物流行业：价格战进入深水区，行业盈利短期承压，市场预期降至低位－快递2025年一季报综述

快递行业：温和价格竞争延续，快递业务量增速仍具韧性

航空运输行业：客座率同比走高，价格预期改善－4月数据点评

交通运输行业：收费公路管理条例预备修订，关税调整下港口交易活跃

交通运输行业：中美贸易谈判取得初步成果，关注美线集运抢出口大潮－航运板块2025中期策略

Intelligent traffic management refers to the use of advanced technologies such as artificial intelligence (AI), internet of things (IoT), sensors, and real-time data analytics to monitor, control, and optimize traffic flow. It aims to reduce congestion, enhance road safety, improve travel times, and support sustainable urban mobility through efficient and adaptive transportation infrastructure solutions.

航运行业：产业转移／贸易碎片化或催生亚洲集运机遇，解析海丰、德翔、锦江差异化布局图谱－重大事项点评

Except as otherwise noted this publication is licensed under Creative Commons Attribution (CC BY 4.0). You are free to copy, communicate and adapt this work, as long as you attribute the Stiftung Wissenschaft und Politik (SWP) and the authors.

WH Smith PLC is a leading global travel retailer for travel essentials with a smaller business on the UK high street. At the heart of our business are our people, customers and partners. We aim to deliver our vision through our strategic priorities and our forensic approach to retailing and by constantly innovating, expanding globally, improving our profitability and delivering sustainable returns.

24 年下半年以来，航空业承受了较大的经营压力。24Q4 三大航扣非归母共计亏损约 108 亿元，虽然较 23Q4 的合计亏损 143 亿有所收窄，但亏损金额依旧较大。25 年 Q1 三大航扣非后亏损皆同比扩大，合计亏损由 24 年 Q1 的 21 亿提升至今年的 44 亿。“量升价降”的现象贯穿了整个 2024 年。以国内航线为例，24 年上市公司国内航线客座率显著超过 23 年，25Q1 客座率进一步提升；另一方面，经济舱平均票价明显下降，根据航班管家数据 24 年国内经济舱平均票价同比 23 年下降 12.1%，较 19 年同期下降 3.8%，淡旺季票价差距较往年有所放大。