行 轨交设备Ⅱ 2025 年 11 月 30 日 业 研 究 轨交设备Ⅱ 班列驰骋连亚欧，丝路畅通促共赢 投资要点： 累计开行破 12 万列，网络服务全域覆盖 行 业 定 期 报 告 2025 年 11 月 28 日，X8086 次中欧班列从成都国际铁路港发车， 标志着中欧班列历年累计开行突破 12 万列，发送货值超 4900 亿美元。 目前中国境内 128 个城市已开通班列，通达欧洲 26 国 232 个城市及 11 个亚洲国家超 100 个城市，通过西中东三条境内通道、六大出入境口 岸及境外北中南三线格局，构建起覆盖亚欧全境的运输网络，口岸单 日交接车能力达 184 列。 提质增效强赋能，共筑发展新动能 中欧班列通过优化运输组织、升级技术装备、完善服务体系实现 高质量发展，运输能力提升 10%，通关时间压缩至 30 分钟内，综合重 箱率稳定在 100%，货物品类拓展至 5 万多种，高附加值货物成为出口 主力。其不仅降低了运输成本，更带动沿线国家经贸往来、产业升级 和就业增长，推动中欧产业链深度对接，在保障国际供应链稳定、促 进亚欧繁荣发展中发挥重要作用，成为高质量共建"一带一路"的重 要载体。 营业里程持 ...

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 [13]. Core Insights - The relocation of the Beijing-Tianjin-Hebei Intercity Railway Investment Co., Ltd. to Xiong'an New Area is a strategic move to alleviate non-capital functions of Beijing and promote resource aggregation and industrial development in Xiong'an, injecting new momentum into the "thousand-year plan" and coordinated development of the Beijing-Tianjin-Hebei region [2][3]. - The company is responsible for multiple railway tasks and aims to enhance the regional high-speed rail network, with 11 railway projects planned during the 14th Five-Year Plan period, covering approximately 1,220 kilometers and requiring a total investment of about 295 billion yuan [3]. - The national railway network is projected to reach 200,000 kilometers by 2035, with high-speed rail accounting for about 70,000 kilometers, creating significant market opportunities for the rail transit equipment industry [4]. Summary by Sections Company Overview - Established in March 2015 with a registered capital of 80 billion yuan, the company focuses on planning, construction, operation, financing, and comprehensive development of intercity railways in the Beijing-Tianjin-Hebei region [3]. Future Projects - The company is currently undertaking 11 railway projects with a total investment of approximately 295 billion yuan, aiming to enhance the high-speed rail network and improve operational efficiency [3]. Market Potential - The government's plans for railway expansion, including a target of 16,500 kilometers of operational railway by 2025 and 20,000 kilometers by 2035, are expected to create vast market space for the rail transit equipment sector [4]. Recommended Companies - The report suggests focusing on several key companies in the rail transit equipment sector, including: 1. CRRC Corporation Limited, a global leader in rail transit equipment [4] 2. China Railway Signal & Communication Corporation, a leading provider of rail traffic control systems [4] 3. Times Electric, a major supplier of traction and conversion systems [4] 4. Sifang Automation, specializing in railway safety equipment [4] 5. Shenzhou High-speed Railway, a leader in intelligent operation and maintenance equipment [4] 6. Huifeng Technology, providing integrated solutions for rail transit operations [4].