Guoxin Securities·2025-06-30 14:39Investment Rating - The report maintains an "Outperform" rating for the transportation industry [4][7]. Core Insights - The shipping industry is expected to see a recovery in oil transportation rates as the supply-demand dynamics improve, particularly during the summer season [1][21]. - The aviation sector is entering a seasonal peak, with domestic passenger flight volumes showing a positive trend compared to 2019 levels, indicating a potential for price stabilization in 2025 [2][43]. - The express delivery market is witnessing a significant shift towards automation with the introduction of unmanned logistics vehicles, which is expected to reduce operational costs for leading companies like SF Express and ZTO Express [3][53]. Shipping Sector Summary - Oil transportation rates have recently declined due to geopolitical factors and seasonal trends, but a recovery is anticipated as demand increases and supply remains tight [1][21]. - The report recommends companies such as COSCO Shipping Energy and China Merchants Energy for investment opportunities [1][26]. Aviation Sector Summary - The overall and domestic passenger flight volumes increased by 5.2% and 5.6% respectively, compared to the previous week, and are above 2019 levels [2][43]. - The report suggests that domestic airlines like Air China, China Eastern Airlines, and Spring Airlines are well-positioned to benefit from the upcoming peak travel season [2][46]. Express Delivery Sector Summary - SF Express plans to raise HKD 59 billion through the issuance of new H shares and convertible bonds to enhance liquidity and support its growth strategy [3][52]. - The introduction of unmanned logistics vehicles is expected to significantly reduce costs, with SF Express projected to achieve a profit growth rate of 15-20% over the next two years [3][55]. Investment Recommendations - The report highlights the importance of focusing on domestic demand and high-dividend sectors, recommending companies such as SF Express, ZTO Express, and China Merchants Energy for stable returns [4][7].