轨交设备跟踪点评：10月铁路固投提速，车辆需求景气

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the railway equipment sector [1]. Core Insights - The report highlights a significant increase in fixed asset investment in railways, with a total of 635.1 billion yuan completed from January to October, representing a year-on-year growth of 10.9%. In October alone, the investment reached 73.9 billion yuan, marking a 16.01% increase year-on-year, the highest growth rate of the year [1]. - The report anticipates a substantial increase in the bidding for high-speed trains, with a total of 245 sets bid for in 2023, a 49.39% increase compared to 164 sets in 2022. It is projected that 2025 will see a peak in new train deliveries [1]. - The demand for railway vehicles is expected to remain strong due to the growth in railway lines, passenger traffic, and improved profitability of the national railway group. As of the end of October, the high-speed rail mileage reached approximately 46,000 kilometers, with a target of 50,000 kilometers by the end of the 14th Five-Year Plan [1]. Summary by Sections Fixed Asset Investment - From January to October, the national railway completed fixed asset investment of 635.1 billion yuan, with October's investment at 73.9 billion yuan, showing a year-on-year increase of 16.01% [1]. Train Bidding and Deliveries - The national railway group announced a second round of bidding for 80 sets of high-speed trains, bringing the total for the year to 245 sets, a 49.39% increase from the previous year [1]. Demand Factors - The report identifies three key factors driving demand: 1. Line expansion with a target of 50,000 kilometers by 2025 2. Increased passenger traffic, with 3.338 billion passengers transported from January to September, a 13.8% year-on-year increase 3. Improved profitability of the national railway group, which reported total revenue of 900.7 billion yuan and a net profit of 12.9 billion yuan in the first three quarters [1]. Investment Outlook - The report expresses confidence in the railway equipment sector for 2025, with expectations of sustained investment above 800 billion yuan and a focus on vehicle investments translating into performance [1]. - Key companies to watch include China CRRC, Times Electric, and China Railway Signal & Communication [1].