Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates have significantly rebounded, while freight rates for the US routes continue to decline. The China Import Crude Oil Composite Index (CTFI) rose to 1057.44 points, an increase of 20.1% from July 31 [2][14] - The launch of the "3+9+N" low-altitude air route network by Huangpu and the successful eVTOL flight from Shenzhen to a sea oil platform mark significant advancements in low-altitude logistics [2][16] - The collective increase in express delivery base prices in Guangdong, effective from August 4, aims to combat price wars in the logistics sector [2][23] Industry Dynamics 1. Industry Hot Events - Crude oil freight rates have rebounded significantly, with the Middle East route rates increasing by 24.52% compared to July 31 [13] - The US route freight rates continue to decline, with Shanghai port rates to the US West and East dropping by 9.8% and 10.7% respectively [15] - The introduction of the "3+9+N" low-altitude air route network aims to enhance logistics efficiency in the Guangdong region [16] - Guangdong's express delivery base price has been set at no less than 1.4 RMB per ticket, marking a significant policy shift in the logistics sector [23] 2. High-Frequency Data Tracking - In July 2025, domestic cargo flight operations increased by 7.61% year-on-year, while international cargo flights rose by 23.31% [33] - The express delivery business volume in June 2025 reached 16.87 billion items, a year-on-year increase of 15.78% [55] - The shipping market shows a mixed trend, with the SCFI index reporting a decline of 54.22% year-on-year [40] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [4] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [4] - Investment opportunities in the express delivery sector, with recommendations for SF Express and Jitu Express [4] 4. Company Performance - The report highlights the performance of listed transportation companies, indicating a need for ongoing monitoring of their valuation levels [3]

Group 1: Aerospace and Defense Sector Performance - The aerospace and defense sector saw significant gains on August 4, with major concepts like large aircraft, commercial aerospace, and satellite navigation being particularly active [1] - The Tianhong Aerospace ETF (159241) rose over 2% during the session, with trading volume exceeding 20 million yuan [1] - The ETF has attracted a net inflow of over 60 million yuan over the past week, indicating strong investor interest [1] Group 2: eVTOL Development and Logistics Innovation - On August 3, a major breakthrough was announced with the successful transportation flight of materials from a sea oil platform using China's independently developed eVTOL aircraft, marking a global first [2] - The eVTOL "Kairuiou," capable of carrying 2 tons, completed a 58-minute flight from Shenzhen to an oil platform 150 kilometers offshore, showcasing advancements in low-altitude logistics [2] - The establishment of a leadership group by the Civil Aviation Administration for general aviation and low-altitude economy indicates potential policy support for the sector in the second half of the year [2] Group 3: Military Industry Outlook - The military industry is expected to experience a shift in market sentiment, with current fundamentals and confidence levels appearing stronger than in previous years [3] - The ongoing military sector rally is driven more by fundamental factors rather than just calendar effects or major event catalysts, suggesting a more sustainable growth trajectory [3] - Focus remains on sectors within the military industry that show strong performance expectations, with significant events potentially providing long-term investment opportunities [3]