交通运输行业中期信用观察：稳健增长，温和前行

Investment Rating - The report indicates a stable investment outlook for the transportation industry, with a focus on the recovery and growth potential across various sub-sectors [5][6]. Core Insights - The aviation sector is experiencing a recovery in both passenger and cargo transport, with domestic passenger growth slowing but international routes rebounding to pre-pandemic levels [7][8]. - The airport industry shows a mixed performance, with growth in passenger throughput but a slowdown in growth rates, particularly influenced by the recovery of international flights [28][29]. - The toll road sector remains stable, with passenger transport slightly declining while freight transport continues to grow, supported by macroeconomic factors [41][42]. - The port industry is benefiting from stable domestic demand and growth in emerging markets, with expectations for continued growth in cargo throughput despite a slowdown in growth rates [5][6]. Aviation Industry - In the first half of 2025, China's aviation passenger market maintained good growth, with domestic passenger volume growth slowing and international routes recovering to 2019 levels [7][8]. - The total turnover of civil aviation transportation reached 783.50 billion ton-kilometers, a year-on-year increase of 11.45% [7]. - The international and regional passenger transport volume saw significant growth, with increases of 24.68% and 27.56% respectively compared to the previous year [8][12]. Airport Industry - In the first half of 2025, civil airports in China achieved a passenger throughput of 740 million, a year-on-year increase of 5.0%, and cargo throughput of 10.3 million tons, up 9.5% [29][30]. - Eastern region airports benefited from strong economic fundamentals and international flight recovery, with passenger throughput growth of 6.2% [29]. - The cargo throughput in the central region saw a significant increase of 28.5%, driven by national strategies and the development of high-end manufacturing [30]. Toll Road Industry - The toll road sector showed a slight decline in passenger volume by 1.24% to 5.761 billion passengers, while freight volume increased by 4.04% to 20.571 billion tons [41][42]. - The overall performance of the toll road industry remained stable, with expectations for continued growth in freight transport supported by domestic tourism and regional integration [41][45]. - The net profit of toll road operators increased by 3.80% due to diversified business development and reduced financial costs [46][54]. Port Industry - The national port cargo throughput and container throughput both saw year-on-year growth, supported by stable domestic demand and policy measures [5][6]. - The overall growth rate of port cargo throughput is expected to slow down, but the sector remains optimistic due to ongoing trade structure optimization [5][6]. - The port industry is projected to maintain growth, driven by the continuous improvement of trade relations and infrastructure development [5][6].