交通运输行业周报：10月至11月快递件量增速约19%，集运再度推涨运价

Investment Rating - The transportation industry is rated as "Outperform the Market" [2][5][4] Core Views - The express delivery sector saw a year-on-year growth rate of approximately 19% in package volume from October to November, with a seasonal price adjustment expected post Double Eleven [2][4] - The shipping sector is facing pressure due to structural demand factors, but there is potential for marginal improvement in oil transportation demand, particularly if OPEC increases production or global oil inventory rebuilding occurs [2][31] - The airline industry is experiencing a recovery in passenger volume, with domestic flights showing a year-on-year increase of 13.1% and overall passenger volume up by 18.6% for the first ten months of 2024 [2][50][53] Summary by Sections Shipping Sector - Oil shipping remains under pressure, with VLCCs facing challenges due to aging fleets and structural demand issues. However, a potential recovery in demand could lead to improved performance for leading oil shipping companies like COSCO Shipping Energy [2][31][32] - The container shipping market is experiencing mixed performance, with significant price increases on US routes but weaker conditions on European routes. The overall supply of shipping capacity is expected to grow rapidly, limiting mid-term price increases [2][37] Airline Sector - The overall and domestic flight volumes have decreased slightly compared to the previous week, but remain above 2019 levels. The international flight volume has seen a minor increase [2][49][50] - The domestic airline capacity is expected to grow at a low single-digit rate in 2024, with a total of 150 new aircraft expected to be introduced [2][53] Express Delivery Sector - The express delivery industry is experiencing a seasonal price adjustment following the Double Eleven shopping festival, with a stable profit outlook for major players in the fourth quarter [2][4] - Leading express delivery companies are recommended due to their low valuations and strong cost optimization capabilities [2][4] Logistics Sector - The logistics sector is expected to see growth opportunities for quality logistics companies, particularly those with strong operational integration and cost management strategies [2][4]