暑运过半，全国铁路发送旅客超4.4亿人次

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 - During the summer transportation peak from July 1 to July 31, 2025, the national railway sent a total of 441 million passengers, representing a year-on-year increase of 4.3%, with an average of 14.21 million passengers per day. The railway department enhanced passenger capacity by increasing temporary trains, flexibly adjusting capacity, and optimizing ticketing and transfer services to meet diverse traveler needs [3]. - The railway department ensured the transportation of key materials during the flood season, sending 120 million tons of thermal coal in July to ensure sufficient coal storage at power plants. Measures were taken to mitigate risks from extreme weather, including service suspensions and speed limits [4]. - The operational mileage of railways is set to continue growing, with a target of reaching 200,000 kilometers by 2035. The "14th Five-Year Plan" aims for railway operating mileage to reach 165,000 kilometers by 2025, including 50,000 kilometers of high-speed rail. This long-term goal is expected to create significant market opportunities for the rail transit equipment industry [5]. Company Recommendations - The report suggests focusing on the following companies: 1. CRRC Corporation Limited: A global leader in rail transit equipment, maintaining the top position in revenue within the industry [5]. 2. China Railway Signal & Communication Corporation: A leading provider of rail transit control systems [5]. 3. Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [5]. 4. Sifang Automation: A core supplier in the field of high-speed rail comprehensive monitoring [5]. 5. China High-Speed Rail Technology: A leading enterprise in intelligent operation and maintenance equipment for rail transit [5]. 6. Huizhou Technology: Provides operation and maintenance equipment and integrated solutions for rail transit [5].