交通运输行业周报：民航局，低空经济是新方向

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, with specific recommendations for companies such as YTO Express, China Eastern Airlines, and others [1][2]. Core Insights - The report highlights the low-altitude economy as a new direction for the aviation sector, emphasizing its potential as a strategic choice for enhancing competitive advantages and driving growth [6]. - Recent data indicates a recovery in domestic air travel demand, with significant increases in passenger volumes and flight operations compared to pre-pandemic levels [12][15]. - The express delivery sector shows robust growth, with companies like ZTO Express reporting a 23.8% year-on-year increase in business volume for 2023 [9][10]. Summary by Sections 1. Weekly Focus (3.18-3.24) - The Civil Aviation Administration of China (CAAC) identifies the low-altitude economy as a strategic focus, aiming to enhance competitiveness and drive new growth [6]. - Recent airport rankings show Guangzhou Baiyun Airport leading in passenger throughput, with significant growth compared to the previous year [6]. 2. Industry Data Tracking (3.18-3.24) 2.1 Aviation Data - Domestic flight operations reached 84,451 flights during the week, with an average of 12,064 flights per day, reflecting a recovery to 108.72% of 2019 levels [15]. - Domestic passenger volume reached 11.18 million, indicating a strong recovery trend [15]. 2.2 Express Delivery Data - For the week of March 11-17, 2024, the average daily express delivery volume was approximately 434 million pieces, showing a year-on-year increase of 19.44% [20]. - The express delivery sector reported a 28.5% year-on-year increase in business volume for January-February 2024 [20]. 3. Recent Key Reports - The report includes insights on various companies, with a focus on their earnings forecasts and market performance, highlighting the competitive landscape in the express delivery and aviation sectors [2][3].