Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The logistics sector is experiencing stable growth, with national freight logistics operating smoothly, showing a slight increase in cargo transport and express delivery volumes [4] - The restructuring of supply chains due to tariff policies presents structural opportunities, particularly in the road transport sector, which is currently in a stable growth phase [4] - The logistics industry may face increased cost pressures due to high tariffs, potentially accelerating the formation of a unified logistics market where scale and technology become core competitive advantages [5] - The aviation sector is expected to benefit from improved domestic demand and lower oil prices, while facing challenges from increased costs due to tariffs on imported aircraft and parts [6][10] - The shipping industry is threatened by the ongoing trade tensions and tariffs, which could lead to a restructuring of global trade routes and supply chains, favoring oil transportation and intra-Asian shipping [10][11] Summary by Sections Logistics - National logistics operations have been orderly, with significant increases in cargo transport and express delivery volumes during the monitored period [4] - The road transport sector saw a year-on-year increase in freight volume and passenger flow, indicating a potential for growth driven by domestic manufacturing [4] Aviation - The aviation sector is expected to see a rebound in demand due to macroeconomic recovery, with a focus on key airlines such as China Southern Airlines and Air China [16] - The supply chain for aircraft manufacturing is under pressure due to tariffs, which could increase costs for airlines [6] Shipping - The shipping industry faces challenges from U.S. tariffs, which have significantly impacted global trade volumes, particularly in long-distance trade between the U.S. and Asia [10] - The oil shipping segment may benefit from increased demand due to geopolitical factors and sanctions affecting oil trade [11] Express Delivery - The express delivery sector is showing resilience, with major players like ZTO Express and SF Express expected to benefit from cyclical recovery and cost reduction efforts [16] - The competitive landscape is stabilizing, providing opportunities for long-term investment in leading companies [17]