交通运输行业周报：春节假期出入境机票预订量同比去年增40%，11月快递业务量同比增长14.9%

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The new ship orders continue to rise, with China maintaining its position as the global leader in new ship orders, accounting for 71.0% of the global market share in November [1][50] - The volume of outbound and inbound flight ticket bookings for the Spring Festival is up 40% year-on-year, with the aviation industry expected to surpass $1 trillion in total revenue for the first time in 2025 [1][52] - In November, express delivery volume increased by 14.9% year-on-year, and the Chinese e-commerce logistics index reached a seven-year high [1][58] Summary by Sections New Ship Orders - The new ship market remains active, with a total of 45 orders signed. Major companies like Maersk have placed significant orders for container ships, with deliveries expected between 2028 and 2030 [1][50] - In November, Chinese shipyards completed 84 new ship orders totaling 7.19 million deadweight tons, maintaining a global market share of 71.0% [1][51] Aviation Industry - As of December 11, the average price of domestic flight tickets is approximately 820 yuan, up 8% year-on-year, while international flight tickets average around 2010 yuan, up 13% year-on-year [1][52] - The International Air Transport Association forecasts that the aviation industry will generate $1.007 trillion in revenue in 2025, marking a 4.4% increase from 2024 [1][53] Express Delivery and E-commerce Logistics - In November, the express delivery business volume reached 17.21 billion pieces, a 14.9% increase year-on-year, with express delivery revenue totaling 142.99 billion yuan, up 12.8% year-on-year [1][58] - The Chinese e-commerce logistics index for November reached 115.5 points, the highest in nearly seven years, driven by strong sales during promotional events [1][59] Industry Dynamics - The air freight prices have shown an upward trend from late November to early December, with stable capacity and increased demand [1][61] - The shipping market is experiencing fluctuations, with the Shanghai Containerized Freight Index (SCFI) rising by 5.67% week-on-week [1][69]