Bank of China Securities·2026-03-01 10:52Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The military strike by the US against Iran and the closure of the Strait of Hormuz have profound impacts on the global oil transportation market, potentially leading to supply chain disruptions and increased oil transportation costs [3][15] - Tesla's Cybercab, designed for fully autonomous driving, has been launched, marking a significant step towards the original dedicated era of Robotaxi services [3][17] - A strategic partnership between Youjia Innovation, Didi, and Wall Street Technology aims to advance the large-scale deployment of driverless logistics vehicles, filling a market gap for vehicle-grade autonomous logistics [3][32] - The pre-sale ticket prices for economy class flights during the 2026 Spring Festival have shown a year-on-year increase, indicating stable industry performance as demand is released [3][34] - Uber has launched the Uber Air service supported by Joby, integrating ground and air travel booking, which validates the commercial viability of eVTOL [3][41] Industry Dynamics - The Baltic Air Freight Price Index has decreased month-on-month and year-on-year, while domestic air freight flights have seen a decline [4][44] - The shipping and port sector has experienced an increase in domestic shipping rates, while dry bulk freight rates have also risen [4][52] - The express logistics sector reported a 2.30% year-on-year increase in business volume and a 0.70% increase in revenue as of December 2025 [4] - The average number of international flights operated daily in the last week of February 2026 was 1992.86, reflecting a month-on-month increase of 3.73% and a year-on-year increase of 19.22% [4] - The number of trucks passing through national highways decreased by 40.04% from February 9 to February 15 [4] Investment Recommendations - Focus on opportunities in the shipping sector, particularly oil transportation, dry bulk, and container shipping due to geopolitical tensions, with recommendations for China Merchants Energy Shipping and COSCO Shipping [5] - Consider investments in low-altitude economy and autonomous driving sectors, recommending CITIC Offshore Helicopter and monitoring Cao Cao Mobility [5] - Explore investment opportunities in the travel sector driven by increased demand during the Spring Festival, recommending Air China, China Southern Airlines, and China Eastern Airlines [5] - Look into international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Pay attention to investment opportunities in the highway sector, recommending Sichuan Chengyu Expressway and other major expressway companies [5]