交通运输行业周报：极兔速递2024年首次扭亏为盈，两会提及低空立体交通和低空安全管理改革

Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Views - The delivery of the world's largest specialized pulp transport ship by COSCO Shipping Special Transportation is a significant event, enhancing the company's capabilities in specialized cargo transport [2][14] - The Chinese government emphasizes the need for reforms in low-altitude traffic management and safety systems, which could open new opportunities in the low-altitude economy [2][17] - Jitu Express achieved profitability for the first time in 2024, with a total revenue of $10.26 billion and a package volume of 24.65 billion, indicating strong growth in the express logistics sector [2][22] Summary by Sections 1. Industry Hot Events - The world's largest specialized pulp transport ship, CSPC HORIZON, was delivered, enhancing the capacity for transporting various goods, including high-speed trains and renewable energy equipment [2][15] - The Chinese Spring Festival travel period saw Eastern Airlines transport 17.44 million passengers, a year-on-year increase of 8.9$10.26 billion, marking a 15.9% year-on-year increase [2][23] 2. Industry High-Frequency Data Tracking - Air cargo flights in February 2025 showed a year-on-year increase of 17.34% for domestic routes and 41.04% for international routes, reflecting a robust recovery in air freight [25][29] - The shipping industry experienced a decline in container shipping rates, with the SCFI index dropping to 1436.30 points, a 27.43% year-on-year decrease [25][32] - The express delivery sector saw a 22.3% year-on-year increase in business volume in December 2024, with total revenue reaching 1378.90 billion yuan [43][44] 3. Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Special Transportation and China Merchants Energy [4] - It highlights investment opportunities in the low-altitude economy, suggesting companies like CITIC Offshore Helicopter [4] - The report recommends investing in express delivery companies such as SF Express and Jitu Express, indicating strong growth potential in the e-commerce logistics sector [4]