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Investment Rating - The report maintains a positive outlook on the shipping and aviation sectors, recommending companies such as China Shipbuilding, China Heavy Industry, and China Southern Airlines [1][5][24]. Core Insights - New ship prices have rebounded, with the current new ship price index at 189.17, reflecting a slight increase, indicating resilience in ship prices [5][17]. - The shipping sector has undergone structural changes, with larger vessels like VLCC and Cape outperforming smaller ships, suggesting a shift in demand dynamics [5][6]. - The report highlights the potential for recovery in the aviation sector driven by supply-side improvements and increased international travel due to expanded visa-free policies [24]. Summary by Sections Shipping Sector - New ship prices have shown resilience, with the Dry Cargo index rising to 207.37 and the oil tanker index to 223.19, indicating a strong market for larger vessels [5][6]. - The report recommends focusing on companies with high VLCC and Cape ratios, such as COSCO Shipping Energy and China Merchants Energy [5][6]. - Recent shipping data shows a mixed performance, with VLCC rates increasing by 1% to $30,635 per day, while some rates have started to decline due to market adjustments [6][9]. Aviation Sector - The sale of wide-body aircraft by China Southern Airlines is expected to streamline operations and enhance competitive positioning in international routes [24]. - The expansion of visa-free travel for several countries is anticipated to boost international passenger traffic, benefiting airlines like Cathay Pacific and China Eastern Airlines [24]. - The report emphasizes a cyclical recovery in the aviation sector, recommending airlines that are well-positioned to capitalize on this trend [24]. Logistics and Express Delivery - The express delivery sector has shown robust growth, with a reported 24% increase in volume in October, driven by pre-holiday demand [21][22]. - Companies like SF Express and JD Logistics are highlighted for their potential to recover and grow as demand stabilizes [22]. - The report suggests that the overall logistics market remains resilient, with expectations for continued growth despite recent price pressures [22]. Rail and Road Transport - The report recommends major rail and road companies such as Daqin Railway and China Merchants Highway, noting a slight increase in rail freight volumes [25]. - The cumulative number of China-Europe freight trains has surpassed 100,000, indicating strong demand for rail logistics [25]. - The report highlights the importance of monitoring freight traffic trends as they can significantly impact logistics companies' performance [25].