交通运输产业行业研究：美印贸易合作或利好油运，皖通收购山高股权落地

Investment Rating - The report indicates a positive outlook for the transportation sector, with specific recommendations for companies such as SF Holding and China Southern Airlines [2][4]. Core Insights - The express delivery sector experienced a year-on-year growth of 2.3% in December, with major companies benefiting from price increases due to reduced competition. The total express business revenue for 2025 reached 1.5 trillion yuan, a 6.5% increase year-on-year [2]. - The logistics sector is seeing improvements with DSV's integration of DB Schenker progressing ahead of schedule, and a focus on smart logistics is recommended for Hai Chen Co. [3]. - The aviation sector is witnessing a slight decrease in flight volumes, but ticket prices are expected to rise due to supply constraints from manufacturers. Recommendations include China National Aviation and China Southern Airlines [4]. - The shipping sector shows a mixed performance, with container shipping rates declining while oil transport indices are on the rise, indicating a potential increase in oil transport demand [5]. - The road and rail sectors are showing stable growth, with significant increases in truck traffic on highways and a notable rise in the dividend yield of major public road operators [6][79]. Summary by Sections 1. Transportation Market Review - The transportation index rose by 1.8% during the week of January 31 to February 6, 2026, outperforming the Shanghai Composite Index by 3.2% [1][13]. 2. Industry Fundamentals Tracking 2.1 Shipping Ports - The export container shipping index (CCFI) was reported at 1122.15 points, down 4.5% week-on-week and down 20.7% year-on-year. The Shanghai export container shipping index (SCFI) was at 1266.56 points, down 3.8% week-on-week and down 33.2% year-on-year [21]. 2.2 Aviation Airports - In December 2025, civil aviation passenger volume reached 60.6 million, a 6% increase year-on-year, with domestic routes showing a 6% increase and international routes a 9% increase [56]. 2.3 Rail and Road - In December 2025, national railway passenger volume was 323 million, up 8.52% year-on-year, while road freight volume was 3.797 billion tons, up 0.62% year-on-year [77][79].