Xin Lang Cai Jing·2025-10-08 10:36Group 1 - Morgan Stanley has raised its forecasts for China CRRC (01766, 601766.SH) and Times Electric (03898, 688187.SH) based on strong order acquisition in Q3, improved demand visibility, and a shift towards cyclical growth in the industry [1] - Since July, the average H-share prices of China CRRC and Times Electric have increased by approximately 30%, compared to a 10% rise in the Hang Seng Index, while A-shares have risen by 15%, against an 18% increase in the CSI 300 Index, indicating investor confidence in the improving fundamentals of the industry [1] - The upgrade is supported by several positive catalysts, including CRRC's robust financial performance, strong railway fixed asset investment (which has seen an 8-month cumulative year-on-year increase of 6%), and accelerating passenger volume growth (which increased by 7% year-on-year during the peak summer travel season) [1]