5 January 2026 | 11:25PM HKT Equity Research CHINA MACHINERY: RAILWAY EQUIPMENT NR targets further moderating traffic growth into 26/20% lower HSR completion into 15th FYP; likely stable MU demand buffered by replacement National Railway (NR) hosted its annual working conference on January 4. Key highlights: 1) NR targets total new rail/HSR (high speed rail) completion of 3,000km/2,000km per annum during 2026-30, both -20% vs. 2021-25 actual completion, indicating c.140 standard trainsets of MU demand per a ...