交运周专题：客运量增长提速，油轮中东领涨

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [10] Core Insights - Domestic passenger traffic is accelerating, with a year-on-year increase of 10% in the seven-day moving average, primarily due to a low base from last year caused by severe weather [4][15] - International passenger traffic continues to grow significantly, with a year-on-year increase of 23% in the seven-day moving average [4][15] - The average load factor for domestic flights increased by 1.9 percentage points year-on-year, while international flights saw an increase of 1.2 percentage points [4][19] - Domestic ticket prices are under pressure but the decline has narrowed to 6.0% year-on-year, attributed to early travel demand ahead of the May Day holiday [4][19] - The report recommends A-share private airlines and the three major Hong Kong airlines due to strong recovery signals in demand and tightening supply [4] Summary by Sections Passenger Transport - Domestic passenger volume growth is accelerating, with a 10% year-on-year increase in the seven-day moving average as of April 25 [4][15] - International passenger volume continues to show high growth, with a 23% year-on-year increase in the same period [4][15] - Load factors for domestic flights increased by 1.9 percentage points year-on-year, while international flights saw a 1.2 percentage point increase [4][19] - Ticket prices for domestic flights are under pressure but the decline has narrowed to 6.0% year-on-year, influenced by early travel demand [4][19] Maritime Transport - The average VLCC-TCE rate increased by 15.1% to $51,000 per day, driven by tight available capacity in the Middle East [5][40] - The SCFI index for foreign trade container shipping fell by 1.7% to 1,348 points, with significant declines in the US-China shipping routes due to tariffs [5][40] - The PDCI index for domestic container shipping rose by 0.7% to 1,198 points, indicating stable market cargo volumes [5][40] Logistics - The volume of postal express deliveries reached 3.95 billion items, a year-on-year increase of 20.5% [6][50] - The national average price for bulk commodity road transport was 0.299 yuan per ton, a 2.4% increase week-on-week but a 1.6% decrease year-on-year [6][50] - The average daily traffic for coal transport in Ganqimaodu was 1,034 vehicles, with port inventory decreasing by 14.7 million tons [6][50]