2024年6月17日-6月23日交通运输行业周报：集运运价连续上涨，重视快递回调后配置价值

Investment Rating - The report maintains a "Positive" outlook for the transportation industry, indicating a favorable investment environment [4]. Core Insights - The shipping industry is expected to experience sustained demand, with container prices likely to remain high due to various factors including geopolitical tensions and supply chain disruptions [9]. - In the express delivery sector, prices are at historical lows, limiting further downside, while the industry is positioned for high-quality growth and orderly competition [9]. - The aviation sector is anticipated to benefit from a recovery in international routes and improved domestic demand, with airlines expected to show performance elasticity [10]. Summary by Sections Shipping - China Baowu has entered the Simandou iron ore project, which may lead to increased shipbuilding and fleet expansion to meet transportation needs [5]. - The Shanghai Container Freight Index (SCFI) rose by 2.9% to 3475.60, with significant increases in rates for European and US West Coast routes [5]. - The Baltic Dry Index (BDI) increased by 3.8% to 1959 points, indicating a positive trend in bulk shipping [6]. Express Delivery - The express delivery industry saw a demand growth of 23.8% in May, with expectations for continued strong performance into June [7]. - Price competition remains limited, with major players showing varied price changes, indicating a stable competitive environment [7]. - Major express companies like ZTO and Yunda reported significant year-on-year growth in business volume, despite slight declines in per-package revenue [19][21]. Aviation - The summer travel season is projected to see a 12.65% increase in flight volumes compared to last year, with domestic flights expected to grow by 7.91% [8]. - The international flight market is recovering, with significant increases in flight volumes between China and Malaysia, as well as Australia [8]. - The overall passenger transport volume in civil aviation reached 59 million in May, reflecting a 14.1% year-on-year increase [37]. Logistics - The logistics sector is experiencing a favorable shift, with competition easing and a positive outlook for express delivery and freight services [10]. - Companies like DeBang and Aneng Logistics are expected to benefit from strategic transformations and improved profitability [10]. - The chemical logistics market is also showing potential for growth, with leading companies poised for significant profit increases [10].