交通运输行业周报：交通运输部加快《快递暂行条例》立法进程

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [15]. Core Insights - The establishment of the National Development and Reform Commission's Low Altitude Economy Department aims to promote orderly development in the low-altitude economy [3]. - The transportation sector is expected to reduce overall logistics costs by approximately 300 billion yuan by 2025 [2]. - The shipping industry is anticipated to experience sustained growth over the next three years due to limited new orders for oil tankers and an aging fleet, alongside increased demand from non-OPEC production [4]. - The express delivery sector shows resilient demand, with terminal prices at historically low levels, suggesting limited downside potential [5]. - The aviation industry is expected to benefit from macroeconomic recovery, leading to improved ticket prices and significant earnings elasticity [6]. Market Review - The transportation index increased by 1.22% this week, with a year-to-date increase of 19.89% [13]. - The logistics sector saw a decline of 1.82% this week, but has a year-to-date increase of 10.26% [13]. - The express delivery sector index rose by 1.59% this week, with an 8.78% increase year-to-date [13]. Sub-industry Data Tracking Express Logistics - In November 2024, the total express delivery volume reached 17.21 billion pieces, a year-on-year increase of 26.1% [14]. - Major express companies like SF Express and Yunda have shown significant growth in business volume, with SF Express achieving a volume of 1.277 billion pieces, up 8.68% year-on-year [60]. Road and Rail - In November 2024, road passenger volume was 985 million people, a year-on-year increase of 146.48%, while freight volume was 3.742 billion tons, up 3.73% [41]. - Rail passenger volume reached 304 million people, increasing by 8.76% year-on-year, with freight volume at 45.5 million tons, up 6.39% [41]. Aviation - The overall passenger load factor for the three major airlines was 82.73%, a decrease of 1.65 percentage points from October [72]. - In November 2024, civil aviation transported approximately 56 million passengers, a year-on-year increase of 15.2% [42]. Shipping - The oil transportation index (BDTI) was reported at 928 points, a week-on-week increase of 0.69%, while the BDI index was at 956 points, down 6.65% [78].