Group 1 - The core viewpoint of the article is that Goldman Sachs anticipates a significant increase in international travel demand for Chinese airlines next year, driven by more countries implementing visa-free policies for Chinese travelers and a continued shortage of flight capacity, which may lead to higher ticket prices [1] - The forecast for international passenger flow has been revised upward due to improved Chinese export activities and the implementation of visa-free policies, with an expected return on equity for airline stocks reaching 22% by 2027 [1] - Goldman Sachs maintains a positive outlook on airline stocks despite ongoing tourism risks related to Japan, specifically recommending China National Aviation Holdings (00753) with a "buy" rating for both H-shares and A-shares [1] Group 2 - In the broader transportation sector, Goldman Sachs holds an optimistic view on oil tanker companies, predicting further increases in spot freight rates during a sustained upward cycle through 2026 [1] - China Merchants Energy Shipping Company (01138) is expected to benefit from its high exposure to oil tankers and Chinese import business, also receiving a "buy" rating [1] - Conversely, Goldman Sachs has turned bearish on container shipping companies, noting that this year's new ship orders exceeded expectations, leading to an order-to-existing capacity ratio of 33%, which may result in a deeper and longer downturn [1] - China Merchants Industry Holdings (01919) has been given a sell rating due to these concerns [1]