交通运输行业周报：9月30日-10月6日全国物流保通保畅运行情况

Investment Rating - The investment rating for the transportation industry is "Outperform the Market" and is maintained [2]. Core Insights - The report highlights that the transportation index increased by 7.1% during the week of September 30 to October 6, 2024, while the Shanghai Composite Index rose by 8.1%. Various sub-sectors showed positive performance, with public transport up by 9.1% and road freight by 8.3% [3][22]. - The report emphasizes the recovery in air travel demand, particularly during peak travel seasons, and anticipates a further rebound in international air travel in 2024 due to improved international relations and policies [4]. - The shipping sector is expected to benefit from a tightening supply-demand balance, particularly in oil transportation, which is projected to see rising profitability [4]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 8.1%, while the transportation index increased by 7.1% during the week [3][22]. - Sub-sectors such as public transport, road freight, and warehousing logistics showed significant gains, with increases of 9.1%, 8.3%, and 7.9% respectively [3][22]. Shipping Observations - The BDI index was reported at 1928 points, down 8.6% from the previous week, while the SCFI index decreased by 9.8% [29][31]. - The oil transportation sector showed a positive trend with the BDTI index increasing by 23.0% [32]. Investment Strategy - Recommendations include focusing on airlines such as Spring Airlines, Hainan Airlines, and Juneyao Airlines, as well as logistics companies like SF Express and China National Aviation [4][41]. - The report suggests that the highway sector is a defensive investment option, particularly in the context of a recovering economy [4]. Recent Highlights - The report notes the ongoing construction of the second phase of the Jingjiang waterway project, which is expected to enhance shipping capacity significantly by 2027 [37][39]. - The logistics cooperation meeting between China and Central and Eastern European countries was highlighted, aiming to strengthen international logistics channels [40].