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 suggests a positive outlook for the rail transit equipment industry, recommending to focus on companies like CRRC Corporation, China Railway Signal & Communication Corporation, and Zhuzhou CRRC Times Electric Co., Ltd. due to high demand for EMU procurement and maintenance, along with equipment updates and the phase-out of old diesel locomotives [4]. Core Insights - National railway fixed asset investment grew by 10.3% year-on-year in the first three quarters, with 1210 km of new high-speed rail constructed. By Q3 2024, total investment reached RMB 561.2 billion, with September alone seeing RMB 83.7 billion, marking an 8.84% increase year-on-year [2][17]. - During the National Day Golden Week, railway passenger and cargo transport reached record highs, with 177 million passengers transported and cargo transport hitting 115 million tons, a 2.3% increase year-on-year [2][17]. - The National Railway Administration has mandated the phase-out of old diesel locomotives by the end of 2027 in key areas, promoting the adoption of new energy railway equipment [18]. Summary by Sections Fixed Asset Investment & New Mileage - In the first three quarters, national railway fixed asset investment increased by 10.3% year-on-year, totaling RMB 561.2 billion. New railway lines added up to 1820 km, including 1210 km of high-speed rail, contributing to a total railway mileage exceeding 160,000 km [2][17]. Passenger and Cargo Demand - The National Day Golden Week saw record transport figures, with 1.77 million passengers transported daily and cargo transport reaching 115 million tons, reflecting a 2.3% year-on-year growth [2][17]. Industry Policy - The National Railway Administration's new regulation requires the complete phase-out of old diesel locomotives by 2027 in key areas, with a broader goal of phasing them out nationwide by 2035, thereby encouraging the use of new energy railway equipment [18]. Key Companies - CRRC Corporation launched a new 20MW floating wind turbine, expanding its product offerings in the renewable energy sector [19]. - China Railway Signal & Communication Corporation secured six major rail transit projects worth approximately RMB 2.9 billion, representing 7.84% of its 2023 audited revenue [19]. - Zhuzhou CRRC Times Electric Co., Ltd. had subsidiaries recognized as national specialized and sophisticated "Little Giant" enterprises, enhancing their market competitiveness [19].