轨交设备Ⅱ行业定期报告：沪渝蓉沿江高铁建设取得新进展，1~2月铁路完成固定资产投资685.4亿元

Investment Rating - The industry rating is "Outperform the Market" [5][12] Core Insights - The construction of the Shanghai-Chongqing-Chengdu high-speed railway has made significant progress, with fixed asset investment in railways reaching 68.54 billion yuan in January and February, a year-on-year increase of 5.1% [3][4] - The operational mileage of railways is expected to continue growing, with a target of 200,000 kilometers by 2035, creating vast market opportunities for the rail transit equipment industry [4] Summary by Sections Investment Highlights - The Shanghai-Chongqing-Chengdu high-speed railway's Wuhan to Yichang section has successfully completed track laying, connecting with other high-speed rail lines [2] - Key railway projects, including the Chongqing East Station and the Xi'an to Yan'an high-speed railway, have made positive progress [3] Market Opportunities - The "14th Five-Year Plan" aims for railway operational mileage to reach 165,000 kilometers by 2025, with high-speed rail reaching 50,000 kilometers, indicating a robust growth trajectory for the rail transit equipment sector [4] - The report suggests focusing on leading companies in the rail transit equipment sector, including CRRC Corporation, China Railway Signal & Communication Corp, and others, which are well-positioned to benefit from this growth [4]