交运ETF（561320）跟踪的是内地运输指数（000945），该指数由中证指数有限公司编制，从A股市场 中选取涵盖航空、海运、公路及铁路运输等交通运输行业的代表性上市公司证券作为指数样本，以反映 内地运输行业上市公司证券的整体表现。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 航空：量增推动收入增长，2025H1航空板块营收同比增长7%，叠加油价下降、周转提升成本改善，归 母净利润同比增长71%；2025Q2行业国内裸票同比提升，叠加油价维持低位，航空板块营收同比增长 10%，归母净利润同比扭亏为盈。 机场：量增推动航空性收入和非航收入增长，叠加成本相对刚性，机场利润增速高于收入增速， 2025H1机场板块营收同比增长6%，归母净利润同比增长26%；2025Q2机场板块营收同比增长8%，归母 净利润同比增长34%。航空业未来供给增长放缓确定性 ...

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].