交通运输行业周报：清明客运需求延续增长，铁路航空分化态势明显

Investment Rating - The report maintains an "Overweight" rating for the transportation industry, recommending specific companies such as Air China, Spring Airlines, China Eastern Airlines, Shanghai Airport, and Beijing-Shanghai High-Speed Railway, while suggesting to pay attention to China Southern Airlines, Juneyao Airlines, Shenzhen Airport, Baiyun Airport, and SF Express [2][16]. Core Insights - Passenger transport demand continues to grow, with significant increases in railway and civil aviation passenger volumes in early 2024 compared to 2019, with railway and civil aviation passenger volumes increasing by approximately 36.2% and 44.4% respectively [3][4]. - The non-manufacturing PMI index for March 2024 is at 53.0%, indicating a positive trend in service sector activity, which supports the outlook for passenger transport demand [5][8]. - The manufacturing PMI returned to the expansion zone in March 2024, suggesting a potential increase in freight demand, with railway and civil aviation freight volumes showing varied performance [7][8]. Summary by Sections Passenger Transport - In the first two months of 2024, railway and civil aviation passenger turnover increased by approximately 31.6% and 57.6% respectively compared to the previous year [3][4]. - The expected passenger flow during the Qingming holiday is projected to be 75.28 million, with daily averages significantly higher than in previous years [4][5]. Freight Transport - The freight transport sector shows mixed results, with railway freight volume decreasing slightly while civil aviation freight volume increased by 38.0% in early 2024 [7][8]. - National port cargo throughput reached 2.61 billion tons in early 2024, reflecting an 8.1% year-on-year increase, indicating a robust freight environment [7][8]. Economic Indicators - The report highlights that the overall economic environment is supportive of the transportation sector, with stable exchange rates and slight increases in oil prices, which may affect operational costs [10][12]. - The manufacturing PMI's return to expansion suggests a synchronized recovery in domestic and international demand, which is expected to positively impact freight volumes [8][9].