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交通运输行业周报：京东物流拟全资控股跨越速运
Hua Yuan Zheng Quan·2024-12-09 01:46

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [1] Core Views - The report highlights the potential for significant growth in the low-altitude economy, with the Civil Aviation Administration of China predicting a market size of 1.5 trillion by 2025 and 3.5 trillion by 2035 [4] - The report indicates a resilient demand for express delivery services, with major players like SF Express and JD Logistics expected to benefit from cyclical recovery and cost reduction efforts [5] - The shipping sector is experiencing tight supply due to limited new orders for oil tankers and an aging fleet, which is expected to sustain the industry's favorable outlook over the next three years [5] - The report emphasizes the importance of green upgrades in shipping, with a new cycle of vessel modernization beginning, driven by environmental regulations [5] - The air transport sector is projected to see improved performance due to low long-term supply growth and macroeconomic recovery, which will enhance ticket prices and overall profitability [6] Summary by Sections 1. Market Review - The transportation sector index increased by 3.33% this week, outperforming the Shanghai Composite Index, which rose by 2.33% [22] 2. Sub-industry Data Tracking 2.1 Express Logistics - In October 2024, the total business volume of express delivery services reached 16.31 billion pieces, a year-on-year increase of 35.3%, with revenue of 125.79 billion, up 14.5% [25][32] 2.2 Road and Rail - In October 2024, road passenger volume was 1.013 billion people, up 141.76% year-on-year, while freight volume was 3.703 billion tons, up 4.25% [51] 2.3 Air Transport - In October 2024, civil aviation transported approximately 64 million passengers, a year-on-year increase of 26.7%, and cargo volume reached 809,000 tons, up 8.8% [61] 2.4 Shipping - The report notes that the crude oil transportation index (BDTI) increased by 5.71% to 944 points, while the refined oil transportation index (BCTI) decreased by 12.26% to 601 points [76]