每經AI快(kuai)訊，中國銀河04月02日發布研報稱：給予交通運輸行業推薦（維持）評級。

本(ben)周板(ban)塊行(xing)情回顧：本(ben)周（3月(yue)(yue)25日-3月(yue)(yue)29日），SW一級行(xing)業中，交(jiao)通運(yun)輸行(xing)業累計漲跌幅(fu)(fu)為+0.56%，位(wei)列第8位(wei)；滬(hu)深300指(zhi)數漲跌幅(fu)(fu)為-0.21%。SW交(jiao)通運(yun)輸各個子板(ban)塊累計漲跌幅(fu)(fu)分別為：跨境物(wu)流(liu)（+3.65%）、高速公(gong)(gong)路（+2.63%）、航(hang)運(yun)（+1.90%）、港口（+1.06%）、鐵路（+0.59%）、航(hang)空機場（+0.11%）、公(gong)(gong)路貨運(yun)（-0.98%）、倉儲物(wu)流(liu)（-1.02%）、公(gong)(gong)交(jiao)（-1.16%）、快(kuai)遞（-2.44%）。

本(ben)周航(hang)(hang)(hang)空機場行業基本(ben)面跟蹤：根(gen)據航(hang)(hang)(hang)班(ban)(ban)管家平臺數據，2024年(nian)(nian)第(di)12周（2024.3.18-3.24），全(quan)國(guo)(guo)(guo)(guo)民(min)航(hang)(hang)(hang)共計執行客運航(hang)(hang)(hang)班(ban)(ban)量(liang)9.9萬架(jia)(jia)次(ci)(ci)，日均14261架(jia)(jia)次(ci)(ci)。其中，國(guo)(guo)(guo)(guo)內(nei)(nei)航(hang)(hang)(hang)班(ban)(ban)量(liang)為87586架(jia)(jia)次(ci)(ci)，周環比(bi)+2.98%，恢(hui)復至2019年(nian)(nian)的112.7%；國(guo)(guo)(guo)(guo)際及(ji)地(di)區航(hang)(hang)(hang)班(ban)(ban)量(liang)為9971架(jia)(jia)次(ci)(ci)，周環比(bi)+1.25%，恢(hui)復至2019年(nian)(nian)的69.8%。根(gen)據OAG數據，截至2024年(nian)(nian)3月(yue)25日，主要海外國(guo)(guo)(guo)(guo)家的航(hang)(hang)(hang)班(ban)(ban)量(liang)較(jiao)2019年(nian)(nian)恢(hui)復率(lv)：美國(guo)(guo)(guo)(guo)18%、德(de)國(guo)(guo)(guo)(guo)82%、法國(guo)(guo)(guo)(guo)56%、英(ying)國(guo)(guo)(guo)(guo)114%、意(yi)大利141%、荷蘭74%、日本(ben)66%、韓國(guo)(guo)(guo)(guo)82%、印尼51%、馬(ma)來西亞(ya)73%、新加坡89%、泰國(guo)(guo)(guo)(guo)59%。油價及(ji)匯(hui)率(lv)：截至2024年(nian)(nian)3月(yue)29日，布倫特油價報收87.0美元/桶，同比(bi)+11.3%，較(jiao)2019年(nian)(nian)+29%；人民(min)幣匯(hui)率(lv)報收7.09，同比(bi)+3.2%，較(jiao)2019年(nian)(nian)+5.4%。1.2024年(nian)(nian)清明假期全(quan)國(guo)(guo)(guo)(guo)民(min)航(hang)(hang)(hang)預計執飛航(hang)(hang)(hang)班(ban)(ban)4.33萬班(ban)(ban)次(ci)(ci)。2.民(min)航(hang)(hang)(hang)局修訂《中國(guo)(guo)(guo)(guo)民(min)航(hang)(hang)(hang)國(guo)(guo)(guo)(guo)內(nei)(nei)航(hang)(hang)(hang)線航(hang)(hang)(hang)班(ban)(ban)評審(shen)規則》。3.四部(bu)門印發(fa)《通用航(hang)(hang)(hang)空裝(zhuang)備創新應用實(shi)施(shi)方案（2024-2030年(nian)(nian)）》。

