The Zhitong Finance App learned that Wanlian Securities released a research report saying that in the short term, negotiations between the US and Iran are progressing repeatedly. International oil prices are high, airline stock performance is under pressure, passenger traffic and ticket prices are steady during the summer travel season; in the express delivery sector, online shopping and retail sales of physical products have entered a period of steady growth, and the e-commerce industry has been further standardized to promote rational competition in the express delivery industry and gradually move towards high-quality development. The “anti-domestic roll” policy continues to advance, and the effects of the policy have already been shown. An inflection point in the performance of listed express delivery companies has been established, prices in the industry have rebounded, the advantages of leading companies have been highlighted, and active attention is recommended. As for dividend assets, market risk appetite increased in the first half of this year. The technology growth style was dominant, and dividend asset performance was relatively weak. The market style is expected to be rebalanced after entering the second half of the year, and dividend assets are expected to benefit. Individual stocks related to high dividend are highly attractive in rebalancing market style, so it is recommended to pay active attention.
The main views of Wanlian Securities are as follows:
Market review
From 2026/8/17-2026/8/21, Shenwan's primary industry transportation index rose by 1.71%, the Shanghai and Shenzhen 300 index fell 1.01%, and the shipping industry index outperformed the market by 2.72 pct. Among the second-level subsectors of the transportation industry, only shipping ports rose, with an increase of 7.62%; in the third-level transportation sub-sector, shipping, cross-border logistics, and port indices registered the highest increases.
aviation
According to flight manager data, in the 34th week (8.17-8.23), the country's civil aviation carried out more than 126,000 passenger flights, an average of about 1,800 flights per day, an increase of 1.7% over the previous month, and an increase of 4.8% over 2025. This week, it was estimated that the passenger traffic volume of civil aviation was about 18.349 million, up 1.5% from the previous month and 6.6% from 2025. The average passenger occupancy rate of civil aviation is about 89.1%, an increase of about 1.3 percentage points over 2025. The number of flights grew at the same time as the number of passengers, and demand for air travel remained at a high level. The number of international passenger flights of civil aviation was 13,829, recovering to 88.0% in the same period in 2019, a decrease of 0.4% over the previous month. As of August 23, there were 54 days of summer travel. According to flight manager data, the average ticket price was 861.7 yuan, up 0.5% year on year, down 7.6% from 2019.
Express delivery
From August 17 to August 23, the postal express delivery volume was about 3.79 billion units, an increase of 1.04% over the previous month; the delivery volume was about 3,767 billion units, an increase of 1.98% over the previous month.
Dividend assets
From August 17 to August 23, the national railway carried 798.77 million tons of goods, up 0.74%; 56.155 million trucks passed on highways across the country, up 4.4%; the monitoring port completed cargo throughput of 275.126 million tons, an increase of 24.02% over the previous month, and completed a container throughput of 7.01 million TEUs, an increase of 13.01% over the previous month.
shipping
As of August 21, the Baltic Dry Bulk Index (BDI) closed at 2841.00 points, down 0.8% from August 14, the crude oil transport index (BDTI) closed at 3004.00 points, up 9.6% from August 14, the refined oil transport index (BCTI) rose 4.7% from August 14, and the Shanghai export container freight index closed at 3409.63 points, up 1.62% from last week.
Risk factors: Macroeconomic growth falls short of expectations, large exchange rate fluctuations, escalation of geopolitical conflicts, sharp fluctuations in oil prices, worsening competition, and other irresistible factors.