Bank of China Securities·2025-09-25 05:28Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Views - Crude oil freight rates have significantly increased, while container shipping rates on long-distance routes have decreased. The China Import Crude Oil Composite Index (CTFI) rose to 1975.94 points, up 34.5% from September 11. VLCC market activity remains high, with freight rates expected to maintain elevated levels if demand remains stable [3][13] - The aviation sector saw the successful completion of the world's first intercity unmanned cargo flight using a 2-ton eVTOL by Peak Aviation, and civil aviation's total turnover in August reached a historical high of over 150 billion ton-kilometers [3][15][17] - Several express delivery companies reported growth in revenue and business volume for August, with the postal industry achieving a revenue of 1429.9 billion yuan, a year-on-year increase of 4.4% [3][23][24] Summary by Sections Industry Hot Events - Crude oil freight rates surged, while container shipping rates on long-distance routes fell. The CTFI reached 1975.94 points, a 34.5% increase from September 11. VLCC market activity remains robust, with freight rates expected to stay high if demand holds steady [3][13] - Peak Aviation's eVTOL completed the first intercity unmanned cargo flight, marking a significant milestone in aviation logistics. Civil aviation's total turnover in August surpassed 150 billion ton-kilometers, reflecting strong growth [3][15][17] - Express delivery companies like YTO and Yunda reported revenue and volume growth in August, with the postal industry achieving a revenue of 1429.9 billion yuan, up 4.4% year-on-year [3][23][24] Industry High-Frequency Data Tracking - In September 2025, air cargo prices remained stable, while domestic cargo flight volumes decreased by 1.13% year-on-year, and international flights increased by 16.88% [26][33] - The shipping sector saw a decline in domestic container shipping rates, with the SCFI index at 1198.21 points, down 14.3% week-on-week and 49.36% year-on-year. Conversely, dry bulk freight rates increased, with the BDI index at 2126 points, up 7.43% week-on-week [40][44] - The express delivery sector experienced a 12.29% year-on-year increase in business volume for August, with total revenue reaching 1189.6 billion yuan, a 4.24% increase [51][55] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights opportunities in low-altitude economy investments and road-rail sectors [5]