Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The National Railway completed fixed asset investment of 561.2 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 10.3% [3] - During the National Day Golden Week, the railway transported a total of 177 million passengers, with a daily average of 17.73 million, setting historical records for both passenger and freight transport [3] - The railway operating mileage has surpassed 160,000 kilometers, with high-speed rail exceeding 46,000 kilometers, supporting the goal of reaching 200,000 kilometers by 2035 [3] Summary by Sections Investment Highlights - The railway sector is expected to continue its growth trajectory, with significant investments leading to the completion of 1,820 kilometers of new railway lines, including 1,210 kilometers of high-speed rail [3] - The government has set ambitious targets for railway expansion, aiming for 165,000 kilometers of operating mileage by 2025 and 200,000 kilometers by 2035, creating vast market opportunities for the rail transit equipment industry [3] Recommended Companies - China CNR Corporation: A global leader in rail transit equipment, maintaining the top position in revenue [3] - China Railway Signal & Communication Corp: A leading provider of rail transit control systems [3] - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [3] - Sifang Control: A key supplier in the field of high-speed rail comprehensive monitoring [3] - Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [3] - Brilliant Technology: Provides integrated solutions for rail transit operation and maintenance, with rich experience in technology development and project implementation [3]
轨交设备Ⅱ：铁路国庆黄金周运输圆满收官，前三季度全国铁路完成固定资产投资5612亿元
Huafu Securities·2024-10-12 13:08