Hua Yuan Zheng Quan·2025-08-25 02:48Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [5] Core Views - The express logistics sector is experiencing a price recovery trend, supported by regulatory measures against unhealthy competition, particularly in Zhejiang province, which accounted for 16.9% of national express business volume in H1 2025 [5] - Zhongtong Express reported a 26.8% year-on-year decline in adjusted net profit for Q2 2025, influenced by price competition, despite a revenue increase of 10.3% to 11.83 billion yuan [6] - The air transport sector is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring price increases, while short-term booking data shows signs of improvement [17] - The shipping industry is projected to see a boost in oil transportation due to OPEC+ production increases and a favorable interest rate environment, with specific companies recommended for investment [18] Summary by Sections Express Logistics - The express logistics sector is seeing a robust demand, with a total of 164 billion packages delivered in July 2025, marking a 15.1% year-on-year increase [27] - Major express companies like YTO Express and SF Express are showing significant growth in business volume, with SF Express achieving a 33.69% increase in July [7][27] Air Transport - In July 2025, civil aviation achieved a passenger transport volume of 71.82 million, a 3.9% increase year-on-year, and a cargo volume of 86.7 thousand tons, up 15.3% [11][57] - The overall seat occupancy rate for major airlines was 83.06%, slightly down from the previous month [60] Shipping and Ports - The shipping sector is experiencing fluctuations, with the BDTI index for oil transportation showing resilience amid geopolitical uncertainties [13][18] - China's port cargo throughput decreased by 2.82% to 26.135 million tons in the week of August 11-17, 2025 [81] Road and Rail - In July 2025, road freight volume increased by 3.28% to 36.99 billion tons, while rail freight volume rose by 3.35% to 4.52 billion tons [47]