According to the Zhongtong Finance APP, Shenwan Hongyuan has released a research report stating that the improvement trend of the gross margin of the shipbuilding sector in Q2 has been confirmed. China Shipbuilding disclosed that the order amount for civilian ships is 199.639 billion yuan, which is basically consistent with the previous estimate based on Clarkson's data of 27.1 billion US dollars. Bulk cargo and ethane transport ship orders are gradually being implemented, and the growth rate of hand-held orders is expected to increase. It is worth noting that the performance of related targets in the highway sector in the interim report is under pressure to varying degrees. The overall performance pressure of the eastern road network companies is limited, and the low volatility dividend asset attributes of the sector have been verified. In addition, the half-year report of the express delivery industry meets expectations, and the State Post Bureau has proposed to combat the competition of "internal circulation" in the express delivery industry, and it is expected to open up a price increase trend in the peak season.

Shenwan Hongyuan's main points are as follows:

The non-net profit in Q2 is growing positively, and the transportation targets with a dividend yield of more than 3% are Bohai Ferry, CTS International Logistics, COSCO Shipping Holdings, Xiamen Xiangyu, Sichuan Expressway, Shanghai Shine-Link International Logistics, COSCO Shipping Specialized Carriers, Shenzhen Yan Tian Port Holdings, Sumec Corporation, Tangshan Port Group, Henan Zhongyuan Expressway, Jilin Expressway, and Jiangsu Expressway. The probability of a hard landing in the United States has decreased, and export expectations have marginally improved. High dividend recommended Sinotrans Limited (601598.SH), CTS International Logistics (603128.SH).

The improvement trend of the gross margin of the shipbuilding sector in Q2 has been confirmed. China Shipbuilding disclosed that the order amount for civilian ships is 199.639 billion yuan, which is basically consistent with the previous estimate based on Clarkson's data of 27.1 billion US dollars. Bulk cargo and ethane transport ship orders are gradually being implemented, and the growth rate of hand-held orders is expected to increase. Recommended China Shipbuilding (600150.SH), China Shipbuilding Industry (601989.SH), Sumec Corporation (600710.SH), and pay attention to China Shipbuilding Industry Group Power (600482.SH), CSSC Offshore & Marine Engineering (600685.SH).

Global oil tanker stocks have basically disclosed their performance, and Frontline's performance on Friday in the US stocks rose together, indicating that the off-season is coming to an end. The pessimistic expectations are sufficient. Continue to recommend COSCO Shipping Energy Transportation (600026.SH), China Merchants Energy Shipping (601872.SH), Nanjing Tanker Corporation (601975.SH), Xingang Technology (603209.SH).

Aviation airports: In the first half of 2024, aviation demand continued to grow. According to the Civil Aviation Administration and company announcements, the civil aviation industry completed a total passenger transport volume of 350.714 million people in the first half of 2024, which has recovered to 109% of the same period in 2019. The market had both the low and high seasons in the first quarter, with both volume and price rising. In the second quarter, the aviation market gradually entered the peak season, and airlines' pricing strategies adjusted, coupled with the upward trend of passenger price sensitivity, resulting in a more obvious decline in ticket prices compared to the same period last year. The ticket prices of business routes are under pressure, and the recovery of China-US routes has encountered bottlenecks. The three major airlines all recorded losses in the first half of the year, and the profitability of private airlines is further strengthened. Airport companies continue to grow their performance as passenger traffic recovers.

Continue to emphasize the investment main line of 'international + supply' dual-drive, pay attention to the progress of the recovery of international routes after the increase in flights, and focus on the supply-side logic strengthened by the dislocation of the global aviation supply chain. Continue to be bullish on the continuous recovery of the aviation market, and recommend Juneyao Airlines (603885.SH), Spring Airlines (601021.SH), Air China (601111.SH), China Southern Airlines (600029.SH), and pay attention to Guangzhou Baiyun International Airport (600004.SH), Shenzhen Airport (000089.SZ), Shanghai International Airport (600009.SH), and BOC Aviation (02588).

Railways and highways: Influenced by macroeconomics, weather, and other factors, the overall growth rate of national expressways' traffic volume in the first half of 2024 is under pressure, and the growth rate of truck traffic volume is more affected. The mid-year reports of related companies in the highway sector are under different degrees of pressure, but the overall performance of the companies in the eastern road network is relatively stable, and the sector's low volatility dividend asset attributes have been verified. Recommend China Merchants Expressway Network Technology Holdings, and pay attention to Anhui Expressway, Jiangsu Expressway, and Fujian Expressway. The railway passenger transport sector maintains a high level of prosperity, and the performance of the railway freight sector has slight differences under the influence of macroeconomic and freight policies.

In the first half of the year, railway passenger flows showed a high growth rate on a low base, and the performance of related companies remained strong. The railway freight sector is divided, and the multi-modal transportation track under the policy dividend maintains high growth. Recommend Beijing-Shanghai High Speed Railway (601816.SH), Daqin Railway (601006.SH), and pay attention to China Railway Tielong Container Logistics (600125.SH), Guangshen Railway (601333.SH), and China Railway Tielong Container Logistics (001213.SZ).

Express Delivery: The overall semi-annual report meets expectations, and it is recommended to continue to pay attention to investment opportunities brought by the peak season price increase. In the first half of the year, the express delivery industry saw a year-on-year increase of 23.1% in parcel volume. Corresponding to the semi-annual data of the Tongda series, the year-on-year growth rates of parcel volume are as follows: ZTO Express 11.8%, YTO Express 24.81%, Yunda Holding 30.02%, STO Express Co., Ltd. 32.47%; net income per parcel in the respective companies: YTO Express Group 0.17 yuan, Yunda Holding 0.10 yuan, STO Express Co., Ltd. 0.04 yuan. At the same time, the State Post Bureau proposed to counter the 'competitive homogeneity' of the express delivery industry, and it is expected to start the trend of peak season price increases. At the current point in time, the valuation of the express delivery sector is attractive. It is recommended to focus on STO Express Co., Ltd., which has high performance elasticity, and YTO Express Group, which has made progress in digitization (600233.SH), and pay attention to Yunda Holding (002120.SZ) and ZTO Express Group (02057).

Risks: Chinese brands going global fall short of expectations, a significant increase in new shipbuilding orders, a significant expansion of shipyard capacity, and the end of crude oil inventory replenishment.