Bank of China Securities·2025-10-20 07:17Investment Rating - The transportation industry is rated as "Outperform" [1] Core Insights - The mutual imposition of port fees between China and the US has heightened market risk aversion, leading to an increase in shipping rates for long-distance routes. The CTFI index reported 1791.28 points on October 16, up 27.3% from October 9. The market sentiment is influenced by geopolitical tensions, with the US imposing sanctions on Chinese oil terminals and China retaliating with equivalent port fees on US vessels [2][13] - The successful first manned test flight of the Volant VE25-100 eVTOL aircraft marks a significant milestone for the eVTOL industry in China. Major airlines reported positive operational data for September, indicating growth in passenger capacity and turnover [2][15][17] - JD Logistics and CATL have entered a strategic partnership to enhance green logistics and supply chain digitalization, contributing to a rise in both volume and price for several express delivery companies in September [2][22][24] Summary by Sections Industry Hot Events - The mutual port fees between China and the US have led to increased shipping market risk aversion, with long-distance shipping rates rising significantly. The shipping rates from Shanghai to Europe and the US have increased by 7.2%, 31.9%, and 16.4% respectively [2][14] - The Volant VE25-100 eVTOL successfully completed its first test flight, and major airlines reported positive operational metrics for September, with increases in capacity and passenger turnover [2][15][17] - JD Logistics and CATL's strategic cooperation aims to promote green logistics and digital supply chain upgrades, resulting in a rise in express delivery volumes and prices [2][22][24] Industry High-Frequency Data Tracking - The Baltic air freight price index has shown a decline, while domestic express delivery volumes increased by 12.29% year-on-year in August 2025 [3][52] - The shipping and port sector has seen an increase in domestic shipping rates, with the PDCI index rising by 7.05% [3][40] - The express delivery sector reported a total business volume of 161.5 billion items in August, with a revenue increase of 4.24% year-on-year [3][52] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy, and Huamao Logistics [4] - Attention to the low-altitude economy and road-rail investment opportunities, with recommendations for companies such as Gansu Expressway and China Eastern Railway [4] - Consider investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]