交通运输行业：关税战导致进出口货运承压，建议关注内需板块

Investment Rating - The transportation industry is rated as "positive" [4] Core Viewpoints - The U.S. tariff policy aims to attract manufacturing back to the U.S., with significant tariffs imposed on various countries, including a 34% tariff on China [2] - The imposition of high tariffs is expected to increase trade costs globally, impacting both exporters and U.S. consumers, potentially leading to higher inflation in the U.S. [2] - The actual execution of the tariff policy remains uncertain and will depend on future negotiations between the U.S. and other countries [2] Summary by Sections Tariff Impact - The tariffs will directly affect container shipping and air freight, particularly on the Far East-North America route, leading to increased trade costs and reduced cargo volumes [3] - The cancellation of tax exemptions for small packages will have a short-term negative impact on air freight, as businesses may need to shift to more expensive shipping methods [3] Recommendations - The report suggests focusing on domestic demand sectors such as highways and railways, which are expected to benefit from increased internal consumption [8] - Companies that have established a presence in emerging markets like Southeast Asia are likely to see increased opportunities as they adapt to the changing trade landscape [8] Industry Data - The transportation industry comprises 126 companies, with a total market value of 32,036.5 billion and a circulating market value of 28,190.56 billion [5] - The average price-to-earnings ratio for the industry is 15.99 [5]