Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Core Insights - A strategic partnership has been established among Qifei Aviation Technology, Guangdong Kelong General Aviation, Dongguan General Aviation, and Shenzhen Tranda Low-altitude Technology, resulting in the signing of procurement agreements for 105 W280 series eVTOLs to enhance logistics networks in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2] Group 1: Strategic Collaboration - The three companies will leverage their strengths for differentiated eVTOL operations, with Shenzhen Tranda focusing on high-value cargo, Dongguan General Aviation testing mixed operations with helicopters, and Zhuhai Kelong expanding logistics and tourism services [2][3] - Shenzhen Tranda plans to establish a "15-minute emergency logistics corridor" between Shenzhen, Guangzhou, and Hong Kong, utilizing 35 eVTOLs for medical and high-end logistics services [2] Group 2: Social Value and Efficiency - The collaboration aims to enhance emergency rescue capabilities by creating a biological sample transport network that increases organ transfer efficiency by four times compared to traditional methods [2] - The integration of eVTOLs into urban airspace is expected to reduce inter-factory transfer times from 3.5 hours to 25 minutes, potentially saving over 800 million yuan annually in supply chain losses [2] Group 3: Environmental Impact - The deployment of 105 eVTOLs is projected to reduce carbon emissions by approximately 36,000 tons annually, contributing to the construction of a "zero-carbon aerial corridor" in the Greater Bay Area [2] Group 4: Technological Advancements - Qifei Aviation has optimized the eVTOL battery system to meet the climatic conditions of the Greater Bay Area and complex landing requirements [3] - The delivery of a jointly developed avionics display system by AVIC Suzhou Changfeng Aviation Electronics to Qifei Aviation is expected to accelerate the integration and certification process of the W280 eVTOL [3]