交通运输行业周报：春运数据创新高，Deepseek赋能物流

Investment Rating - The report recommends a positive investment rating for the aviation sector, suggesting potential growth in profitability due to improved demand and pricing dynamics 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 anticipated to see a recovery in international passenger traffic, with a focus on the impact of duty-free agreements and luxury brand entries [5]. - The cross-border logistics segment is projected to grow due to the rise of cross-border e-commerce, with domestic brands expanding their global presence [6]. - The express delivery sector is experiencing growth driven by e-commerce, with major players enhancing their competitive advantages [6]. - The report highlights the recovery rates of domestic and international air traffic compared to 2019 levels, indicating a strong rebound in the aviation market [21][26]. Summary by Sections Aviation and Airports - The report notes that major airlines in China have seen significant recovery in domestic and international capacity, with domestic ASK recovery rates reaching over 132% for some carriers [21]. - International flight recovery rates vary, with some routes showing over 200% recovery compared to 2019 [26]. - Airports are expected to benefit from a resurgence in international travel and improved economic conditions, with specific attention to duty-free agreements [5][29]. Shipping and Ports - The report indicates a decline in shipping rates, with the SCFI and CCFI indices showing significant year-on-year decreases [34]. - The shipping sector is facing challenges, but there are ongoing developments in port infrastructure aimed at enhancing capacity and efficiency [79]. Road and Rail - The report highlights a growth in railway passenger and freight volumes, with significant year-on-year increases in both categories [53][62]. - Road transport also shows positive trends, with passenger and freight volumes increasing compared to previous years [62]. Express Logistics - The express delivery sector reported revenues of 137.89 billion yuan in December 2024, marking a 13.60% increase year-on-year, with a notable rise in business volume [68]. - The average delivery price has decreased, indicating competitive pressures in the market [68].