交通运输行业周报（10月第1周）：国庆跨区域流动量+19.4%，美东码头罢工结束

Investment Rating - The industry investment rating is maintained as "Positive" [3] Core Insights - The transportation industry saw a cumulative increase of +11.13% in the week of September 23-27, ranking 25th among 30 CITIC primary industries, while the CSI 300 index increased by +15.70% [2][11] - Key events during the week included a significant increase in passenger volume during the National Day holiday, with an expected 15.65 million passengers, a 19% increase compared to 2019 [23][26] - The international shipping market experienced a decline in container shipping rates, with the Shanghai Containerized Freight Index (SCFI) dropping by 9.8% [37] Summary by Sections 1. Market Review - The transportation sector's performance was +11.13% for the week, with the aviation sector leading at +15.86% [2][11] - The average daily passenger volume for domestic and international flights was 16,254, reflecting a 7.6% increase from the previous week [29] 2. Key Industry Events - The National Day holiday is expected to see a total of 1.75 billion passenger trips, with a daily average of 2.77 million, marking a 19.4% increase compared to 2019 [26][27] - The Chinese government announced an expansion of visa-free travel to four countries, promoting international tourism [24] - A preliminary agreement was reached between the International Longshore and Warehouse Union and the U.S. Maritime Alliance, including a 62% wage increase over six years [28] 3. Aviation and Airports - The average daily flight execution rate for the week was 16,254 flights, with a 10.5% increase compared to 2019 [29] - The average utilization rate for the airline fleet was approximately 8.5 hours per day, showing a slight increase from the previous week [32] 4. Shipping and Air Freight - The SCFI index for container shipping dropped by 9.8%, with specific routes seeing significant declines, such as the European route down by 13.2% [37] - The Baltic Dry Index (BDI) averaged 1,992, reflecting a 2.6% decrease, with the Capesize index showing a slight decline of 0.3% [45] 5. Investment Recommendations - The report suggests a positive outlook for the aviation sector, with expected year-on-year growth in airline performance in 2024 [5] - The express delivery sector is also highlighted for its strong growth potential, with a recommendation to focus on leading companies in the market [5]