Economic Observation Network China CRRC (601766) recently received a large order for advanced maintenance of high-speed trains from China Railway Group, and its maintenance business is expected to continue to expand.

Recent events:
On August 12th, China Railway Group released the second batch of advanced maintenance bidding for 2026, with a cumulative total of 787.5 standard groups for the whole year, only lower than the historical peak in 2024 and an increase of 124 groups compared to last year This batch of orders has landed solidly on the company's end: in the second quarter, a new advanced repair contract worth 8.59 billion yuan was signed, while the order scale between December 2025 and April 2026 was 2.18 billion yuan, with two consecutive quarters of large orders landing By 2025, the company's railway repair and modification business revenue has reached 45.694 billion yuan, and maintenance has become a stable second growth curve 。

Industry policies and environment:
The Harmony train, which was put into operation from 2014 to 2016, has entered the fifth level major maintenance window. Combined with the annual increase of about 2000 kilometers of high-speed rail during the "15th Five Year Plan" period, Galaxy Securities predicts that the annual market size of advanced maintenance for high-speed trains during the "15th Five Year Plan" period is expected to exceed 50 billion yuan 。

Industry status:
The company's integrated manufacturing and maintenance barriers are stable, and China Railway Group is its largest customer, accounting for 43.64% of total revenue 。

The above content is based on publicly available information and does not constitute investment advice.