轨交行业动态分析：客货运维持增势，动车组和货车招标相继落地

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the transportation equipment sector [1][2]. Core Viewpoints - The demand for passenger and freight transport remains strong, with significant investments in railway infrastructure and upcoming tenders for high-speed trains and freight cars [1][2]. - The China Railway Group reported a 10.9% year-on-year increase in fixed asset investment from January to October 2024, totaling 635.1 billion yuan, with the completion of 2,274 kilometers of new railway lines [2]. - The report highlights the robust growth in passenger traffic, with 370 million passengers transported in October 2024, marking a 6.0% year-on-year increase [2]. - The freight volume also showed positive growth, with 3.28 billion tons transported from January to October 2024, a 1.3% increase year-on-year [2]. Summary by Sections Investment Highlights - The report emphasizes the ongoing growth in both passenger and freight transport, supported by government investment and infrastructure development [2]. - Upcoming tenders include the procurement of 80 high-speed intelligent trains and 22,000 freight cars, with a delivery timeline extending into 2025 [2]. Passenger Transport - In October 2024, the national railway transported 370 million passengers, achieving a historical high for the same period [2]. - The average daily operation of passenger trains reached 10,555, reflecting a 9.3% year-on-year increase [2]. Freight Transport - The report notes that the national railway transported 3.28 billion tons of goods from January to October 2024, with a year-on-year growth of 1.3% [2]. - The China-Europe Railway Express has seen significant operational success, with over 100,000 trains dispatched and goods valued at over 420 billion USD transported [2].