IGS on November 11 | Morgan Stanley released a report, lowering the revenue forecast for China Railway's fiscal years 2024 to 2026 by 8%, 10%, and 11% respectively, taking into account lower-than-expected construction activities and a slight erosion of the gross margin this year; net income forecast is correspondingly reduced by 11%, 12%, and 14% to 32 billion, 34 billion, and 35 billion. Morgan Stanley rates China Railway as a "shareholding", reducing the target price from 6.2 Hong Kong dollars to 5.6 Hong Kong dollars, believing that the company will benefit from the 10 trillion yuan local government debt swap plan over 5 years, coupled with accounts receivable turnover and improvements in operating cash flow, which may trigger further revaluation.