交通运输行业：加拿大增班在即，免签政策持续加码

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The transportation sector has shown a weekly increase of 1.7%, outperforming the broader market, with notable gains in the aviation index (7.9%), bus index (4.3%), and shipping index (3.2) [2] - The report highlights the upcoming increase in flights to Canada and the ongoing expansion of visa-free policies, which are expected to boost international flight recovery [2][3] - The overall trend in the industry is positive, with improved flight operation efficiency and a favorable supply-demand balance anticipated as international routes continue to recover [2] Summary by Sections Key Targets - Recommended stocks include: - Juneyao Airlines: Projected P/E ratios for 2024-2026 are 15.32X, 9.02X, and 8.31X, benefiting from a dual-brand strategy and strong summer travel demand [11] - Spring Airlines: Projected P/E ratios for 2024-2026 are 21.55X, 17.58X, and 13.79X, recognized for its cost control and leading position in low-cost travel [11] - China Southern Airlines: Projected P/E ratios for 2024-2026 are 66.22X, 11.65X, and 8.99X, focusing on building comprehensive international hubs [11] - China Eastern Airlines: Projected P/E ratios for 2024-2026 are 40.59X, 11.98X, and 9.19X, with advantages in domestic and international routes [11] - Hainan Airlines: Projected P/E ratios for 2024-2026 are 24.72X, 10.55X, and 8.94X, entering a performance rebound phase [11] Aviation Data Tracking - As of September 30, the civil aviation passenger volume was 0.60 billion, a month-on-month decrease of 0.13 billion but a year-on-year increase of 0.06 billion [12] - The average passenger load factor for civil aviation was 83.90%, down 3.00 percentage points month-on-month but up 5.40 percentage points year-on-year [21] - The civil aviation cargo and mail transport volume reached 800,000 tons, a month-on-month increase of 3,600 tons and a year-on-year increase of 98,000 tons [13]