交通运输行业周报：快递中报业绩普遍好于预期、政策酝酿推动行业提价

Investment Rating - The report maintains a "Buy" rating for key companies including Beijing-Shanghai High-Speed Railway, Guangzhou-Shenzhen Railway, Ninghu Expressway, Anhui Expressway, and Spring Airlines [1][2][3]. Core Insights - The express delivery industry is experiencing better-than-expected mid-year performance, with policies being developed to support price increases in the sector [2][3]. - The report highlights significant changes in international air routes and the prohibition of route subsidies, which may impact consumer travel [6][9]. - The overall performance of major express companies shows a positive trend, with revenue and profit growth across the board [7][8]. Summary by Sections Weekly Focus (8.25-8.31) - The report discusses the prohibition of route subsidies and major changes in international routes, emphasizing the importance of hub airport development [6]. - It notes the merger of Eastern Airlines with its subsidiary, aiming to optimize management and improve operational efficiency [6]. Industry Data Tracking (8.25-8.31) - Domestic flight volume reached 99,495 flights, with a daily average of 14,214 flights, reflecting a 2.13% decrease from the previous week [9]. - Domestic passenger volume was 14.54 million, down 2.31% from the previous week, but still 121.70% of the same period in 2019 [9][10]. - The average ticket price decreased by 4.74% compared to the previous week, indicating a trend towards lower fares [9]. Express Delivery Performance - YTO Express reported a revenue of 32.565 billion yuan, a year-on-year increase of 20.61%, with a net profit of 1.988 billion yuan, up 6.84% [7]. - Yunda Express achieved a revenue of 23.252 billion yuan, a 7.78% increase, and a net profit of 1.041 billion yuan, up 19.80% [8]. - SF Express reported a revenue of 134.41 billion yuan, an 8.08% increase, with a net profit of 4.807 billion yuan, up 15.10% [8]. Weekly Recommendations - The report suggests focusing on companies like YTO Express, Yunda Express, and SF Express due to their strong performance and market positioning [1][2][3].