交运行业周报：假期出行数据亮眼，持续看好春运行情

Investment Rating - The report maintains a positive outlook on the aviation and airport sectors, highlighting a recovery in demand and suggesting investment opportunities in key airlines and airports [12][15]. Core Viewpoints - The aviation sector is experiencing a recovery with high demand and ticket prices expected to continue rising. The supply side is seeing a slowdown in capacity expansion, leading to a more balanced market [12][15]. - The report emphasizes the importance of airport recovery, with both aviation and non-aviation revenues expected to improve significantly [12][15]. - The shipping and port sectors are poised for growth due to domestic economic recovery and strategic port resource integration, which is expected to enhance operational efficiency and reduce competition [13][15]. Summary by Sections 1. Core Viewpoints and Investment Recommendations - The aviation sector is recovering from its lowest point, with demand and ticket prices expected to rise. The supply of aircraft is stabilizing, and the market is becoming more concentrated [12]. - The report suggests focusing on investment opportunities in airlines such as China Eastern Airlines, Southern Airlines, Spring Airlines, and in airports like Shanghai Airport and Guangzhou Baiyun Airport [12][15]. 2. Key Recommendations - Recommended stocks include: - Spring Airlines: Expected to maintain a leading position in the low-cost segment with strong profit forecasts [16]. - China Southern Airlines: Focused on expanding its hub operations in Guangzhou and Beijing [16]. - Shanghai Airport: Anticipated to benefit from synergies with Hongqiao Airport and a recovering aviation business [16]. - Qingdao Port: Positioned as a major trade port with strong growth in throughput and profitability [16]. 3. Aviation and Airport Data Tracking - Daily passenger volumes for civil aviation have shown significant growth, with a 67.01% increase compared to 2023 and an 18.52% increase compared to 2019 [12][15]. - The report notes that the average daily flight operations and aircraft utilization rates have increased week-on-week, indicating a robust recovery in the aviation sector [12][15]. 4. Shipping and Port Data Tracking - The report highlights mixed trends in shipping indices, with container shipping rates under pressure but overall port throughput continuing to grow [13][15]. - The integration of port resources is seen as a strategic move to enhance efficiency and reduce excess capacity, with potential benefits for listed companies in the sector [13][15]. 5. Railway and Road Data Tracking - The report indicates strong demand for rail and road travel, with significant increases in passenger volumes during holiday periods [12][15]. - The cash flow levels in the road and rail sectors are expected to gradually recover, enhancing their attractiveness for investment due to high dividend yields [14][15].