轨交设备Ⅱ：无人驾驶地铁未来五年内投运，潍烟高铁正式开通

Investment Rating - The industry investment rating is "Outperform the Market" [2] Core Viewpoints - The report highlights that within the next five years, Hangzhou Metro will operate 130 driverless trains and add 80 smart stations, aiming to create an efficient, convenient, safe, green, and economical urban rail transit system [1] - The Weifang-Yantai High-Speed Railway officially opened on October 21, 2024, significantly enhancing connectivity within the Shandong Peninsula urban agglomeration [1] - The report outlines a target for China's railway operating mileage to reach 200,000 kilometers by 2035, with a substantial market opportunity for the rail transit equipment industry as new lines are expected to be built [1] Summary by Sections Industry Overview - The report discusses the ambitious plans for the expansion of China's railway network, with specific targets set for 2025 and 2035, indicating a need for approximately 35,000 kilometers of new railway lines, including 20,000 kilometers of high-speed rail, from 2026 to 2035 [1] Key Companies to Watch - China CNR: A global leader in rail transit equipment, maintaining the top position in revenue within the industry [1] - China Railway Signal & Communication Corp: A leading provider of rail transit control systems [1] - Times Electric: A prominent supplier of traction and conversion systems, consistently leading the domestic market [1] - Sifang Railway Control: A core supplier in the field of high-speed rail comprehensive monitoring [1] - Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [1] - Huizhong Technology: Provides integrated solutions and maintenance equipment for rail transit, with extensive technical development and project implementation experience [1]