轨交行业动态分析：6月货运创历史新高，暑运数据支撑客运高需求

Investment Rating - The report maintains an investment rating of "Leading the Market" for the transportation equipment sector, indicating an expected performance exceeding the benchmark index by over 10% [2][9]. Core Insights - In the first half of 2024, the National Railway Group achieved a record high in fixed asset investment, totaling 337.3 billion yuan, a year-on-year increase of 10.63% [2]. - Passenger volume for the same period reached 2.096 billion people, with a passenger turnover of 777.95 billion person-kilometers, marking increases of 18.4% and 14.1% respectively, both setting historical records [2]. - The report highlights that the average daily operation of passenger trains increased to 10,256 trains, up by 9.4% year-on-year [2]. - For freight, June 2024 saw the railway transport of 332 million tons of goods, with a freight turnover of 266.5 billion ton-kilometers, reflecting year-on-year increases of 6.1% and 5.3% [2]. - The report anticipates that the demand for railway equipment, particularly for high-speed trains and locomotives, will exceed expectations due to rising passenger and freight volumes, alongside supportive policies for equipment upgrades [2]. Summary by Sections Fixed Asset Investment - The National Railway Group's fixed asset investment reached a historical high of 337.3 billion yuan in the first half of 2024, with a 10.63% year-on-year growth [2]. Passenger Transport - In the first half of 2024, the railway sent over 2.096 billion passengers, achieving a turnover of 777.95 billion person-kilometers, with increases of 18.4% and 14.1% respectively [2]. - The average daily passenger train operations increased to 10,256, with a year-on-year increase of 9.4% [2]. Freight Transport - June 2024 recorded a freight volume of 332 million tons and a turnover of 266.5 billion ton-kilometers, with year-on-year increases of 6.1% and 5.3% [2]. - The report notes that the average daily loading of coal cars reached 83,500, a 5.6% increase year-on-year [2]. Investment Recommendations - The report recommends investing in companies such as Times Electric (688187.SH) and suggests paying attention to CRRC Corporation (601766.SH), Times New Material (600458.SH), and Siwei Control (603508.SH) due to the anticipated growth in railway equipment investment [2].