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Core Insights - The transportation industry in China is experiencing mixed performance, with the SCFI and CCFI indices showing significant year-on-year declines, indicating ongoing challenges in the shipping sector [1][4] - The aviation sector is seeing a recovery in capacity, with major airlines reporting domestic ASK recovery rates exceeding 100% compared to 2019 levels, suggesting a rebound in air travel demand [2][6] - The logistics and express delivery sectors are benefiting from the growth of e-commerce, with significant increases in business volume and revenue reported [6][8] Transportation Industry Overview - As of September 19, 2025, the SCFI index is at 1198 points, down 14.30% week-on-week and 49.36% year-on-year, while the CCFI index is at 1120 points, down 0.45% week-on-week and 35.70% year-on-year [1][4] - The transportation sector's performance from September 15 to September 20 shows a cumulative increase of 0.38%, ranking 13th among 31 SW primary industries, while the CSI 300 index decreased by 0.44% [2] Subsector Performance - The sub-sectors within transportation show varied performance: - Road freight increased by 6.73% - Cross-border logistics up by 3.63% - Shipping up by 1.31% - Airport operations up by 0.95% - Express delivery up by 0.81% - Ports up by 0.23% - Public transport down by 0.39% - Warehousing down by 1.08% - Rail down by 1.41% - Highways down by 2.67% [2] Aviation Sector Insights - In August 2025, major listed airlines in China reported domestic ASK recovery rates compared to 2019: Air China at 160.34%, China Southern at 128.19%, and Spring Airlines at 184.73% [2][6] - International and regional ASK recovery rates also varied, with some airlines showing recovery rates above 100% [2] Oil and Currency Trends - As of September 19, 2025, Brent crude oil prices are at $66.04 per barrel, down 1.42% week-on-week and down 10.77% year-on-year [3] - The exchange rate of the Chinese Yuan against the US Dollar is 7.1128, reflecting a depreciation of 0.15% week-on-week and 0.85% year-on-year [3] Logistics and Express Delivery - The express delivery sector reported revenues of 1189.60 billion Yuan in August 2025, a year-on-year increase of 4.20%, with business volume reaching 161.50 billion pieces, up 12.30% [6][8] - The logistics sector is expected to benefit from the growth of cross-border e-commerce, with a focus on enhancing competitiveness among leading express companies [8] Investment Recommendations - The aviation sector is expected to see improved profitability due to increased demand and favorable pricing conditions, with recommendations to invest in companies like Air China and China Southern Airlines [6] - The airport sector is advised to be approached cautiously, with potential for growth driven by international passenger recovery and macroeconomic improvements [7] - The cross-border logistics sector is positioned for growth, driven by the expansion of cross-border e-commerce [8]