交通运输行业：航油出厂价环比下降，或缓解淡季成本压力

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [1]. Core Insights - The transportation sector has experienced a decline of 6.4% this week, underperforming the broader market, with no sub-sectors showing gains. The top three declines were in the airline index (-10.0%), airport index (-8.5%), and logistics composite index (-6.9%) [1]. - The average daily flight operations and aircraft utilization rates varied week-on-week, with most airlines reporting a decrease in flight numbers and utilization [1][2]. - The price of aviation fuel has decreased, potentially alleviating cost pressures during the traditional off-peak season for airlines [3]. Summary by Sections 1. Airline Data - From October 7 to October 11, the average daily flights for major airlines showed a decline: Southern Airlines (2385.80 flights, -4.33%), Eastern Airlines (2287.80 flights, -6.43%), Air China (1645.00 flights, -2.61%), Spring Airlines (487.60 flights, -8.10%), and others [1]. - Average aircraft utilization rates also decreased during the same period, with Southern Airlines at 8.30 hours/day (-4.60%), Eastern Airlines at 7.70 hours/day (-7.23%), and others showing similar trends [1]. 2. Airport Data - The average daily flight operations for domestic routes from October 7 to October 11 showed declines across major airports: Shenzhen Bao'an (1016.20 flights, -1.72%), Beijing Capital (910.60 flights, -2.12%), Guangzhou Baiyun (1163.60 flights, -1.99%), and others [2]. - International route operations also saw a decrease, with Shenzhen Bao'an (91.60 flights, -1.20%), Beijing Capital (192.60 flights, -0.13%), and others reporting similar reductions [2]. 3. Market Performance - The report highlights that the aviation sector is expected to benefit from the recovery of international routes and improved operational efficiency, leading to better performance for airlines and airports [3]. - Key recommendations include focusing on companies like Huaxia Airlines, Spring Airlines, and Jixiang Airlines, as well as monitoring Shanghai Airport and Baiyun Airport for potential investment opportunities [3][11].