Group 1 - The peak of cross-regional personnel flow during the National Day and Mid-Autumn Festival holiday has reached a new high, with over 299.4 million people traveling, representing a year-on-year increase of 6.3% [1] - In the first half of the holiday, the total cross-regional personnel flow reached approximately 124.3 million people, with an average daily flow exceeding 31 million people, indicating strong travel activity [2] - On the fifth day of the holiday, the railway is expected to send 175,500 passengers, with 927 additional trains planned to enhance transportation services [4] Group 2 - The second travel peak during the holiday is anticipated on the fifth day, with an expected flow of 27.78 million people on the roads and over 62 million vehicles on national highways [8] - Waterway passenger volume is projected to reach 170,000, marking a 7.68% increase compared to the same period in 2024, while civil aviation is expected to transport 235,000 passengers, reflecting a 0.6% year-on-year growth [10]

Economic Overview - The transportation industry has maintained overall stability and progress in the first half of 2025, contributing to employment, business stability, market stability, and expectations [1] Freight Volume - The total operating freight volume reached 280.3 billion tons, marking a year-on-year increase of 3.9%. By mode, railway, road, waterway, and civil aviation freight volumes grew by 1.8%, 4.0%, 4.3%, and 14.6% respectively. Notably, the ocean freight volume completed by Chinese shipping companies increased by 9.4% year-on-year [1] - Express delivery business volume reached 956 million pieces, reflecting a year-on-year growth of 19.3% [1] Port Operations - Port cargo throughput maintained growth, totaling 8.9 billion tons, with a year-on-year increase of 4.0%. Domestic and foreign trade throughput grew by 5.0% and 1.8% respectively [3] - Container throughput reached 17 million TEUs, with a year-on-year increase of 6.9%. Domestic and foreign trade container throughput increased by 4.0% and 8.9% respectively [3] Passenger Travel - Cross-regional passenger flow reached 33.76 billion person-times, with a year-on-year increase of 4.2%. By mode, railway and civil aviation passenger volumes grew by 6.7% and 6.0% respectively, while waterway passenger volume decreased by 2.5%. Notably, international civil aviation passenger volume surged by 28.5% year-on-year [3] Investment in Transportation - Transportation fixed asset investment remained high, totaling 1,647.4 billion yuan. Investments in railway, road, waterway, and civil aviation were 355.9 billion yuan, 1,129.1 billion yuan, 109.3 billion yuan, and 53.1 billion yuan respectively [3]

Valuation Summary - The overall PE of the CSI A-shares is 18.7 times, positioned at the historical 70th percentile [3][6] - The PE of the Shanghai 50 Index is 11.1 times, at the historical 56th percentile [3][6] - The PE of the CSI 500 Index is 27.7 times, at the historical 40th percentile [3][6] - The PE of the ChiNext Index is 30.4 times, at the historical 10th percentile [3][6] - The PE of the CSI 1000 Index is 36.9 times, at the historical 40th percentile [3][6] - The PE of the National 2000 Index is 48.3 times, at the historical 65th percentile [3][6] - The PE of the Sci-Tech 50 Index is 131.8 times, at the historical 97th percentile [3][6] - The PE of the North Exchange 50 Index is 63.9 times, at the historical 92nd percentile [3][6] - The ChiNext Index's PE relative to the CSI 300 is 2.4 times, at the historical 4th percentile [3][6] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Electric Equipment (Photovoltaic Equipment), National Defense, Aviation, Chemical Pharmaceuticals, and IT Services [3][4] - No industries have PB valuations above the historical 85th percentile [3][4] - Industries with both PE and PB below the historical 15th percentile include Agriculture, Forestry, Animal Husbandry, and Medical Services [3][4] Industry Midstream Prosperity Tracking New Energy - In the photovoltaic sector, upstream polysilicon futures prices fell by 12.2%, and spot prices decreased by 0.7% [3][4] - The price of silicon wafers dropped by 2.8%, while battery prices fell by 6.9% [3][4] - Lithium prices for lithium hexafluorophosphate and lithium carbonate decreased by 1.0% and 1.1%, respectively [3][4] Real Estate Chain - The price of rebar increased by 0.6%, while iron ore prices fell by 1.7% [3][4] - National commercial housing sales area decreased by 2.9% year-on-year from January to May 2025 [3][4] - Real estate development investment completed from January to May 2025 fell by 10.7% year-on-year [3][4] Consumption - The average price of live pigs increased by 1.4%, while pork wholesale prices rose by 0.3% [3][4] - The retail sales growth rate from January to May 2025 was 5.0%, with a significant rebound in May [3][4] Midstream Manufacturing - Manufacturing investment and narrow infrastructure investment grew by 8.5% and 5.6% year-on-year, respectively [3][4] - The output of industrial robots increased by 32.0% year-on-year from January to May 2025 [3][4] Technology TMT - The output of integrated circuits grew by 6.8% year-on-year from January to May 2025 [3][4] - The export value of optical communication modules decreased by 6.9% year-on-year [3][4] Cyclicals - Brent crude oil futures prices rose by 2.9% to $77.32 per barrel [3][4] - The Baltic Dry Index fell by 14.2% [3][4]

Summary of Key Points Core Viewpoint - The transportation sector in China experienced a significant surge in passenger flow during the "May Day" holiday, with record-breaking numbers in railway travel and increased short-distance travel on the second day of the holiday. Group 1: Railway Transportation - On May 1, the national railway sent 23.119 million passengers, setting a new single-day record for passenger volume [1][7] - On May 2, the expected passenger volume is 19.3 million, with an additional 1,636 passenger trains scheduled [1][7] - The Guangzhou Railway Bureau anticipates sending 2.68 million passengers on May 2, a year-on-year increase of 9.9% [7] - The Yangtze River Delta railway is expected to send 4.18 million passengers on May 2, maintaining over 4 million for two consecutive days, with the Hangzhou-Taipei high-speed railway seeing over 60% growth compared to regular days [7] Group 2: Road Transportation - Road travel is primarily focused on short-distance and nearby tourism, with an expected daily flow of over 55 million small passenger vehicles on highways [3][7] - Popular tourist cities and their surrounding highways are expected to experience significant traffic pressure [3] Group 3: Air Transportation - On May 2, the national civil aviation sector is expected to transport 2.16 million passengers [5] Group 4: Water Transportation - On May 2, the national water transport is expected to send over 2 million passengers [15] - Maritime authorities are implementing strict safety measures to ensure safe water travel during the holiday [15] Group 5: Charging Infrastructure for Electric Vehicles - Local transportation and power supply departments are collaborating to ensure the availability of charging stations for electric vehicles, with service teams deployed to check the status of charging facilities [9][11] - The Tian Tai service area on the Hangzhou-Shaoxing-Taipei Expressway has installed 20 fast-charging stations to accommodate 40 electric vehicles simultaneously [11] - The Daguang Expressway's Hengshui service area has increased mobile charging facilities and is using drones for real-time guidance to improve charging efficiency [13]