交通运输行业周报：两会明确因地制宜发展新质生产力，把握低空经济与Robotaxi等主题趋势性投资机会

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [1] Core Insights - The government work report emphasizes the development of new productive forces tailored to local conditions, highlighting investment opportunities in low-altitude economy and Robotaxi themes [2][15] - Xunqi Technology's V1000 hybrid eVTOL has been unveiled, with a range of over 1,000 kilometers, opening up intercity low-altitude application space [2][16] - JD Logistics is projected to achieve revenues exceeding 217.1 billion yuan in 2025, with its JoyExpress brand expanding into key markets in Europe and the Middle East [2][17] - The recovery of flights between China and the Middle East shows significant disparities, with supply of international routes in the region under short-term pressure [2][19] - The shipping industry is experiencing disruptions due to the paralysis of the Strait of Hormuz, leading to active demand shifts to the Atlantic routes [2][25] Summary by Sections Recent Industry Hotspots - The government work report during the Two Sessions focuses on developing new productive forces, with low-altitude economy and Robotaxi as key investment themes [13] - The V1000 hybrid eVTOL from Xunqi Technology is the first large hybrid eVTOL to receive acceptance from the Civil Aviation Administration of China, advancing towards commercial applications [15][16] - JD Logistics reported a revenue of 217.1 billion yuan for 2025, marking an 18.8% year-on-year growth, with significant international expansion [17][18] - The recovery of flights to the Middle East is uneven, with a drastic reduction in flight numbers and capacity concentrated among a few airlines [19] - The shipping market is facing disruptions due to geopolitical tensions, with significant increases in shipping rates as demand shifts to alternative routes [25][27] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index has shown a month-on-month decline, while the Shanghai outbound air freight price index has increased year-on-year [29] - Domestic cargo flight operations have increased year-on-year, with a notable rise in international cargo flights as well [31] - The shipping market is seeing a rise in container shipping rates, while dry bulk rates have decreased, and oil shipping rates have increased [36][42] - The express delivery sector has seen a slight increase in business volume and revenue, with a year-on-year growth of 2.3% in December 2025 [51] - The average daily international flights have shown a year-on-year increase, despite a month-on-month decline [82] Investment Recommendations - The report suggests focusing on investment opportunities in low-altitude economy and autonomous driving sectors, recommending companies like Zhongxin Haizhi and Shunfeng Holdings [4] - It highlights opportunities in the shipping sector due to the evolving situation in the Middle East, recommending companies such as China Merchants Energy and COSCO Shipping Energy [4] - The report also recommends exploring international market expansion in express logistics, with a focus on companies like Shunfeng Holdings and Jitu Express [4] - Investment opportunities in high-speed rail and highway sectors are also suggested, with recommendations for companies like Beijing-Shanghai High-Speed Railway [4]