Investment Rating - Industry rating is "stronger than 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 [12]. Core Insights - The completion of the last concrete pour for the Chang-Jiu High-Speed Railway's main bridge over the Gan River marks a significant milestone, enhancing the high-speed rail network in China and supporting regional economic development [2][4]. - The Western Land-Sea New Corridor has achieved a milestone of over 1 million TEUs (Twenty-foot Equivalent Units) in cargo shipments this year, reflecting a year-on-year growth of 72.5%, indicating robust growth in logistics and transportation capabilities [3]. - The Chinese government has set ambitious targets for railway expansion, aiming for a total railway mileage of approximately 200,000 kilometers by 2035, which includes 70,000 kilometers of high-speed rail, creating substantial market opportunities for the rail transit equipment industry [4]. Summary by Sections Industry Development - The Chang-Jiu High-Speed Railway, part of the "Eight Vertical and Eight Horizontal" high-speed rail network, will connect Nanchang and Jiujiang, covering a distance of 138 kilometers with a design speed of 350 km/h, contributing to the modernization of the transportation system in Jiangxi Province [2]. - The Western Land-Sea New Corridor has expanded its operational routes to 24, significantly enhancing the logistics network in western China, with a focus on major ports and cities [3]. Market Opportunities - The "14th Five-Year Plan" outlines a goal for railway operating mileage to reach 165,000 kilometers by 2025, with high-speed rail accounting for 50,000 kilometers, indicating a strong growth trajectory for the rail transit equipment sector [4]. - The projected construction of approximately 35,000 kilometers of railway, including 20,000 kilometers of high-speed rail from 2026 to 2035, presents vast market potential for companies involved in rail transit equipment [4]. Recommended Companies - China CNR Corporation: A leading global supplier of rail transit equipment, maintaining a strong position in the industry [4]. - China Railway Signal & Communication Corporation: A top provider of rail transit control systems, recognized for its technological advancements [4]. - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [4]. - Sifang Control: A key supplier in the field of high-speed rail monitoring, focusing on safety assurance [4]. - Shenzhou High-Speed Railway: A leader in intelligent operation and maintenance equipment for rail transit, serving a wide range of clients [4]. - Huifeng Technology: Specializes in rail transit operation and maintenance equipment, offering integrated solutions [4].

行 华福证券 轨交设备Ⅱ 2025 年 08 月 04 日 业 研 究 轨交设备Ⅱ 暑运过半，全国铁路发送旅客超 4.4 亿人次 投资要点： 客运服务提质，出行选择多元 行 业 定 期 报 告 2025 年 7 月 1 日至 31 日暑运过半，全国铁路累计发送旅客 4.41 亿人次，同比增长 4.3%，日均 1421.3 万人次。铁路部门通过增开临客、 灵活调整运力、储备应急资源提升客运能力，开行亲子游、红色游等 特色旅游列车及跨境列车，优化购票、换乘等站车服务，满足旅客多 样化需求。 物资运输保障，汛期安全可控 铁路部门保障重点物资运输，7 月发送电煤 1.2 亿吨，确保电厂存 煤充足，同时畅通粮食、抢险物资运输及国际联运。汛期落实防汛措 施，排查设备、应对极端天气，通过停运、限速等方式规避风险，及 时发布资讯并做好票务服务，保障运输安全。 营业里程持续增长，20 万公里目标创造广阔市场空间 2022 年国务院印发《"十四五"现代综合交通运输体系发展规划》， 明确提出到 2025 年，铁路营业里程达到 16.5 万公里，其中高速铁路营 业里程达到 5 万公里；2020 年国铁集团出台《新时代交通强国铁路先 ...