交通运输行业报告：申通快递拟回购股份，过境免签政策放松利好航空

Investment Rating - The report maintains a "Buy" rating for Spring Airlines, 吉祥航空 (Jixiang Airlines), 华夏航空 (Huaxia Airlines), 中通快递 (ZTO Express), 顺丰控股 (SF Express), 圆通速递 (YTO Express), 申通快递 (Shentong Express), 京沪高铁 (Beijing-Shanghai High-Speed Railway), and 招商公路 (China Merchants Highway) [3][4][26]. Core Insights - The shipping sector shows a mixed performance with the SCFI composite index rising by 0.2% to 2390.17 points, while the BDI index fell by 5.8% to 990 points [3][44]. - The aviation sector benefits from China's relaxation of transit visa policies, which is expected to enhance international passenger flow. The supply constraints in the industry are anticipated to remain strong over the next three years, while demand is expected to improve as the economy recovers [3][17][71]. - The logistics sector is experiencing high growth in business volume, although unit prices have declined. Major companies are focusing on maintaining market share, indicating a moderate price competition that could benefit long-term industry health [3][21][48]. - The railway sector is set to enhance its capacity with the introduction of a new train operation schedule starting January 5, 2025, which will increase the number of scheduled passenger trains by 230 and freight trains by 91 [3][50][51]. Summary by Sections Shipping Sector - The SCFI composite index increased by 0.2% to 2390.17 points, while the BDI index decreased by 5.8% to 990 points [3][44][62]. - The oil shipping index (BDTI) rose by 0.4% to 925 points, while the dry bulk index (BDI) fell [3][16][62]. Aviation and Airports - The relaxation of transit visa policies is expected to boost international passenger traffic, with airlines reporting significant growth in capacity and passenger volume [3][17][45]. - The report recommends Spring Airlines for its strong profitability, 吉祥航空 for its growth potential, and 华夏航空 for its operational recovery [3][19][71]. Logistics - Major express companies reported high growth in business volume for November, with varying price changes across companies [3][21][48]. - 中通快递 is highlighted as a top pick, with 顺丰控股, 圆通速递, and 申通快递 also recommended [3][21][26]. Railway and Highway - The new train operation schedule will enhance the railway's passenger and freight transport capacity [3][50][51]. - The report suggests that highway companies may benefit from policy optimizations and extended operating periods for new and expanded road assets [3][52].