11月快递业务量同比增长14.9%，国货航拟上市

Investment Rating - The report maintains a "Buy" rating for the transportation industry [1] Core Insights - The transportation index remained stable with a 0.0% increase during the week of December 9-13, outperforming the Shanghai and Shenzhen 300 index, which fell by 1.0% [1] - The public transport sector saw the highest increase at +6.4%, while the railway sector experienced the largest decline at -1.3% [1] - In the express delivery sector, the business volume grew by 14.9% year-on-year in November, but the revenue per ticket decreased by 8.7% [2] - The logistics sector is expected to see an increase in market share for leading companies due to stable demand and limited supply in the hazardous chemicals water transport industry [2] - The aviation sector is witnessing a recovery in flight operations, with daily flights reaching 102% of 2019 levels, and an IPO from a major airline is anticipated to enhance its operational capabilities [2] - The shipping sector shows a positive trend with the container shipping index (CCFI) increasing by 1.4% week-on-week and 69.5% year-on-year, indicating strong demand [2] - The road and railway cargo flow index increased by 3.82% year-on-year, reflecting a recovery in domestic demand [2] Summary by Sections 1. Transportation Sector Performance - The transportation index increased by 0.0%, outperforming the broader market by 1.0% [1] - Public transport had the highest weekly gain at +6.4%, while the railway sector saw a decline of -1.3% [1] 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The CCFI index reached 1486.06 points, up 1.4% week-on-week and 69.5% year-on-year [2] - The SCFI index for Shanghai's export container prices increased to 2384.4 points, reflecting a 5.7% week-on-week rise and a 140.1% year-on-year increase [2] - Domestic container shipping index (PDCI) was at 1442 points, down 1.7% week-on-week but up 18.1% year-on-year [79] 2.2 Aviation and Airports - Domestic passenger traffic in October reached 57.49 million, approximately 115% of 2019 levels, while international traffic was at 6.6 million, about 97% of 2019 levels [97] 2.3 Railways and Roads - The national road freight vehicle flow index increased by 3.82% year-on-year, indicating a positive trend in domestic logistics [2] 2.4 Express Delivery - The express delivery business volume for November was 17.21 billion pieces, with a revenue of 142.99 billion yuan, marking a 12.8% year-on-year increase [2]