轨交设备行业跟踪报告（九）：国铁再招标80组动车，Q4有望迎来业绩释放

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The National Railway Group has re-tendered for 80 sets of high-speed trains, with a total of 245 sets of 350 km/h trains tendered this year, representing a 49% increase compared to last year's 164 sets [2] - The fixed asset investment in railways reached 561.2 billion CNY from January to September, a year-on-year increase of 10.3%, with September alone seeing an investment of 83.7 billion CNY, up 8.84% year-on-year [2] - The industry is expected to see stable demand for new trains, with an estimated annual tendering center of around 200 sets during the 14th Five-Year Plan period [2] - The market for maintenance and replacement of old locomotives is anticipated to grow significantly, with over 500 sets of advanced maintenance tenders expected to be completed this year [2] - The industry is entering a phase of accelerated performance release, supported by both incremental demand and the need for maintenance and upgrades [2] Summary by Sections - Industry Investment Rating: The report maintains a "Buy" rating for the rail transit equipment industry [2] - Tendering and Investment: The National Railway Group's tendering activities and fixed asset investments indicate robust growth in the rail sector, with significant increases in both new train orders and infrastructure investments [2] - Market Dynamics: The report highlights the stability in new train demand and the potential for growth in the maintenance market, suggesting a positive outlook for the industry [2] - Investment Recommendations: The report recommends continued investment in companies such as CRRC Corporation and Times Electric, while also suggesting attention to other related firms [2]