Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates have significantly rebounded, while freight rates for the US routes continue to decline. The China Import Crude Oil Composite Index (CTFI) rose to 1057.44 points, an increase of 20.1% from July 31 [2][14] - The launch of the "3+9+N" low-altitude air route network by Huangpu and the successful eVTOL flight from Shenzhen to a sea oil platform mark significant advancements in low-altitude logistics [2][16] - The collective increase in express delivery base prices in Guangdong, effective from August 4, aims to combat price wars in the logistics sector [2][23] Industry Dynamics 1. Industry Hot Events - Crude oil freight rates have rebounded significantly, with the Middle East route rates increasing by 24.52% compared to July 31 [13] - The US route freight rates continue to decline, with Shanghai port rates to the US West and East dropping by 9.8% and 10.7% respectively [15] - The introduction of the "3+9+N" low-altitude air route network aims to enhance logistics efficiency in the Guangdong region [16] - Guangdong's express delivery base price has been set at no less than 1.4 RMB per ticket, marking a significant policy shift in the logistics sector [23] 2. High-Frequency Data Tracking - In July 2025, domestic cargo flight operations increased by 7.61% year-on-year, while international cargo flights rose by 23.31% [33] - The express delivery business volume in June 2025 reached 16.87 billion items, a year-on-year increase of 15.78% [55] - The shipping market shows a mixed trend, with the SCFI index reporting a decline of 54.22% year-on-year [40] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [4] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [4] - Investment opportunities in the express delivery sector, with recommendations for SF Express and Jitu Express [4] 4. Company Performance - The report highlights the performance of listed transportation companies, indicating a need for ongoing monitoring of their valuation levels [3]

Core Viewpoint - The Transportation ETF (159666) has shown a positive performance with a 0.6% increase, marking three consecutive days of gains, driven by significant rises in constituent stocks such as Yunda Holdings and Shentong Express [2] Group 1: Performance Metrics - As of August 6, 2025, the Transportation ETF has achieved a 1.73% increase over the past month and a 10.19% increase over the past year [2] - The ETF's highest single-month return since inception was 15.82%, with the longest streak of consecutive monthly gains being four months and an average monthly return of 3.23% [2] - The ETF has outperformed its benchmark with an annualized excess return of 8.82% over the last three months [2] Group 2: Liquidity and Trading Activity - The Transportation ETF had a turnover rate of 4.99% during the trading session, with a total transaction volume of 3.2 million yuan [2] - The average daily trading volume over the past month was 5.03 million yuan [2] Group 3: Valuation and Tracking Accuracy - The Transportation ETF's management fee is 0.50% and the custody fee is 0.10% [3] - The tracking error over the past two years is 0.048%, indicating high tracking precision [3] - The latest price-to-earnings ratio (PE-TTM) of the index tracked by the ETF is 15.62, which is below the historical average, placing it in the lower 12.08% of the past three years [3] Group 4: Constituent Stocks - Notable constituent stocks include SF Express with a 1.87% increase and a weight of 10.25%, and China Eastern Airlines with a weight of 3.01% [5]