交运行业2025Q2业绩前瞻：内需环比改善，外需关税扰动

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [15]. Core Insights - The transportation industry is expected to see improvements in domestic demand and a recovery in international flights, leading to a potential turnaround in profitability across various sub-sectors [2][6][21]. Summary by Sub-Sectors Aviation - The aviation sector is projected to experience a significant reduction in losses and improved profitability due to a recovery in domestic demand, stable international flight levels, and a decrease in fuel prices [6][21]. Airports - Domestic airport traffic is expected to increase, with international flights maintaining high levels, leading to steady revenue growth and improved profitability for key airports [7][24]. Express Delivery - The express delivery sector is facing intensified price competition, with a forecasted decline in overall performance for many companies, although some may see profit growth due to operational improvements [8][29]. Logistics - The logistics sector is expected to stabilize, with leading companies showing positive growth despite challenges from tariff disruptions affecting cross-border logistics [8][32]. Maritime Transport - The maritime sector is experiencing mixed results, with container shipping under pressure from tariffs, while domestic and near-sea shipping shows resilience [9][35]. Ports - Port operations are expected to remain robust, with container throughput showing resilience despite tariff impacts, and bulk cargo throughput improving [10][38]. Highways - The highway sector is projected to see stable traffic flow and slight profit improvements, benefiting from low base effects [11][45]. Railways - The railway sector is expected to see growth in both passenger and freight transport, with profitability showing signs of recovery [12][47].