Investment Rating - The report rates the transportation industry as "Outperforming the Market" [1] Core Insights - HMM reported significant growth in Q1 2025, with revenue reaching 28,547 billion KRW (approximately 2.05 billion USD), a year-on-year increase of 23%. Operating profit and net profit grew by 51% and 52% respectively, with an operating margin rising from 17.5% to 21.5% [2][12] - The China National Airlines saw an 8.6% year-on-year increase in passenger turnover in April, with a total of 5.26 million international and regional passengers at Beijing Capital Airport in the first four months [2][14] - JD Logistics reported total revenue of approximately 47 billion CNY in Q1 2025, with a year-on-year growth of 11.5%, while the express delivery business volume in the first four months grew by 20.9% [2][19] Summary by Sections 1. Industry Hot Events - HMM's Q1 2025 report shows a substantial increase in revenue and profits, attributed to the US-China tariff agreement leading to a significant rise in shipping rates [12][13] - China National Airlines experienced an 8.6% increase in passenger turnover in April, with a notable rise in international travel [14][15] - JD Logistics achieved a revenue of 47 billion CNY in Q1 2025, with a strong growth in express delivery volume [19][20] 2. Industry High-Frequency Data Tracking - The air cargo market remains stable, with a slight decrease in domestic cargo flights and an increase in international flights [24][30] - The shipping market shows a mixed trend, with a rise in container shipping rates and a decrease in domestic shipping rates [34][39] - The express delivery sector reported a 19.1% year-on-year increase in business volume for April 2025 [47] 3. Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It highlights investment opportunities in the low-altitude economy and the cruise and ferry sectors, recommending companies like Bohai Ferry and Haixia Shares [4] - The report also emphasizes opportunities in the e-commerce express delivery market, recommending SF Express, Jitu Express, and Yunda Shares [4]