机械工业行业月报：轨交设备：前三季度铁路固定资产投资yoy+10.3%；国铁局要求2027年底重点区域老旧内燃机车全部退场

Investment Rating - The report maintains an "Outperform" rating for the industry [2][16]. Core Viewpoints - The demand for high-speed train procurement and advanced maintenance remains robust, supported by equipment renewal policies and the phased elimination of old diesel locomotives, which is expected to benefit the rail transit equipment sector. Companies to watch include CRRC Corporation, China Railway Signal & Communication, and Times Electric [2]. Summary by Relevant Sections Fixed Asset Investment - National railway fixed asset investment reached 561.2 billion yuan in the first three quarters, with a year-on-year growth of 10.3%. The total length of new railway lines constructed was 1,210 kilometers [2][4]. - In September, the average monthly investment was 837 billion yuan, with a significant increase in passenger and freight transport during the National Day holiday, marking historical highs in various metrics [2][4]. Policy Developments - The National Railway Administration issued guidelines for the elimination and replacement of old diesel locomotives, mandating their complete withdrawal from key areas by the end of 2027 [2][4]. - The report highlights the importance of supportive policies that enhance the cyclical recovery and infrastructure-related investments [2]. Company Highlights - CRRC Corporation launched a new 20MW floating wind turbine solution at the Hamburg International Wind Energy Exhibition, showcasing its comprehensive product range [2]. - China Railway Signal & Communication secured six significant projects in the rail transit market, amounting to approximately 2.9 billion yuan, representing 7.84% of its audited revenue for 2023 [2]. - Times Electric's subsidiary was recognized as a national-level "Little Giant" enterprise, enhancing its market competitiveness and brand influence [2].