（文章来源：每日经济新闻） 每经AI快讯，德翔海运(02510.HK)再涨超5%，截至发稿，涨4.94%，报9.13港元，成交额3222.8万港 元。 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [7] Core Insights - The passenger transport volume is recovering, with domestic passenger volume increasing by 3% year-on-year and international passenger volume rising by 17% [5][13] - Shipping rates for container shipping are showing strong support, while oil and bulk shipping rates have slightly adjusted downwards [6][39] - Logistics technology financing is accelerating, with express delivery volume increasing by 7.8% year-on-year [5][50] Summary by Sections Passenger Transport - Domestic passenger volume has shown a 3% year-on-year increase as of October 24, with international passenger volume up by 17% [5][13] - The average domestic seat occupancy rate has improved by 1.0 percentage points year-on-year, while international occupancy has increased by 5.1 percentage points [22] - Oil prices have decreased by 0.7% year-on-year, putting slight pressure on industry revenue [22] Shipping - The average VLCC-TCE rate has decreased by 8.4% to $79,000 per day [39] - The SCFI index for foreign trade container shipping has increased by 7.1% to 1,403 points, indicating strong pricing support from shipping companies [6][39] - The BDI index has decreased by 3.8% to 1,991 points, reflecting a softening demand for large vessel rentals [39] Logistics - The express delivery volume from October 13 to October 19 reached 3.944 billion pieces, a year-on-year increase of 7.8% [50] - The average price for bulk commodity road transport has increased by 4.8% year-on-year, reaching 0.33 yuan per ton [50] - The average daily transport volume at Ganqimaodu was 900 vehicles, with a short-distance average price of 90 yuan per ton, reflecting a 13 yuan increase [50]

中新社重庆10月24日电 (张旭)重庆中欧班列24日首发重庆—阿尔及利亚南通道铁海联运线路，标志着重 庆中欧班列首次实现铁海联运直达非洲，进一步拓展了重庆国际物流通道的全球覆盖能力。 本次线路依托中欧班列南通道，创新构建"铁路+海运"跨洲联运模式。班列从重庆团结村站出发，经霍 尔果斯口岸出境，穿越哈萨克斯坦、阿塞拜疆、格鲁吉亚，在土耳其转接海运，最终抵达阿尔及利亚首 都阿尔及尔。该线路全程实现铁海无缝衔接，较传统海运节省5天至8天时间，运输效率显著提升。 （文章来源：中国新闻网） 该线路的顺利开行得益于渝新欧(重庆)供应链管理有限公司与中兴通讯股份有限公司等企业的深度合 作，是重庆中欧班列服务共建"一带一路"、深化与非洲国家经贸往来的里程碑。线路进一步丰富了重庆 中欧班列的通道网络体系，拓展了中欧班列南通道覆盖范围，为中国中西部地区与非洲国家之间的经贸 合作开辟了更加便捷高效的物流新通道。 未来，重庆中欧班列将持续优化跨洲多式联运产品，提升物流服务品质，为更多中国企业"走出去"提供 稳定可靠的国际物流保障。(完) ...

Core Points - The recent ceasefire agreement between Hamas and Israel has increased the possibility of safe passage through the Red Sea, but conditions for international shipping to return are not yet mature [1][4] - The shipping industry has experienced significant fluctuations in freight rates due to the ongoing crisis, with rates peaking at over three times the normal levels before gradually declining [2][3] - Egypt has faced a substantial loss in revenue from the Suez Canal, amounting to approximately $9 billion over the past two years due to the crisis [2] Shipping Industry Impact - The Red Sea crisis has forced most container ships and some oil and bulk carriers to reroute around the Cape of Good Hope, leading to increased fuel costs and lower turnaround efficiency for shipping companies [3] - The return of international shipping to the Red Sea is contingent upon several conditions, including the effective implementation of the ceasefire agreement and improved security in the region [4][6] - Analysts predict that even if the ceasefire holds, shipping companies may need to wait several months for guarantees against further attacks before considering a return to the Red Sea [6][7] Future Outlook - The likelihood of restoring the Red Sea shipping route before the Chinese New Year in 2026 is considered low, with some experts suggesting that a more realistic timeline could extend to the October 2026 Golden Week [6][7] - Major shipping alliances may opt for a phased return to the Red Sea to avoid congestion at ports, as vessels from different routes could arrive simultaneously [7]

Group 1: Logistics - The logistics industry is expected to undergo a paradigm shift towards high-quality development, driven by policy changes and the "anti-involution" movement, which aims to ensure the rights of delivery personnel and improve profitability [4][24][30] - The logistics sector is entering a new phase of overseas expansion, with companies like Jitu Express and Jiayou International transitioning from initial stages to more advanced operations, focusing on management and capacity exports [4][8][35] Group 2: Aviation - The aviation industry is poised for recovery, benefiting from a resurgence in business travel demand since September, leading to improved revenue and cost dynamics [9][51] - The supply side is tightening, with low aircraft deliveries expected in 2025 and high capacity utilization rates, indicating a potential for revenue and cost resonance in the industry [9][51] Group 3: Shipping - The shipping sector is influenced by both seasonal and non-seasonal factors, with a focus on oil transportation due to OPEC+ production adjustments and the expected positive impact of new projects in the dry bulk segment [10][20] - The container shipping market is facing tariff disruptions, but demand is anticipated to rise due to proposed measures from the 301 investigation, which may boost feeder vessel demand [10][20] Group 4: Highways - Highway companies are regaining attractiveness in terms of valuation and dividend yield, with a focus on low valuation and high dividend characteristics [11][20] - The widening gap between highway company dividend yields and ten-year government bond yields suggests a return to a high cost-performance ratio for these assets [11][20]

