Group 1 - The People's Bank of China announced innovative structural monetary policy tools in Shanghai, including the launch of blockchain-based credit refinancing for shipping trade and expansion of carbon reduction support tools [1] - The global merchant fleet's asset size exceeded $3 trillion in 2023, with a ship financing leasing penetration rate of only 18%, significantly lower than the 40% in the aviation industry [1] - RWA (Real World Asset tokenization) serves as a bridge between traditional assets and the crypto economy, providing new solutions for industry pain points through smart contracts [1] Group 2 - Major industry players like COSCO Shipping, CMA CGM, DP World, and Port of Singapore Authority announced the development of blockchain solutions for the maritime industry as early as 2018 [2] - The blockchain credit refinancing business is expected to be promoted nationwide, facilitating more efficient financing services for foreign trade enterprises and promoting the development of the shipping trade industry [2] Group 3 - COSCO Shipping Technology is collaborating with Circle to build a shipping financial blockchain for real-time settlement of global shipping fees in USDC, positioning it as a core strategic vehicle for digital finance [3] - COSCO Shipping Holdings is involved in the operation of GSBN (Global Shipping Business Network), which aims to support trustworthy transactions and seamless cooperation among global trade participants through blockchain technology [3]

Investment Rating - The report maintains an "Overweight" rating for the transportation sector, with specific buy recommendations for several airlines and logistics companies [2][3]. Core Insights - The report emphasizes the ongoing recovery in the aviation sector, driven by increasing passenger demand and favorable pricing dynamics, particularly during the peak travel season [4][5]. - The logistics and express delivery sectors are expected to undergo significant transformation due to advancements in autonomous vehicle technology, which could enhance operational efficiency and service delivery [5][6]. Summary by Sections Investment Highlights - The report highlights the strong performance of airlines such as Spring Airlines, China Eastern Airlines, and China Southern Airlines, which are expected to benefit from rising passenger volumes and improved load factors [2][11]. - The logistics sector is seeing a surge in express delivery volumes, with a reported 41.47 billion packages collected in the week of May 19-25, reflecting a year-on-year increase of 15.42% [5][6]. Operational Tracking - The report provides detailed operational metrics for major airlines, indicating a positive trend in available seat kilometers (ASK) and revenue passenger kilometers (RPK) across the sector, with notable increases in passenger load factors [4][14]. - The logistics sector's performance is also tracked, showing a significant increase in both collection and delivery volumes, which are expected to continue growing due to favorable consumption policies [5][6]. Airline Data Tracking - Specific airlines are highlighted for their operational efficiency and market positioning, with metrics showing improvements in ASK and RPK, alongside rising load factors, indicating a robust recovery trajectory [4][14]. - The report notes that the average load factor for major airlines is above 80%, suggesting strong demand and effective capacity management [4][14]. Shipping Data Tracking - The report indicates a rise in shipping rates, with the SCFI index reaching 2072.71 points, reflecting a week-on-week increase of 30.68% [5][6]. - The report anticipates a seasonal increase in shipping demand, driven by factors such as replenishment needs and peak shipping seasons, which could lead to further price increases [5][6]. Logistics Data Tracking - The report tracks logistics performance, noting a significant increase in freight volumes across various transport modes, including road and rail, with a cumulative freight volume of 2.71 billion tons reported [5][6]. - The express delivery sector is highlighted for its resilience, with ongoing growth in package volumes supported by government consumption-boosting policies [5][6].