Glonghui, August 28 | Huaxin Securities's research report on the 27th pointed out that China Express (688009.SH)'s urban rail performance in the first half of the year was under short-term pressure, and railway and overseas business were steady. The increase in overseas business revenue for the current period compared to the same period of the previous year is mainly due to the company continuing to promote the progress of overseas projects such as the Nosu section of the Hungary project and the Yawan high-speed railway project. Revenue recognition increased compared to the same period last year. The company has sufficient orders on hand, and the overall economic operation has remained stable. The total amount of new contracts signed by the company in the first half of 2023 was 31,672 billion yuan, an increase of 10.49% over the same period in 2022. By the end of the first half of 2023, the company had orders of 152,275 billion yuan. The company's business is developing steadily, there are plenty of orders on hand, and the increase in infrastructure investment is expected to drive the company's performance growth. For the first time, it was covered and given a “buy” investment rating.