反内卷各行业推进，利好交运业多板块

Summary of Conference Call Records Industry Overview - The conference call discusses the impact of anti-involution policies on the transportation industry, specifically focusing on the aviation, express delivery, and bulk supply chain sectors [1][2][24]. Key Points on Aviation Industry - The aviation industry faces challenges such as inefficient resource allocation, severe homogenization of competition, and excessive low-price competition, leading to high passenger load but low profitability [3][4]. - The Civil Aviation Administration of China (CAAC) has initiated measures to regulate pricing behaviors and prevent predatory pricing, aiming to enhance overall market order and profitability [4][10]. - The anti-involution policy is expected to reduce extreme low pricing in the short term, improve airline revenue management in the medium term, and promote rational capacity planning for sustainable industry development in the long term [1][11][24]. - The aviation industry is projected to see a recovery in profitability over the next two years, with market dynamics improving as ticket prices become more market-driven and fleet growth slows [5][12]. - By the second half of 2024, the aviation industry is expected to achieve record-high passenger load factors, although excessive price competition may hinder the speed of recovery [6][8]. - Airlines such as Air China, Juneyao Airlines, China Southern Airlines, Spring Airlines, and China Eastern Airlines are recommended as investment targets due to their strong positions in the market [13][24]. Key Points on Express Delivery Industry - The express delivery sector has experienced a decline in revenue per shipment due to scale effects and healthy competition, but there is a need to strictly control malicious price wars [14][15]. - The anti-involution policy aims to stabilize the market and improve service quality by regulating competition [2][20]. - The industry has seen a shift towards natural concentration and the rise of leading companies, despite challenges posed by price wars [14][19]. - The National Postal Administration has emphasized the need for enhanced regulation to prevent below-cost competition, ensuring the stability of the express delivery network [16][20]. Key Points on Bulk Supply Chain Operations - The bulk supply chain sector is sensitive to macroeconomic fluctuations, with recent volatility in commodity prices affecting profitability [21][22]. - The anti-involution policy is expected to stabilize commodity prices, which could improve the profitability of supply chain companies [21][22]. - Traditional bulk traders are transitioning to providing financial services, reducing reliance on price differentials, which helps mitigate risks associated with commodity price fluctuations [22]. - The market concentration in the bulk supply chain industry is low, with leading companies expected to gain market share as the industry recovers [23][24]. - Investment opportunities are highlighted in companies like Jianfa Co., Xiamen Xiangyu, Xiamen Guomao, and Zhejiang Zhongtuo, as they are well-positioned to benefit from the anti-involution policies [23][24]. Additional Insights - The anti-involution policies are seen as a long-term strategy to ensure healthy competition across the transportation industry, promoting sustainable growth and profitability [2][12][24]. - The focus on improving revenue management and reducing excessive competition is crucial for the future stability and growth of the aviation and express delivery sectors [10][11][20].