交通运输行业周报：美国大选落地短期或刺激集运出货，双十一快递业务量创历史新高

Investment Rating - The report rates the transportation industry as "Outperform the Market" [3] Core Insights - The outcome of the US election may temporarily stimulate shipping exports, while the traditional off-season in December is expected to maintain growth in the shipping market [21][22] - The express delivery business experienced a record high during the Double Eleven shopping festival, with cross-border e-commerce facilitating global sales [31][33] Summary by Sections 1. Industry Hot Events - The US election results are anticipated to create short-term fluctuations in the shipping market, with potential structural changes in the long term. There is an expectation of strong shipping demand due to tax increase forecasts, leading to a surge in exports from the end of this year into early next year [21][22] - Multiple domestic and international airlines are adjusting their routes to China, indicating significant potential in the Chinese aviation market. The recovery of international passenger flights to 80% of 2019 levels suggests ongoing growth opportunities [23][24] - The Double Eleven shopping festival saw express delivery companies handle 701 million packages on November 11, marking a 9.7% year-on-year increase and reflecting robust online consumer demand [31][32] 2. Industry High-Frequency Data Tracking - Air freight prices have shown an upward trend from early to mid-November, with the Shanghai outbound air freight price index at 5494.00 points, a 12.6% year-on-year increase [35] - The shipping market is experiencing a mixed trend, with the SCFI index reporting a decrease while dry bulk freight rates are rising. The SCFI index was at 2251.90 points, down 3.42% week-on-week but up 118.58% year-on-year [42] - The express delivery market continues to expand, with a 24% year-on-year increase in October's delivery volume and a 14.53% increase in revenue [35] 3. Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [21] - It highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [21] - The report also suggests looking into cruise and ferry investment opportunities, recommending Bohai Ferry and Strait Shipping [21] - For e-commerce and express delivery, it recommends Jitu Express and Yunda Express, while suggesting attention to Zhongtong Express and Shentong Express [21] - In the aviation sector, it recommends China National Aviation Holding, China Southern Airlines, Spring Airlines, and Huaxia Airlines [21]