交通运输行业周报：国内首条跨省定点低空载客运输航线开通，7月快递业务量同比增长超两成

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - The impact of "black swan" events has diminished, but the container shipping sector faces future capacity delivery pressures. Drewry's latest analysis indicates that recent "black swan" events have disrupted the container shipping market. The ongoing changes in shipping routes have made it difficult for ports to cope, leading to decreased terminal efficiency and increased spot shipping prices, particularly since May 2024. Drewry forecasts a 4% year-on-year increase in port throughput for the entire year, with a net increase in capacity of 3.1 million TEU [2][15][23] - The first cross-province fixed-point low-altitude passenger transport route in China has been opened, and the domestically developed manned airship has successfully completed its first cross-province transfer. The new helicopter route connecting Shanghai Pudong and Jiangsu Kunshan reduces travel time from 1.5-2 hours to under 1 hour. The successful cross-province flight of the "Xiangyun" AS700 airship marks a significant milestone in domestic aviation [2][16][19] - Cross-border e-commerce import and export volume increased by over 10% in the first half of the year, with July express delivery volume growing by over 20%. The total import and export volume of cross-border e-commerce reached 1.22 trillion yuan, a year-on-year increase of 10.5%. In July, express delivery volume reached 14.256 billion pieces, a year-on-year increase of 22.2% [2][23][44] Summary by Sections 1. Industry Hot Events - The impact of "black swan" events has diminished, leading to future capacity delivery pressures in container shipping. Drewry's World Container Index (WCI) decreased by 2% to $5,319/FEU, down 48% from the peak in September 2021 [14][15] - The opening of the first cross-province low-altitude passenger transport route in China significantly improves commuting efficiency, reducing travel time between Shanghai and Kunshan [16][19] - Cross-border e-commerce has become a new engine for foreign trade growth, with a 10.5% increase in import and export volume in the first half of the year [23] 2. Industry High-Frequency Data Tracking - Air freight prices remained stable in mid to late August, with the Shanghai outbound air freight price index at 4,591 points, a year-on-year increase of 28.1% [24][29] - Container shipping rates have decreased, with the Shanghai Container Freight Index (SCFI) at 3,097.63 points, down 5.60% week-on-week [33][42] - In July, express delivery volume reached 14.256 billion pieces, a year-on-year increase of 22.2%, with total express delivery volume for the year surpassing 1 trillion pieces by August 13 [44]