高盛：80 张图表看世界：贸易目前仍在支撑

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Global trade volumes have been holding up relatively well in April, with air freight markets re-accelerating after a slowdown [1] - A forecasted 1% year-over-year decline in global container volumes for 2025, primarily driven by declines in the Pacific region [2] - Container rates have remained steady, supported by blanked sailings on the Pacific [3] Summary by Sections Freight: Holding up for now - High-frequency freight data indicates that global trade volumes are stable, with air freight showing signs of recovery [1] Air Freight: April supported by frontloading - Air freight volumes have seen a resurgence due to frontloading, with strong indicators from Europe and Asia [1][2] Sea: April holding up, SE Asia strong - Container volumes increased by 7% year-over-year in March, with Southeast Asia showing robust trade activity [35] Shipping: Blanking supports rates for now - China-outbound container spot rates fell approximately 45% by April 2 but have stabilized since then, aided by carriers blanking sailings [3][92] Travel: Uncertainty on demand outlook - The report highlights uncertainty regarding future demand in the travel sector, although specific data is not provided [6] Airlines - No specific insights provided in the summary regarding airlines [6] Airports: Spain slowing, Zurich and Paris incrementally better - The report notes varying performance across European airports, with some showing improvement while others are slowing [6] Roads: Europe road traffic growing - European road traffic is reported to be growing, indicating a potential increase in logistics activity [6] Commodities Shipping - No specific insights provided in the summary regarding commodities shipping [6] Stable Markets, Supported by Low Capacity Growth - The report suggests that stable markets are being supported by low capacity growth, although specific data is not provided [6]