城轨协会：2025年城轨新增里程有望超800公里

Core Insights - The China Urban Rail Transit Association reported that as of June 30, 2025, there are 58 cities in mainland China operating urban rail transit lines totaling 12,381.48 kilometers, with a new operational line length of 220.70 kilometers in the first half of 2025, representing a 13.73% increase year-on-year, but a 53.92% decrease compared to the peak in 2021 [1] - It is expected that approximately 600 kilometers of urban rail transit lines will be opened in the second half of 2025, with a total new operational line length for the year projected to exceed 800 kilometers, continuing a downward trend from 936.23 kilometers in 2024 [1] - The investment in urban rail construction is projected to be around 339.18 billion yuan in 2025, a decrease of 28.59% compared to 2024, indicating a sustained decline in investment and new line construction over recent years [1] Industry Trends - The peak period for urban rail transit investment and construction occurred between 2017 and 2020, with record high construction mileage and investment each year. However, since 2018, the central government has raised the approval thresholds for urban rail projects, leading to a significant reduction in construction activities [2] - The "Document No. 52" issued by the State Council in July 2018 emphasized the need for prudent planning and management of urban rail transit, increasing the financial and GDP requirements for project approvals, which has contributed to the slowdown in new projects [2] - Design firms in the urban rail industry, such as Guangzhou Metro Design Institute, are experiencing project reductions and talent loss due to the decline in construction activities, prompting them to explore opportunities in municipal, highway, and real estate development projects [2] Operational Developments - In the first half of 2025, there were no new cities added to the urban rail transit network, but nine cities, including Hangzhou, Chongqing, and Guangzhou, opened new lines or extensions [3]