Core Insights - The China Urban Rail Transit Association reported that by September 30, 2025, there will be 12,652.45 kilometers of operational urban rail transit lines across 58 cities in mainland China, with an increase of 491.67 kilometers in the first three quarters of 2025, representing a growth of 31.06% compared to the same period last year [1][2] - The association anticipates an additional 400 kilometers of urban rail lines to be operational in the second half of 2025, bringing the total new operational lines for the year to approximately 900 kilometers [1] - Investment in urban rail construction is projected to be around 339.18 billion yuan in 2025, a decrease of 28.59% from 2024 [1] Investment and Construction Trends - The peak period for urban rail investment and construction has passed, with a significant decline in new orders for urban rail vehicles reported by CRRC Corporation Limited, dropping from approximately 7,000 units in 2022 to around 2,000 units in 2024 [2] - The urban rail construction investment scale peaked at 628.6 billion yuan in 2020 and has been on a downward trend in recent years [1] Operational Capacity Breakdown - Among the 12,652.45 kilometers of operational urban rail lines, the high-capacity system (subway) accounts for 9,673.33 kilometers, or 76.45%, while the medium-capacity system (including light rail and other forms) comprises 2,135.70 kilometers, or 16.88%, and the low-capacity system accounts for 843.42 kilometers, or 6.67% [2] - In the first three quarters of 2025, there were no new cities with operational urban rail lines, but 17 cities opened new lines or extensions [2][3] New Operational Lines - A total of 10 new operational lines and 22 new or extended segments were added in the first three quarters of 2025, with 367.24 kilometers of subway (74.69%), 99.90 kilometers of suburban rapid transit (20.32%), and 24.53 kilometers of trams (4.99%) [3]