交通运输行业周报：油运运价持续上行，旺季业绩弹性可期-20250915

Investment Rating - The report provides a "Buy" recommendation for several companies in the transportation sector, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and others, indicating a positive outlook for their performance in the coming years [11][13][15]. Core Insights - The transportation industry is experiencing a recovery, with significant growth in air travel demand and logistics services, driven by policy support and a rebound in consumer spending [9][10][13]. - The airport sector is expected to benefit from the recovery of international passenger traffic and the introduction of luxury brands in duty-free shops, which may enhance revenue potential [9]. - Cross-border logistics are gaining momentum due to the rise of cross-border e-commerce, with domestic brands expanding their global presence, thus creating opportunities for logistics companies [9][10]. - The express delivery sector is witnessing growth in volume and revenue, supported by the rapid development of e-commerce and differentiated competition among leading companies [10][13]. Summary by Sections 1. Industry Performance Overview - The transportation sector recorded a cumulative increase of 1.67% in the week from September 8 to September 13, 2025, outperforming the CSI 300 index, which rose by 1.38% [17][19]. 2. Basic Industry Tracking (a) Aviation and Airports - In July 2025, major airlines in China achieved domestic ASK recovery rates of 161.60% for China National Aviation and 128.55% for Southern Airlines compared to 2019 levels [27]. - Major airports also showed recovery in passenger throughput, with Baiyun Airport reaching 120.94% of its 2019 domestic passenger volume [31]. (b) Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a decline of 44.32% year-on-year, indicating challenges in the shipping sector [34]. - The CCFI (China Containerized Freight Index) also showed significant year-on-year declines across various routes, reflecting a tough market environment [34]. (c) Road and Rail - In July 2025, railway passenger volume increased by 6.60% year-on-year, while freight volume rose by 4.47% [58]. - Road freight volume reached 36.99 million tons, up 3.28% year-on-year, indicating stable growth in logistics [66]. (d) Express Delivery - The express delivery industry generated revenue of 120.64 billion yuan in July 2025, a year-on-year increase of 8.90%, with a business volume of 16.40 billion pieces, up 15.10% [73]. 3. Key News and Announcements - The report highlights significant developments in the aviation sector, including the delivery of China's first C909 medical aircraft and the establishment of a medical aviation alliance [80][82]. - The shipping sector is seeing advancements in green and smart shipping practices, particularly in the Yangtze River region, which is enhancing operational efficiency and sustainability [87].