①航空物流：波罗的海空运价格指数环比下降，同比下降。②航运港口：内贸集运运价 指数上升，干散货运价上升。③快递物流：2025年8月快递业务量同比上升12.29%，快递业 务收入同比增加4.24%。④航空出行： 2025年10月第二周国际日均执飞航班1865.71次，环比-4.44%，同比 中银证券近日发布交通运输行业周报：中美互征港口费推升航运市场避险情绪，集运远 洋航线运价上涨。航空方面沃兰特VE25-100eVTOL成功完成首轮试飞，三大航9月运营数据 释放积极信号。物流与交通新业态方面，京东物流与宁德时代达成战略合作，9月多家快递 公司"量价齐升"。 以下为研究报告摘要： 航运方面，中美互征港口费推升航运市场避险情绪，集运远洋航线运价上涨。航空方面 沃兰特VE25-100eVTOL成功完成首轮试飞，三大航9月运营数据释放积极信号。物流与交通 新业态方面，京东物流与宁德时代达成战略合作，9月多家快递公司"量价齐升"。 核心观点 ①中美互征港口费推升航运市场避险情绪，集运远洋航线运价上涨。10月16日，上海航 运交易所发布的CTFI指数报1791.28点，较10月9日上涨27.3%。本周VLCC市场中东航线 ...

Core Insights - The global trade landscape post-pandemic is reshaping the competitive dynamics of air cargo, with world-class air cargo hubs becoming critical for logistics competition and supply chain stability [1] Group 1: Changes in Global Air Cargo Rankings - The rankings of global cargo airports have significantly changed from pre-pandemic to post-pandemic, with China increasing its representation from 2 to 5 airports in the top 20, while the U.S. retains 7 [3] - Major Chinese airports such as Shanghai, Guangzhou, Hong Kong, Shenzhen, and Taipei are experiencing growth in cargo throughput, contrasting with a decline in 3-4 U.S. airports [3] - Traditional European airports like Amsterdam and Heathrow have fallen behind, while new players in the Gulf region, such as Istanbul and Doha, have rapidly emerged [3] Group 2: Shanghai Pudong Airport's Growth - Shanghai Pudong Airport is projected to become the second-largest global air cargo hub in 2024, with a total cargo volume of 3.77 million tons [4] - The airport's growth is attributed to both point-to-point cargo and transit cargo, with a significant portion of U.S.-bound cargo now coming from Vietnam due to strategic route openings [4] - The airport's infrastructure supports a wide range of cargo types, including temperature-controlled goods and precision instruments, enhancing its appeal as a global cargo hub [4] Group 3: Multi-Modal Transport and Logistics Strategies - The development of multi-modal transport facilities at Shanghai Pudong Airport allows for seamless air-to-air, air-to-ground, air-to-sea, and air-to-rail transfers, facilitating efficient logistics operations [4] - Companies like Eastern Airlines Logistics are investing in cargo stations and truck routes to attract regional cargo to Shanghai, with significant volumes already being transported via their truck services [4] - International experiences from hubs like Dubai and Frankfurt highlight the importance of multi-modal integration and adherence to international standards for operational efficiency [4]

交通运输 | 证券研究报告 — 行业周报 2025 年 10 月 20 日 强于大市 交通运输行业周报 中美互征港口费推升航运市场避险情绪， 9 月多 家快递公司"量价齐升" 航运方面，中美互征港口费推升航运市场避险情绪，集运远洋航线运价上 涨。航空方面沃兰特 VE25-100 eVTOL 成功完成首轮试飞，三大航 9 月运 营数据释放积极信号。物流与交通新业态方面，京东物流与宁德时代达成战 略合作，9 月多家快递公司"量价齐升"。 核心观点 ①中美互征港口费推升航运市场避险情绪，集运远洋航线运价上涨。10 月 16 日，上海航运交易所发布的 CTFI 指数报 1791.28 点，较 10 月 9 日上 涨 27.3%。本周 VLCC 市场中东航线 11 月初货盘陆续进场，国际政治 与贸易消息对市场情绪影响明显，美国宣布对中国原油码头实施制裁， 中国宣布反制措施对美资船舶征收对等港口费，短期内加剧中美航运关 系紧张的担忧，推升了市场的避险情绪。随着中国交通运输部发布的关 于对美船舶征收特别港务费的实施细则落地，中国建造船舶可豁免缴纳 该费用的条款，成交运价也在大幅上涨后高位企稳。欧线方面，本周运 输需求总体稳 ...

