Core Insights - The "618" e-commerce promotion, known as the longest in history, has concluded with a stable delivery experience due to thorough preparation and an extended duration [1] - The express delivery industry has seen a significant increase in business volume, with a daily average exceeding 550 million packages during the promotion period [1] - The rapid growth in express delivery volume is driven by consumer market vitality, which in turn enhances the logistics economy [1][2] Express Delivery Industry Performance - The express delivery business volume reached 173.2 billion packages in May, marking a year-on-year growth of 17.2% [1] - Major express companies have improved their operations across collection, transportation, and sorting, leading to a more stable consumer delivery experience [1] - The integration of cold chain technology has facilitated the transportation of seasonal fruits, such as cherries and lychees, ensuring freshness [1][2] Technological Advancements - The express delivery sector has experienced significant technological upgrades, particularly in the last-mile delivery segment, making this year's "618" the most technologically advanced in history [2] - The deployment of unmanned vehicles and AI has optimized resource allocation and route adjustments, allowing companies to handle increased business volumes efficiently [2] - Over 1,000 unmanned vehicles are now operational across more than 250 locations, covering over 180 cities nationwide [2] Economic Impact - The efficient operation of the express delivery system has integrated various flows, including logistics, finance, commerce, and information, becoming a crucial link between industries and regions [3] - The express delivery economy plays a significant role in optimizing industrial structures and facilitating economic operations [3] - Future developments should focus on enhancing rural logistics services and cold chain networks to improve agricultural supply chain integration [3]

Investment Rating - The report recommends investment in several companies within the aviation and logistics sectors, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and Huamao Logistics (603128.SH) [9]. Core Insights - The report highlights the recovery of air travel demand, with domestic ASK (Available Seat Kilometers) for major airlines exceeding 100% of 2019 levels, indicating a strong rebound in the aviation sector [19][22]. - The logistics sector is expected to benefit from the growth of cross-border e-commerce, driven by domestic demand and the expansion of local manufacturing brands [8]. - The report emphasizes the importance of smart logistics and digital transformation in enhancing operational efficiency and meeting consumer demands [63][66]. Summary by Sections Aviation and Airports - As of December 2024, domestic ASK recovery rates for major airlines reached 132.45% for China National Aviation and 153.98% for Spring Airlines compared to 2019 [19]. - International flight recovery rates vary, with the UK at 112% and Italy at 122% compared to 2019 [22]. - The report notes that the optimism surrounding airport duty-free agreements has been priced in, with future international passenger flow recovery being a key focus [7]. Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a value of 1436 points as of March 7, 2025, reflecting a week-on-week decrease of 5.21% and a year-on-year decrease of 23.83% [28]. - The BDTI (Baltic Dirty Tanker Index) was at 879 points, down 0.86% week-on-week and down 26.01% year-on-year [33]. - The report indicates a significant decline in shipping rates across various routes, with the CCFI (China Containerized Freight Index) showing a decrease of 7.70% year-on-year [28]. Road and Rail - In December 2024, railway freight volume increased by 8.46% year-on-year, reaching 4.59 million tons, while road freight volume grew by 9.94% to 37.74 million tons [39][46]. - The report highlights the expansion of rail capacity in the southwest region, enhancing operational efficiency [60]. Express Logistics - The express delivery sector achieved a revenue of 137.89 billion yuan in December 2024, marking a year-on-year increase of 13.60% [49]. - The average price per express delivery item decreased by 13.61% to 7.75 yuan [49]. - The report emphasizes the growth potential in the express logistics sector, driven by e-commerce and the development of differentiated competitive advantages among leading companies [8].