Core Insights - The Wuhan Rail Transit Base is expanding its industrial chain from solely manufacturing new trains to include maintenance and repair services, with over half of the 92 resident companies involved in maintenance operations [2] - The maintenance costs over the lifecycle of a train are estimated to be twice that of the new train price, indicating a more stable and sustainable revenue stream compared to new train manufacturing [2] - The annual maintenance market size in Wuhan is projected to exceed 1 billion yuan, driven by an increasing number of trains and an expanding operational network [2] Company Insights - Wuhan Jinchuang and Langjin Technology recently received maintenance orders for the Wuhan Rail Transit lines 3, 4, and 6, highlighting the growing demand for maintenance services [2] - Jinchuang Group, established in April 2023, is recognized as a leading global manufacturer of rail transit equipment, holding over 80% market share in the national market [4] - The Wuhan Rail Transit Base has successfully attracted 185 companies into its project library, with 142 registered and 92 signed, establishing itself as a hub for rail transit enterprises [4] Industry Insights - The maintenance and repair business is expected to become a new growth point for companies in the Wuhan Rail Transit Base as the new train market becomes saturated [4] - The operational mileage of Wuhan's metro has surpassed 400 kilometers, with a fleet of over 3,000 trains, necessitating regular maintenance to ensure operational efficiency [2]