交运周专题2024W46：内贸集运景气加速修复，航空单座收益同比翻正

Investment Rating - The report maintains a "Buy" rating for the transportation industry, indicating a positive outlook for investment opportunities [10]. Core Insights - The domestic shipping industry is experiencing a seasonal recovery, with the PDCI index rising by 9.2% to 1,320 points as of November 8, reflecting a cumulative increase of 44.1% since September 20 [5][59]. - The airline sector shows a significant recovery in capacity utilization, with domestic flight volumes reaching 104% and passenger volumes at 108% compared to the same period in 2019 [6][70]. - The logistics sector is witnessing improved freight flow growth, with express delivery volumes increasing by 15.8% year-on-year [8][48]. Summary by Sections Domestic Shipping - The domestic shipping market is benefiting from seasonal demand, with multiple factors contributing to the recovery, including a decrease in supply due to the scrapping of older vessels and strong demand for foreign trade chartering [5][59]. - The report recommends Zhonggu Logistics as a resilient leader in the domestic shipping sector, projecting earnings of 1.72 billion and 1.85 billion for 2024 and 2025, respectively, with a corresponding PE ratio of 11 and 10 [5][59]. Airline Sector - Domestic airlines have seen a recovery in flight and passenger numbers, with domestic load factors at 84.3%, up 1.5 percentage points from 2019 [6][75]. - The average domestic ticket price is reported at 546 yuan, which is 17% lower than in 2019, but has increased by 3.5% week-on-week [6][75]. - Key routes such as Beijing-Shanghai and Shanghai-Guangzhou have seen flight volumes recover to 114% and 126% of 2019 levels, respectively [6][84]. Logistics - The express delivery sector has shown robust growth, with a total of approximately 3.97 billion packages collected from November 4 to November 10, marking a 15.8% year-on-year increase [8][48]. - The national truck freight index has also improved, with a weekly average of 125, reflecting a 2.3% increase from the previous week [8][49]. - The report highlights three categories of assets to watch: quality growth stocks, cyclical demand stocks, and real estate infrastructure stocks [8][49].