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1、Asia Pacific Equity Research28 October 2025 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

2、without the written consent of J.P.Morgan.China Railway Group-H/A Diversification into mining,overseas and new infra business to cushion domestic softness;assume coverage at OW ChinaInfrastructure,Industrials&TransportJenny Qiu,CFA AC(852)2800 Karen Li,CFA(852)2800-Sunny Su(852)2800 Mufan Shi(852)28

3、00-Yu Gu(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedSee page 42 for analyst certification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,in

4、vestors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.We assume coverage of China Railway Group H/A(CRG-H/A)with OW ratings and December

5、2026 price targets of HK$5.3/Rmb7.5.CRG is set to benefit from Chinas new wave of mega infrastructure projects(the Tibet Mega Dam project and Xinjiang-Tibet Railway),which we expect to drive a steady uplift in its annual revenue and profit over the next decade.Despite softness in domestic infrastruc

6、ture and property spending,CRGs strategic positioning in centrally funded mega projects,robust mining business,and continued overseas expansion underpin a resilient earnings outlook.SOE reform and Belt&Road Initiative(BRI)policies provide further upside potential.Valuation is now attractive,with CRG