交通运输行业周报：2024年航运市场各细分船型运力保持增长，10月全球航空货运需求同比增长9.8%

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [1] Core Insights - The shipping market is expected to see growth across various vessel types in 2024, with container ships projected to have the highest growth at 10% and oil tankers the lowest at 1%. Bulk carriers and gas carriers are expected to grow by 3% and 7% respectively, while car carriers are anticipated to grow by 8% [1][46] - Global air freight demand increased by 9.8% year-on-year in October, with China's civil aviation cargo volume reaching historically high levels this year. The International Air Transport Association reported a continuous growth trend for 15 months [1][48] - Significant progress has been made in reducing logistics costs in China, with the ratio of total social logistics costs to GDP steadily declining. The goal is to reduce this ratio to around 13.5% by 2027, down from 18% in 2012 [1][56] Summary by Sections 1. Industry Hotspot Events - The shipping market is projected to maintain growth in 2024, with varying growth rates across vessel types. Container ships are expected to lead with a 10% increase, while oil tankers will see only a 1% increase [1][46] - In October, global air freight demand grew by 9.8% year-on-year, marking a significant increase in China's civil aviation cargo volume [1][48] - The logistics cost reduction plan aims to lower the ratio of logistics costs to GDP to 13.5% by 2027, reflecting a decrease from 18% in 2012 [1][56] 2. Industry High-Frequency Data Tracking - Air freight prices have shown an upward trend from late November to early December, with the Shanghai outbound air freight price index at 5585.00 points, a 6.9% increase from the previous month [1][60] - The shipping price index has increased, while dry bulk freight rates have decreased. The Shanghai Containerized Freight Index (SCFI) reported a 1.01% increase week-on-week [1][72] - In October, express delivery volume increased by 24% year-on-year, with total express delivery revenue rising by 14.53% [1][90] 3. Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [1] - It highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [1] - The report also suggests looking into cruise and ferry investment opportunities, recommending Bohai Ferry and Straits Shares [1]