Workflow
交通运输行业周报：60万人参观、2800亿签约，珠海航展圆满闭幕
Haitong Securities·2024-11-19 08:05

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The transportation sector has shown resilience, with the transportation index declining by 3.3% during the week of November 11-15, 2024, while the Shanghai Composite Index fell by 3.5% [33] - The report highlights a mixed performance across sub-sectors, with public transport (+2.2%) and warehousing logistics (+1.6%) showing gains, while air transport (-9.5%) and express delivery (-4.5%) faced significant declines [33][41] Summary by Sections Market Review - During the week of November 11-15, 2024, the transportation index decreased by 3.3%, outperforming the Shanghai Composite Index which fell by 3.5% [33] - Sub-sector performance included: public transport (+2.2%), warehousing logistics (+1.6%), railway transport (-0.5%), highways (-0.5%), ports (-1.0%), cross-border logistics (-2.4%), shipping (-3.1%), express delivery (-4.5%), road freight (-6.8%), and air transport (-9.5%) [33] Shipping Observations - As of November 15, 2024, the BDI index was at 1785 points, up 19.4% from the previous week, while the SCFI index was at 2251.9 points, down 3.4% [41][42] - The oil transportation sector showed a BDTI index of 890 points, down 2.5% week-on-week, while the BCTI index increased by 2.4% to 477 points [41][42] Investment Strategy - The report suggests focusing on the aviation sector due to expected demand recovery in international travel and stable growth in domestic travel during peak seasons [7] - For the express delivery sector, it notes a decline in single ticket revenue for major companies, indicating potential challenges ahead [7] - The shipping sector is expected to benefit from a tightening supply-demand balance, particularly in oil transportation, which presents investment opportunities [7] Investment Recommendations - Recommended stocks include Spring Airlines, Hainan Airlines, and Juneyao Airlines, with additional attention on SF Express, Air China, YTO Express, and Yunda Holdings [8][55]