Zhi Tong Cai Jing·2026-03-03 09:24Core Viewpoint - The escalation of the Middle East conflict and the closure of the Strait of Hormuz by Iran are fundamentally reshaping the Asian transportation and industrial ecosystem due to geopolitical shocks, tightening regulations, and shifts in trade flows [1] Group 1: Container Shipping - JPMorgan favors COSCO Shipping (01919), Orient Overseas International (00316), and Evergreen Marine (2603.TT) in the container shipping sector due to their global scale and network flexibility [1] - Companies in container shipping and regional operators are benefiting from their network coverage and pricing power [1] Group 2: Oil and Bulk Shipping - The oil tanker and bulk shipping sectors are benefiting from supply tightening and prudent capital allocation strategies [1] Group 3: Ports and Supply Chains - Leading companies in ports and supply chains are profiting from changes in shipping routes and warehousing revenues [1] Group 4: Defense Industry - The defense industry is entering a structural upcycle due to the global shift in strategic focus [1] Group 5: Air Transportation - The spillover effects in air and sea transportation are expanding, with shippers turning to air freight to avoid bottlenecks in sea transport [1] - Cathay Pacific (00293) and Singapore Airlines are well-positioned to capture new demand due to their prudent fuel hedging strategies, mature route network management, and unique access to Russian airspace for Hong Kong/China mainland carriers [1]