交运行业一周天地汇：油运淡季尾声，中报高股息梳理，关注快递旺季涨价行情

Investment Rating - The report maintains a "Buy" rating for several transportation stocks, particularly in the shipping and logistics sectors, highlighting high dividend yields and positive profit growth in Q2 [3][5]. Core Insights - The transportation sector is experiencing a recovery, with Q2 net profit growth and a focus on high-dividend stocks such as Bohai Ferry and China Merchants Jinling [3][5]. - The shipping industry shows signs of improvement, with a confirmed upward trend in gross margins and significant new orders for vessels [3][5]. - The report emphasizes the potential for demand recovery in the fourth quarter, driven by seasonal factors and new production from petrochemical projects [3][5]. Summary by Sections Shipping Industry - Q2 gross margin improvements confirmed, with China Shipbuilding reporting new civil ship orders amounting to 199.639 billion yuan [3][5]. - VLCC rates fell by 33% to $17,941 per day, influenced by reduced oil production from Libya and Iraq [3][5]. - The report recommends stocks like China Merchants Energy and China Shipping Development due to their potential recovery as the off-season ends [3][5]. Logistics and Express Delivery - In July, express delivery volumes reached 14.26 billion items, a year-on-year increase of 22.2%, with revenue growth of 14.1% [8][9]. - The report suggests that Q3 is a traditional off-season for the industry, recommending companies like YTO Express and ZTO Express for long-term investment opportunities [8][9]. Aviation and Airports - The report highlights the delivery of the first C919 aircraft, marking a new phase for multi-user operations [10]. - Passenger traffic in July increased by 8.0% year-on-year, with a load factor of 86.0% [10]. - Recommended stocks include China Eastern Airlines and Spring Airlines, focusing on the recovery of the aviation sector [10]. Rail and Road Transport - The report recommends stocks like Datong Railway and China Merchants Highway, noting a slight increase in railway freight volume [11][12]. - The report indicates that the transportation sector is benefiting from seasonal travel trends, with a year-on-year increase in passenger numbers during the summer [11][12].