Guoxin Securities·2025-05-27 14:29Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][2][4]. Core Views - The shipping sector is experiencing a rebound in freight rates driven by geopolitical tensions and a strong demand recovery, particularly in oil transportation [1][18]. - The air travel market is expected to see a gradual recovery in passenger demand, with domestic airlines likely to improve profitability as supply constraints persist [1][34]. - The express delivery industry shows robust growth, with significant increases in volume, particularly for SF Express, which is outperforming its peers [1][44]. Shipping Sector Summary - Oil transportation rates are expected to rise due to limited new capacity and strong demand recovery, with VLCC rates showing resilience despite recent geopolitical tensions [1][19][20]. - The overall shipping market is projected to maintain upward pressure on freight rates, with a focus on companies like COSCO Shipping Energy and China Merchants Energy [1][19]. Air Transportation Summary - Domestic air travel demand is recovering, with passenger flight volumes nearing pre-pandemic levels, while international travel remains subdued [1][34]. - Airlines are expected to improve profitability as the supply-demand gap narrows, with recommendations for major carriers like Air China and China Southern Airlines [1][38][66]. Express Delivery Summary - The express delivery sector is experiencing high demand, with a year-on-year volume growth of 19.1% in April [1][44]. - SF Express is highlighted for its strong performance, with a 30% increase in logistics volume, significantly outpacing the industry average [1][44]. - The competitive landscape is expected to intensify, particularly among major players, but long-term growth prospects remain positive [1][45]. Key Companies and Investment Recommendations - Recommended companies include SF Express, COSCO Shipping Energy, China Merchants Energy, Air China, and China Southern Airlines, with a focus on their potential for growth and profitability [1][4][66].