交通运输行业周报：极兔速递及京东物流2024年业绩改善显著

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [5] Core Views - The performance of Jitu Express and JD Logistics is expected to improve significantly in 2024 [4] - The shipping industry is facing potential sanctions against Iran, which may benefit VLCC compliance demand and freight rates [5] - The air transport sector is experiencing a long-term low growth in supply, while demand is expected to benefit from macroeconomic recovery [15] - The express delivery sector shows resilient demand, with terminal prices at historical low levels, limiting downward space [16] Industry Dynamics Tracking Shipping Vessels - The SCFI composite freight index decreased by 5.2% to 1436 points [5] - The BDTI index fell by 0.5% to 882 points, while the BCTI index dropped by 5.3% to 656 points [6] - The BDI index increased by 14.0% to 1263 points, indicating a rise in bulk shipping rates [6] Air Transport - Brunei has implemented visa-free entry for Chinese citizens, which is expected to stimulate international route demand [8] - The low-altitude economy has been highlighted in the government work report, indicating a focus on emerging industries [10] Express Logistics - Jitu Express reported a revenue of $10.26 billion in 2024, a year-on-year increase of 15.9% [11] - JD Logistics achieved a revenue of 182.84 billion yuan in 2024, a year-on-year increase of 9.7% [12] Supply Chain Logistics - The logistics sector is showing signs of recovery, with a significant increase in freight logistics activity [13] Sub-industry Data Tracking Express Logistics - In December 2024, the national express service business volume reached 17.8 billion pieces, a year-on-year increase of 34.3% [25] Road and Rail - In December 2024, road passenger volume was 987 million, a year-on-year increase of 155.32% [36] Air Transport - In January 2025, civil aviation completed a passenger transport volume of approximately 65 million, a year-on-year increase of 13.2% [38] Shipping Vessels - The Clarksons comprehensive freight rate was $23,843 per day, reflecting a 1.14% increase from the previous week [47]