聚焦：美伊冲突推升航运资产风险溢价，快递反内卷延续：交通运输行业周报（20260223-20260301）

Investment Rating - The report maintains a "Buy" recommendation for the shipping sector and highlights the ongoing positive sentiment in the oil shipping market [2][42]. Core Insights - The escalation of the US-Iran conflict has increased the risk premium for shipping assets, particularly affecting oil transportation through the Strait of Hormuz, which is crucial for global energy and shipping markets [1][10]. - The VLCC spot rates have surged to $200,000 per day, with significant weekly increases across various routes, indicating a strong upward trend in shipping rates [2][26]. - The express delivery sector is experiencing a recovery in volume growth, with major players like Zhongtong and Yuantong outperforming the market [3][43]. Summary by Sections Oil Shipping - The US-Iran conflict has heightened attention on the Strait of Hormuz, through which approximately 11% of global maritime trade passes, including 34% of oil exports [1][11]. - VLCC spot rates have increased significantly, with the Clarkson VLCC-TCE index reaching $200,000, a 40.1% increase week-on-week [2][26]. - Investment recommendations include focusing on the oil shipping sector, particularly companies like COSCO Shipping Energy, China Merchants Energy Shipping, and China Merchants Jinling [2][42]. Express Delivery - The express delivery industry is undergoing a "de-involution" phase, with regulatory efforts aimed at creating a more orderly competitive environment [3][43]. - The volume growth in the express delivery sector has shown improvement, with a year-on-year increase of 5.8% in cumulative collection volume as of February 22 [3][46]. - Leading companies such as Zhongtong and Yuantong are recommended for investment due to their strong market positions and growth potential [3][48][49]. Industry Data Tracking - Domestic civil aviation passenger volume increased by 6.3% year-on-year during the Spring Festival period, indicating a recovery in air travel [7][54]. - The air cargo price index at Pudong Airport showed a year-on-year increase of 7.4%, reflecting a positive trend in air freight [7][73]. - The Baltic Dry Index (BDI) and the Shanghai Containerized Freight Index (SCFI) have also shown upward movements, indicating a strengthening in shipping demand [7][77].