交运行业周报：低空经济迎政策机遇，关注通用航空发展空间

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Viewpoints - The low-altitude economy is gaining policy opportunities, with a strong expectation for the development of general aviation. The low-altitude economy was first included in the government work report in 2024, indicating significant future growth potential [1][12] - By the end of 2023, there were over 1.26 million drones in China, a year-on-year increase of approximately 32%. The Civil Aviation Administration of China has approved the establishment of 17 civil unmanned aviation experimental zones and 3 experimental bases [1][12] - The aviation sector is expected to see a recovery in demand, with domestic airlines planning to operate 101,536 domestic flights weekly during the summer and autumn seasons of 2024, a 2.5% increase compared to 2023 [1][12] - The report highlights the potential for significant market growth in the low-altitude economy, projecting a market size of over one trillion yuan by 2030 [1][12] Summary by Sections 1. Core Viewpoints and Investment Recommendations - The report emphasizes the favorable policies for the low-altitude economy and the expected growth in general aviation, with a focus on the development of related industries [1][12] - It suggests that the aviation sector will benefit from a recovery in demand, with airlines expected to see a rebound in performance [1][12] 2. Key Targets - Recommended stocks include: - 吉祥航空 (Jixiang Airlines) with projected P/E ratios of 35.81X/14.63X/8.62X for 2023-2025 [14] - 春秋航空 (Spring Airlines) with projected P/E ratios of 24.01X/16.11X/12.73X for 2023-2025 [14] - 上海机场 (Shanghai Airport) with projected P/E ratios of 98.15X/32.00X/22.22X for 2023-2025 [14] - 南方航空 (China Southern Airlines) with projected P/E ratios of 16.62X/6.93X/6.30X for 2024-2026 [14] - 中国东航 (China Eastern Airlines) with projected P/E ratios of 12.06X/6.38X/5.95X for 2024-2026 [14] - 青岛港 (Qingdao Port) with projected P/E ratios of 8.85X/7.98X/7.28X for 2024-2026 [14] 3. Aviation and Airport Data Tracking - The report tracks daily flight operations and average aircraft utilization rates, noting fluctuations among major airlines [2][3] - It provides data on the average number of flights and passenger throughput at key airports, indicating varying trends in domestic and international routes [2][3] 4. Shipping and Port Data Tracking - The report includes indices for container shipping, bulk shipping, and oil transportation, highlighting recent trends in shipping rates and oil prices [3] 5. Railway and Highway Data Tracking - The report discusses the performance of railway and highway sectors, emphasizing the attractiveness of low valuations and high dividend yields [12] 6. Performance of the Transportation Sector and Individual Stocks - The report notes the overall performance of the transportation sector, indicating a 0.5% increase in the sector [11]