轨交行业动态分析：2024年铁路客、货运量均创历史新高

Investment Rating - The report maintains an "A" rating for the transportation equipment sector, indicating it is expected to outperform the market significantly [1]. Core Insights - In 2024, both passenger and freight volumes in the national railway sector are projected to reach historical highs, with total transportation revenue expected to be CNY 990.18 billion, a 2.7% increase from 2023 [1]. - The national railway fixed asset investment is anticipated to reach CNY 850.6 billion in 2024, reflecting an 11.3% year-on-year growth [1]. - Passenger traffic for December reached 297 million, a 2.6% increase year-on-year, while the total for the year was 4.312 billion, marking an 11.9% increase, with the annual passenger volume surpassing 4.3 billion for the first time [1][2]. - The report highlights that the demand for both passenger and freight transport is expected to continue improving, supported by policies for equipment upgrades and modernization [3]. Summary by Sections Passenger Transport - In December, the national railway passenger volume was 297 million, up 2.6% year-on-year; for the entire year, it reached 4.312 billion, a growth of 11.9% [1][2]. - In 2024, the volume of passengers transported by high-speed trains is projected to be 3.272 billion, accounting for 75.9% of total railway passenger traffic, with a year-on-year increase of 12.9% [1]. Freight Transport - In December, the national railway freight volume was 45.9 million tons, a 5.4% increase year-on-year; for the year, it totaled 5.175 billion tons, reflecting a 2.8% growth [2]. - The national railway freight volume for the year was 3.985 billion tons, with a year-on-year increase of 1.9% [2]. Investment and Equipment Upgrades - The report discusses the implementation of the "Railway Equipment Upgrade and Renovation Action Plan" by the National Railway Group, focusing on enhancing safety and reliability of railway equipment, upgrading passenger service facilities, and promoting green and low-carbon technologies [3]. - The report recommends key companies in the railway equipment sector, including China CRRC (601766.SH), Times Electric (688187.SH), Times New Materials (600458.SH), Yonggui Electric (300351.SH), and Siwei Control (603508.SH) [3].