轨交设备Ⅱ：前三季度铁路发送旅客创新高，中老铁路启动全线集中修

Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - In the first nine months of the year, the national railway transported 3.33 billion passengers, marking a historical high for the same period, with a year-on-year growth of 13.5% [2] - The China-Laos Railway has commenced its largest maintenance operation since opening, expected to enhance the quality of the line and ensure safe operations for passenger and freight trains [2] - The target for railway operating mileage is set to reach 200,000 kilometers by 2035, creating significant market opportunities for the rail transit equipment industry [2] Summary by Sections Passenger Transport Performance - National railway passenger transport reached 3.33 billion in the first nine months, a record high, with a 13.5% increase year-on-year [2] China-Laos Railway Maintenance - The China-Laos Railway, spanning 1,035 kilometers, has initiated its largest maintenance operation since its opening, expected to last until the end of December [2] Future Market Potential - The "14th Five-Year Plan" aims for railway operating mileage to reach 165,000 kilometers by 2025, with a long-term goal of 200,000 kilometers by 2035, indicating a need for approximately 35,000 kilometers of new railway lines by 2035 [2] Recommended Companies - China CNR: A leading global supplier of rail transit equipment, maintaining its top position in the industry [2] - China Railway Signal & Communication: A global leader in rail transit control systems [2] - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [2] - Siveco: A core supplier in the field of high-speed rail comprehensive monitoring [2] - Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [2] - Huizhong Technology: Provides integrated solutions for rail transit operation and maintenance [2]