本(ben)周(zhou)(zhou)航運(yun)(yun)行業基本(ben)面(mian)跟蹤：集運(yun)(yun)：截至2024年3月(yue)29日(ri)，SCFI指(zhi)(zhi)(zhi)(zhi)數報(bao)(bao)(bao)(bao)收(shou)(shou)(shou)1731點(dian)(dian)(dian)(dian)，周(zhou)(zhou)環(huan)比(bi)(bi)(bi)(bi)(bi)-0.09%，同(tong)(tong)(tong)比(bi)(bi)(bi)(bi)(bi)+87.38%；CCFI指(zhi)(zhi)(zhi)(zhi)數報(bao)(bao)(bao)(bao)收(shou)(shou)(shou)1208點(dian)(dian)(dian)(dian)，周(zhou)(zhou)環(huan)比(bi)(bi)(bi)(bi)(bi)-2.92%，同(tong)(tong)(tong)比(bi)(bi)(bi)(bi)(bi)+26.08%。分(fen)航線(xian)來看，CCFI美東報(bao)(bao)(bao)(bao)收(shou)(shou)(shou)1121點(dian)(dian)(dian)(dian)，周(zhou)(zhou)環(huan)比(bi)(bi)(bi)(bi)(bi)-1.99%，同(tong)(tong)(tong)比(bi)(bi)(bi)(bi)(bi)+7.53%；CCFI美西報(bao)(bao)(bao)(bao)收(shou)(shou)(shou)959點(dian)(dian)(dian)(dian)，周(zhou)(zhou)環(huan)比(bi)(bi)(bi)(bi)(bi)-4.28%，同(tong)(tong)(tong)比(bi)(bi)(bi)(bi)(bi)+38.07%；CCFI歐線(xian)報(bao)(bao)(bao)(bao)收(shou)(shou)(shou)1781點(dian)(dian)(dian)(dian)，周(zhou)(zhou)環(huan)比(bi)(bi)(bi)(bi)(bi)-4.05%，同(tong)(tong)(tong)比(bi)(bi)(bi)(bi)(bi)+46.58%；CCFI地中海報(bao)(bao)(bao)(bao)收(shou)(shou)(shou)2349點(dian)(dian)(dian)(dian)，周(zhou)(zhou)環(huan)比(bi)(bi)(bi)(bi)(bi)-1.81%，同(tong)(tong)(tong)比(bi)(bi)(bi)(bi)(bi)+37.57%。油運(yun)(yun)：截至2024年3月(yue)29日(ri)，BDTI指(zhi)(zhi)(zhi)(zhi)數報(bao)(bao)(bao)(bao)收(shou)(shou)(shou)1137點(dian)(dian)(dian)(dian)，周(zhou)(zhou)環(huan)比(bi)(bi)(bi)(bi)(bi)-2.07%，同(tong)(tong)(tong)比(bi)(bi)(bi)(bi)(bi)-24.60%；BCTI指(zhi)(zhi)(zhi)(zhi)數報(bao)(bao)(bao)(bao)收(shou)(shou)(shou)1072點(dian)(dian)(dian)(dian)，周(zhou)(zhou)環(huan)比(bi)(bi)(bi)(bi)(bi)-13.06%，同(tong)(tong)(tong)比(bi)(bi)(bi)(bi)(bi)-13.90%。干散貨運(yun)(yun)：截至2024年3月(yue)29日(ri)，BDI指(zhi)(zhi)(zhi)(zhi)數報(bao)(bao)(bao)(bao)收(shou)(shou)(shou)1821點(dian)(dian)(dian)(dian)，周(zhou)(zhou)環(huan)比(bi)(bi)(bi)(bi)(bi)-17.08%，同(tong)(tong)(tong)比(bi)(bi)(bi)(bi)(bi)+29.42%；分(fen)船型來看，BPI指(zhi)(zhi)(zhi)(zhi)數報(bao)(bao)(bao)(bao)收(shou)(shou)(shou)1879點(dian)(dian)(dian)(dian)，周(zhou)(zhou)環(huan)比(bi)(bi)(bi)(bi)(bi)-13.21%，同(tong)(tong)(tong)比(bi)(bi)(bi)(bi)(bi)+17.58%；BCI指(zhi)(zhi)(zhi)(zhi)數報(bao)(bao)(bao)(bao)收(shou)(shou)(shou)2637點(dian)(dian)(dian)(dian)，周(zhou)(zhou)環(huan)比(bi)(bi)(bi)(bi)(bi)-24.27%，同(tong)(tong)(tong)比(bi)(bi)(bi)(bi)(bi)+58.66%；BSI指(zhi)(zhi)(zhi)(zhi)數報(bao)(bao)(bao)(bao)收(shou)(shou)(shou)1331點(dian)(dian)(dian)(dian)，周(zhou)(zhou)環(huan)比(bi)(bi)(bi)(bi)(bi)-3.76%，同(tong)(tong)(tong)比(bi)(bi)(bi)(bi)(bi)+3.58%。1.達飛與意大利物流(liu)公(gong)司(si)GTS成立合資公(gong)司(si)。2.CEVA與敦刻爾克(ke)港合作物流(liu)園區。3.中遠(yuan)海運(yun)(yun)物流(liu)北京區助力小米汽車(che)上市交付。

投資(zi)建議：推薦中(zhong)國國航(hang)(hang)（601111.SH）、南方航(hang)(hang)空(kong)（600029.SH）、春秋航(hang)(hang)空(kong)（601021.SH）、吉祥(xiang)航(hang)(hang)空(kong)（603885.SH）、白云機場（600004.SH）。建議關注中(zhong)遠海能（600026.SH）、招商輪船（601872.SH）、招商南油（601975.SH）等。

風(feng)險(xian)(xian)提示：國際(ji)航線(xian)恢復及開辟不及預期的(de)風(feng)險(xian)(xian)、原油價格大幅上漲的(de)風(feng)險(xian)(xian)、人民幣(bi)匯率(lv)波動的(de)風(feng)險(xian)(xian)；地緣沖突升級的(de)風(feng)險(xian)(xian)、宏觀經濟(ji)大幅下(xia)滑導致全球需求不及預期的(de)風(feng)險(xian)(xian)、船(chuan)東大規模(mo)造船(chuan)導致運力供給(gei)超(chao)預期增加(jia)的(de)風(feng)險(xian)(xian)。

每經頭條（nbdtoutiao）——

(記者 王曉波)

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