Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the strong growth in Southeast Asia's e-commerce logistics, particularly benefiting from TikTok Shop's significant GMV growth in Q2 2025, with increases of 93% in Thailand, 145% in Indonesia, 191% in Vietnam, 245% in the Philippines, 211% in Malaysia, and 30% in Singapore [4] - The report notes that the civil aviation sector is entering a peak travel season, with over 21.01 million domestic flight tickets booked in the first month of the summer travel period, indicating a 5.2% increase in flight numbers compared to the previous year [6][7] - The report emphasizes the ongoing demand resilience in the express delivery sector, with major players like SF Express and JD Logistics expected to benefit from cyclical recovery and cost reduction efforts [15] Summary by Sections Express Logistics - TikTok Shop's Q2 2025 GMV growth indicates a robust demand for Southeast Asian express delivery services, with Jitu's market share reaching 28.6% [4] - Shentong plans to deploy 2,000 unmanned vehicles in 2025 to enhance delivery capabilities [5] - JD Logistics has launched a self-developed VAN unmanned light truck, which can save approximately 60% in costs compared to traditional transport [5] Civil Aviation - The civil aviation sector is experiencing a peak in passenger flow, with a significant increase in ticket bookings and expected price hikes for popular routes [6] - The Civil Aviation Administration has established a leadership group to promote the development of general aviation and low-altitude economy [7] - The resumption of aircraft engine exports from the US to China signals a thaw in trade tensions [7] Shipping and Ports - OPEC+ plans to increase oil production by 548,000 barrels per day in August, aiming to regain market share [8] - China Shipbuilding's merger with China Shipbuilding Heavy Industry has been approved, indicating consolidation in the industry [9] - The Shanghai export container freight index has decreased by 5.3%, while oil tanker freight rates have also declined [10][11] Road and Rail - The report notes a slight decrease in toll revenue for Shenzhen Expressway in May, while the overall logistics operations remain stable [14] - National railway freight transport has shown a slight increase, indicating steady logistics performance [14] Overall Market Performance - The A-share transportation index decreased by 0.33% during the week, underperforming the Shanghai Composite Index, which increased by 1.40% [20] - The report provides a detailed breakdown of various sub-sectors, highlighting the performance of express delivery, aviation, shipping, and logistics [22][25][49][55]

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 05 月 11 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 板块表现： 国内客货运平稳增长，油运受益地缘催化 投资评级： 看好（维持） —交通运输行业周报（2025 年 5 月 5 日-2025 年 5 月 11 日） 投资要点： 一、行业动态跟踪 快递物流： 1）4 月 21 日-4 月 27 日全国物流保通保畅有序运行。根据国务院物流保通保畅工 作领导小组办公室监测汇总数据，4 月 21 日-4 月 27 日，全国货运物流有序运行， 其中：国家铁路累计运输货物 7787.8 万吨，环比增长 3%；全国高速公路累计货车 通行 5675.4 万辆，环比增长 2.25%；邮政快递累计揽收量约 40.75 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [5] Core Views - The logistics sector is showing resilience with a steady increase in express delivery volumes and revenues, indicating a robust demand environment [5][6][22] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends favoring growth [15] - The shipping sector faces challenges due to ongoing tariff conflicts, but oil tanker demand is projected to rise due to geopolitical factors [15] Summary by Sections Logistics - National logistics operations were stable from April 14 to April 20, with rail freight at 75.61 million tons (down 1.66% week-on-week) and express delivery volumes reaching approximately 3.95 billion pieces (up 3.59%) [5] - Shentong Express reported a significant improvement in 2024, with revenues of 47.169 billion yuan (up 15.26%) and a net profit of 1.04 billion yuan (up 250.24%) [6] - The overall express delivery market is characterized by strong demand and limited price decline, with major players like Zhongtong Express and Shunfeng benefiting from cyclical recovery [15] Aviation - Huaxia Airlines reported a net profit of 82 million yuan in Q1 2025, a 232% increase year-on-year, driven by increased flight operations and passenger volumes [9] - The airline industry is expected to see a rebound in ticket sales, with a long-term positive outlook due to low supply growth and recovering demand [15] Shipping - The shipping sector is experiencing significant operational adjustments due to ongoing US-China tariff conflicts, with a 44% year-on-year decrease in vessel numbers to US ports [11] - The Baltic Dry Index (BDI) increased by 3.4% to 1305 points, indicating a potential recovery in the dry bulk shipping market [12] - Oil tanker demand is expected to rise due to geopolitical tensions and limited new ship orders, suggesting a favorable outlook for the oil shipping segment [15]