GOLDEN SUN SECURITIES·2026-03-15 03:50Investment Rating - The report maintains a "Buy" rating for key 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 aimed at reducing unhealthy competition and improving profit margins for delivery personnel [4][15]. - The logistics sector is expected to benefit from the ongoing "anti-involution" measures, with a focus on stabilizing operations and income for delivery staff [4][16]. - The airline industry is projected to see a recovery in passenger demand, with expectations of rising ticket prices due to high load factors and a recovering economy [12][3]. 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 (up 3.16%), railway transport (up 1.67%), and highways (up 1.09%) [17]. Shipping and Ports - The report notes disruptions in the Strait of Hormuz affecting oil shipping rates, with a potential positive scenario for oil transport if current inventory reductions are followed by replenishment [2][13]. - The report indicates that shipping companies are implementing emergency fuel surcharges in response to rising fuel prices [2][14]. Logistics - The express delivery sector is experiencing a shift towards price increases, with Guangdong extending its "lock period" to prevent price wars, and companies like Tongda Rabbit raising prices in specific regions [4][15]. - The report identifies two main investment themes: international expansion driven by the growth of overseas e-commerce and the ongoing "anti-involution" efforts within the domestic market [4][16]. Airline Industry - The airline sector is witnessing a significant increase in passenger volume during the Spring Festival, with a record of nearly 95 million travelers, reflecting a 4.7% year-on-year increase [11][12]. - The report suggests that the airline industry will benefit from a combination of low supply growth and recovering demand, leading to improved profitability for airlines [12]. Key Companies to Watch - Recommended companies include Jitu Express, ZTO Express, and SF Holding in the logistics sector, and major airlines such as China Southern Airlines and China Eastern Airlines in the aviation sector [4][12][16].