交运行业周报：三重催化叠加，继续看多航空

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [2] Core Views - The transportation sector has shown a weekly increase of 11.1%, underperforming the broader market. The aviation index rose by 15.9%, the logistics composite index by 14.9%, and the airport index by 13.5% [2] - The report highlights a positive outlook for the aviation sector driven by macroeconomic changes, falling oil prices, and a strengthening RMB, with expectations for continued upward movement in airline stocks [5][11] - The upcoming National Day holiday is projected to boost passenger traffic, with an estimated 15.65 million travelers expected, marking a 7% increase year-on-year [5] Summary by Sections Key Targets - Recommended stocks include: - Jixiang Airlines: Expected P/E ratios for 2024-2026 are 14.93X, 8.79X, and 8.10X, with a strong performance anticipated due to a dual-brand strategy [11] - Spring Airlines: Projected P/E ratios are 17.12X, 13.53X, and 12.70X, benefiting from cost control and market leadership [11] - Huaxia Airlines: Expected P/E ratios are 20.79X, 8.87X, and 7.51X, with growth potential in the regional aviation market [11] - Southern Airlines: Projected P/E ratios are 34.38X, 12.77X, and 9.72X, focusing on hub development [11] - China Eastern Airlines: Expected P/E ratios are 41.65X, 12.29X, and 9.43X, with advantages in international routes [11] - Shanghai Airport: Projected P/E ratios are 43.30X, 33.31X, and 26.01X, benefiting from operational synergies [11] Aviation Data Tracking - Daily average flight operations from September 23 to September 27 showed increases for major airlines, with Jixiang Airlines seeing a 14.51% week-on-week increase [4][23] - Average aircraft utilization rates also increased, with Jixiang Airlines achieving 8.30 hours per day, a 12.16% increase week-on-week [32] Airport Data Tracking - Domestic flight operations increased, with Shenzhen Airport reporting a 8.36% week-on-week rise in average daily flights [5] - Passenger throughput data as of August 31 shows significant year-on-year increases across major airports, with Shanghai Airport seeing a 22.24% increase [42]