Comments on hot events in the industry this week 1 Multimodal transport: on January 7, 2022, the general office of the State Council issued the work plan for promoting the development of multimodal transport, optimizing and adjusting the transport structure (2021-2025). First, multimodal transport has the characteristics of high efficiency and low carbon. Second, China’s multimodal transport volume has increased steadily. Third, compared with developed countries, there is still much room for the development of multimodal transport in China. Fourth, carbon peak and carbon neutralization make the multimodal transport track double the space. Fifth, recommend Shanghai Zhonggu Logistics Co.Ltd(603565) (603565. SH) committed to promoting container multimodal transport, and pay attention to Daqin Railway Co.Ltd(601006) (601006. SH) and China Railway Special Cargo Logistics Co.Ltd(001213) (001213. SZ) with railway freight trunk resources. 2. Cold chain logistics: Recently, the general office of the State Council issued the “14th five year plan” for the development of cold chain logistics to promote the high-quality development of cold chain logistics. We believe that: first, China’s cold chain logistics industry has broad development space, with a market scale of nearly 400 billion yuan. Second, under the catalysis of the current policy, the prosperity of the cold chain logistics industry is further upward. Third, the cold chain logistics leader is expected to continue to benefit in the future. We are optimistic about S.F.Holding Co.Ltd(002352) (002352. SZ), JD logistics (2618. HK) and other leading comprehensive logistics companies with leading cold chain business scale.
This week’s industry dynamic data tracking 1 Air cargo market: the policy adjustment of “changing passengers to goods” continued to be affected by covid-19 mutant strain, and the air cargo price remained high. In January 2022, the air cargo price from Shanghai to North America was $12.08/kg, a year-on-year increase of + 44.84%. 2. Air passenger transport market: the number of three major flights in European and American routes still ranks first. 3. Shipping market: in terms of bulk transportation, the price index of bulk transportation market continued to callback month on month, and the BDI index closed at 2289 points. In terms of oil transportation, oil transportation prices continued to hover at the bottom this week, but did not change the overall good trend, and the BDTI index closed at 705 points. In terms of centralized transportation, the SCFI index closed at 5109.6 points, and the centralized transportation price showed an upward trend again in January. In terms of domestic trade consolidation, the price of domestic trade consolidation remained high, and the PDCI index closed at 1877 points. 4. Express market: in December, the express development index increased by + 4.4% year-on-year. Under the e-commerce promotion at the end of the “double 12”, the express industry continued to have a high outlook in the peak season.
The performance of the transportation industry in the capital market since the beginning of 2022, the Shanghai Composite Index and CSI 300 have increased by – 1.65% and – 2.39% respectively, and the transportation index + 1.82%; In terms of transportation sub sectors, railways and highways + 2.06%, airports + 2.60%, shipping ports + 2.87%, public transport + 0.99% and logistics + 0.25%.
The core combination shows that the core combination recommended by Galaxy transportation is S.F.Holding Co.Ltd(002352) (002352. SZ), Cts International Logistics Corporation Limited(603128) (603128. SH), Transfar Zhilian Co.Ltd(002010) (002010. SZ). As of January 7, 2022, the core combination of Galaxy transportation in 2022 is – 2.34%, and the relative income is – 4.16%.
Risks: cross border logistics demand is less than expected, express price war, repeated covid-19 epidemic, changes in transportation policies and regulations, etc.
