浙商证券2026交运行业策略：“反内卷”与“促出海”双轮驱动 重点关注4条主线

Group 1 - The year 2026 marks the beginning of the "15th Five-Year Plan," with strategies focusing on "anti-involution" and "promoting outbound" as key measures to address current economic development bottlenecks and cultivate new growth momentum [2][4] - The aviation industry is expected to see accelerated profit recovery in 2026, with strong performance in 2025 and support from policies aimed at reducing competition and boosting demand [4] - The express delivery industry is identified as a benchmark for "anti-involution," with expected improvements in 2026 as price increases take effect and profits begin to recover [4] Group 2 - Jitu Express is highlighted for its growth potential in Southeast Asia and Latin America, benefiting from a strong partnership with TikTok, leading to a 65% increase in parcel volume in 2025 [3] - Jiayou International is focusing on logistics in Africa, with significant profit contributions expected from coal trade in Mongolia and rapid growth potential in Africa [3] - The shipping industry is experiencing a global shift, with oil transportation seeing high demand due to OPEC+ production increases and sanctions, while dry bulk shipping is anticipated to improve as new mining projects come online [5]