交通运输行业周报：过境免签政策全面放宽，各快递公司11月量价表现平稳

Investment Rating - The report maintains a "Buy" rating for the transportation industry [10]. Core Insights - The report highlights the recovery of domestic flight volumes, with a significant increase in passenger numbers compared to pre-pandemic levels, indicating a robust recovery in the aviation sector [8][9][43]. - The express delivery sector shows stable performance during the peak season, with notable year-on-year growth in business volume and revenue [40][51]. - The report emphasizes the impact of the newly relaxed transit visa policies, which are expected to boost inbound tourism and related economic activities in various provinces [5][14]. Summary by Sections Weekly Focus (12.15-12.21) - The immigration management bureau has fully relaxed transit visa policies, extending the stay duration for transit visa holders to 240 hours and increasing the number of applicable provinces from 19 to 24 [14]. - Express delivery companies reported stable performance in November, with business volume and pricing showing positive trends [40]. Industry Data Tracking (12.15 – 12.21) Aviation Data Tracking - During the period from December 13 to December 19, domestic flight volume reached 83,816 flights, averaging 11,974 flights per day, which is 105.48% of the same period in 2019 [8]. - The average passenger load factor was reported at 79.21% [16]. - International passenger volume reached 1.3835 million, representing a 3.87% increase from the previous week [9]. Express Delivery Data Tracking - The express delivery sector recorded a total business volume of 172.1 billion pieces, with a year-on-year growth of 14.9% [51]. - Revenue for the express delivery industry was reported at 1,429.9 billion yuan, reflecting a 12.8% increase year-on-year [51]. - The average price per piece was 8.31 yuan, showing a slight decline of 1.8% year-on-year [51]. Recent Key Reports - The report suggests a focus on high-quality state-owned enterprises and dividend-paying stocks in the highway sector, indicating a shift in investment strategies towards long-term value [73]. - The railway sector is experiencing a transformation towards market-oriented pricing, with expectations of improved freight volumes as coal supply stabilizes [74]. Weekly Views and Recommended Portfolio (12.15 – 12.21) - The report recommends a portfolio including major airlines and express delivery companies, highlighting their potential for growth in the recovering market [10][40].