智通财经网·2025-06-24 07:35Core Insights - The report from Shenwan Hongyuan indicates that from January to May, the national railway fixed asset investment reached 242.1 billion yuan, a year-on-year increase of 5.9% [1] - In May alone, railway fixed asset investment accelerated to 47.4 billion yuan, up 8.72% year-on-year, surpassing the growth rate for the first five months [1] - The "14th Five-Year Plan" aims for a national railway operating mileage of 165,000 kilometers by 2025, with high-speed rail reaching 50,000 kilometers, indicating significant future investment in new lines [3] Investment and Demand - The railway passenger volume in May was 406 million trips, a year-on-year increase of 12.6%, while freight volume reached 440 million tons, up 0.7% [2] - From January to May, coal transportation by rail totaled 845 million tons, with electric coal accounting for 575 million tons, indicating strong demand for coal transport [2] - The railway sector is actively promoting logistics services and has signed 655 logistics contracts in the first five months, with a total transport volume of 979 million tons [2] Equipment and Maintenance - The railway equipment sector is expected to remain a highly certain investment direction, with significant demand for maintenance and updates of trains, locomotives, and signaling equipment [3] - The upcoming peak in railway operations and major maintenance years in 2025 further solidifies the investment outlook for vehicle and equipment suppliers [4] Recommended Companies - Key suppliers in the vehicle and equipment sector include CRRC Corporation Limited (601766.SH), Sensing Technology (603508.SH), and others focused on traction systems, signaling, and noise reduction components [4]