交通运输行业周报（2024年11月18日-11月24日）：10月快递需求受益错期，内贸集运运价涨势不减

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [2] Core Views - The report highlights that the shipping industry is experiencing a tight supply due to limited new orders for oil tankers and an aging fleet, which is expected to sustain demand over the next three years [10] - The express delivery sector shows resilience with a significant year-on-year growth in business volume, driven by seasonal demand and strategic adjustments by leading companies [11] - The report emphasizes the importance of green upgrades in shipping, which is seen as a core driver of demand alongside the recovery of the shipping market [10] Summary by Sections Market Review - From November 18 to November 22, the Shanghai Composite Index decreased by 1.91%, while the transportation index fell by 1.17% [28] - The logistics sector showed a slight increase of 0.85%, while the express delivery sector saw a decline of 5.60% [28] Sub-industry Data Tracking Express Delivery - In October 2024, the express delivery industry achieved a business volume of 16.31 billion pieces, a year-on-year increase of 35.3% [32] - The average revenue per piece for major express companies showed a mixed trend, with some companies experiencing a decline in revenue per piece [37] Shipping - The report notes that the Baltic Dry Index (BDI) decreased by 13.89% to 1537 points, while the oil transportation index (BDTI) increased by 2.02% to 908 points [81] - The report indicates that the shipping market is expected to recover due to the ongoing green upgrade cycle and the tight supply of new vessels [10] Air Transportation - In October 2024, civil aviation transported approximately 64 million passengers, reflecting a year-on-year increase of 26.7% [65] - The cargo and mail transportation volume reached 809,000 tons, up 8.8% year-on-year [65] Road and Rail - In October 2024, road passenger volume reached 1.013 billion people, a year-on-year increase of 141.76%, while freight volume was 3.703 billion tons, up 4.25% [55]