Core Viewpoint - Shanxi has successfully opened a new "one box to the end" rail-sea intermodal transport channel for 35-ton wide-body containers, enhancing logistics efficiency and reducing costs [1][3]. Group 1: Logistics and Transportation - The first train, J80112, departed from the Datong Railway Logistics Center, carrying 98 wide-body containers with a total weight of 3,136 tons of industrial non-stick coal [1][3]. - The 35-ton wide-body containers are advantageous due to their strong loading capacity, low logistics costs, and wide adaptability for transporting bulk goods like coal and minerals [3]. - The new intermodal transport method reduces logistics costs by 13% and nearly eliminates cargo damage, which previously stood at 5‰ [3][4]. Group 2: Operational Efficiency - The new system allows for seamless integration of rail, port, and shipping data, simplifying the logistics process for shippers who now only need to coordinate with the railway department [4]. - The initiative is expected to operate three dedicated trains per month, aiming to ship nearly 1,000 wide-body containers by the end of the year, thereby improving service to downstream enterprises [4].

Core Points - The "Zhongyuan Felix" container ship has arrived at Shanghai's Waigaoqiao Port carrying exhibits for the 8th China International Import Expo (CIIE) [1][3] - The CIIE serves as a strategic platform connecting China with the world, providing opportunities for businesses to observe China's openness and market potential [3][4] Shipping and Logistics - The "Zhongyuan Felix" ship departed from Auckland, New Zealand, on September 20, transporting various specialty products including dairy, natural mineral water, coconut oil, and handcrafted items [1][3] - A specialized guarantee plan was implemented for the transportation of sensitive products like dairy, utilizing advanced temperature-controlled storage and transport equipment to ensure optimal conditions during transit [3] Customs and Inspection - Shanghai's border inspection authorities have established a "green channel" for the efficient and safe entry of CIIE exhibits, facilitating the entire process from transportation to customs clearance [3][4] - Eight convenience measures have been introduced by Shanghai's border inspection authorities to enhance customs clearance for the CIIE, including dedicated inspection channels and a hotline service [4]

Core Insights - The "QianKai-Shanghai" maritime route has facilitated significant growth in trade between Shanghai and Peru, with imports and exports reaching 134.2 billion RMB in the first three quarters of this year, marking a substantial increase of 56.9% compared to the same period last year [1]. Group 1: Trade Volume and Value - In the first three quarters of this year, Shanghai Customs supervised a total of 15.4 million tons of goods and a value of 39.7 billion RMB through the "QianKai-Shanghai" maritime route [1]. - In the first half of this year, the same route accounted for 7.8 million tons of goods and a value of 17.2 billion RMB, indicating a rapid acceleration in trade activity [1]. Group 2: Economic Significance - The "QianKai-Shanghai" maritime route is emerging as a new bridge for economic and trade exchanges between China and Peru, enhancing bilateral trade relations [1]. - The first batch of maritime exhibition items from Peru, including 764 handcrafted items such as alpaca dolls and ceramic cows, arrived at Shanghai Yangshan Port for the upcoming China International Import Expo [1].

◼ 海运业首个履约年度碳账单约 24 亿欧元 2024 年，海运业在 EU ETS 覆盖范围内的经核查排放量为 0.9 亿吨，海运业首个履约年度的碳账单约 为 24 亿欧元。预计 2025 年海运业碳账单或达到 42 亿欧元；2026 年，EU ETS 对海运业温室气体覆盖范围 进一步扩展至甲烷和一氧化二氮，估算其对应的碳成本可能升至 62 亿欧元。 ◼ 集运碳成本对运费的影响权重日渐增加 二 〇 二 五 年 度 2025 年 10 月 20 日 集运碳成本更新：基于 2024 年排放数据的影 响重估——绿色金融联合研究（五） 唐惠珽 投资咨询从业资格号：Z0021216 tanghuiting@gtht.com 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 报告导读： ◼ EU ETS 影响全球 13%的船舶、49%的集装箱运力 2024 年，实际受 EU ETS 管制的船舶数量约占全球船舶总量的 13%，其碳排放约占全球船舶碳排放总 量的 17%。近五成的全球集装箱运力在 EU ETS 的管辖范围内。 基于 THETIS-MRV 公布的 2024 年最新排放数据，本 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [8] Core Insights - The travel chain is experiencing a recovery in demand, with ticket prices showing a positive trend and a clear inflection point in revenue [2][5] - The shipping sector is witnessing a seasonal surge in freight rates due to peak season and geopolitical factors [6] - The logistics sector is seeing a year-on-year increase in unit prices for major express delivery companies, with a second round of price hikes initiated [6] Summary by Sections Aviation - Demand recovery is evident, with business travel gradually increasing since September, leading to improved revenue margins. The industry is expected to benefit from a tightening supply side and lower fuel costs, resulting in a resonance of income and costs [5][17] - The introduction of new aircraft is expected to remain slow in 2025, with engine maintenance squeezing capacity. The industry is projected to reach historical highs in capacity utilization [5][17] Shipping - Oil shipping rates are on the rise, with the average VLCC-TCE increasing by 8.7% to $86,000 per day. Geopolitical events and OPEC+ production increases are expected to support the oil shipping market [6][22] - The SCFI index for foreign trade shipping has risen by 12.9% to 1,310 points, driven by increased demand and tariff adjustments [6][22] - The BDI index for bulk shipping has increased by 6.9% to 2,069 points, supported by stable overseas mining shipments [6][22] Logistics - The express delivery sector is seeing a year-on-year increase in unit prices, with a second round of price hikes underway. The overall performance of the sector is expected to improve in Q4 and next year [6][36] - The average daily collection volume for postal express services has decreased by 0.7% year-on-year, indicating seasonal effects and price adjustments [6][36]