交通运输行业报告：国货航近期有望上市，快递单量11月增速14.9%

Investment Rating - The industry investment rating is Neutral, maintained [6] Core Insights - The shipping sector saw a week-on-week increase in the container shipping price index, while the oil shipping price index showed mixed trends, and the dry bulk shipping price index declined [19] - The aviation sector experienced the best historical performance in passenger load factor in November, with strong supply constraints expected over the next three years, leading to improved profitability as economic recovery progresses [20] - The airport sector benefits from the gradual relaxation of entry visa policies, which is expected to boost inbound passenger traffic in the long term [22] - The express logistics sector reported a significant increase in business volume and revenue, with November express business volume reaching 17.21 billion pieces, a year-on-year growth of 14.9% [23] - The railway and highway sectors are undergoing market-oriented reforms, which are anticipated to enhance the performance of listed companies in the long run [25][27] Summary by Sections Shipping - The SCFI composite index reported 2384.40 points, up 5.7% week-on-week, while the BDI index fell to 1051 points, down 9.9% [41][47] - The oil shipping index BDTI reported 921 points, down 2.3% [45] Aviation - The aviation sector's passenger load factor in November was at its historical best, with supply constraints expected to remain strong for the next three years [20][49] - The three major airlines are projected to increase their fleets by a total of 107 aircraft in 2024, with a growth rate of 4.1% [55] Airports - The easing of entry visa policies is expected to positively impact airport traffic in the long term, although short-term stock price movements may follow consumer trends [22] Express Logistics - The express logistics sector's business volume reached 17.21 billion pieces in November, with a revenue of 142.99 billion yuan, reflecting a year-on-year growth of 12.8% [23] - The leading companies are expected to maintain their market share amid moderate price competition [23] Rail and Highway - The ongoing market-oriented reforms in the railway and highway sectors are expected to benefit listed companies' performance [25][27]