另外，海空运输的溢出效应正持续扩大，随着货主为规避海运瓶颈而转向空运，国泰与新加坡航空等航 司凭借审慎的燃油避险策略、成熟的航线网络管理，以及香港/中国内地航司独有的俄罗斯领空通行 权，最能把握新增需求。 摩根大通发布研报称，中东冲突升级，伊朗关闭霍尔木兹海峡下，亚洲运输与工业生态系统正因地缘政 治冲击、监管收紧及贸易流向转变的交汇而经历根本性重塑。在集装箱航运领域，该行青睐中远海运 (01919)、东方海外国际(00316)及长荣海运(2603.TT)，因看好全球规模与网络灵活性。航空公司方面， 摩通对国泰航空(00293)及新加坡航空予"增持"评级。 该行指，在集装箱运输、油轮、散货运输、港口、供应链、国防及航空领域，具备规模优势、灵活性与 战略布局的企业正把握上行机遇。集装箱运输与区域内营运商正凭借其网络覆盖与定价能力获益，而油 轮及散货运输则受益于供应紧缩与严谨的资本配置策略。港口与供应链龙头正从航线改道与仓储收入中 获益，国防产业则因全球战略重心转移而迎来结构性上行周期。 ...

Core Viewpoint - The report from JPMorgan highlights that the escalation of the Middle East conflict and the closure of the Strait of Hormuz 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] - Container shipping operators are benefiting from their network coverage and pricing power amid the ongoing geopolitical tensions [1] Group 2: Airlines - JPMorgan has assigned an "overweight" rating to Cathay Pacific (00293) and Singapore Airlines, indicating a positive outlook for these companies [1] - The airline sector is expected to capitalize on increased demand as shippers shift from sea to air transport to avoid bottlenecks, with Cathay and Singapore Airlines leveraging their fuel hedging strategies and established route management [1] Group 3: Broader Transportation and Supply Chain - Companies with scale advantages, flexibility, and strategic positioning in container shipping, tankers, bulk shipping, ports, supply chains, defense, and aviation are poised to seize upward opportunities [1] - Port and supply chain leaders are benefiting from changes in shipping routes and increased warehousing revenues [1] Group 4: Defense Industry - The defense sector is entering a structural upcycle due to the global shift in strategic focus, presenting new opportunities for growth [1]

另外，海空运输的溢出效应正持续扩大，随着货主为规避海运瓶颈而转向空运，国泰与新加坡航空等航 司凭借审慎的燃油避险策略、成熟的航线网络管理，以及香港/内地航司独有的俄罗斯领空通行权，最 能把握新增需求，评级均为"增持"。在集装箱航运领域，该行青睐中远海运、东方海外国际及长荣海 运，因看好全球规模与网络灵活性。 该行指，在集装箱运输、油轮、散货运输、港口、供应链、国防及航空领域，具备规模优势、灵活性与 战略布局的企业正把握上行机遇。集装箱运输与区域内营运商正凭借其网络覆盖与定价能力获益，而油 轮及散货运输则受益于供应紧缩与严谨的资本配置策略。港口与供应链龙头正从航线改道与仓储收入中 获益，国防产业则因全球战略重心转移而迎来结构性上行周期。 摩根大通发表报告指，中东冲突升级，伊朗关闭霍尔木兹海峡下，亚洲运输与工业生态系统正因地缘政 治冲击、监管收紧及贸易流向转变的交汇而经历根本性重塑。 ...