交通运输行业周报：原油运价先跌后涨，前7个月我国快递业务量同比增长18.7%-20250910

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Views - Crude oil freight rates initially declined and then increased, with a divergence in shipping rates between European and American routes. The China Import Crude Oil Comprehensive Index (CTFI) rose by 1.0% to 1285.98 points as of September 4 [3][12] - Spring Airlines reported a profit of 1.169 billion yuan in the first half of 2025, with a total of 147 million passengers transported during the summer travel season [3][14] - The logistics sector saw a significant upgrade in cross-border logistics by Cainiao, with a year-on-year growth of 18.7% in express delivery volume in the first seven months of 2025 [3][22] Summary by Sections Industry Hot Events - Crude oil freight rates fluctuated, with European routes seeing a decline and American routes an increase. As of September 5, the market price for shipping from Shanghai to European ports was $1315 per TEU, down 11.2%, while prices to the U.S. West and East coasts rose by 13.8% and 7.2% respectively [3][13] - Spring Airlines achieved a revenue of 10.304 billion yuan in the first half of 2025, a 4.35% increase year-on-year, while net profit decreased by 14.11% [3][14] - Cainiao upgraded its Southeast Asia cross-border logistics, offering faster delivery times and lower costs, contributing to an 18.7% increase in express delivery volume [3][22] High-Frequency Data Tracking - In August 2025, domestic cargo flight operations decreased by 1.13% year-on-year, while international flights increased by 16.88% [25][33] - The express delivery sector saw a 15.04% year-on-year increase in volume in July 2025, with total express delivery volume reaching 112.05 billion pieces in the first seven months, up 18.67% [52][56] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Consider investment opportunities in the low-altitude economy, road and rail sectors, and express delivery companies like SF Express and Yunda [4]