交运行业一周天地汇：全球多边贸易体系面临的挑战，是交运仓储行业未来新的机会

Investment Rating - The report maintains a "Positive" outlook on the transportation and logistics industry, highlighting potential opportunities in the shipping and logistics sectors due to recent geopolitical developments and market dynamics [2]. Core Insights - The report emphasizes that the global multilateral trade system is facing challenges, which could create new opportunities for the transportation and logistics industry. It notes that the market has not fully priced in the potential impacts of the U.S. possibly exiting the WTO and the ongoing supply chain disruptions [2][4]. - The report indicates that the strong U.S. dollar is beneficial for the shipping sector, with notable increases in Korean shipbuilding stocks and a focus on Chinese shipbuilding companies [2][5]. - The report provides a detailed analysis of shipping rates, noting fluctuations in various segments, including a significant drop in VLCC rates and a rebound in dry bulk rates, suggesting a potential recovery in shipping demand [6][9]. Summary by Sections Shipping and Logistics - The report highlights that the shipping sector is expected to see increased demand due to global trade restructuring and inventory fluctuations. It mentions that the previous trade war had a limited direct impact on shipping volumes, with U.S. contributions to global shipping turnover being relatively small [2][4]. - Recent shipping data shows a mixed performance, with VLCC rates dropping by 21% to $21,741 per day, while dry bulk rates have shown signs of recovery, with the BDI index increasing by 3% week-on-week [6][9]. Air Transportation - The report notes a significant increase in air passenger traffic at popular winter tourist destinations, with airports like Harbin and Yanji seeing year-on-year growth of 46.6% and 29.3%, respectively. This trend is expected to continue as winter tourism gains momentum [14]. - Investment recommendations include airlines such as China National Aviation and Spring Airlines, which are anticipated to benefit from the recovery in air travel demand [14]. Express Delivery - The report indicates that the express delivery sector is entering a peak season, with a notable increase in package volumes. The industry is responding to calls for price increases to maintain healthy competition and profitability [13]. - Recommendations include companies like Shentong Express and YTO Express, which are expected to show strong performance due to high growth rates and profitability [13]. Rail and Road Transportation - The report recommends companies in the rail and road sectors, such as Daqin Railway and Zhaoshang Highway, highlighting recent data showing a slight increase in rail freight volumes [14]. - The report emphasizes the importance of infrastructure investments and the potential for improved demand in the logistics sector as local government debt issues are addressed [9][10].