China Railway Sector "China railway traffic monthly: July passenger rail..."

研报英文原文证据摘录

China Railway Sector "China railway traffic monthly: July passenger rail..."

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China Railway Sector Equities

ChinaChina railway traffic monthly: July passenger rail

services count growth slowed Industrial

Bruce Mi

Analyst

bruce.mi@ubs.com

Passenger railway/HSR service count +4%/6% MTD +86-21-3866 8851

China's rail passenger volume rose 2% YoY in June, largely in line with the growth in Robin Xu

May. UBS Evidence Lab's China Railway Traffic Monitor (> Access Dataset) indicates that Analyst

the nationwide average daily number of rail/HSR (high-speed rail) services is up 4%/6% S1460511010012

MTD, slower than the 6%/7% increase in June. Among major routes, the MTD average bin.xu@ubs.com

daily number of G-series services increased 11% YoY for Guangzhou-Shenzhen, +86-21-3866 8872

declined 1% for Shanghai-Xi'an and was flat for Beijing-Shanghai and Beijing-Xi'an. The Zed Sheng

number of tech-enhanced Fuxin train services on the Beijing-Shanghai route only Analyst

increased by 1% MTD, slower than the 3% YoY increase in June. S1460525030003

zed.sheng@ubs.com

Beijing-Shanghai route fares and sold-out rate both fell MTD +86-21-3866 8730

Based on UBS Evidence Lab data, the average weekly sold-out rate for Beijing-Shanghai Xin Chen

HSR second-class tickets in the past three weeks fell 15ppt YoY. Second-class/first-class Analyst

fares for Beijing-Shanghai G-series services slipped 1% MTD. We attribute the weakness S1460511050002

in the sold-out rate and fares mainly to the late start to school holidays and the impact of xin.chen@ubs.com

+86-21-3866 8864

the typhoon. We estimate that the HSR market share on the Beijing-Shanghai route has

been increasing again in the past month vs aviation.