Basically your power wires between the power supplies would need to be NM if "Dry" location or UF if "Damp" location, and the conduit would be big enough to satisfy conduit 60% fill limitations, and likely an inspectors interpretation might not allow the low voltage wire from the first power supply in the second transformer junction box.
Your Power Supply says CL2 on the label, and if your location is subject to the NEC then must be installed according to Article 725, Part III where it says:
725.136 Separation from Electric light, Power...
The line side of your power supply is Power.
725.136(A) General. Cables and conductors of class 2 and class 3 circuits shall not be placed in any...enclosure...raceway...unless permitted by
725.136 (B) through (I).
Sections (B) through (I) are titled;
(B) Separated by Barriers,
(C) Raceways Within Enclosures,
(D) Associated Systems Within Enclosures,
(E) Enclosures with Single Opening,
(G) Cable Trays,
(I) Other Applications.
You likely don't satisfy (D), but can meet (I).
(D) Associated Systems Within Enclosure ... where introduced solely to
connect the equipment...
Your wires are passing through, that doesn't fit the description as solely.
(I) Other Applications... shall be separated by 50mm ... unless one of
the following conditions is met: (1) either all of the ... power or
all of the Class 2 ... are in a raceway, metal sheathed, metal clad,
non-metallic sheathed, type TC or type UF cables (2) ... are
permanently separated ... by a continuous and firmly fixed