轨交设备Ⅱ：铁路累计发送旅客超40亿人次创新高，京滇·澜湄线国际货运开启常态化运行

Investment Rating - The industry investment rating is "Outperform the Market" (maintained rating) [1] Core Insights - The cumulative number of railway passengers sent in China exceeded 4 billion for the first time, reaching a historical high of 4.008 billion from January to November 2024. This indicates the increasing importance of railway passenger transport [3] - The operational mileage of railways has continued to grow, with a target of reaching 200,000 kilometers by 2035, creating vast market opportunities for the rail transit equipment industry [3] - The "Jing-Dian·Lan-Mei Line" international freight train service between China and Laos has begun regular operations, enhancing cross-border trade and logistics [3] Summary by Relevant Sections Passenger Transport Performance - From January to November 2024, the total number of railway passengers reached 4.008 billion, marking a significant increase and establishing China's railway passenger transport as a global leader [3] - The railway operating mileage surpassed 160,000 kilometers, with high-speed rail accounting for over 46,000 kilometers, covering 99% of cities with populations over 200,000 [3] Market Opportunities - The State Council's "14th Five-Year Plan" aims for railway operating mileage to reach 165,000 kilometers by 2025, with high-speed rail reaching 50,000 kilometers. By 2035, the goal is to expand the railway network to approximately 200,000 kilometers, including 70,000 kilometers of high-speed rail [3] - Achieving these long-term targets is expected to create significant market space for the rail transit equipment industry [3] Recommended Companies - China CNR Corporation: A global leader in rail transit equipment, maintaining the top position in revenue [3] - China Railway Signal & Communication Corporation: A leading provider of rail transit control systems [3] - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [3] - Sifang Control: A core supplier in the field of high-speed rail comprehensive monitoring [3] - Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [3] - Huizhong Technology: Provides integrated solutions for rail transit operation and maintenance [3]