轨交设备Ⅱ行业定期报告：两条高铁建设取得进展，春运铁路客流持续攀升

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [14]. Core Insights - The construction of two high-speed rail lines, the Xi'an to Yan'an and Chengdu to Chongqing, has made significant progress, with key milestones achieved recently [3][4]. - National railway passenger traffic continues to rise, with nearly 300 million tickets sold during the Spring Festival period, indicating strong demand for rail transport [4]. - The government's "14th Five-Year Plan" aims to expand the railway operating mileage to 165,000 kilometers by 2025, with a long-term goal of reaching 200,000 kilometers by 2035, creating vast market opportunities for the rail transit equipment industry [5]. Summary by Sections High-Speed Rail Progress - The Xi'an to Yan'an high-speed railway, approximately 300 kilometers long with a design speed of 350 km/h, has seen the completion of key station structures [3]. - The Chengdu to Chongqing high-speed railway, part of the "Eight Vertical and Eight Horizontal" high-speed rail network, has successfully completed the key tunnel construction [3]. Passenger Traffic Growth - As of January 24, 2025, the national railway is expected to send 14.2 million passengers, with a total of 2.97 billion tickets sold for the Spring Festival [4]. Market Opportunities - The "14th Five-Year Plan" outlines a target of 165,000 kilometers of railway by 2025, with high-speed rail accounting for 50,000 kilometers, and a long-term vision of 200,000 kilometers by 2035, which will require the construction of approximately 35,000 kilometers of railway, including 20,000 kilometers of high-speed rail from 2026 to 2035 [5]. - This ambitious expansion plan is expected to create significant market space for rail transit equipment manufacturers [5]. Recommended Companies - China CNR Corporation: A leading global supplier of rail transit equipment, maintaining a strong industry position [5]. - China Railway Signal & Communication Corp: A global leader in rail transit control systems [5]. - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [5]. - Sifang Control: A key supplier in the field of high-speed rail comprehensive monitoring [5]. - Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [5]. - Brilliant Technology: Provides integrated solutions for rail transit operation and maintenance, with rich experience in technology development and project implementation [5].