SF Holding(SZ:002352) Bank of China Securities·2026-01-18 13:45Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - SF Express and Jitu Express announced a strategic mutual shareholding agreement worth HKD 8.3 billion, focusing on building a global integrated logistics network to meet the needs of Chinese enterprises going abroad and the new landscape of cross-border e-commerce logistics [3][14] - COSCO Shipping and Peru Post signed a memorandum of cooperation to enhance cross-border e-commerce logistics channels between China and Peru, improving logistics service capabilities and operational efficiency [3][16] - Zhihang released a lightweight eVTOL aircraft named "Bullet," targeting the personal flying vehicle market, while Eastern Airlines Jiangsu will open and restore multiple international and domestic routes during the 2026 Spring Festival [3][17][19] - The tense situation in Iran has led to a rapid increase in risk premiums in the Strait of Hormuz, with VLCC daily earnings doubling to USD 68,000, while sanctions on Venezuela may lead to a redistribution of heavy crude oil shipping capacity [3][24][25] Industry Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year [4][30] - Domestic express delivery volume increased by 5.00% year-on-year in November 2025, while revenue decreased by 3.70% [4][51] - The average daily number of international flights in the second week of January 2026 was 1,802.29, down 1.15% month-on-month and 1.34% year-on-year [4] - From January 5 to January 11, 2026, the number of freight trucks on national highways reached 55.09 million, a month-on-month increase of 17.3% [4] Investment Recommendations - Recommended investment opportunities in international market expansion for express logistics, specifically in SF Express and Jitu Express [5] - Suggested investment in the airline industry due to increased demand during the Spring Festival, recommending China National Aviation Holding, Southern Airlines, and Eastern Airlines [5] - Suggested attention to the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Recommended investment opportunities in oil shipping due to geopolitical conflicts, suggesting China Merchants Energy Shipping [5][28] - Recommended focusing on the equipment and manufacturing export chain, suggesting COSCO Shipping Heavy Industry [5] - Recommended investment opportunities in the highway and railway sector, suggesting Beijing-Shanghai High-Speed Railway [5]