轨交设备Ⅱ：年内第三批动车组招标，今年招标量大幅增长

Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - The third batch of high-speed train procurement for 2024 has significantly increased, with a total of 245 sets of 350 km/h Fuxing smart trains expected, representing a year-on-year increase of 49.39% compared to 164 sets in 2023 [2] - The target for railway operating mileage is set to reach 200,000 km by 2035, creating vast market opportunities for the rail transit equipment industry [2] Summary by Sections Procurement and Growth - The 2024 procurement includes 66 sets of ordinary type, 10 sets of cold-resistant type, and 4 sets of ordinary type (2 trains) of the 350 km/h Fuxing smart trains [2] - The total number of high-speed train sets procured this year is expected to exceed 200 sets, marking a substantial increase from previous years [2] Market Potential - The "14th Five-Year Plan" aims for railway operating mileage to reach 165,000 km by 2025, with high-speed rail accounting for 50,000 km [2] - To meet the 2035 target of 200,000 km, approximately 35,000 km of railway, including 20,000 km of high-speed rail, needs to be constructed from 2026 to 2035, averaging 3,500 km of new railway lines annually [2] Recommended Companies - China CNR: A leading global supplier of rail transit equipment, maintaining a strong industry position [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 Rail: A leading enterprise in intelligent operation and maintenance equipment for rail transit [2] - Huizhong Technology: Provides integrated solutions for rail transit operation and maintenance, with rich experience in technology development and project implementation [2]