交运周专题2024W48：内贸集运维持高位，公路货运增速改善

Industry Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [9] Core Views - Domestic container shipping remains at high levels, while international container shipping price increases have been realized [2][5] - Road freight traffic growth has improved, but air freight performance during the peak season has been lackluster [2][7] - The logistics sector shows signs of recovery, with express delivery volume growing significantly [7] Sector Breakdown Air Transportation - Domestic flight volume has recovered to 104% of 2019 levels, with passenger volume at 109% of 2019 levels [5][19] - International flight volume is at 88% of 2019 levels, with passenger volume at 97% [5][19] - Domestic load factor is 85.7%, 1.5 percentage points higher than 2019 levels [5][25] - Domestic airfares have decreased by 16.2% compared to 2019 levels [5][25] Shipping - VLCC-TCE rates dropped 23.9% to $23k/day due to increased vessel availability [6] - SCFI index for international container shipping rose 3.4% to 2,233 points [6] - Domestic container shipping PDCI index remained high at 1,439 points, down only 0.1% [6] - BDI index fell 11.9% to 1,354 due to weak Pacific cargo demand [6] Logistics - Express delivery volume reached 3.82 billion parcels, up 33.6% year-on-year [7] - National truck freight flow index remained flat at 120, with a 0.8% year-on-year increase [7] - Air freight prices showed mixed performance, with Hong Kong up 1.6% and Pudong down 2.1% [7] - Ganqimaodu coal transport volume decreased to 1,176 vehicles/day, with short-haul rates at 105 yuan/ton [7] Investment Opportunities - Direct logistics companies like SF Express and Deppon are recommended for their strong profitability [7] - Companies benefiting from overseas expansion, such as J&T Express and Jiaoyou International, are highlighted [7] - E-commerce logistics companies like ZTO, YTO, and STO are seen as growth opportunities [7]