交通运输行业周报：顺丰公告中期分红及特别分红，积极回报投资者

Investment Rating - The report maintains a "Buy" rating for the transportation industry, specifically highlighting companies such as Spring Airlines, Juneyao Airlines, Air China, China Southern Airlines, and China Eastern Airlines as part of the recommended portfolio [1][5]. Core Insights - SF Express announced a special cash dividend of 10 CNY per 10 shares, totaling approximately 4.8 billion CNY, alongside a mid-year dividend of 4 CNY per 10 shares, amounting to about 1.92 billion CNY, which represents 40% of the net profit for the first half of 2024 [5]. - The report anticipates a steady increase in dividend payouts, projecting a dividend yield of approximately 4.4% for the current year, considering the special dividend [5]. - The express delivery sector shows robust growth, with a year-on-year increase in business volume of 22.5% and revenue growth of 14.7% for the first eight months of 2024 [9][11]. Summary by Sections Weekly Focus (10.06-10.12) - SF Express plans to enhance its dividend frequency and has outlined a shareholder return plan for 2024-2028, indicating a commitment to improving shareholder returns [5]. - The company reported operational cash flow of approximately 13.7 billion CNY for the first half of 2024, with a free cash flow of about 8.2 billion CNY, suggesting strong financial health [5]. Industry Data Tracking (10.06-10.12) Aviation Data - Domestic flight volume reached 96,879 flights during the week, averaging 13,840 flights per day, which is 113.34% of the same period in 2019 [6][7]. - The domestic passenger volume was approximately 14.06 million, representing 128.86% of the 2019 levels [6][7]. Express Delivery Data - The average daily collection volume for the week was about 447 million packages, reflecting a decrease of 13.74% from the previous week but a year-on-year increase of 23.64% [9][11]. - For the year-to-date, the average daily collection volume stands at approximately 443 million packages, with a year-on-year growth of 26.05% [9][11]. Recent Key Reports - The report emphasizes the importance of operational efficiency and governance improvements within the industry, particularly for SF Express, which is expected to enhance its dividend payout capacity over time [5]. - The express delivery sector is projected to maintain strong revenue growth, supported by increasing e-commerce penetration and consumer demand [11][19].