轨交设备II：铁路十四五圆满收官，路网与效能双突破

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 - The "14th Five-Year Plan" for railways has been successfully completed, with the national railway operating mileage reaching 165,000 kilometers, a 12.8% increase from the previous five-year plan. High-speed rail has expanded to over 50,400 kilometers, marking a 32.98% growth, establishing the world's largest and most advanced high-speed rail network [3][4]. - During the "14th Five-Year" period, the railway transportation sector has seen significant improvements, with a total of 16.2 billion passengers and 19.6 billion tons of cargo transported, representing growth of 8.7% and 24.1% respectively compared to the previous five-year plan [4]. - The government has set ambitious targets for the future, aiming for a railway network of approximately 200,000 kilometers by 2035, including around 70,000 kilometers of high-speed rail. This long-term goal is expected to create 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 revenue within the industry [5]. - China Railway Signal & Communication Corporation: A leading provider of rail transit control systems, recognized for its technological expertise [5]. - Times Electric: A prominent supplier of traction and conversion systems, consistently leading the domestic market [5]. - Sifang Railway: A key supplier in the field of high-speed rail comprehensive monitoring, specializing in railway safety assurance [5]. - China High-Speed Railway Technology: A leading enterprise in intelligent operation and maintenance equipment for rail transit, serving a wide range of clients including national railways and urban rail systems [5]. - Huifeng Technology: Focused on providing operation and maintenance equipment and integrated solutions for rail transit, with extensive experience in technology development and project implementation [5].