快递“反内卷”举措持续兑现，业绩期关注优质个股

Shipping Industry - The recent increase in crude oil shipping rates, particularly for VLCCs, is attributed to OPEC+'s decision to accelerate production in July and the imposition of punitive tariffs by Trump on India's purchase of Russian oil, indicating a potential bottoming out of the oil shipping market during the summer [1] - Given the current supply dynamics, shipping rates and stock prices are expected to outperform, with marginal changes in demand likely to have a multiplier effect on rates; recommendations include COSCO Shipping Energy and China Merchants Energy, with a focus on China Merchants Jinling [1] - In the container shipping sector, weakening cargo volumes have led to declining rates on US and European routes, with short-term demand primarily influenced by US-China tariff policies; however, profitability for container shipping companies is expected to remain under pressure throughout the year [1] Aviation Industry - As the summer travel peak season nears its end, there has been a slight increase in overall and domestic flight volumes, with overall and domestic flights up by 0.6% and 0.5% respectively compared to the previous week, and overall flights at 110.3% of 2019 levels [2] - The domestic average ticket price has decreased by 8.7% year-on-year, while passenger load factors have improved by 0.7 percentage points; the overall aviation market is experiencing a situation of rising volume but falling prices [2] - Investment recommendations suggest positioning in the aviation sector at lower points, as profits and stock prices are expected to rebound significantly with economic recovery, with specific recommendations for China National Aviation, China Eastern Airlines, China Southern Airlines, and Spring Airlines [2] Express Delivery Industry - The "anti-involution" policy initiated on July 1 has led to price increases in the express delivery sector, with minimum price standards raised in regions like Zhejiang and Guangdong, indicating a shift towards improved service quality and reduced competition [3] - The express delivery industry is expected to see a balance between regulation, competition, profitability, and quality, with positive price and profit performance anticipated in the fourth quarter [3] - Investment suggestions include focusing on SF Express, which is expected to benefit from increased consumer demand for home appliances and 3C products, and monitoring the effects of the "anti-involution" policy on other express companies like ZTO Express, YTO Express, Shentong Express, and Yunda Express [3]