轨交行业动态分析：货运量边际持续向好，客运量首次突破40亿人次

Investment Rating - The report maintains an investment rating of "Outperform the Market-A" for the transportation equipment sector [2]. Core Insights - The freight volume continues to show marginal improvement, while passenger volume has surpassed 4 billion for the first time, indicating strong growth in the railway sector [2]. - From January to November, the fixed asset investment by the National Railway Group increased by 11.1% year-on-year, reflecting a robust push in railway infrastructure development [2]. - The report highlights that the passenger turnover volume reached 14,927.01 billion passenger-kilometers, accounting for nearly 50% of the total social passenger turnover [2]. Summary by Relevant Sections Passenger Volume - In November 2024, the national railway sent 298 million passengers, a year-on-year increase of 6.5%, with the total annual passenger volume reaching 4.008 billion, marking a historical high with a growth of 12.4% [2]. - The Guangzhou-Shenzhen-Hong Kong high-speed railway served 2.4345 million cross-border passengers, up 37.2% year-on-year, enhancing cross-border exchanges and cooperation [2]. Freight Volume - In November 2024, the national railway transported 351 million tons of goods, a year-on-year increase of 5.7% [2]. - Cumulatively, from January to November, the national railway sent 3.631 billion tons of goods, reflecting a year-on-year growth of 1.7% [2]. Investment and Development - The report emphasizes the ongoing high-quality development of the railway sector, with a focus on enhancing the capacity of key freight corridors and promoting the transformation of railway freight towards logistics [2]. - The Central Committee of the Communist Party of China and the State Council issued a plan to effectively reduce the total logistics costs in relation to GDP by 2027, aiming for a target of around 13.5% [2]. Recommended Stocks - The report recommends several stocks including China CNR Corporation (601766.SH), Times Electric (688187.SH), Times New Materials (600458.SH), Yonggui Electric (300351.SZ), and Siwei Control (603508.SH) as key beneficiaries of the ongoing trends in the railway equipment sector [2].