交运行业周报：出入境热度提升催化国际航线恢复，地产超预期放松布局大宗供应链

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Views - The international flight routes are continuously recovering, and the demand for inbound and outbound travel is expected to increase. In April 2024, the total passenger transport volume reached 55.95 million, a year-on-year increase of 10.6%, and a 5.3% increase compared to the same period in 2019. Domestic passenger transport grew by 8.1% compared to 2019, while international passenger transport exceeded 5 million, reaching 5.096 million, recovering to 83.8% of the 2019 level [1][12] - The report suggests that the industry recovery trend is positive, with improving supply-demand dynamics and increasing aircraft utilization rates for airlines. The performance of airlines is expected to improve, and investment opportunities at lower levels are recommended [1][12] - The report highlights the attractiveness of low valuations and high dividends in the road, rail, and port sectors, with a focus on companies like Shandong Expressway and Qingdao Port [1][12] - The easing of real estate policies is expected to lead to a strong outlook for the bulk supply chain, with significant opportunities arising from infrastructure investments [1][12][13] Summary by Sections 1. Core Views and Investment Recommendations - The report emphasizes the recovery of international routes and the expected increase in travel demand, with specific recommendations for airlines and airports [1][12] - It highlights the strong appeal of low valuations and high dividends in the road, rail, and port sectors, recommending specific companies for investment [1][12] 2. Key Targets - Recommended companies include: - Hua Xia Airlines: Expected P/E ratios of 22.33X/9.53X/8.07X for 2024-2026, with a focus on regional aviation growth [14] - Spring Airlines: Expected P/E ratios of 16.49X/13.04X/12.24X, benefiting from cost control and market leadership [14] - Shanghai Airport: Expected P/E ratios of 32.20X/22.33X/20.56X, with stable investment returns anticipated [14] - Qingdao Port: Expected P/E ratios of 10.01X/9.02X/8.23X, with strong operational performance [15] 3. Aviation and Airport Data Tracking - The report provides detailed data on passenger transport volumes and flight operations, indicating a positive trend in domestic and international travel [17] 4. Shipping and Port Data Tracking - The report tracks shipping indices, indicating fluctuations in container shipping rates and oil transportation indices, with a focus on market dynamics [3] 5. Railway and Highway Data Tracking - The report discusses the performance of railway and highway sectors, highlighting the potential for growth in passenger and freight transport [11]