SINOLINK SECURITIES·2025-04-07 00:25Investment Rating - The report recommends "Buy" for SF Holding and Xingtong Co., Ltd. due to their strong performance and market positioning [1][2]. Core Insights - The express delivery sector shows significant growth with a year-on-year increase of 19.6% in collection volume and 21.3% in delivery volume [1]. - The shipping industry faces challenges due to increased tariffs from the U.S., which may impact freight rates and demand in the long term [4]. - The aviation sector benefits from a drop in Brent crude oil prices, which enhances airline profitability, alongside a notable increase in passenger volume during the Qingming holiday [3]. Summary by Sections Express Delivery - The total collection volume for postal express reached approximately 3.824 billion pieces, with a month-on-month increase of 3.86% and a year-on-year increase of 19.6% [1]. - SF Holding reported a revenue of 284.4 billion yuan for 2024, a 10% increase year-on-year, with a net profit of 10.2 billion yuan, up 23.5% [1]. - The report recommends SF Holding based on valuation, operational resilience, and shareholder returns [1]. Logistics - The domestic shipping price for liquid chemicals decreased by 8.5% year-on-year, while the China Chemical Products Price Index (CCPI) fell by 7.8% [2]. - Xingtong Co., Ltd. is recommended due to its strong market position and benefits from the recovery in consumer electronics demand [2]. Aviation - The average daily flight volume increased by 4.53% year-on-year, with domestic flights up by 2.21% and international flights up by 20.71% [3]. - The passenger volume on April 4, 2025, was 1.789 million, an increase of 8.6% compared to the same day in 2024 [3]. - The report recommends China National Aviation and Southern Airlines due to expected profit growth from optimized supply and demand dynamics [3]. Shipping - The external trade container freight index (CCFI) was 1102.71 points, down 0.8% month-on-month and 7.4% year-on-year [4]. - The report highlights the potential long-term impact of U.S. tariffs on inflation and demand, leading to a downward adjustment in freight rates [4]. Road and Rail - The total truck traffic on national highways reached 54.681 million vehicles, with a month-on-month increase of 0.09% and a year-on-year increase of 1.62% [5]. - The report notes that the dividend yield of major road operators exceeds the yield of China's ten-year government bonds, indicating good investment value [5].