交通运输产业行业研究：伊朗封锁霍尔木兹海峡利好油运，化工涨价看好化工物流

Investment Rating - The report does not explicitly state an overall investment rating for the industry Core Views - The logistics sector is expected to benefit from rising chemical prices, with a focus on chemical logistics companies such as Milkyway, Hongchuan Wisdom, Xingtong, Shenghang, and Yongtaiyun [2] - The express delivery sector is seeing price stabilization due to regulatory clarity and a reduction in internal competition, with a positive outlook for leading companies like Zhongtong Express and Jitu [2] - The aviation sector is experiencing a recovery in flight volumes, with a recommendation for airlines such as Air China and China Southern Airlines due to expected profit elasticity from ticket price increases [3] - The shipping sector is positively impacted by geopolitical tensions, particularly the blockade of the Strait of Hormuz, which is expected to drive up oil shipping rates [4] Summary by Sections Transportation Market Review - The transportation index rose by 3.3% from February 21 to February 27, 2026, outperforming the Shanghai and Shenzhen 300 index by 2.2% [1][11] - The shipping sector had the highest increase at +11.9%, while the airport sector saw a decline of -1.8% [1][11] Industry Fundamentals Tracking Shipping and Ports - The export container shipping price index (CCFI) was 1044.57 points, down 4.0% week-on-week and down 20.8% year-on-year [21] - The oil shipping index (BDTI) increased by 2.2% week-on-week and 91.5% year-on-year, indicating strong demand due to geopolitical factors [4][37] Aviation and Airports - The average daily flights in China increased by 17.58% year-on-year, with domestic flights up by 17.60% [3] - The passenger throughput in January 2026 was 62.99 million, a decrease of 2.9% year-on-year [55] Road and Rail - The national highway freight traffic was 9.924 million vehicles, down 70.58% week-on-week and down 79.56% year-on-year [5][84] - The railway passenger turnover in December 2025 was 3.23 billion people, up 8.52% year-on-year [82] Express Delivery and Logistics - The total express delivery volume was approximately 806 million pieces, down 77.8% year-on-year [2] - The chemical products price index (CCPI) was 4041 points, down 8.1% year-on-year, indicating a potential recovery in chemical logistics [2]