First Read: Beijing-Shanghai High Speed Railway "A further step in..."

研报英文原文证据摘录

First Read: Beijing-Shanghai High Speed Railway "A further step in..."

Global Research

17 July 2026abc

First Read

EquitiesBeijing-Shanghai High Speed Railway

A further step in market-oriented reform China

Transportation Services

12-month rating Buy

A 60-day advance ticket reservation service piloted on BJ-SH HSR

China’s railway authorities are to pilot a new ticket reservation service for the 200+ 12m price target Rmb6.70

railway/HSR services on Beijing-Shanghai route, starting on 20 July, as per an

announcement by China Railway. A reservation request can be filed via the 12306

Price (16 Jul 2026) Rmb4.74

mobile app 17-60 days before the departure, and the booking order will be fulfilled in

the railway system 16-20 days ahead of the departure. This new ticket reservation RIC: 601816.SS BBG: 601816 CH

service is for the purpose of meeting ticket-purchase needs in advance and coordinating Trading data and key metrics

the allocation of service capacity and ticket resources, vital to the market-oriented

52-wk range Rmb5.64-4.53

reform of railway passenger transport and ticketing experience improvement for

Market cap. Rmb232b/US$34.3b

passengers.

Shares o/s 48,926m (ORDA)

Implications Free float 5%

Avg. daily volume ('000) 177,043

Following a 20% list fare hike for Beijing-Shanghai HSR announced in May, we view the

introduction of this new ticket booking service as a major step in advancing the market- Avg. daily value (m) Rmb856.4

oriented reform of railway passenger transport: 1) By grasping ticket reservation Common s/h equity (12/26E) Rmb215b

demand data 60 days in advance (vs the 15-day advance booking currently), railway P/BV (12/26E) 1.1x

authorities can better understand demand across different dates, time slots and train Net debt to EBITDA (12/26E) 0.7x