2024Q4交运行业基金重仓分析：航空持仓大幅提升，航运及船舶板块持仓下降，继续推荐油轮

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the transportation sector [20]. Core Insights - The report highlights a significant increase in airline holdings, while shipping and shipbuilding sector holdings have decreased. The total market value of transportation industry funds reached 28.4 billion yuan, a decrease of 18% quarter-on-quarter [3][4]. - The report notes that the transportation sector's fund holdings account for 2.06% of all fund heavy holdings, down 0.11 percentage points from the previous quarter [3][4]. - The report emphasizes the strong performance of the airline transportation, express delivery, raw material supply chain services, and highway sectors, which have seen increased proportions in fund holdings [10]. Summary by Sections 1. Changes in Fund Holdings in the Transportation Industry - The total market value of transportation industry funds reached 28.4 billion yuan, down 18% quarter-on-quarter, ranking 14th among 31 industries [4]. - The market value of the transportation industry accounts for 3.38% of the total A-share market value, with an underweight of 1.32% [4][10]. 2. Changes in Fund Holdings by Sub-sectors - The proportion of airline transportation, express delivery, raw material supply chain services, and highway sectors has increased, now accounting for 42%, 22%, 5%, and 7% respectively, with significant quarter-on-quarter increases [10]. - The market values for these sectors are 11.9 billion, 6.3 billion, 2.9 billion, and 2.4 billion yuan respectively, with varying changes in holdings [10]. 3. Top Ten Heavy Holdings in the Transportation Industry - The top ten heavy holdings in the transportation industry include SF Holding, Juneyao Airlines, Spring Airlines, Air China, China Southern Airlines, Huaxia Airlines, YTO Express, Guangzhou-Shenzhen Railway, Jianfa Co., and COSCO Shipping Holdings [16]. - New additions to the top ten holdings include Huaxia Airlines, Jianfa Co., and COSCO Shipping Holdings, with significant growth rates for SF Holding, Huaxia Airlines, and Jianfa Co. [16]. 4. Recommendations for Oil Tankers - The report suggests continued recommendations for COSCO Shipping Energy, China Merchants Energy Shipping, China Merchants South Oil, and Xingtong Co. due to improved operational efficiency and demand recovery post-holiday [3][20].