Bank of China Securities·2025-08-27 07:22Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates continue to recover, while freight rates for European and American routes are declining [2][15] - In the first half of the year, the number of newly opened international air cargo routes in China increased by over 50%, with Baiyun Airport achieving a net profit of 750 million yuan [2][16] - The postal industry generated over 1 trillion yuan in revenue in the first seven months, with SF Express handling 1.377 billion parcels in July [2][23] Summary by Sections 1. Industry Hotspot Events - Crude oil freight rates are on the rise, with the CTFI index reaching 1154.72 points, up 8.5% from the previous week [2][14] - The number of newly opened international air cargo routes in China increased by 58.1% year-on-year, with Baiyun Airport reporting a net profit of 750 million yuan, a 71.32% increase [2][16] - The postal industry reported a cumulative revenue of 1018.07 billion yuan, a year-on-year increase of 8.3%, with a significant rise in parcel volume [2][23] 2. Industry High-Frequency Data Tracking - Air logistics: The air freight price index for outbound shipments from Shanghai is 4411.00 points, down 3.9% year-on-year [26] - Shipping ports: The SCFI index is at 1415.36 points, down 54.31% year-on-year, while the PDCI index for domestic shipping is up 15.94% year-on-year [42] - Express logistics: In July, the express business volume increased by 15.04% year-on-year, with total revenue reaching 1206.4 billion yuan [54] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream [4] - Explore investment opportunities in the low-altitude economy and express delivery sectors, recommending SF Express and JD Logistics [4]