交运行业一周天地汇：把握船舶板块情绪低点，内需复苏下航空顺周期行情有望启动

Investment Rating - The report maintains a "Positive" outlook on the transportation industry, particularly highlighting the potential recovery in the shipping sector and the cyclical nature of the aviation market [4][5]. Core Insights - The shipping sector is expected to see a profit increase, with a projected net profit of 6.63 billion RMB in 2024, representing a 62% year-on-year growth, and a net profit margin of 25% [5][23]. - The report emphasizes the recovery of the Cape-sized bulk carrier rates and the overall improvement in the shipping market, while also noting the short-term fluctuations in oil tanker rates [5][23]. - The aviation sector is anticipated to experience a cyclical recovery, with domestic demand expected to rebound, leading to a positive shift in ticket pricing post-spring festival [5][23]. Summary by Sections Shipping and Shipbuilding - The report highlights the low sentiment in the shipbuilding sector, particularly for Yangzijiang Shipbuilding, which has been affected by the 301 investigation, yet maintains an upward trend in performance [5][23]. - Recommendations include China Shipbuilding Industry Corporation and China State Shipbuilding Corporation, with a focus on the recovery of bulk shipping rates [5][23]. Oil and Product Tankers - The VLCC rates have decreased by 9% to $34,803 per day, with fluctuations influenced by international events and demand dynamics [5][23]. - The report notes a 10$23,769 per day, indicating a recovery in product tanker demand [24][23]. Air Transportation - The report indicates that domestic air travel is experiencing a recovery, with expectations for ticket prices to stabilize and potentially increase as demand rises [5][23]. - Recommendations include major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from the recovery in domestic travel [5][23]. Road and Rail Transportation - The report notes a significant recovery in freight volumes post-holiday, with rail freight volume reaching 76.08 million tons, a 1.7% increase week-on-week [5][23]. - Recommendations for investment include major rail and highway companies, highlighting the potential for strong performance in the logistics sector [5][23].