SINOLINK SECURITIES·2025-07-13 13:48Investment Rating - The report recommends investment in the logistics sector, specifically in companies like SF Holding and Haichen Co., due to their resilience and growth potential [2][3]. Core Views - The express delivery industry has seen a significant increase, with national express delivery volume surpassing 1 trillion pieces, indicating strong growth potential [2]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, which is expected to benefit companies like Haichen Co. [3]. - The aviation sector is experiencing robust growth, with major airports like Baiyun and Shenzhen expected to see significant profit increases in the first half of 2025 [4]. - The shipping industry is facing challenges, with a slight increase in the BDI index but a decline in container shipping rates [4][36]. Summary by Sections Transportation Market Review - The transportation index rose by 0.7% during the week of July 5-11, underperforming the Shanghai and Shenzhen 300 index by 0.1% [12]. Industry Fundamentals Tracking Express Delivery - The national express delivery volume has exceeded 1 trillion pieces, with a year-on-year growth of 16.6% [2]. - Jitu's package volume reached approximately 7.39 billion pieces in Q2 2025, with a growth rate of 3.5% [2]. Logistics - The chemical product price index (CCPI) is at 4035 points, down 14.4% year-on-year [3]. - The domestic shipping price for liquid chemicals is 163 RMB/ton, down 13.9% year-on-year [3]. Aviation Airports - Baiyun Airport expects a net profit of 679 million to 830 million RMB for H1 2025, a year-on-year increase of 55.06% to 89.51% [4]. - Shenzhen Airport anticipates a net profit of 287 million to 337 million RMB for H1 2025, a year-on-year increase of 64.78% to 93.47% [4]. Shipping - The CCFI index for export container shipping is 1313.7 points, down 2.2% week-on-week and down 39.0% year-on-year [21]. - The BDI index for dry bulk shipping is 1483.6 points, up 2.2% week-on-week but down 23.7% year-on-year [36]. Road and Rail Ports - The total cargo throughput at monitored ports was 25.988 million tons, down 5.28% week-on-week [5]. - The number of trucks passing through highways was 52.977 million, down 2.42% week-on-week but up 1.71% year-on-year [5].