Jiayou International(SH:603871) ZHESHANG SECURITIES·2025-11-16 07:08Core Insights - 2026 marks the beginning of the "14th Five-Year Plan," with strategies focusing on "reducing internal competition" and "promoting overseas expansion" as key measures to address current economic challenges and foster new growth momentum in the transportation sector [3]. Group 1: Industry Focus Areas - The transportation industry will concentrate on four main lines of development in alignment with the "14th Five-Year Plan" policies and industry trends [3]. - The aviation and express delivery sectors are highlighted for their potential in achieving high-quality development through reduced internal competition [4]. - The shipping industry is undergoing global changes, with oil transportation experiencing a boom while the dry bulk sector faces challenges [5]. Group 2: Overseas Expansion Opportunities - Jitu Express is positioned as a rare player in Southeast Asia and Latin America, benefiting from the rapid growth of Tiktok and a projected 65% increase in parcel volume in Southeast Asia for the first three quarters of 2025 [6]. - Jiao You International is focusing on logistics in Africa, with coal trade in Mongolia expected to rebound significantly in the second half of 2025, while Africa is anticipated to become a major growth driver [6]. - The aviation sector is expected to see accelerated profit recovery in 2026, with major airlines likely to achieve profitability in 2025 [6]. Group 3: Market Dynamics and Predictions - The express delivery sector is set to improve in 2026, with the industry experiencing a price recovery following a period of intense competition [6]. - Oil transportation is benefiting from OPEC+ production increases and seasonal demand, leading to rising freight rates [6]. - The dry bulk shipping sector is expected to see a recovery in demand due to new mining projects and potential interest rate cuts [6]. Group 4: Economic Transition and Stability - The report emphasizes the importance of stable output during the economic transition period, with recommendations for investments in highway and port infrastructure [6].