China Machinery: Railway Equipment 2Q25 inline: Solid 2H rail delivery outlook; Buy Times Electric-H/CRRC-H, Neutral on A shares On Aug 21 after market, CRRC and Times Electric delivered largely in-line 1H25 results versus guidance and shared a mixed but stable picture across railway and emerging businesses. As ytd MU/locomotive tendering already reached 278 std trainsets/455 units, tracking ahead of prior GSe of 230 std trainsets/400 units, we believe this provides concrete support to full year earnings, a ...