交通运输周报：大连长海跨海大桥2025年开建

Investment Rating - The report maintains a "Hold" rating for the transportation sector, indicating that the total return over the next 12-18 months is expected to be in line with the relevant broad market benchmark [11][13]. Core Insights - The transportation index fell by 2.3% from December 16 to December 20, 2024, while the SHCOMP index decreased by 0.7% during the same period [3][56]. - Subsector performance showed significant variation, with highways increasing by 1.0%, while air transport and public transport decreased by 4.8% and 6.7%, respectively [3][56]. - The SCFI index was reported at 2390.17 points, reflecting a 0.2% increase from the previous week, while the BDI decreased by 5.8% [4][61]. Summary by Sections Market Review - The overall market saw a decline, with the transportation sector underperforming the broader market [3][56]. - Specific subsectors such as express delivery and warehousing logistics experienced notable declines of 2.7% and 5.6%, respectively [3][56]. Shipping Data - The SCFI index increased slightly, while the BDI and BCTI showed declines, indicating mixed signals in shipping demand and pricing [4][61]. Investment Strategy - In express delivery, companies like S.F. Holding and Yunda Holding showed year-over-year declines in average selling price (ASP) but month-over-month increases, suggesting potential recovery [5][63]. - The report highlights investment opportunities in the aviation sector, particularly for airlines like Spring Airlines and Hainan Airlines, due to expected demand recovery [57][58]. - The highway sector is noted for its defensive attributes, making it an attractive investment in the current economic climate [58]. Sector Observations - The report emphasizes the importance of monitoring oil transportation prices and the overall shipping market dynamics, which are expected to influence profitability in the coming year [61][63].