交通运输行业周报：2025年春运数据亮眼，强化物流枢纽建设

Investment Rating - The report recommends a "Buy" rating for the aviation sector, highlighting potential growth in demand and profitability for airlines in 2025 [5][7]. Core Insights - The aviation sector is expected to benefit from increased international flight schedules and domestic demand recovery due to policy support, leading to improved pricing and profitability for airlines [5]. - The airport sector is anticipated to see a recovery in international passenger traffic, with a focus on the impact of duty-free agreement renegotiations and the entry of luxury brands [5]. - The cross-border logistics segment is positioned to gain from the growth 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 enhancing competitive advantages [6]. Summary by Sections Aviation and Airports - Airlines are projected to see a recovery in capacity, with domestic ASK (Available Seat Kilometers) recovery rates for major airlines exceeding 100% compared to 2019 levels [21]. - The report recommends specific airlines such as China National Aviation (601111.SH), Southern Airlines (600029.SH), and others for investment [7]. Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) and CCFI (China Containerized Freight Index) show a decline in freight rates, indicating a challenging environment for shipping companies [31]. - The report notes the initiation of coastal port channel mapping to enhance maritime safety and support economic development [77]. Road and Rail - Rail passenger volume increased by 11.54% year-on-year, while freight volume also saw significant growth, indicating a robust recovery in rail transport [50]. - Road transport also showed positive growth, with passenger and freight volumes increasing by 2.05% and 3.20% respectively [59]. Express Logistics - The express delivery industry achieved revenues of 137.89 billion yuan in December 2024, a year-on-year increase of 13.6%, with business volume rising by 22.3% [65].