Beijing-Shanghai High Speed Railway - A Benchmark price lift at 20% a positive surprise associated with earnings upside; Raise PT

研报英文原文证据摘录

Beijing-Shanghai High Speed Railway - A Benchmark price lift at 20% a positive surprise associated with earnings upside; Raise PT

J P M O R G A N Asia Pacific Equity Research

12 May 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory

of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Beijing-Shanghai High Speed

Railway - A Overweight

601816.SS, 601816 CH

Benchmark price lift at 20% a positive surprise Price (12 May 26):Rmb5.05

associated with earnings upside; Raise PT ▲Price Target (Jun-27):Rmb6.90 Prior (Dec-26):Rmb6.20

Beijing-Shanghai High-Speed Railway (BSHSR) announced last night it would

raise the benchmark ticket price by 20%, which represents a positive surprise to us. Infrastructure, Industrials &

TransportWe believe the news conveys two underlying positive messages: 1) China's HSR

pricing mechanism is becoming increasingly market-oriented, widening the Sunny Su AC

possibility for more flexible pricing adjustment actions looking ahead, with more (852) 2800 8551

sunny.su@jpmorgan.com

rounds of pricing hikes to be associated with the speed upgrade towards 450 km/h

trains, and 2) an optimistic traffic volume recovery outlook for 2026E, Karen Li, CFA

(852) 2800-8589

underpinning the price lift execution. Our sensitivity analysis suggests a nearly karen.yy.li@jpmorgan.com

linear relationship between ticket price and BSHSR’s earnings, which we expect

Jenny Qiu, CFA

to directly boost BSHSR’s near-term earnings delivery visibility. Therefore, we (852) 2800 8503

update our BSHSR model, factoring in the price lift impact as well as FY25 jenny.qiu@jpmorgan.com