Full-year procurement may well exceed expectations; Buy    Over the weekend, CRC posted the tender for 75sets of China Standard EMUs(350km/h), which together with the upcoming tender of 104standard sets of350km/h CEMUs (reported by Caixin and confirmed by CRRC), would bring thisyear's total EMU procurement to 427standard sets (see Figure 1). This wouldwell exceed the 350-400standard sets guided by CRRC for this year. After amuted 2016, EMU procurement now finally returns back to 400+ sets level. Theaccelerating EMU procurement also reinforces our bullish view on the sector'smulti-year recovery towards 2020. We reiterate Buy on Zhuzhou CRRC and CRRCH.Better-than-expected EMU procurement may also bring upside potential toHollysys' train-borne rail signaling business (i.e. ATP). Within China's broad railequipment space, Zhuzhou CRRC and Hollysys are our top picks.

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