2024Q3交运行业基金重仓分析：高股息、航运持仓下降，消费相关快递、铁路客运持仓增加

Investment Rating - The report maintains a "Buy" rating for several key companies in the transportation sector, including Zhongyuan Shipping, YTO Express, Shentong Express, and China Shipbuilding [17]. Core Insights - The transportation sector has seen an increase in holdings related to consumer-oriented companies, with a notable rise in the holdings of express delivery and railway passenger transport [2][3]. - The total market value of transportation industry funds reached 34.7 billion, a decrease of 3% quarter-on-quarter, ranking 14th among 31 industries [2][5]. - The express delivery sector is expected to maintain a high growth rate of 20%, driven by factors such as "anti-involution" and the upcoming Double Eleven shopping festival [3][16]. - The global shipping sector's earnings forecast downgrades are nearing an end, presenting opportunities for bottom-fishing investments [3][16]. Fund Holdings Changes - In Q3 2024, the proportion of holdings in the express delivery and raw material supply chain service sectors increased significantly, accounting for 20% and 3% respectively, with quarter-on-quarter increases of 6 percentage points and 1 percentage point [2][8]. - The top ten heavy holdings in the transportation sector include companies like Juneyao Airlines, COSCO Shipping Energy, and SF Express, with significant increases in market value for several stocks [2][11]. Sector Performance - The express delivery sector is highlighted as one of the few maintaining a high growth rate, with companies like Shentong Express and YTO Express recommended for their strong performance and service quality [3][16]. - The report emphasizes the importance of monitoring the shipping sector, particularly companies like COSCO Shipping and China Shipbuilding, as they navigate through a period of earnings forecast adjustments [3][16].