交通运输行业周报：内贸需求持续反弹，大中型干散货船运价改善

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1] Core Insights - The shipping sector shows signs of improvement with a narrowing decline in oil tanker rates and a slight recovery in dry bulk shipping rates, while the international shipping market remains stable [2][41] - The logistics sector is expected to see continued growth in demand, particularly in express delivery, with a focus on leading companies in the franchise express segment [42][43] - The aviation sector is witnessing a recovery in direct flights between China and Canada, which is anticipated to boost international routes and improve aircraft utilization rates [46][47] Summary by Sections Industry Weekly Market Review - The transportation index fell by 3.34% this week, underperforming the Shanghai and Shenzhen 300 index by 0.05 percentage points [10] - Notable stock performances include Jinjiang Online (+19.6%) and Sinotrans Limited (+16.8%) [15] - The industry valuation is currently at a relatively low level, with a PE (TTM) of 17.1 times [17] Industry High-Frequency Data Tracking - In the shipping sector, the BDTI index reported 896 points, a decrease of 3.9% week-on-week, while the BCI index for Capesize vessels increased by 37.0% [25][23] - The express delivery sector saw a year-on-year increase in volume, with a total of 3.972 billion packages collected in the week of November 4-10, 2024 [31] Investment Strategy - The shipping sector is recommended for attention, particularly companies like COSCO Shipping Energy and China Merchants Energy [41] - The logistics sector is highlighted for its favorable e-commerce express delivery landscape, with expectations of price increases during peak seasons [42] - The aviation sector is advised to focus on airlines like Spring Airlines and China Eastern Airlines, which are expected to benefit from the recovery of international flights [47]