交通运输行业周报：多家集运公司宣布5月涨价计划，五一假期出境旅游市场或迎复苏

Investment Rating - The report rates the transportation industry as "Outperform the Market" [3] Core Insights - The Red Sea crisis has driven up container ship transaction prices and freight rates, with multiple shipping companies announcing price increases for May. The increase in freight income supports the growth of vessel asset prices, and tight capacity has pushed up second-hand ship prices. Since January 2024, due to the tense situation in the Red Sea, many ships have rerouted around the Cape of Good Hope, lengthening voyages and reducing available capacity, thereby increasing freight rates. The rising freight income supports the growth of vessel asset prices, with the earnings of flexible vessels increasing from $9,280 per day at the beginning of 2024 to $12,940 per day, a rise of approximately 39.4% [15][16] - In March, several express delivery companies reported simultaneous growth in business volume and revenue, although the average price per shipment decreased. SF Express reported a revenue of 16.28 billion yuan in March, a year-on-year increase of 3.35%, with a business volume of 1.033 billion shipments, remaining flat year-on-year. Shentong Express reported a revenue of 3.652 billion yuan, a year-on-year increase of 14.94%, with a business volume of 1.737 billion shipments, a year-on-year increase of 31.51%. Yunda reported a revenue of 3.989 billion yuan, a year-on-year increase of 8.84%, with a business volume of 1.920 billion shipments, a year-on-year increase of 32.60% [17] - The upcoming May Day holiday is expected to see a significant increase in planned flight volumes, indicating a potential recovery in the outbound tourism market. The average daily passenger transport volume for the May Day holiday in 2024 is expected to increase by 11.0% compared to 2023, with major international flight volumes to South Korea, Japan, and Thailand showing substantial growth [21] Industry High-Frequency Data Tracking - In the air logistics sector, air freight prices have generally increased from early to mid-April 2024. The Shanghai outbound air freight price index reported 4,472 points, a week-on-week increase of 6.9% [25] - In the shipping and port sector, the container shipping freight index (SCFI) rose to 1,769.54 points, a week-on-week increase of 0.71% and a year-on-year increase of 70.63% [34] - In the express logistics sector, the total express business volume in March increased by 20.10% year-on-year, with express business revenue increasing by 16.03% [25] - In the road and rail sector, the total number of trucks passing through national highways from April 8 to April 14 was 54.475 million, a week-on-week increase of 16.34% [25] - In the new transportation sector, Li Auto delivered approximately 28,984 new vehicles in March, a year-on-year increase of 39.19% [25]