冬春航季开启新活力，驱动绿色数字化转型

Core Viewpoint - The transportation sector in China has shown varied performance across sub-sectors during the week of October 20-25, with public transport and logistics leading the gains while shipping experienced a decline [1][2]. Sector Performance Summary - The overall transportation sector recorded a cumulative increase of +0.72%, ranking 24th among 31 SW primary industries, while the CSI 300 index rose by +3.24% [2]. - Sub-sector performance for the week is as follows: - Public Transport: +4.81% - Warehousing and Logistics: +2.88% - Highways: +2.45% - Cross-border Logistics: +2.18% - Railways: +1.26% - Airports: +1.22% - Road Freight: +1.36% - Ports: +0.92% - Express Delivery: +0.18% - Shipping: -1.28% [1][2]. Airline Sector Tracking - By September 2025, major listed airlines in China have shown recovery in domestic Available Seat Kilometers (ASK) compared to the same month in 2019, with rates as follows: - Air China: 145.09% - China Southern Airlines: 116.42% - China Eastern Airlines: 115.45% - Hainan Airlines: 92.17% - Juneyao Airlines: 115.48% - Spring Airlines: 176.49% [2]. - International and regional ASK recovery rates also varied, with Juneyao Airlines leading at 219.78% [2]. Oil Prices and Exchange Rates - As of October 24, 2025, Brent crude oil prices were reported at $65.94 per barrel, reflecting a week-on-week increase of +6.38% but a year-on-year decrease of -12.34% [3]. - The exchange rate for the Chinese Yuan against the US Dollar was 7.0928, showing a slight depreciation of -0.06% week-on-week [3]. Port and Shipping Sector Tracking - The Shanghai Containerized Freight Index (SCFI) was at 1403.46 points, up +7.11% week-on-week but down -35.78% year-on-year [4]. - The China Containerized Freight Index (CCFI) stood at 992.74 points, with a week-on-week increase of +2.02% and a year-on-year decrease of -27.35% [4]. Freight and Logistics Sector Tracking - As of October 24, 2025, the Baltic Dirty Tanker Index (BDTI) was at 1,256 points, up +4.06% week-on-week and +120.65% year-on-year [5]. - The Baltic Dry Index (BDI) was reported at 1,991 points, reflecting a week-on-week decrease of -0.58% but a year-on-year increase of +40.51% [5]. - In September 2025, rail freight volume reached 4.45 million tons, up +4.24% year-on-year [5]. Express Delivery Sector Tracking - In September 2025, the express delivery industry generated revenue of 127.37 billion Yuan, marking a year-on-year increase of +7.20% [6]. - The volume of express deliveries reached 16.88 billion pieces, up +12.70% year-on-year [6]. Investment Recommendations - The airline sector is expected to benefit from the acceleration of international flight schedules and domestic demand recovery, with recommendations for stocks such as Air China, China Southern Airlines, and Juneyao Airlines [7]. - The airport sector is advised to focus on recovery in international passenger traffic and potential growth in commercial segments due to macroeconomic recovery [7]. - The cross-border logistics sector is positioned to benefit from the growth of cross-border e-commerce, with a recommendation to monitor companies like Huamao Logistics [8].