交通运输产业行业周报：五一假期出行需求旺盛，国际油价继续保持低位

Investment Rating - The report recommends investment in the transportation sector, particularly in companies like SF Holding, China National Aviation, and Southern Airlines due to their strong performance and growth potential [2][4]. Core Views - The transportation sector is expected to see revenue growth in 2024 and Q1 2025, with projected revenues of CNY 35,549 billion in 2024, a year-on-year increase of 2.0%, and a net profit of CNY 1,920 billion, up 13.8% [2]. - The express delivery sector showed significant growth, with a 20.3% year-on-year increase in business volume in March 2025, although single ticket revenue decreased by 8.2% [2]. - The logistics sector is under pressure from domestic shipping prices, but companies like Haichen Co. are recommended for their focus on smart logistics and improving demand in consumer electronics [3]. - The aviation sector benefits from low international oil prices and strong travel demand during holidays, with daily passenger volumes increasing by 14% year-on-year [4]. - The shipping sector is experiencing mixed signals, with the BDI index showing a 3.5% increase week-on-week, but overall shipping rates remain under pressure [5]. Summary by Sections Transportation Market Review - The transportation index fell by 1.3% from April 27 to April 30, underperforming the Shanghai Composite Index by 0.8% [1][13]. Industry Fundamentals Tracking Shipping and Ports - The external shipping market is slightly under pressure, with the CCFI index at 1,122.4 points, a 1.0% increase week-on-week but a 6.0% decrease year-on-year [21]. - The oil shipping market remains strong, with limited supply growth expected in the next year [21]. Aviation and Airports - Domestic air travel is recovering, with March 2025 passenger volumes reaching 52.6 million, a 2% increase year-on-year [57]. - The report highlights that the aviation sector's profitability is expected to improve due to lower oil prices, which significantly impact operational costs [57][71]. Rail and Road - The rail and road sectors are showing stable growth, with March 2025 rail passenger volumes at 337 million, up 4.91% year-on-year, and road freight volumes at 372.8 million tons, up 4.9% [86][89].