Western Securities·2025-07-26 12:15Investment Rating - The report recommends an overweight rating for the transportation industry, expecting a price increase exceeding 10% over the next 6-12 months compared to the market benchmark index [28]. Core Insights - The transportation index increased by 3.18% this week, ranking 11th among 30 primary sub-industries. Year-to-date, the index has risen by 2.59%, ranking 26th [4]. - The airport sector showed the highest growth this week, with a 5.64% increase. Year-to-date, the express delivery, public transport, and shipping sectors have seen increases of 19.01%, 15.20%, and 7.76% respectively [4]. - The CCFI index decreased by 3.24% this week, with the SCFI index down by 3.30%. The average price of pre-sold tickets for the summer travel season is 787 yuan, a decrease of 3.3% year-on-year [4]. - Sichuan Chengyu has initiated the expansion of the Chengya Expressway, with an estimated total investment of approximately 28.55 billion yuan [4]. - Shentong Express plans to acquire 100% of Daniao Logistics for approximately 362 million yuan, with Daniao's revenue for 2024 projected at 12.4 billion yuan [4]. Summary by Sections Industry Performance - The transportation index has shown a cumulative increase of 2.59% from January 2025 to date, with a weekly increase of 3.18% [4]. - The express delivery sector has the highest year-to-date growth at 19.01%, followed by public transport and shipping [4]. Major Events - The CCFI index decreased by 3.24%, while the SCFI index fell by 3.30%. The average ticket price for summer travel is down 3.3% year-on-year [4]. - The expansion project for the Chengya Expressway has a total estimated investment of 28.55 billion yuan, with Sichuan Chengyu contributing 49.02 million yuan [4]. - Shentong Express is set to acquire Daniao Logistics for 362 million yuan, with projected revenues for Daniao in 2024 at 12.4 billion yuan [4]. Investment Recommendations - The report recommends stocks such as JD Logistics, Zhongtong Express, YTO Express, Shentong Express, Spring Airlines, and Sichuan Chengyu for investment [4].