轨交设备：1-10月铁路固定资产投资yoy+10.9％；国铁集团发布动车组招标

Investment Rating - The report suggests a positive outlook for the rail transit equipment industry, recommending to focus on companies like CRRC Corporation, China Railway Signal & Communication Corporation, and Zhuzhou CRRC Times Electric Co., Ltd. due to high demand for EMU procurement and maintenance, along with equipment updates and accelerated overseas expansion [7][22]. Core Insights - From January to October 2024, national railway fixed asset investment reached RMB 635.1 billion, marking a year-on-year increase of 10.9%, with 2,274 km of new railway lines put into operation [1][17]. - Railway passenger volume for the first nine months of 2024 reached 3.338 billion, up 13.79% year-on-year, with a record high of 1.77 million passengers during the National Day holiday [2][18]. - China Railway Group reported total revenue of RMB 900.7 billion and a net profit of RMB 12.9 billion in the first three quarters of 2024, with an asset/liability ratio of 64.24%, down 1.3 percentage points from the previous year [4][20]. Summary by Sections Fixed Asset Investment & New Mileage - National railway fixed asset investment from January to October 2024 was RMB 635.1 billion, a 10.9% increase year-on-year, with 2,274 km of new railway lines operational [1][17]. Passenger Demand Tracking - In September 2024, railway passenger volume increased by 5.13% year-on-year, with a total of 3.338 billion passengers from January to September, reflecting a 13.79% increase year-on-year [2][18]. EMU Bidding - China Railway Group announced a new bidding for 350 km/h Fuxing intelligent EMUs, with expectations for procurement to meet the demand for the 2025 Spring Festival [3][19]. Key Companies in Rail Transit Industry - CRRC Corporation reported a revenue increase of 6.67% year-on-year and a net profit increase of 17.77% for Q1-Q3 2024 [5][20]. - China Railway Signal & Communication Corporation experienced a revenue decline of 15.48% year-on-year for Q1-Q3 2024 [6][21]. - Zhuzhou CRRC Times Electric Co., Ltd. saw a revenue increase of 15.33% year-on-year for Q1-Q3 2024 [7][21].