高铁突破五万公里，驰骋领跑新时代：轨交设备II

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 [6][13]. Core Insights - As of December 26, 2025, China's high-speed rail operating mileage officially surpassed 50,000 kilometers, accounting for over 70% of the global total, solidifying its position as the world leader in high-speed rail [3][4]. - The development of high-speed rail has facilitated "inter-provincial commuting" and "fast travel with slow tourism," with passenger volume reaching 1.46 billion in the first four months of 2025, contributing to regional coordination, rural revitalization, and green travel [4]. - The Chinese government has set ambitious targets for railway expansion, aiming for a total railway network of approximately 200,000 kilometers by 2035, including 70,000 kilometers of high-speed rail, creating vast market opportunities for the rail transit equipment industry [5]. Company Summaries - China CNR Corporation: A global leader in rail transit equipment, maintaining the top position in global rail transit equipment revenue [5]. - China Railway Signal & Communication Corporation: A leading provider of rail transit control systems, specializing in rail traffic control technology [5]. - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [5]. - Sifang Control: A core supplier in the field of high-speed rail comprehensive monitoring, specializing in railway transport safety assurance [5]. - Shenzhou High-speed Rail: A leading enterprise in intelligent operation and maintenance equipment for rail transit, serving a wide range of clients including national railways and urban rail [5]. - Huifeng Technology: Focused on rail transit services, providing operation and maintenance equipment and integrated solutions with rich technical development and project implementation experience [5].