轨交设备行业月报：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 industry investment rating is "Outperform the market" and maintains "Market performance" [1] Core Viewpoints - The report highlights that from January to October 2024, national railway fixed asset investment reached 635.1 billion yuan, showing a year-on-year increase of 10.9%. A total of 2,274 kilometers of new railway lines were put into operation during this period [1][2] - The railway passenger volume in September 2024 increased by 5.13% year-on-year, with a record high during the National Day holiday. From January to September 2024, the railway passenger volume reached 3.338 billion trips, a year-on-year increase of 13.79% [1][2] - The report indicates that the demand for high-speed train procurement and advanced maintenance remains strong, supported by policies for equipment updates and the elimination of old diesel locomotives, which is expected to benefit the rail transit equipment sector [2] Summary by Relevant Sections Fixed Asset Investment & New Mileage - National railway fixed asset investment from January to October 2024 was 635.1 billion yuan, with a year-on-year growth of 10.9%. The operational railway mileage exceeded 160,000 kilometers, including over 46,000 kilometers of high-speed rail [1] Passenger Demand Tracking - In September 2024, the railway passenger volume increased by 5.13% year-on-year, with a total of 1.77 billion passengers sent during the National Day holiday period. The single-day passenger volume reached a historical high of 21.448 million on October 1, 2024 [1][2] Tendering for High-Speed Trains - The China State Railway Group announced a new round of procurement for intelligent high-speed trains, with plans to procure 66 sets of standard models and 10 sets of cold-resistant models by the end of 2024 [1][2] Key Company Information - China CRRC reported a revenue increase of 6.67% year-on-year for Q1-Q3 2024, with a net profit increase of 17.77%. The revenue for this period was 152.583 billion yuan [1] - China Railway Signal & Communication Corporation experienced a revenue decline of 15.48% year-on-year for Q1-Q3 2024, with a net profit decrease of 8.09% [1][2] - Times Electric reported a revenue increase of 15.33% year-on-year for Q1-Q3 2024, with a net profit increase of 21.82% [2]