轨交设备Ⅱ：1—11月份全国铁路客货运量稳步增长 有效推动经济持续回升向好

Investment Rating - The industry rating is "Outperform the Market" [3] Core Viewpoints - From January to November, the national railway passenger volume reached a historical high of 4.015 billion trips, a year-on-year increase of 12.6%, with passenger turnover reaching 14,840.61 billion passenger-kilometers, up 7.8% [2] - The national railway freight volume also showed stable growth, with 4.715 billion tons transported from January to November, a year-on-year increase of 2.5% [2] - Cumulative fixed asset investment in railways reached 711.7 billion yuan, a year-on-year increase of 11.1%, with 2,298 kilometers of new railway lines put into operation [2] - The goal of reaching 200,000 kilometers of railway by 2035 presents significant market opportunities for the rail transit equipment industry [2] Summary by Sections Passenger Transport - The national railway passenger sending volume for January to November was 4.015 billion, marking a 12.6% increase year-on-year, with November alone seeing 304 million trips, an 8.8% increase [2] - Passenger turnover for the same period was 14,840.61 billion passenger-kilometers, up 7.8% year-on-year [2] Freight Transport - The national railway freight sending volume for January to November was 4.715 billion tons, a 2.5% increase year-on-year, with November's freight volume at 455 million tons, up 6.4% [2] - Freight turnover reached 3,245.21 billion ton-kilometers, a year-on-year increase of 2.4% [2] Investment and Infrastructure - Fixed asset investment in railways totaled 711.7 billion yuan from January to November, reflecting an 11.1% year-on-year growth [2] - The operational railway mileage continues to grow, with a target of 200,000 kilometers by 2035, creating vast market space for the rail transit equipment sector [2] Recommended Companies - China CNR: A leading global supplier of rail transit equipment, maintaining the top position in revenue [2] - China Railway Signal & Communication: A global leader in rail transit control systems [2] - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [2] - Sifang Control: A core supplier in the field of high-speed rail comprehensive monitoring [2] - Shenzhou High-speed Railway: 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]