究 前 11 月全国铁路固投超 7500 亿，高效建设支撑经济发 展 投资要点： 行 业 研 华福证券 轨交设备Ⅱ 2025 年 12 月 13 日 1）中国中车：全球领先的轨交装备供应商，轨交装备收入全球第 一，行业地位巩固； 证 券 2）中国通号：以轨道交通控制技术为特色，全球领先的轨道交通 控制系统提供商； 研 究 3）时代电气：具有领导地位的牵引变流系统供应商，产品连续多 年领跑国内市场； 报 告 4）思维列控：专业从事铁路运输安全保障的铁路装备定点企业， 已成为我国高铁综合监测领域的核心供应商； 1 至 11 月铁路建设成果显著，重点项目推进提速 行 业 定 期 报 告 2025 年 1 至 11 月，全国铁路完成固定资产投资 7538 亿元，同比 增长 5.9%，有效拉动全社会投资。国铁集团贯彻落实党中央、国务院 决策部署，聚焦国家战略与区域发展推进铁路规划建设，11 月以来通 过统筹资源、强化冬季施工组织，实现多项突破，包括盘州至兴义高 铁开通运营以推动沿线旅游开发与区域经济发展，西安至延安、广州 至湛江、杭州至衢州高铁进入试运行阶段，天津至潍坊高铁津沽海河 隧道等重点项目控制性工程取得阶段性进 ...

Core Insights - The China National Railway Group (CNRG) reported a fixed asset investment of 671.5 billion yuan in railway construction from January to October this year, representing a year-on-year increase of 5.7%, which has effectively stimulated overall social investment and supported high-quality economic development [1] Group 1: Investment and Construction Progress - CNRG has focused on serving national strategies and regional economic development, advancing railway planning and construction in an orderly manner [1] - A number of new railway lines and stations have been completed and put into operation, including the Shenyang to Jiamusi high-speed rail and the Xiangyang to Jingmen high-speed rail, enhancing network accessibility and coverage [1] - Since October, CNRG has strengthened resource allocation and construction organization, leading to significant progress in key engineering projects, such as the Panxian to Xingyi high-speed rail entering the trial operation phase [1] Group 2: Future Plans and Goals - CNRG will implement the spirit of the 20th Central Committee's Fourth Plenary Session and the decisions of the Central Committee and State Council, accelerating the construction of a modern railway infrastructure system [2] - The company aims to actively promote key engineering projects, enhance safety and quality control, and ensure the high-quality completion of the annual railway construction investment tasks [2] - CNRG is committed to supporting the continuous recovery and improvement of the national economy as it approaches the conclusion of the 14th Five-Year Plan [2]

Core Insights - The China National Railway Group reported a fixed asset investment of 593.7 billion yuan in the first three quarters of this year, representing a year-on-year increase of 5.8% [1] - A total of 968 kilometers of new railway lines were put into operation, significantly contributing to social investment and stimulating economic recovery [1] Investment and Infrastructure Development - The railway group has focused on serving national strategies and regional economic development, accelerating railway planning and construction [1] - Key projects such as the Shenyang to Jiamusi high-speed railway and the Xiangyang to Jingmen high-speed railway have been completed, enhancing regional network efficiency and facilitating travel for local residents [1] Future Plans - The railway group aims to implement the decisions of the central government, accelerate the construction of modern railway infrastructure, and ensure the successful completion of the 14th Five-Year Plan [2]