运输行业交运周专题2024W47：南航拟出售10架787-8，中通策略回归份额提升

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [9] Core Insights - The transportation industry is experiencing stable volume with a month-on-month increase in freight rates [2] - Domestic flight volume has recovered to 106% of the same period in 2019, while international flight volume is at 88% [5][18] - The logistics sector is seeing a return to strategy for Zhongtong, with improved coal transport volume from Mongolia [7] Summary by Sections Travel Chain: Stable Volume and Month-on-Month Rate Increase - As of November 22, the seven-day moving average for domestic flight volume is at 106% of the same period in 2019, and passenger volume is at 109% [5][18] - International flight volume has recovered to 88% and passenger volume to 96% compared to 2019 [5][18] - Domestic passenger load factor is 85.3%, slightly up by 0.7 percentage points compared to 2019, but down 1.6 percentage points week-on-week [5][24] Maritime Transport: Continued Rise in Domestic Shipping - The average VLCC-TCE rate increased by 1.4% to $31,000 per day, with shipowners optimistic about market recovery [6] - The SCFI index for foreign trade shipping dropped by 4.1% to 2,160 points, but a seasonal demand peak is expected in December [6] - The PDCI index for domestic shipping rose by 9.2% to 1,441 points, marking a 57.3% increase since September [6] Logistics: Zhongtong's Strategy Return and Improved Coal Transport Volume - From November 11 to 17, the total express delivery volume reached approximately 4.06 billion pieces, a year-on-year increase of 29.4% [7] - The national truck freight index showed a week-on-week decline of 4.6% [7] - Daily average transport volume for coal from Ganjimao reached 1,218 vehicles, up by 119 vehicles week-on-week [7]