20230730-西南证券-交运行业周报_暑期第三周民航恢复较快_物流枢纽建设不断推进_22页_2mb

报告摘要

Transportation Industry Weekly Report Summary (July 24-30, 2023)

Market Performance

The CSI Transportation Index increased by 31% for the week, underperforming the CSI 300 index which rose 45%. Key sub-sectors included aviation (+41%) and logistics (+37%). Top performers were Wuhan Expressway (+99%) and companies like 密尔克卫 (+92%). Conversely, Jiujiang Railway logged a -35% decline, among lagging stocks.

Data Tracking Highlights

Aviation: Passenger loads soared by 22% month-on-month, with improved load factors and passenger turnover, while cargo volumes surged 95% and cargo turnover rose 28%. Major carriers like China Airlines and Eastern Airlines showed significant passenger seat demand growth.
Shipping: The BDI index rose 119%, with mixed results in sub-indices (e.g., oil transport indices showed declines). Container shipping indices varied, with CCFI down slightly but SDFI up significantly.
Logistics: The national highway freight index fell -1.4% year-on-year, indicating moderate pressure in freight markets.

Industry Dynamics

Key developments include strong recovery in summer air transport, approval of new national logistics hubs, postal service test results, and updates to transport standards. The industry is adapting to post-pandemic demand shifts.

Key Recommendations

申通快递: Expected to benefit from consumer demand recovery and rural market expansion.
深圳机场: Positioned for air travel rebound with international route growth and cost relief.
招商轮船: Seeks gains from dry bulk shipping supply-demand imbalances post-economic recovery.
上海石化: Likely profits from rising fuel consumption due to economic repair.