交通运输行业周报：全球集装箱船队闲置运力处于较低状态，微信送礼新功能有望催生快递增量需求

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, indicating a positive outlook for investment opportunities in this sector [12]. Core Insights - The report highlights that China's import and export activities have shown growth, with November 2024 figures indicating a total import and export value of 37,506 billion, a year-on-year increase of 1.2% [58]. - The global idle capacity of container ships remains low, with only 58 vessels totaling 200,002 TEU, representing 0.6% of the global fleet capacity [11][59]. - Japan's relaxation of visa policies for Chinese tourists and the opening of the fourth runway at Chongqing Jiangbei International Airport are expected to enhance travel and economic exchanges between China and Japan [60][61]. - The establishment of a low-altitude economic development department by the National Development and Reform Commission is anticipated to stimulate growth in the express delivery sector [11][69]. Summary by Sections 1. Industry Hotspot Events - November 2024 saw a continuation of growth in China's economy, with significant increases in coal and oil imports, and a total import of 54.98 million tons of coal, marking a 26.4% year-on-year increase [58]. - The report notes that the idle capacity of the global container fleet is at a historical low, benefiting from geopolitical tensions that have affected shipping routes [59]. - Japan's new visa policies for Chinese tourists are expected to boost travel, with a significant increase in flight searches to Japan during the upcoming holiday season [60][61]. 2. Industry High-Frequency Data Tracking - Air cargo prices have shown a downward trend in mid-December, with the Shanghai outbound air freight price index at 5,327 points, a year-on-year increase of 36.8% but a month-on-month decrease of 6.9% [66]. - The report indicates that domestic cargo flights in November 2024 increased by 10.23% year-on-year, while international flights rose by 38.63% [73]. - The shipping industry has seen an increase in the Shanghai Containerized Freight Index (SCFI), which reported 2,460.34 points, a week-on-week increase of 2.94% and a year-on-year increase of 96.04% [76]. 3. Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping and China Merchants Energy [11]. - It also highlights investment opportunities in the low-altitude economy, recommending companies like CITIC Offshore Helicopter [11]. - The report encourages investments in the express delivery sector, particularly in companies like Jitu Express and Yunda Express, as well as in the airline industry, recommending China Southern Airlines and Spring Airlines [11].