交通运输行业周报：欧线集运运价止跌，民航进入冬春航季

Investment Rating - The report maintains a "Buy" rating for the industry, particularly highlighting the strong performance of specific companies within the logistics and transportation sectors [5][8]. Core Insights - The express delivery sector is experiencing a peak season, with record daily volumes and significant year-on-year growth, indicating resilience and market potential [5][6]. - Xingtong Co. reported robust Q3 results with revenue of 390 million yuan, up 38.4% year-on-year, and net profit of 98 million yuan, up 116.8% year-on-year, driven by increased capacity in both domestic and international trade [5][6]. - The low-altitude economy is gaining traction in Wuxi, with 72 key projects signed, totaling an investment of 30.2 billion yuan, indicating strong governmental support for the sector [6]. - The upcoming winter-spring flight schedule will see 194 airlines operating 118,000 flights weekly, reflecting a 1.2% increase from the previous year, with international routes gradually recovering [6][8]. Summary by Sections Express Delivery - The express delivery industry is witnessing a surge in demand, with a record of 1.92 billion packages collected from October 21 to 23, marking a 48.7% increase year-on-year [5][6]. - Major players like ZTO Express and Yunda Express are expected to benefit from improved pricing and market conditions as the industry enters a peak season [8]. Shipping and Maritime - The oil tanker market is expected to see sustained demand due to limited new orders and an aging fleet, with a positive outlook for the next three years [8]. - The dry bulk shipping sector is facing weak supply and demand, but regulatory pressures on older fleets are expected to facilitate market recovery [8]. - The shipbuilding industry is experiencing tight capacity, with new orders extending delivery times to 2027/28, which is likely to drive up ship prices [8]. Aviation - The aviation sector is poised for growth, with a focus on improving competition and supply-demand dynamics, particularly as international routes recover [8]. - The overall passenger load factor for major airlines was 82.88% in September, indicating a slight decrease from August but still reflecting strong demand [32][34]. Logistics and Supply Chain - The logistics sector is showing signs of improvement, with companies like Deppon Logistics and Aneng Logistics expected to benefit from strategic transformations and improved profitability [8]. - The chemical logistics market presents significant opportunities for consolidation, with leading companies poised for substantial profit growth as demand improves [8].