航运方面，原油运价高位震荡，集运远洋航线运价下跌。航空方面，首款混动倾转无人 驾驶eVTOL型号申请获西南民航局受理，沙特与亿航智能计划合作推出自动驾驶飞行器和 空中出租车服务。物流与交通新业态方面，我国首个物流企业数字化国家标准正式发 布，"并行港"物流模式运行一周年，货物吞吐量超76万吨。 投资建议： 建议关注设备与制造业工业品出口链条。推荐中远海特、招商轮船、华贸物流，建议关 注东航物流、中国外运。 建议关注雅鲁藏布江下游水电站建设带动的交通运输需求增加主题机会。建议关注四川 成渝、重庆港、富临运业。 中银证券近日发布交通运输行业周报：航运方面，原油运价高位震荡，集运远洋航线运 价下跌。航空方面，首款混动倾转无人驾驶eVTOL型号申请获西南民航局受理，沙特与亿 航智能计划合作推出自动驾驶飞行器和空中出租车服务。物流与交通新业态方面，我国首个 物流企业数字化国家标准正式发布，"并行港"物流模式运行一周年，货物吞吐量超76万吨。 以下为研究报告摘要： 核心观点 ①原油运价高位震荡，集运远洋航线运价下跌。9月25日，上海航运交易所发布的中国 进口原油综合指数（CTFI）报1908.03点，较9月18日下跌3. ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are fluctuating at high levels while container shipping rates on long-distance routes are declining [3][14] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for certification by the Southwest Regional Administration of Civil Aviation of China, and a collaboration between Saudi Arabia and Ehang is planned to launch autonomous aerial vehicles and air taxi services [3][16] - China's first national standard for logistics enterprise digitization has been officially released, and the "Parallel Port" logistics model has achieved a cargo throughput of over 760,000 tons in its first year of operation [3][24] Summary by Sections 1. Industry Hot Events - Crude oil freight rates are experiencing high volatility, with the China Import Crude Oil Composite Index (CTFI) reported at 1908.03 points, down 3.4% from September 18 [3][14] - Container shipping rates are declining, with the Shanghai port export rate to Europe at $971/TEU, down 7.7%, and to the US West and East coasts at $1460/FEU and $2385/FEU, down 10.8% and 6.7% respectively [3][15] - The DF600 unmanned aerial vehicle has received certification acceptance, marking a significant step in the eVTOL sector [3][16] - The "Parallel Port" logistics model has successfully handled 760,000 tons of cargo, significantly improving logistics efficiency [3][25] 2. Industry High-Frequency Data Tracking - Air cargo prices remain stable, with the Shanghai outbound air freight price index at 4516.00 points, down 6.6% year-on-year [4][26] - Domestic freight volumes for August 2025 increased by 12.29% year-on-year, with total express delivery volume reaching 16.15 billion pieces [4][50] - The shipping market shows a mixed trend, with the Baltic Dry Index (BDI) at 2259 points, up 2.54% week-on-week [4][44] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream area, recommending Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [5] - Opportunities in the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Investment opportunities in the highway and railway sectors, recommending Gansu Guangdong Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - The cruise and water ferry sector is highlighted, recommending Bohai Ferry and Straits Shares [5] - E-commerce and express delivery investment opportunities are recommended, including SF Express, Jitu Express, and Yunda Shares [5] - Opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, Spring Airlines, and others [5]

8月7日，使节团在成都大熊猫繁育研究基地参观。成都市外办供图 结束了成都大熊猫繁育研究基地的行程，使节团又先后前往成都规划馆、四川沃飞长空科技发展有限公司等 地，深度感受成都发展蓬勃活力。 在成都规划馆，工作人员引导使节团成员通过多媒体互动沙盘、沉浸式影院等高科技展示项目，系统了解成 都从古代"天府之国"到现代国际化都市的发展脉络，以及这座城市的未来发展规划。现场，成都市投资促进局、 成都市经济和信息化局相关负责人还介绍了成都产业优势、营商环境和重点发展领域。 成都大熊猫繁育研究基地是世界著名的大熊猫迁地保护基地、科研繁育基地、科普教育基地和文化旅游基 地，以保护和繁育大熊猫等中国特有濒危野生动物而闻名于世。8月7日一大早，使节团冒着大雨来到大熊猫基 地，但天气丝毫没有影响大家的参观兴致。其间，大家不时向讲解人员询问关于大熊猫的生活习性、繁殖过程以 及保护现状等相关问题，对中国在大熊猫保护方面所做出的努力有了更深入的认识。 "这不是我第一次来成都大熊猫基地，但我仍然非常激动！大熊猫真是太可爱了。"爱沙尼亚驻华公使马涛难 掩兴奋，他不时拿出手机拍照，记录与大熊猫亲密邂逅的珍贵瞬间。"不仅是大熊猫，成都这座城市也 ...

Core Viewpoint - The article emphasizes the transformation of windows and doors from overlooked home accessories into a new product category through innovation and smart manufacturing, as exemplified by Huangpai Windows and Doors [2][12]. Group 1: Product Innovation - Huangpai Windows and Doors has developed over 260 patented technologies for 141 components of a window, showcasing meticulous research and development [5]. - The company has implemented a standardized installation process with 15 steps to ensure quality, as installation is crucial for user experience [5][6]. - The focus on sound insulation technologies, such as various types of hollow glass, highlights the company's commitment to enhancing living environments [5]. Group 2: Smart Manufacturing - The company utilizes smart manufacturing to balance efficiency and quality, addressing the challenges of custom-made products [8][9]. - The S500 intelligent production line significantly increases order processing capacity, achieving more than double the output of traditional factories [9]. - The introduction of an intelligent storage system has reduced the material assembly time from 2 hours to just 13 seconds, minimizing human error [11]. Group 3: Brand Development - Huangpai Windows and Doors has maintained a dual focus on product quality and brand development, investing in consumer awareness and recognition [14]. - The company has engaged in various public awareness campaigns and partnerships, including being the official window partner for the 2022 Hangzhou Asian Games [14]. - Continuous investment in branding is seen as essential for building consumer trust and adding value to products [15][16].