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Investment Rating - The report maintains a "Buy" rating for the shipping and express delivery sectors, highlighting potential growth opportunities in these areas [3][5][10]. Core Insights - The report emphasizes a seasonal rebound in oil tanker rates, with VLCC rates increasing by 36% to $31,267 per day, driven by tight capacity and demand fluctuations [3][5]. - The express delivery sector is expected to see significant price increases as companies respond to the "anti-involution" initiative, with recommendations for high-growth and high-margin companies like Shentong Express and YTO Express [3][5][9]. - The shipbuilding sector is undergoing a restructuring process, which is anticipated to enhance earnings per share (EPS) for companies involved, particularly focusing on China Shipbuilding Defense and China Power [3][5]. Shipping Sector Summary - Oil tanker rates are experiencing a seasonal rebound, with VLCC rates up 36% this week, indicating a positive outlook for the shipping sector despite mid-cycle demand concerns [3][5]. - The report notes that the shipping industry is currently in a long-term supply upcycle, with adjustments in valuations due to pessimistic demand expectations [3][5]. - The report recommends companies such as COSCO Shipping Energy, China Merchants Energy, and Xingtong Co., which are well-positioned to benefit from these trends [3][5]. Express Delivery Sector Summary - The express delivery industry is entering a peak season with price hikes, driven by a collective effort to maintain a healthy industry ecosystem [3][5][9]. - Recommendations include Shentong Express for high volume growth and YTO Express for consistent performance and service quality [3][5][9]. - The report highlights the importance of monitoring Yunda and ZTO Express as key players in the sector [3][5][9]. Aviation Sector Summary - The report highlights a recovery in the aviation sector, with Airbus delivering 36 A320 aircraft in August, indicating a gradual return to pre-pandemic delivery levels [10]. - Recommendations include airlines such as China Eastern Airlines, Air China, and Spring Airlines, which are expected to benefit from the ongoing recovery in air travel demand [10]. - The report also emphasizes the importance of global aircraft leasing companies and maintenance service providers in the aviation supply chain [10]. Rail and Road Sector Summary - The report recommends companies like Daqin Railway and China Merchants Highway, noting a stable performance in rail freight volumes [11]. - Data indicates that rail freight volume remains high, with a total of 670 million tons shipped from July to August [11]. - The report suggests monitoring logistics companies like China Railway Special Cargo and Iron Dragon Logistics for potential investment opportunities [11].

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行 业 及 产 业 传媒 行 业 研 究 / 行 业 点 评 - 证 券 研 究 报 告 2024 年 09 月 17 日 继续看好聚焦主业，提升股东回报 的港股互联网 看好 ——互联网传媒周报 20240909-20240917 本期投资提示： 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 联系人 任梦妮 (8621)23297818× renmn@swsresearch.com ⚫ 标的： | --- | --- | |-------|--------------------------------------------------- ...

业 及 行 产 业 农林牧渔 | --- | --- | --- | --- | |---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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计算机 行 业 研 究/ 行 业 点 评 证 券 研 究 报 告 2024 年 09 月 17 日 OpenAI 发布 o1 模型！华为重磅 会议召开在即！ 看好 ——计算机行业周报 20240909-20240913 相关研究 《TESLA 产业链机会提示！国产 AI 算力生 态梳理！——计算机行业周报 20240902- 20240906》 2024/09/07 《计算机中报哪些启示？黑芝麻智驾芯片 布局全面梳理！——计算机行业周报 20240826-20240830》 2024/08/31 证券分析师 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 施鑫展 A0230519080002 shixz@swsresearch.com 胡雪飞 A0230522120002 huxf@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 研究支持 崔航 A0230524080005 cuihang@swsresearch.com ...

行 业 及 产 业 轻工制造 行 业 研 究/ 行 业 点 评 - 证 券 研 究 报 告 2024 年 09 月 17 日 关注国内竞争格局优化演绎，海外 相对景气度赛道；家居以旧换新有 望提振需求 看好 ——造纸轻工周报 2024/09/09-2024/09/13 本期投资提示： | --- | --- ...

行 业 及 产 业 石油石化 | --- | --- | --- | --- | |-------------------|-----------------------------------------------------------------------------------------------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...