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 CR450 high-speed train has achieved a test speed of 453 km/h and an operational speed of 400 km/h, entering a new realm of high-speed rail technology [3]. - The development of the CR450 train has mobilized over 2,100 enterprises across more than 20 provinces, leading to the localization of key components and forming a trillion-level industry scale [4]. - By the end of 2024, China's high-speed rail operating mileage is expected to reach 48,000 km, accounting for over 70% of the global total, enhancing the competitiveness of China's high-speed rail [4]. - The Chinese government has set ambitious targets for railway expansion, aiming for a total railway network of approximately 200,000 km by 2035, which will create significant 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 rail transit equipment revenue [5]. - China Railway Signal & Communication Corporation: A leading provider of rail transit control systems with a focus on control technology [5]. - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [5]. - Sifang Railway: A core supplier in the field of high-speed rail comprehensive monitoring [5]. - Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [5]. - Brilliant Technology: Provides integrated solutions and maintenance equipment for rail transit, with rich experience in technology development and project implementation [5].

中国铁道科学研究院相关负责人介绍，CR450动车组明年将在沪渝蓉高铁成渝中线开展更接近实际运营 的全面测试。 （文章来源：人民日报） 本报北京10月21日电 （记者李心萍）单列时速453公里、相对交会时速896公里，这是CR450动车组样 车近日在试验期间跑出的最新纪录。 记者从国铁集团了解到，自去年底样车下线后，CR450动车组已经过多轮测试，成功达到时速450公里 且各项指标合格。CR450动车组目前正在沪渝蓉高铁开展运用考核，需按要求跑够60万公里，以考察动 车组整车及各系统的稳定性、可靠性。 试验中，CR450动车组从静止加速至时速350公里，仅需4分40秒，比CR400动车组快100秒。中国铁道 科学研究院首席研究员赵红卫介绍，CR450动车组采用的永磁牵引系统比CR400动车组效率提升4%，动 力更强。同时，CR450动车组对转向架区域进行了全包覆，裙板变得更低，露出来的轮子更少；动车组 的车高降低200毫米，车头延长到15米，并对车端连接进行了优化调整，相较CR400动车组，CR450动 车组整车阻力减小22%。 ...

Core Viewpoint - The CR450 high-speed train has achieved significant advancements in speed and efficiency, with a maximum speed of 450 km/h and a remarkable acceleration time from 0 to 350 km/h in just 4 minutes and 40 seconds, outperforming its predecessor, the CR400, by 100 seconds [1][3]. Group 1: Performance and Testing - The CR450 train has completed various type tests at different speed levels and operational scenarios, currently undergoing operational assessment on the Shanghai-Chongqing-Chengdu high-speed railway [1][6]. - The operational assessment requires the CR450 to run a total of 600,000 kilometers to evaluate the stability and reliability of the train and its systems [1]. Group 2: Technical Innovations - The CR450 features a more powerful permanent magnet traction system, improving efficiency by 4% compared to the CR400 [4]. - The design modifications, including a fully enclosed bogie area and a 200 mm reduction in train height, have led to a 22% reduction in overall train resistance [4]. Group 3: Safety and Future Testing - The CR450's bogie has been tested in the lab with a critical speed of 616 km/h, indicating a high level of safety for operations between 400 and 450 km/h [5]. - Future comprehensive testing will take place on the Chengdu-Chongqing line, closer to actual operational conditions [6].