航空盈利修复可期，航运绿色转型提速

Group 1: Aviation Industry - The aviation sector is expected to benefit from the anticipated appreciation of the RMB against the USD due to the Federal Reserve's interest rate cuts, leading to foreign exchange gains for airlines [1] - International crude oil prices are projected to decline in 2026, alleviating fuel cost pressures for airlines [1] - Limited capacity expansion for domestic airlines is attributed to engine issues, while economic growth is expected to drive structural growth in air travel demand, positively impacting ticket prices and airline profits [1] - Recommended airlines include China Southern Airlines, Spring Airlines, and Huaxia Airlines [1] Group 2: Road Transportation Industry - The road transportation industry in China has entered a mature phase, with total expressway mileage expected to exceed that of the United States by 2024, making it the world's largest [1] - As highway construction investment slows and expiration pressures become evident, a new toll road management regulation may be introduced to revise existing toll periods [1] - Future industry trends are expected to include renovation and expansion, mergers and acquisitions, and business diversification [1] - Recommended company in this sector is Zhongyuan Highway [1] Group 3: Shipping Industry - The global shipping industry is transitioning towards zero-emission energy, with green methanol emerging as a mainstream choice due to its mature technology and effective decarbonization performance [2] - As of November 2025, there are 252 renewable methanol projects tracked globally, with a total installed capacity expected to reach 45.1 million tons by 2030 [2] - The total installed capacity for electro-methanol projects is projected to be 21.8 million tons, while bio-methanol projects are expected to reach 23.3 million tons by 2030 [2] - Recommended companies include CIMC Enric and COSCO Shipping International [2] Group 4: Dry Bulk Shipping - The focus has shifted from the increase in China's iron ore imports to the changes in import sources, which are leading to longer transportation distances [2] - The increase in domestic alumina production and the strong growth trend in imports require ongoing attention [2] - Recommended companies in this segment are China Merchants Energy Shipping and Haitong Development [2]