Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The global first 6-ton tilt-rotor aircraft has completed its maiden flight, and domestic express delivery volume has increased by 14.9% year-on-year for the first 11 months of 2025 [2][3] - Crude oil shipping rates have declined from high levels, with mixed changes in ocean freight rates. The Shanghai Shipping Exchange's China Import Crude Oil Composite Index (CTFI) reported 2280.86 points, down 1.9% from December 11 [3][14] - The Hainan Free Trade Port has officially launched its full island closure, marking it as a special customs supervision area, with express delivery volume reaching 1807.4 billion pieces, a 14.9% increase year-on-year [3][21] Summary by Sections Industry Hot Events - Crude oil shipping rates have decreased, with mixed changes in ocean freight rates. The VLCC market is experiencing a wait-and-see attitude as shipping owners maintain a strong sentiment despite a high number of bids [3][14] - The first 6-ton tilt-rotor aircraft, "Lan Ying R6000," developed by Shenzhen United Aircraft Technology Co., has completed its first test flight, enhancing the low-altitude economy and local industrial chain [3][16] - The Hainan Free Trade Port has started full island closure, with significant logistics policy benefits and a notable increase in express delivery volume [3][21] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index reported 6369.00 points, up 11.3% year-on-year [26] - Domestic freight flight numbers have decreased year-on-year, while international flights have increased significantly [27] - The express delivery business volume in November 2025 increased by 5.00% year-on-year, while the total express delivery volume for the first 11 months reached 1807.41 billion pieces, a 14.90% increase [46] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [5] - Pay attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream [5] - Explore investment opportunities in the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [5] - Look into investment opportunities in the cruise and water ferry sectors, recommending Bohai Ferry and Straits Shares [5] - Monitor investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [5] - Focus on investment opportunities in the aviation sector, recommending China National Aviation Holding, China Southern Airlines, and Spring Airlines [5]