交通运输行业周报：24冬春航季启幕，国际航司时刻增长显著

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [2]. Core Insights - The shipping sector shows a mixed performance with a decline in crude oil tanker rates, while the product tanker market sees improvement in the Atlantic demand. The dry bulk freight market continues to decline, but the foreign trade container shipping market in Europe and America is stabilizing and recovering [1][32]. - The logistics supply chain is expected to see continued growth in express delivery demand in 2024, with a focus on leading companies in the express delivery sector [1][34]. - The aviation sector is entering the winter-spring season with a notable increase in international flight schedules, while domestic airlines are experiencing a decrease in flight volumes compared to the previous winter season [1][36]. Summary by Sections 1. Industry Weekly Market Review - The transportation index increased by 1.54%, outperforming the Shanghai Composite Index by 3.22 percentage points [7]. - Notable stock performances include Phoenix Shipping (+31.7%) and HNA Holding (+28.8%) [10]. 2. Industry High-Frequency Data Tracking 2.1 Shipping Sector - Crude oil tanker rates are declining, with the BDTI index at 980 points, down 6.1% week-on-week [14]. - The dry bulk index (BDI) is at 1389 points, down 4.8% week-on-week [17]. 2.2 Express Logistics - Weekly express delivery volume reached 4.152 billion pieces, a 13.47% increase week-on-week [23]. 2.3 Aviation Sector - The average weekly flight volume for the upcoming winter-spring season is projected at 134,000 flights, a 0.6% increase year-on-year [36]. 3. Investment Strategy 3.1 Shipping Sector - The report highlights the recovery in container shipping rates in the foreign trade market, particularly in Europe and America, while the domestic market shows steady price increases [32]. 3.2 Logistics Sector - The express delivery market is expected to grow significantly in 2024, with a focus on leading companies such as Jitu Express and Shentong Express [34]. 3.3 Aviation Sector - The report notes a decrease in flight volumes for major domestic airlines compared to the previous winter season, with a focus on companies like Spring Airlines and China Eastern Airlines [36].