交通运输行业周报：国泰订购150架空客，快递旺季迎量价齐升

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [2][6]. Core Insights - The transportation industry experienced a cumulative increase of 1.77% in stock prices from October 21 to October 25, ranking 24th among 31 sectors [2][15]. - The aviation sector shows signs of recovery, with domestic flight volumes reaching 88,854 flights, recovering to 107% of 2019 levels, while international flights are at 79.6% [2][6]. - The report highlights a positive outlook for the air transport sector, driven by increasing demand and favorable policies for international routes [6][7]. Summary by Sections Industry Market Review - The transportation sector's cumulative performance was +1.77%, outperforming the Shanghai and Shenzhen 300 index, which was +0.79% [2][15]. - Sub-sectors such as cross-border logistics (+4.47%) and shipping (+3.61%) performed well, while rail transport saw a decline of -2.03% [2][15]. Aviation Sector - In the week of October 21-27, 2024, the total number of domestic flights was 88,854, with a slight decrease of -0.01% week-on-week, while international flights decreased by -1.05% [2][6]. - The report anticipates a recovery in air travel demand, supported by post-pandemic trends and international route expansions [6][7]. Shipping and Port Sector - The SCFI index for shipping reached 2,185 points, reflecting a week-on-week increase of +5.97% and a year-on-year increase of +115.81% [2][6]. - The report notes that geopolitical tensions may lead to increased shipping rates, providing a potential boost to the shipping sector [7]. Road and Rail Sector - In September 2024, rail passenger volume increased by +5.13% year-on-year, while freight volume rose by +3.37% [3][6]. - Road transport also showed growth, with passenger volume up by +3.27% and freight volume by +2.05% [6]. Express Logistics Sector - The express logistics industry reported revenues of 118.79 billion yuan in September 2024, a year-on-year increase of +10.3%, with business volume rising by +18.7% [6][7]. - The report suggests that the competitive landscape in the express sector is improving, with a shift towards enhancing pricing power and service quality [7].