轨交设备：2024年全国铁路完成固定资产投资同比+11.3%；“十四五”期间城轨年均新投运线路长度有望超一千公里

Investment Rating - The report maintains a positive outlook on railway and urban rail investments, suggesting that companies like CRRC Corporation, China Railway Signal & Communication Corporation, and Zhuzhou CRRC Times Electric Co., Ltd. are likely to benefit from high investment levels and equipment updates [7]. Core Insights - In 2024, national railway fixed assets investment is projected to reach RMB 850.6 billion, representing a year-on-year increase of 11.3%, with 3,113 km of new lines expected to be operational, including 2,457 km of high-speed rail [2][27]. - The 2025 targets include maintaining stable railway safety, achieving a passenger volume of 4.28 billion (up 4.9% YoY), and a cargo volume of 4.03 billion tons (up 1.1%), alongside RMB 590 billion in infrastructure investment and 2,600 km of new lines [3][28]. - Urban rail transit is expected to see annual new lines exceeding 1,000 km during the 14th Five-Year Plan, with 953.04 km of new lines projected to be operational in 2024 and total passenger volume expected to surpass 32 billion [4][29]. - The report highlights a significant policy shift aimed at promoting a unified transport market, encouraging private capital participation in railway construction, and reforming natural monopoly sectors [4][30]. - Railway passenger volume is anticipated to grow by 11.7% YoY to 4.3 billion in 2024, while cargo volume is expected to increase by 3% to 5.18 billion tons [4][30]. Summary by Sections Railway Investment - The report indicates that the national railway fixed assets investment for 2024 is set at RMB 850.6 billion, a rise of 11.3% compared to the previous year, with a total of 3,113 km of new lines, including 2,457 km of high-speed rail [2][27]. Urban Rail Transit - During the 14th Five-Year Plan, it is projected that annual new urban rail lines will exceed 1,000 km, with 953.04 km expected to be operational in 2024 and total passenger volume anticipated to exceed 32 billion [4][29]. Industry Policy - The report discusses the issuance of opinions by the General Office of the CPC Central Committee and the State Council aimed at accelerating the construction of a unified transport market and promoting reforms in natural monopoly sectors [4][30]. Demand for Railway Services - The expected growth in railway passenger and cargo volumes for 2024 is highlighted, with passenger volume projected to increase by 11.7% YoY to 4.3 billion and cargo volume by 3% to 5.18 billion tons [4][30].