交通运输行业周报：内贸需求底部反弹，看好内需相关标的估值修复

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [3] Core Insights - The shipping sector is experiencing a rebound in domestic trade demand, while external trade shipping rates are softening due to seasonal factors. The report highlights a mixed performance across various shipping markets, with optimism regarding OPEC+ production increases [3][39] - The logistics supply chain is seeing sustained growth in express delivery demand, with a focus on leading companies in the sector. The report emphasizes the resilience of companies like SF Express amid competitive pressures [3][41] - The aviation sector is witnessing a recovery in passenger demand, with Delta Airlines announcing an increase in flights on the China-US route starting June 2025, indicating a potential recovery in travel demand [3][44] Summary by Sections 1. Industry Weekly Market Review - The transportation index increased by 0.16%, underperforming the CSI 300 index by 0.82 percentage points [7] - Top-performing stocks included Wanlin Logistics (+21.7%) and Sichuan Chengyu (+21.5%) [13][14] - The industry is currently valued at a low PE (TTM) of 15.8 times, with certain sub-sectors like airports and public transport at relatively high valuations [18] 2. Industry High-Frequency Data Tracking 2.1 Shipping Sector - The crude oil tanker market saw a rise in Suez Canal shipping rates, while the product tanker market showed mixed trends. The dry bulk shipping market experienced a decline across all vessel types [19][39] 2.2 Express Logistics - The express delivery sector reported a year-on-year increase in volume, with a total of 3.651 billion packages collected in the week of October 7-13, 2024, reflecting a 16.79% increase [30] 2.3 Aviation Sector - As of October 19, 2024, the total number of passenger flights reached 14,769, recovering to 105% of 2019 levels for domestic flights [44] 3. Investment Strategy 3.1 Shipping Sector - The report recommends focusing on companies like COSCO Shipping Energy and China Merchants Energy, as domestic shipping rates are rebounding while external rates are under pressure [39][40] 3.2 Logistics Sector - The report highlights the positive outlook for express delivery companies, particularly those with strong market positions like Jitu Express and Shentong Express [41] 3.3 Aviation Sector - The report suggests monitoring airlines such as Spring Airlines and China Eastern Airlines, as the recovery in air travel is expected to continue [44]