - The new railway construction mileage has been declining significantly, with a total decrease of 133.41% from 2019 to 2023, while railway investment has only decreased by 5.02% during the same period [3] - Railway passenger traffic has shown a strong recovery in 2023, with a 128.57% year-on-year increase, leading to a surge in high-speed train set procurement [4] - China CRRC Corporation Limited's railway business segment achieved a revenue of 110.46 billion yuan in 2024, marking a 12.50% increase, with the train set business revenue growing by 49.26% [5][6]