Core Insights - Eastern Airlines Logistics has introduced an innovative cargo assembly fence (super high board type) on its all-cargo flight CK231 from Shanghai Pudong to New York to enhance the efficiency and safety of air logistics [1][2] Group 1: Market Response and Innovation - The rise of the e-commerce industry has led to a continuous increase in the volume of soft packaging goods in air logistics, presenting challenges in stability and stacking during assembly [2] - To address these challenges, Eastern Airlines Logistics focused on the assembly characteristics of soft packaging goods and conducted extensive research and analysis on assembly schemes, stacking methods, economic benefits, and recycling [2] Group 2: Project Development and Implementation - In August 2024, Eastern Airlines Logistics established a cross-departmental project team to tackle the cargo assembly fence initiative, which underwent rigorous testing and trial operations to finalize the design [2] - The project team confirmed that the cargo assembly fence equipment is stable and reliable, establishing operational standards and management measures for its use [2] Group 3: Performance and Future Plans - The newly implemented cargo assembly fence can increase the load capacity of a single super high board type pallet by approximately 150 kilograms and the low-profile board type pallet by about 500 kilograms, significantly enhancing the safety of transporting soft packaging goods [2] - Eastern Airlines Logistics plans to continuously optimize the design and performance of the cargo assembly fence and promote its broader application across various flight routes [3]

Core Points - Eastern Airlines Logistics has successfully passed the International Air Transport Association (IATA) Safety Audit for Ground Operations (ISAGO) certification for the second time since first obtaining it in 2023, enhancing its international market expansion and global competitiveness [1][1][1] Summary by Categories Certification and Standards - ISAGO is a globally recognized safety audit standard established by IATA, aimed at evaluating the ground operation safety management systems of air logistics companies to ensure compliance with international aviation safety standards and industry best practices [1][1] Audit Details - The ISAGO audit for Eastern Airlines Logistics covered 199 clauses across various areas including ground operations, cargo handling, equipment management, personnel training, and safety monitoring [1][1] - The successful audit involved both online assessments at the headquarters level and on-site evaluations at operational sites, with auditors praising the company's professionalism, rigorous approach, and efficient execution during the audit process [1][1]

运输过程中，东航供应链现场保障负责人带队驻扎雪野机场，积极协调机场特种吊装作业团队，确保直 升机吊装过程安全无误；直升机装车后，工作人员结合货物情况，按照标准流程进行绑扎操作，并利用 钢铁卸扣对货物进一步加固，考虑到运输过程中可能出现的天气变化，工作人员提前落实防雨措施，全 方位保障直升机在运输途中的安全，最终顺利完成运输。 此次 EC135直升机的运输，也为东航供应链在精密仪器运输领域积累了更为丰富的实战经验。（编 辑：张薇，校对：李季威，审核：程凌） 此次运输的EC135直升机，机身长12.26米，宽3.3米，高3.81米，内部的仪表、电子设备等部件均属于 精密仪器。接到任务后，东航供应链第一时间为客户量身定制了专属物流解决方案，将螺旋桨拆卸单独 包装，安排与机身一同使用凹版气垫悬浮搬运车进行运输，从而有效解决了沿途震动和限高路障等问 题。 《中国民航报》、中国民航网 记者钱擘 报道：日前，东航物流旗下东航供应链，顺利完成了一架 EC135直升机从山东济南莱芜雪野机场至浙江绍兴鉴湖机场的地面运输保障，专业化、精细化的服务赢 得客户充分肯定。 ...

Core Viewpoint - The dual holiday of National Day and Mid-Autumn Festival has significantly boosted consumer market activity, with air cargo playing a crucial role in ensuring the flow of goods and meeting public demand during this period [1]. Group 1: Industry Insights - The air cargo sector is described as the "aerial artery" for material circulation during the holiday, highlighting its importance in connecting production and sales [1]. - Eastern Airlines Logistics has initiated comprehensive preparations to ensure uninterrupted operations during the holiday, including special inspections and equipment maintenance [3]. - The logistics unit of Eastern Airlines has made extensive preparations to handle the surge in cargo volume, ensuring efficient coordination among various departments [3]. Group 2: Operational Strategies - The flight department of China Cargo Airlines has scientifically allocated crew resources based on flight characteristics to optimize operations [3]. - The operations control center has conducted precise weather trend analyses to enhance flight planning [3]. - The cargo station department is closely monitoring ramp operations to ensure efficiency during peak periods [3].

Core Insights - The dual holiday of National Day and Mid-Autumn Festival has significantly boosted consumer activity, with air cargo playing a crucial role in ensuring the smooth flow of goods during this period [1][2] - Eastern Airlines Logistics has effectively supported the logistics needs by managing a total of 11,347 flights and handling over 40,000 tons of cargo, marking a year-on-year increase of 15.5% in flight numbers and 10% in cargo volume [1] Group 1 - Eastern Airlines Logistics initiated comprehensive preparations ahead of the holidays, including special inspections, equipment maintenance, and optimized scheduling to ensure uninterrupted operations [2] - The company capitalized on the peak cargo season by promoting both freighter and passenger bellyhold operations, with a 52.3% increase in flights operated by China Cargo Airlines during the holiday [2] - Revenue and marginal contribution rates for outbound and inbound flights exceeded 53% year-on-year, with all key performance indicators for passenger bellyhold operations showing significant growth [2] Group 2 - The operational units of Eastern Airlines Logistics prepared extensively for the surge in cargo volume, ensuring efficient coordination across departments [2] - The flight department optimized crew resource allocation based on flight characteristics, while the operations control center analyzed weather trends to enhance flight planning [2] - Ground handling departments focused on critical operations and emergency response capabilities, while branch offices tailored plans to meet customer demands, ensuring smooth operations throughout the holiday [2]

