交通运输行业周报：三大航上半年减亏57.97亿元，丰巢正式提交IPO申请

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The dry bulk container production reached a record high in Q2, but there may be downward pressure on container shipping rates in the next 12 months due to oversupply [2][15] - The three major airlines reduced losses by CNY 5.797 billion in the first half of 2024, with the C919 aircraft entering a new phase of multi-user operations [2][16] - China's cross-border e-commerce is accelerating its expansion into Africa, with Fengchao officially submitting an IPO application [2][22] Summary by Sections 1. Industry Hot Events - Dry bulk container production hit a record high in Q2, with July production exceeding 850,000 TEU, and manufacturers' orders extending to mid-October. Drewry forecasts 2024 to be the second-highest year for dry bulk container production, following 2021. However, oversupply may pressure shipping rates in the next 12 months, with Linerlytica predicting a 70% decline in rates [2][15] - The three major airlines reported a total loss reduction of CNY 5.797 billion in H1 2024. Eastern Airlines reported a net loss of CNY 2.768 billion, while Air China and Southern Airlines reported losses of CNY 2.782 billion and CNY 1.228 billion, respectively. The airlines need to enhance cost control to achieve profitability [2][16] - Fengchao submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for expanding its smart locker network. The African digital economy is projected to add USD 180 billion to the region's GDP by 2025, with significant growth in online shoppers expected by 2027 [2][22] 2. Industry High-Frequency Data Tracking - Air freight prices remained stable from mid-August to late August, with the Shanghai outbound air freight price index at 4,788 points, up 33.3% year-on-year. The Baltic air freight price index was at 2,177 points, up 16.6% year-on-year [3][23] - The container shipping price index (SCFI) fell to 2,968.38 points, down 4.33% week-on-week, while the domestic trade container price index (PDCI) was at 941 points, down 4.95% week-on-week [3][31] - In July 2024, domestic cargo flights increased by 14.48% year-on-year, while international flights rose by 24.71% year-on-year [3][25]