轨交设备Ⅱ：春运已累计售票超1亿张，全国铁路预计发送旅客5.1亿人次

Investment Rating - The industry rating is "Outperform the Market" [5][12]. Core Insights - The Spring Festival travel period in 2025 is expected to see a total of 510 million passengers, with an average daily passenger volume of 12.75 million, representing a year-on-year increase of 5.5% [3][4]. - The railway department is enhancing passenger capacity by utilizing new lines, stations, and equipment, with an average of over 14,000 passenger trains scheduled daily, increasing seating capacity by 500,000 per day, a 4% increase year-on-year [3][4]. - The goal of reaching 200,000 kilometers of railway by 2035 presents significant market opportunities for the rail transit equipment industry, with a need to construct approximately 35,000 kilometers of railway, including 20,000 kilometers of high-speed rail, from 2026 to 2035 [4]. Summary by Sections Spring Festival Travel Insights - The Spring Festival travel period officially started on January 14, 2025, with passenger numbers reaching 10.39 million on the first day and increasing to 12.02 million by January 16 [3]. - By January 17, 2025, a total of 156 million tickets had been sold for the Spring Festival period, with the ticketing system operating safely and stably [3]. Railway Capacity and Infrastructure Development - The State Council's "14th Five-Year Plan" aims for railway operating mileage to reach 165,000 kilometers by 2025, with high-speed rail mileage reaching 50,000 kilometers [4]. - To meet the 2035 target of 200,000 kilometers, an average of 3,500 kilometers of new railway lines, including 2,000 kilometers of high-speed rail, must be completed annually from 2026 to 2035 [4]. Recommended Companies - China CNR Corporation: A leading global supplier of rail transit equipment, maintaining a strong industry position [4]. - China Railway Signal & Communication Corporation: A global leader in rail transit control systems [4]. - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [4]. - Sifang Control: A key supplier in the field of high-speed rail comprehensive monitoring [4]. - Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [4]. - Brilliant Technology: Provides integrated solutions and maintenance equipment for rail transit [4].