Group 1: Shipping Industry - The implementation of mutual port fees between China and the US is expected to impact over 40% of shipping capacity, with Chinese shipping companies being the most affected [1][20][21] - Different shipping segments will experience varying degrees of impact, with oil and dry bulk sectors facing greater challenges compared to container shipping [1][20] - Short-term price fluctuations may occur due to initial chaos from the new policies, but overall, the impact on freight rates is expected to be limited [1][20] Group 2: Aviation Industry - Domestic passenger flight volumes have decreased slightly post-National Day, but overall traffic remains above 2019 levels, indicating a recovery trend [2][33] - The average domestic ticket price is stable, with a slight year-on-year increase, suggesting a balanced supply-demand dynamic in the aviation market [2][34] - The aviation sector is expected to see continued recovery in profitability as the supply-demand gap narrows, with recommendations to invest in major airlines like China Eastern Airlines and Spring Airlines [2][34] Group 3: Express Delivery Industry - The "anti-involution" policy has led to price increases across approximately 90% of express delivery volumes in China, indicating a shift towards more sustainable competition [2][43][44] - The profitability of express delivery companies is anticipated to improve in the fourth quarter, driven by seasonal demand and the effects of the "anti-involution" measures [2][43][44] - Major express companies like SF Express and ZTO Express are expected to see significant growth in profitability in 2025, with projected earnings growth of 15-20% for SF Express [2][54] Group 4: Logistics Sector - The logistics company DeBang's revenue has shown double-digit growth, but profitability has been under pressure due to increased transportation costs [2][66][67] - The company is focusing on enhancing its service quality and optimizing its product structure to improve margins in the future [2][66][67]

Core Insights - The shipping sector is experiencing a slowdown in oil shipping rates due to reduced holiday shipments, while container shipping rates on long-distance routes are rebounding [3] - Shenzhen has introduced detailed policies to support low-altitude economic development, with international flight routes expected to resume during the 2025 National Day and Mid-Autumn Festival holidays [3] - China's express delivery volume is projected to reach 1.5 trillion packages 37 days earlier than expected in 2025, with YTO Express signing a strategic cooperation agreement with Huizhou City [3] Shipping Sector - The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points on October 9, down 26.2% from September 25 [3] - VLCC market activity has cooled significantly post-holiday, with total transaction volumes well below weekly averages [3] - The market for transatlantic and Gulf of Mexico routes has also seen a decline in shipping rates, with a temporary stabilization in rates observed as post-holiday shipping resumes [3] - On October 10, the market rate for shipping from Shanghai to European ports was $1,068 per TEU, up 10.0% from the previous period [3] - Rates for shipping from Shanghai to the West and East coasts of the U.S. were $1,468 per FEU and $2,452 per FEU, reflecting increases of 0.5% and 2.8% respectively [3] Aviation Sector - Shenzhen's transportation bureau has released measures to support the high-quality development of the low-altitude economy, effective from October 9, 2025, to December 31, 2026 [3] - During the 2025 National Day and Mid-Autumn Festival holidays, it is expected that 19.138 million passengers will be transported by civil aviation, with a daily average of 2.392 million, marking a 3.2% year-on-year increase [3] - International airlines are projected to operate over 2,000 international passenger flights daily, a year-on-year increase of 11.1% [3] Logistics and New Transportation Models - As of October 11, 2025, China's express delivery volume is expected to exceed 1.5 trillion packages, achieving this goal 37 days ahead of schedule compared to 2024 [3] - A strategic cooperation agreement was signed between the Huizhou Municipal Government and YTO Express for the construction of a supply chain hub in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Industry Trends - The Baltic Air Freight Index has shown a month-on-month increase but a year-on-year decline [5] - The domestic shipping index has risen, along with dry bulk shipping rates [5] - In August 2025, express delivery volume increased by 12.29% year-on-year, with revenue up by 4.24% [5] - The average number of international flights in the first week of October 2025 was 1,940, a slight decrease of 0.16% month-on-month but an increase of 13.44% year-on-year [5] - From September 29 to October 5, the number of freight trucks on national highways was 44.137 million, a decrease of 27.55% month-on-month [5] Investment Recommendations - Companies in the equipment and manufacturing export chain are recommended for attention, including COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [6] - Opportunities related to transportation demand driven by hydropower station construction in the lower reaches of the Yarlung Tsangpo River are highlighted, with a focus on Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [7] - Investment opportunities in the low-altitude economy are suggested, particularly in CITIC Offshore Helicopter [7] - The highway and railway sectors are also recommended for investment, including Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [7] - The cruise and ferry sectors are noted for potential investment opportunities, with a focus on Bohai Ferry and Straits Shares [8] - E-commerce and express delivery sectors are highlighted, recommending SF Express, Jitu Express, and Yunda Express [8] - Investment opportunities in the aviation industry are suggested, focusing on Air China, China Southern Airlines, Spring Airlines, and others [8]