交通运输行业周报：顺丰拟11月27日香港二次上市

Investment Rating - The report maintains a "Buy" rating for the transportation industry, specifically highlighting companies such as Spring Airlines, Juneyao Airlines, Air China, Southern Airlines, and China Eastern Airlines as part of the recommended portfolio [3][8]. Core Insights - SF Express plans to conduct a secondary listing in Hong Kong on November 27, 2024, with a global offering of 170 million H shares, aiming to raise approximately HKD 58.31 billion [8][9]. - The report indicates a positive trend in the express delivery sector, with a year-on-year increase in business volume and revenue, reflecting a robust recovery in logistics and transportation services [21][24]. Summary by Sections Weekly Focus (11.17-11.23) - SF Express is set to launch a secondary listing in Hong Kong, with a price range of HKD 32.3-36.3 per share, and the offering is expected to enhance its international logistics capabilities [8][9]. Industry Data Tracking (11.17-11.23) - Domestic flight volume reached 86,137 flights, averaging 12,305 flights per day, which is a 0.88% increase from the previous week and 105.43% of the same period in 2019 [10][11]. - The average ticket price for domestic flights increased by 2.96% compared to the previous week, while the passenger load factor was reported at 80.85% [10][11]. Express Delivery Data - The average daily collection volume for express delivery was approximately 580 million pieces, with a week-on-week increase of 2.19% [21]. - Year-to-date, the average daily collection volume is about 458 million pieces, reflecting a year-on-year increase of 26.71% [21][24]. Key Company Performance - SF Express reported a total revenue of CNY 240.96 billion, with a year-on-year growth of 16.2%, and a business volume of 1.207 billion pieces, marking a 26.9% increase [36][37]. - The report highlights the performance of major express companies, with YTO Express, Yunda Express, and Shentong Express also showing significant revenue growth [36][37].