交通运输行业周报：国货航拟深交所上市

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [3][98] Core Views - The shipping sector is experiencing a tight supply due to limited new orders for oil tankers and an aging fleet, which is expected to benefit from increased non-OPEC production and demand over the next three years [12] - The express delivery sector shows resilient demand, with terminal prices at historically low levels, indicating limited downside potential [13] - The aviation sector is expected to benefit from macroeconomic recovery, leading to improved supply-demand dynamics and ticket price increases [17] Summary by Sections 1. Industry Dynamics Tracking - CMA CGM is in talks to build up to 30 dual-fuel 6000TEU container ships, expected to be delivered by 2030 [1] - The Shanghai Export Container Freight Index rose by 5.7% to 2384, with significant increases in rates to the US West and East coasts [1] - The BCTI index for refined oil shipping increased by 12.0% to 675, while the BDI index fell by 7.2% to 1121 [4][12] 2. Express Logistics - In November, the express delivery industry handled 17.21 billion packages, a year-on-year increase of 26.1%, with revenue reaching 142.99 billion yuan, up 15.2% [10][34] - Major express companies like SF Express and Yunda reported significant year-on-year growth in package volume, although single-package revenue declined [42] 3. Aviation and Airports - China International Cargo Airlines plans to issue new shares on the Shenzhen Stock Exchange, aiming to raise 3.5 billion yuan for various projects [11] - The aviation cargo price index increased by 5.3% to 2581.00, while passenger transport volume rose by 26.7% year-on-year [71][74] 4. Shipping - The BDTI index for crude oil shipping decreased by 1.59% to 929, while the CCFI index rose by 1.43% to 1486.06 [85][89] - The shipping sector is entering a green renewal cycle, with demand driven by shipping market recovery and environmental regulations [12]