轨交设备Ⅱ：2024年1—10月份全国铁路主要指标持续向好，全国铁路客流保持高位

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][8]. Core Viewpoints - The railway industry has shown strong performance in passenger and freight transport, with a 13.0% year-on-year increase in passenger volume from January to October, and a 2.1% increase in freight volume during the same period [2]. - The cumulative fixed asset investment in railways reached 635.1 billion yuan, reflecting a 10.9% year-on-year growth, with 2,274 kilometers of new railway lines put into operation [2]. - The long-term goal of expanding the railway network to approximately 200,000 kilometers by 2035 presents significant market opportunities for the rail transit equipment industry [2]. Summary by Sections Passenger and Freight Transport Performance - From January to October, the national railway passenger volume was 3.711 billion, up 13.0% year-on-year, while the passenger turnover reached 13,859.26 billion passenger-kilometers, an 8.2% increase [2]. - In October alone, the passenger volume was 373 million, a 6.0% increase year-on-year, and the freight volume was 4.55 million tons, up 4.3% [2]. Fixed Asset Investment and Infrastructure Development - The total fixed asset investment in railways for the first ten months was 635.1 billion yuan, with a notable increase in investment driving the construction of new railway lines [2]. - The government has set ambitious targets for railway network expansion, aiming for 16,500 kilometers of operational railway by 2025 and 20,000 kilometers by 2035 [2]. Key Companies to Watch - China CNR Corporation: A leading global supplier of rail transit equipment, maintaining a strong market position [2]. - China Railway Signal & Communication Corp: A top provider of rail transit control systems [2]. - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [2]. - Sifang Control: A key supplier in the field of high-speed rail monitoring [2]. - Shenzhou High-speed Rail: 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].