轨交行业动态分析：国庆客运数据创单日新高，24Q3货运量创单季新高

Investment Rating - The report maintains an "Outperform" rating for the transportation equipment sector, indicating an expected performance exceeding the benchmark index by over 10% [2][6]. Core Insights - The report highlights a significant increase in passenger and freight volumes during the National Day holiday, with daily passenger volume reaching a historical high of 21.448 million on October 1, 2024, representing a 6.7% increase compared to the previous peak [1][4]. - For the third quarter of 2024, the national railway's freight volume reached 1.004 billion tons, marking a year-on-year growth of 3.8%, and setting a record for quarterly freight volume [1][2]. - The report emphasizes the ongoing expansion of freight capacity and the efficient operation of express freight trains, which have contributed to the robust growth in both passenger and freight transport [1][2]. Summary by Sections Passenger Transport - From January to September 2024, the national railway transported 3.33 billion passengers, a year-on-year increase of 13.5%, achieving a historical high for the same period [2]. - Daily passenger train operations averaged 10,792 trains, reflecting a 9.8% increase year-on-year [2]. Freight Transport - In September 2024, the national railway sent 334 million tons of freight, a year-on-year increase of 3.5% [1]. - The report notes that coal transportation reached 520 million tons, with a year-on-year growth of 3.5%, and significant increases in coal transport from Xinjiang [1]. Investment Recommendations - The report recommends focusing on companies within the railway equipment sector, particularly those involved in rail vehicles and electromechanical equipment, due to the expected sustained growth in demand [1]. - Key companies highlighted for investment include China CNR Corporation (601766.SH), Times Electric (688187.SH), Times New Material (600458.SH), and Yonggui Electric (300351.SZ), with a suggestion to pay attention to Siwei Control (603508.SH) [1].