交通运输行业周报：供需收紧与红海危机共促集运运价增长，前4月中国快递业务量突破500亿件

Investment Rating - The report rates the transportation industry as "Outperform the Market" [3] Core Insights - The growth in container shipping rates is driven by tightening supply and the Red Sea crisis, with new ship deliveries marginally offsetting the impact of increased capacity [1][16] - Domestic air ticket fuel surcharges have been reduced for the second time this year, while air freight demand increased by 11.1% year-on-year in April [1][17] - The express delivery sector in China has seen a significant boost, with business volume surpassing 50 billion packages in the first four months of the year, driven by e-commerce growth and service enhancements [1][24] Summary by Sections 1. Industry Hot Events - Container shipping rates are expected to continue rising due to an early peak season and insufficient capacity supply, with the Drewry World Container Index increasing by 4% to $4,226 per FEU [16] - Domestic air ticket fuel surcharges have been adjusted downwards, with April air freight demand showing a strong year-on-year growth of 11.1% [17] - The express delivery business in China has surpassed 50 billion packages by April 29, 2024, driven by e-commerce and service improvements [24] 2. High-Frequency Dynamic Data Tracking - Air logistics: Air freight prices have increased overall, with the Shanghai outbound air freight price index at 4,955 points, up 41.5% year-on-year [28] - Shipping ports: The container shipping price index has risen, with the Shanghai export container price index at 3,044.77 points, up 12.63% week-on-week [41] - Express logistics: In April, express delivery volume increased by 22.7% year-on-year, with revenue up by 18.33% [28] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [1] - Pay attention to the bulk commodity supply chain and hazardous goods logistics benefiting from industrial economic recovery, recommending Xiamen Xiangyu and Xiamen Guotai [1] - Explore investment opportunities in the low-altitude economy, recommending SF Holding and CITIC Offshore Helicopter [1] - Consider thematic investments in cruise and ferry services, recommending Bohai Ferry and Straits Shares [1] - Look into e-commerce express delivery opportunities, recommending Zhongtong Express, Shentong Express, and Yunda Holdings [1]