STO(SZ:002468) CMS·2025-07-27 10:29Investment Rating - The report maintains a "Recommended" rating for the transportation industry [2] Core Insights - The report highlights the acquisition of Daniao Logistics by Shentong, emphasizing the focus on the express delivery and civil aviation sectors to mitigate internal competition [1] - The express delivery sector is expected to see a demand growth of over 20% in 2024, with a 19.3% increase in business volume in the first half of 2025 [23] - The report suggests that the "anti-involution" policy may ease price competition and facilitate valuation recovery in the express delivery industry [23] Summary by Sections Shipping - The dry bulk market is showing signs of improvement, with a focus on the impact of the US-China trade talks on the shipping sector [6] - The report notes that the shipping rates for the East US route have decreased by 6.5% this week, while the European route has seen a slight increase of 0.5% [10][11] - The report recommends monitoring companies such as COSCO Shipping and Yang Ming Marine Transport [6] Infrastructure - The report indicates that the yield on 10Y and 30Y government bonds is 1.7% and 2% respectively, suggesting that there is still value in dividend assets [18] - It highlights the stable performance of leading highway assets and recommends stocks like China Merchants Highway and Anhui Expressway [18] Express Delivery - The express delivery business volume reached 16.87 billion pieces in June 2025, reflecting a year-on-year growth of 15.8% [19] - The report mentions that Shentong's acquisition of Daniao Logistics is expected to enhance market share and optimize competition [22] - The report emphasizes the potential for valuation recovery due to the "anti-involution" policy and the easing of price competition [23] Aviation - The report notes a decrease in passenger traffic due to adverse weather conditions, with a 1.4% drop in the week of July 18-24 [24] - It highlights the importance of the "anti-involution" policy in the aviation sector, which aims to stabilize competition and improve valuations [25] - Recommended stocks include Air China and China Southern Airlines [25] Logistics - The report states that the average daily traffic at the Ganqimaodu port increased by 16.6% week-on-week [26] - It mentions that the logistics company China National Foreign Trade Transportation Group is expected to confirm significant non-recurring gains from asset sales [26]