轨交设备跟踪点评：11月铁路投资保持高增，客流量创历史新高

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the rail transit equipment sector [1]. Core Insights - Railway fixed asset investment in China is expected to exceed 840 billion yuan for the year, marking a year-on-year growth of 11.1% from January to November, with November alone seeing a 12.48% increase [2]. - The railway investment trend has shown consistent growth since March, maintaining around a 10% increase, with projections suggesting that 2025 will see significant investment certainty due to the "14th Five-Year Plan" aiming for 165,000 kilometers of operational railway, including 50,000 kilometers of high-speed rail [2][3]. - Passenger volume reached a historical high with 4 billion trips from January to November, reflecting a 12.44% year-on-year increase, while the profitability of the national railway improved significantly with total revenue of 900.7 billion yuan and a net profit of 12.9 billion yuan in the first three quarters [2]. - The demand for new train sets is expected to surge in 2025, with a notable increase in tenders for high-speed trains, indicating a robust investment environment in the rail vehicle sector [3]. Summary by Sections Railway Investment - Fixed asset investment in railways is projected to exceed 840 billion yuan for the year, with a consistent growth rate of around 10% since March [2]. - The investment in November alone was 76.6 billion yuan, showing a year-on-year increase of 12.48% [1]. Passenger Volume and Profitability - The national railway recorded a passenger volume of 4 billion trips from January to November, a 12.44% increase year-on-year, achieving a historical high [2]. - The national railway's total revenue for the first three quarters was 900.7 billion yuan, with a net profit of 12.9 billion yuan, indicating improved profitability [2]. Vehicle Investment and Recommendations - The tendering for high-speed trains has increased significantly, with a total of 245 sets tendered this year, a 49.39% increase from the previous year [3]. - Investment in the vehicle sector is expected to remain high, with recommendations to focus on key players in the industry such as China CRRC, Sifang Co., and others involved in core components and systems [3].