轨交行业动态点评：1-7月铁路投资同比增长10.5%，高景气持续

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating that the overall return is expected to exceed the relevant market index by more than 5% over the next six months [1][17]. Core Insights - Railway investment in China has shown a strong growth of 10.5% year-on-year from January to July 2024, with total fixed asset investment reaching 410.2 billion [2][10]. - The period from 2024 to 2027 is projected to be a peak investment phase for railways, benefiting domestic rail transit equipment manufacturing companies [2]. - The China National Railway Group has indicated that the average annual fixed asset investment for railways during the 14th Five-Year Plan will be around 800 billion, similar to the previous plan [2]. - The demand for railway equipment maintenance and upgrades is expected to increase significantly due to the aging of existing equipment and the push for modernization [2]. - Recent contract signings by CRRC Corporation amount to 45.99 billion, representing 19.6% of its 2023 revenue, indicating robust demand in the railway equipment sector [2][3]. Summary by Sections Railway Investment Trends - Fixed asset investment in railways reached 410.2 billion, with July's investment at 72.9 billion, marking the highest levels since 2015 [2][10]. - The railway investment is expected to maintain high levels due to ongoing modernization and maintenance needs, with projections for annual investments exceeding 800 billion in 2024-2025 [2]. Equipment Manufacturing and Maintenance - The report highlights a significant increase in railway equipment maintenance orders, with total orders surpassing the previous year's revenue figures [2]. - The transition from older diesel locomotives to electric ones is anticipated, with a policy aimed at phasing out outdated diesel engines by 2027 [2]. Recommended Companies - Key companies recommended for investment include CRRC Corporation, China Railway Signal & Communication, and Siwei Control, with additional mentions of other core component manufacturers [3].