交通运输行业周报：2024年铁路投资创新高，最旺春运正式开启

Investment Rating - The report recommends a "Buy" rating for the aviation sector, highlighting potential growth in demand and profitability for airlines and airports in 2025 [5][7]. Core Insights - The aviation sector is expected to benefit from an increase in international flights and domestic travel demand, supported by government policies aimed at boosting consumption [5]. - The airport sector is seeing a recovery in international passenger traffic, with optimism regarding duty-free agreements and the entry of luxury brands [5]. - The cross-border logistics segment is poised for growth due to the rise of cross-border e-commerce, with domestic manufacturers expanding their global reach [6]. - The express delivery sector is experiencing growth driven by e-commerce, with major players focusing on differentiation and market share expansion [6]. Summary by Sections 1. Industry Investment Rating - The report provides a "Buy" recommendation for key companies in the aviation and logistics sectors, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and Huamao Logistics (603128.SH) [7]. 2. Aviation and Airports - Domestic ASK (Available Seat Kilometers) recovery rates for major airlines in December 2024 reached 132.45% for China National Airlines, indicating strong recovery compared to 2019 [22]. - International ASK recovery rates varied, with some airlines like Spring Airlines achieving a recovery rate of 207.59% [22]. - Major airports also showed recovery in passenger throughput, with Baiyun Airport reaching a recovery rate of 104.72% for domestic passengers [30]. 3. Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a decrease of 6.98% week-on-week, while the CCFI (China Containerized Freight Index) showed a year-on-year increase of 20.99% [35]. - China's shipbuilding industry maintained its global leadership, with a market share of 55.7% in completed shipbuilding [85]. 4. Road and Rail - Railway passenger volume in December 2024 increased by 11.54% year-on-year, with freight volume also showing significant growth [58]. - Road passenger volume reached 9.58 billion people, reflecting a year-on-year increase of 2.05% [65]. 5. Express Delivery - The express delivery industry achieved revenues of 160.19 billion yuan in December 2024, a year-on-year increase of 13.3% [73]. - The average delivery price per package was 8.85 yuan, down 1.36% from the previous year [73].