交通运输行业报告：我国向日本等国开放免签，南航出售10架宽体机

Investment Rating - The industry investment rating is Neutral, maintained [7] Core Views - The shipping sector experienced a decline in the container shipping price index, while the oil shipping price index increased, and the dry bulk shipping price index saw a slight drop. The SCFI composite index reported 2160.08 points, down 4.1% week-on-week [23][49] - The aviation sector benefits from China's visa-free policy for several countries, which is expected to boost flight volumes and improve airline capacity utilization. The number of flights to Japan, a key destination, has recovered to 73.4% of 2019 levels [24][27] - The express logistics sector shows strong growth, with Zhongtong Express reporting a 15.9% year-on-year increase in package volume and a 17.6% increase in revenue for Q3 2024. The overall express delivery market remains competitive, with price adjustments expected to drive growth [30][31] - The railway and highway sectors are undergoing market-oriented reforms, with potential benefits for listed companies. The average remaining operating period for listed expressway companies is around 12 years, which could enhance their sustainable operating capabilities [33][35] Summary by Sections Shipping - The shipping price indices showed mixed results, with the SCFI down 4.1% and the BDTI up 2.0%. The BDI index fell by 13.9% [23][49][56] Aviation and Airports - The introduction of visa-free entry for several countries is expected to enhance inbound passenger flow, particularly benefiting airports and airlines. The aviation sector is projected to see improved profitability as demand recovers [24][28] Express Logistics - Zhongtong Express reported a net profit of 2.387 billion yuan for Q3 2024, a 2.0% increase year-on-year. The express delivery market is expected to maintain high growth rates, with a focus on improving service quality and reducing costs [30][31] Railway and Highway - Ongoing market reforms in the railway and highway sectors are anticipated to positively impact the performance of listed companies. The government is optimizing toll road policies, which could enhance the sustainability of highway operations [33][35] Investment Recommendations - Recommended companies include Spring Airlines, 吉祥航空 (Jixiang Airlines), 华夏航空 (Huaxia Airlines), Zhongtong Express, 顺丰控股 (SF Express), 圆通速递 (YTO Express), 申通快递 (Shentong Express), 京沪高铁 (Beijing-Shanghai High-Speed Railway), and 招商公路 (China Merchants Highway). Companies to watch include 东航物流 (China Eastern Logistics), 韵达股份 (Yunda Express), 中国外运 (China National Foreign Trade), 广深铁路 (Guangzhou-Shenzhen Railway), 安能物流 (Aneng Logistics), 德邦股份 (Debon Logistics), and 中国国航 (Air China) [12][36]