广发证券指出，春运期间全社会跨区域人员流动量在高基数下实现稳健增长，总量或创新高。其中，民 航旅客运输量同比显著增长，机场航空呈现量价双升态势：量端，春节假期民航旅客出行量续创新高， 飞机日利用率持续改善；价端，境内航线经济舱平均票价同比提升。国际线受益于免签和提振消费政策 持续优化，周边国际短途游仍是旅客出行首选。铁路方面，春节期间整体增速可观。公路客运方面，反 向游、小众游等假日旅游需求的常态化叠加系统温和变革，发送旅客量同比回升。 （文章来源：每日经济新闻） 交运ETF（561320）跟踪的是内地运输指数（000945），该指数主要涵盖在中国内地运营的交通运输企 业，选取涉及铁路、公路、海运及航空等细分领域的上市公司证券作为指数样本，以反映内地运输行业 相关上市公司证券的整体表现和发展趋势。 ...

Group 1 - The core viewpoint indicates that the aviation sector is expected to turn profitable by Q2 2025, driven by revenue growth and improved net profits due to cost rigidity and increased passenger volume [1] - In H1 2025, the aviation sector's revenue increased by 7% year-on-year, with a significant 71% year-on-year growth in net profit attributable to the parent company, aided by lower oil prices and improved turnover [1] - The airport sector also saw revenue growth, with H1 2025 revenue up by 6% year-on-year and net profit attributable to the parent company rising by 26% [1] Group 2 - In Q2 2025, the aviation sector's revenue grew by 10% year-on-year, and net profit attributable to the parent company turned profitable, supported by a rise in domestic ticket sales and sustained low oil prices [1] - The airport sector's Q2 2025 revenue increased by 8% year-on-year, with net profit attributable to the parent company growing by 34% [1] - The future supply growth in the aviation industry is expected to slow down, leading to an optimization of supply and demand, which may drive ticket prices up and release profits [1]

Core Viewpoint - The railway freight volume and highway truck traffic in China show resilience and maintain steady growth, indicating a positive outlook for the transportation sector [1]. Group 1: Railway Freight and Highway Traffic - From July 7 to July 13, the national railway transported a total of 79.602 million tons of goods, with a week-on-week increase of 1.47% [1]. - The total number of highway truck passes reached 53.076 million, reflecting a week-on-week growth of 0.19% [1]. - The China National Railway Group projects that by the first half of 2025, the national railway will complete a freight volume of 2.558 billion tons, representing a year-on-year increase of 1.8%, with coal transportation accounting for 1.337 billion tons [1]. Group 2: Investment Opportunities - The highway sector is expected to have two main investment themes throughout 2025: traditional high-dividend investments and potential value management catalysts from undervalued stocks [1]. - The transportation ETF (561320) tracks the mainland transportation index (000945), which includes listed companies involved in railway, highway, waterway, and aviation transportation, reflecting the overall performance of the transportation sector in mainland China [1]. - Investors without stock accounts can consider the Guotai Zhongzheng Mainland Transportation Theme ETF Initiated Link C (018906) and the Guotai Zhongzheng Mainland Transportation Theme ETF Initiated Link A (018905) [1].