交通运输行业周报：中办、国办印发《有效降低全社会物流成本行动方案》

Investment Rating - The report maintains an "Overweight" rating for the transportation and warehousing sector [5]. Core Insights - The Central Committee and State Council issued a plan to effectively reduce logistics costs across society, emphasizing the need for infrastructure modernization and digital transformation in logistics [1][2]. - The plan sets a target to reduce the ratio of total social logistics costs to GDP to around 13.5% by 2027, with specific goals for railway freight volume and operational efficiency [2]. - The report highlights the potential for valuation recovery in quality listed companies within the road, railway, port, and bulk supply chain sectors due to their robust profitability and cash flow [2]. Summary by Sections Market Performance - Over the past five trading days, the A-share market showed an upward trend, with the transportation sector index rising by 1.2%, ranking 22nd among all sectors [3][13]. - The logistics sector led gains with a 4.10% increase, followed by railways at 3.05% and roads at 2.44% [3][14]. Industry Fundamentals - The report tracks key metrics such as the BDTI index for oil shipping, which was at 893 points, reflecting a 2.3% decrease week-on-week [21]. - The SCFI index for container shipping averaged 2233.83 points, with European freight rates increasing by 22.5% [34]. - In October 2024, domestic air travel in China saw a 10.5% year-on-year increase, indicating a recovery in aviation demand [57]. Investment Recommendations - The report suggests focusing on state-owned enterprises in the transportation sector, particularly in road (e.g., Shen High-Speed), railway (e.g., Daqin Railway), and port (e.g., Shanghai Port Group) industries [4]. - It also recommends monitoring companies in the oil and container shipping sectors due to favorable geopolitical conditions and expected demand recovery in air transport [4].