20230528-浙商证券-交通运输行业周报（5月第4周）_招商轮船签订4艘船舶订单_深圳机场拟设立免税合资公司_15页_1mb

Market Performance: This week, the transportation industry experienced sharp declines, with overall transportation stocks falling by -262% in the Shanghai Composite and CSI 300 index declining -237%. Specific sectors like aviation and airports saw even steeper drops, with aviation at -510% and airport stocks average -384%. Global markets also suffered, with Hong Kong's Hang Seng Index down -362% and the Dow Jones closing negative but specific US airline stocks varied.

Key Events: Notable developments include China Shipping (Sinotrans) signing contracts for 4 new ships, boosting its fleet with LNG carriers and oil tankers. Additionally, Shenzhen Airport is forming a joint venture with a state-owned group to manage duty-free shops, aimed at enhancing revenue through better operations.

Airlines and Airports: Air travel showed modest recovery, with domestic and international flight executions up 1% week-over-week. Major carriers like China Eastern and Air China saw slight increases in flight counts, while airport traffic at hubs like Shanghai and Beijing improved marginally, but others like Hong Kong faced declines. International airports globally are slowly recovering, with places like New York and London showing partial rebound.

Shipping and Transportation: Shipping markets were mixed; container freight indices dropped significantly, with CCFI falling -8% and PDCI down -38%, while dry bulk and oil transport indices saw declines or slight increases due to supply-demand dynamics.

Investment Recommendations: Analysts recommend investing in companies like白云机场 (Airports), 上海机场 (Airports) for potential demand recovery in tourism and duty-free sales; 国泰航空、南方航空、东方航空 (Airlines) for strong positions in domestic routes and supply-side benefits; and logistics firms like 中谷物流 (Shipping) for growth in e-commerce and cost advantages. Other picks include oil shipping leaders like 招商轮船 (Shipping) and 中远海能 (Shipping) for sector supply easing.

Risk Factors: The industry faces risks from ongoing pandemic uncertainties, slower-than-expected demand, and volatile oil prices or exchange rates.