交运行业一周天地汇：恒力重工订单产能情况分析，继续推荐“反内卷”下快递机会

Investment Rating - The report maintains a positive outlook on the logistics and transportation industry, particularly highlighting opportunities in the express delivery sector and shipping companies [3][6]. Core Insights - The report emphasizes the potential for growth in the express delivery sector, driven by seasonal demand and price increases in response to the "anti-involution" initiative [6][10]. - It highlights the recovery of the aviation sector, with significant increases in passenger transport volumes compared to pre-pandemic levels [11][24]. - The shipping industry is expected to benefit from rising oil prices and OPEC's production strategies, with specific recommendations for companies in the oil transportation segment [6][8]. Summary by Sections Shipping Industry - Hengli Heavy Industry is set to go public through a reverse merger, with a projected revenue of 768 million yuan and a net asset of 479 million yuan for 2023 [6]. - The company holds orders worth 10.8 billion USD, accounting for 38% of China Shipbuilding's orders, with a production forecast of 1.75 million CGT by 2027 [6][10]. - VLCC rates increased by 7% to 34,003 USD/day, with expectations for further price increases due to market confidence [7][8]. Express Delivery - The express delivery sector saw a year-on-year growth of 18.5% in September, with major companies like YTO Express and Shentong Express showing significant increases in business volume [10][12]. - The report recommends companies with high growth potential and profitability, such as Shentong Express and YTO Express, as they are expected to benefit from price increases [10][11]. Aviation Sector - Major airlines in China reported a total passenger transport volume of 442.43 million from January to September, surpassing pre-pandemic levels [11][24]. - The report suggests a dual-driven investment strategy focusing on international routes and supply recovery, recommending airlines like China National Aviation and Spring Airlines [11][12]. Road and Rail Transport - The report recommends investments in companies like Wantong Expressway and Daqin Railway, highlighting a 10.3% year-on-year increase in fixed asset investment in railways [12][13]. - The national railway transported 78.68 million tons of goods in the first half of October, indicating a slight decrease from the previous period [12][13].