交通运输行业周报：1月全球新船订单同比下降，首都机场24年业绩预告减亏

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [1] Core Insights - In January 2025, global new ship orders decreased year-on-year, with South Korean shipyards leading in new orders due to container ship demand. The total new ship orders were 68 vessels with a deadweight tonnage of 3.05 million, representing a year-on-year decline of 48.5% and 62.6% respectively [2][14] - The Suzhou General Airport is set to be completed in 2026, and the Beijing Capital Airport forecasts a reduced net loss for 2024, indicating a potential recovery in the aviation sector [2][15][17] - The e-commerce logistics index for January 2025 was reported at 109.2 points, with a slight decline from December 2024, while the government is initiating logistics data sharing trials in multiple cities [2][22][24] Summary by Sections 1. Industry Hotspot Events - Global new ship orders in January 2025 saw a significant decline, with South Korea capturing 79.7% of the global order volume [2][14] - The Suzhou General Airport is projected to be operational by 2026, with a total investment of 27.17 billion yuan planned for 85 key transportation projects in 2025 [2][15][16] - The e-commerce logistics index for January 2025 was 109.2 points, down 3.5 points from December 2024, influenced by seasonal factors [2][22][23] 2. High-Frequency Dynamic Data Tracking - Air freight prices showed a downward trend from mid-February to late February 2025, with the Shanghai outbound air freight price index at 3962 points, down 9.4% year-on-year [26] - The shipping and port sector experienced a decline in container shipping rates, with the Shanghai Containerized Freight Index (SCFI) at 1758.82 points, down 20.69% year-on-year [40] - The express logistics sector reported a 22.30% year-on-year increase in business volume for December 2024, with total express business volume reaching 178 billion pieces [50] 3. Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy, and Huamao Logistics [4] - It highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report also suggests monitoring the cruise and ferry sectors, recommending Bohai Ferry and Haixia Stock [4]