轨交设备Ⅱ行业定期报告：1至10月发送旅客创新高，中欧班列开行突破10万列

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [3][7]. Core Insights - From January to October, the national railway transported 3.71 billion passengers, marking a historical high for the same period, with a year-on-year growth of 13% [2]. - The China-Europe Railway Express has surpassed 100,000 trips, delivering over 11 million TEUs (Twenty-foot Equivalent Units) of goods valued at over $420 billion [2]. - The goal of reaching 200,000 kilometers of railway by 2035 presents significant market opportunities for the rail transit equipment industry, with an average of 3,500 kilometers of new railway lines expected to be completed annually from 2026 to 2035 [2]. Summary by Sections Passenger Transport - The national railway's passenger transport has reached a record high of 3.71 billion passengers from January to October, reflecting a 13% increase year-on-year [2]. China-Europe Railway Express - The cumulative trips of the China-Europe Railway Express have exceeded 100,000, with over 11 million TEUs delivered and a total cargo value exceeding $420 billion [2]. Market Opportunities - The "14th Five-Year Plan" aims for the railway operating mileage to reach 165,000 kilometers by 2025, with a long-term target of 200,000 kilometers by 2035, creating vast market space for the rail transit equipment sector [2]. Recommended Companies - China CNR Corporation: A global leader in rail transit equipment, maintaining the top position in revenue [2]. - China Railway Signal & Communication Corporation: A leading provider of rail transit control systems [2]. - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [2]. - Sifang Automation: A core supplier in the field of high-speed rail comprehensive monitoring [2]. - Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [2]. - Huizhong Technology: Provides integrated solutions for rail transit operation and maintenance [2].