GOLDEN SUN SECURITIES·2026-03-15 03:24Investment Rating - The report provides a "Buy" rating for several companies in the logistics and transportation sectors, including SF Holding, Jitu Express, and ZTO Express [7]. Core Insights - The report highlights a trend of price increases in the express delivery sector, driven by regulatory measures to combat excessive competition and improve profit margins for delivery personnel [4][15]. - The aviation sector is expected to benefit from a recovery in demand and rising ticket prices, with a focus on domestic and international travel resuming post-pandemic [12][3]. - The shipping industry is facing challenges due to geopolitical tensions affecting oil transport routes, but there is potential for recovery as supply chains stabilize [13][14]. Summary by Sections Transportation Sector Overview - The transportation sector index fell by 1.21% in the week of March 9-13, 2026, underperforming the Shanghai Composite Index by 0.51 percentage points [17]. - The best-performing sub-sectors included express delivery, railway transport, and highways, with increases of 3.16%, 1.67%, and 1.09% respectively [17]. Aviation - The report notes a significant increase in passenger volume during the Spring Festival, with nearly 95 million travelers, marking a 4.7% year-on-year increase [11]. - Airlines are adjusting fuel surcharges in response to rising oil prices, which could impact ticket pricing strategies [11][12]. Shipping and Ports - The report discusses the impact of the geopolitical situation in the Hormuz Strait on oil shipping rates, with a potential for recovery if supply chains normalize [13][14]. - The report mentions that shipping companies are implementing fuel surcharges to cope with rising fuel costs, affecting both domestic and international shipping rates [14]. Logistics - The express delivery sector is undergoing a transformation with regulatory measures aimed at stabilizing prices and improving profitability for delivery personnel [4][15]. - The report identifies two main investment themes: international expansion driven by e-commerce growth and the ongoing "anti-involution" trend in the domestic market [16].