1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - **Macro Outlook**: Overseas markets are in a risk - on mode despite a weak US economic fundamentals and escalating tariff threats. The effectiveness of the August tariff and the upcoming US CPI data along with Fed personnel changes will impact market sentiment. China's exports in July were strong but face risks of decline. For asset allocation, a defensive stance is recommended, focusing on the policy and data inflection points in late August [7]. - **Asset Allocation**: Domestically, reduce allocation to equities and maintain allocation to commodities (emphasizing infrastructure and export - related sectors) and gold. Overseas, reduce allocation to US stocks and maintain allocation to US bonds. Slightly increase allocation to RMB funds and reduce allocation to US dollar money - market funds [7]. 3. Summary by Related Catalogs 3.1 Macro Essentials - **Overseas Macro**: The overseas market is in a risk - on state, but the August tariff implementation and upcoming US CPI data, along with Fed personnel changes, will test market sentiment. Trump's nomination of a "trusted person" as a temporary director has raised concerns about the Fed's independence, and the expected difference in US CPI data will affect market risk appetite [7]. - **Domestic Macro**: China's exports in July increased by 7.2% year - on - year, mainly due to strong non - US market demand offsetting the decline in exports to the US. However, this may be due to pre - tariff rush shipments, and future exports face risks of decline and restricted re - export trade [7]. - **Asset Views**: Domestically, reduce allocation to equities, maintain allocation to commodities and gold. Overseas, reduce allocation to US stocks, maintain allocation to US bonds, slightly increase allocation to RMB funds, and reduce allocation to US dollar money - market funds. Overall, maintain a defensive layout and focus on the policy and data inflection points in late August [7]. 3.2 Viewpoint Highlights 3.2.1 Financial Sector - **Stock Index Futures**: After event resolution, the crowding of funds is released, but there is a lack of incremental funds [8]. - **Stock Index Options**: The collar strategy strengthens the volatility structure, and attention is paid to the upward movement of volatility [8]. - **Treasury Bond Futures**: The market continues to digest the information from the Politburo meeting, and attention is paid to factors such as unexpected tariffs, supply, and monetary easing [8]. 3.2.2 Precious Metals - **Gold/Silver**: Precious metals are oscillating and strengthening, and attention is paid to Trump's tariff policy and the Fed's monetary policy [8]. 3.2.3 Shipping - **Container Shipping to Europe**: Attention is paid to the game between peak - season expectations and the implementation of price increases, as well as tariff policies and shipping company pricing strategies [8]. 3.2.4 Black Building Materials - **Steel**: Inventory continues to accumulate, and the off - season characteristics persist. Attention is paid to the progress of special bond issuance, steel exports, and molten iron production [8]. - **Iron Ore**: Molten iron production slightly decreases, and port inventory slightly accumulates. Attention is paid to overseas mine production and shipping, domestic molten iron production, weather, port inventory changes, and policy dynamics [8]. - **Coke**: There is a renewed willingness to raise prices, and the market is oscillating. Attention is paid to steel mill production, coking costs, and macro sentiment [8]. - **Coking Coal**: Supply disruptions continue, and the market is oscillating at a high level. Attention is paid to steel mill production, coal mine safety inspections, and macro sentiment [8]. - **Silicon Iron**: The bullish sentiment is digested, and the market trend is weak. Attention is paid to raw material costs and steel procurement [8]. - **Manganese Silicon**: Market sentiment cools, and futures prices are oscillating weakly. Attention is paid to cost prices and overseas quotes [8]. - **Glass**: Speculation in small - sized glass in Shahe has led to a slight improvement in production and sales. Attention is paid to spot production and sales [8]. - **Soda Ash**: Production continues to increase, and the market is oscillating. Attention is paid to soda ash inventory [8]. 3.2.5 Non - ferrous Metals and New Materials - **Copper**: The risk of overseas recession has increased, and copper prices are under pressure. Attention is paid to supply disruptions, unexpected domestic policies, less - than - expected dovishness of the Fed, and less - than - expected domestic demand recovery [8]. - **Alumina**: Warehouse receipts have increased again, and alumina prices are oscillating under pressure. Attention is paid to unexpected delays in ore复产 and unexpected increases in electrolytic aluminum复产 [8]. - **Aluminum**: Market sentiment is fluctuating, and aluminum prices continue to rise. Attention is paid to macro risks, supply disruptions, and less - than - expected demand [8]. - **Zinc**: The prices of black series have rebounded again, and zinc prices are oscillating. Attention is paid to risks of macro - direction change and unexpected increases in zinc ore supply [8]. - **Lead**: Supply disruptions in recycled lead have led to a slight rebound in lead prices. Attention is paid to supply - side disruptions and slowdown in battery exports [8]. - **Nickel**: LME nickel inventories are high, and nickel prices are oscillating widely. Attention is paid to unexpected macro and geopolitical changes, Indonesian policies, and less - than - expected supply release [8]. - **Stainless Steel**: Nickel - iron prices continue to rise, and stainless steel futures are oscillating upwards. Attention is paid to Indonesian policies and unexpected increases in demand [8]. - **Tin**: The ore supply is still tight, and tin prices are oscillating. Attention is paid to the expected复产 in Wau and changes in demand improvement expectations [8]. - **Industrial Silicon**: Market sentiment is fluctuating, and silicon prices are oscillating. Attention is paid to unexpected supply - side production cuts and unexpected increases in photovoltaic installations [8]. - **Lithium Carbonate**: The market direction is unclear, and lithium carbonate prices are oscillating. Attention is paid to less - than - expected demand, supply disruptions, and new technological breakthroughs [8]. 3.2.6 Energy and Chemicals - **Crude Oil**: Geopolitical expectations are fluctuating, and attention is paid to the risk of Russian oil. OPEC + production policy and Middle - East geopolitical situation are the focus [10]. - **LPG**: Supply pressure continues, and the cost side dominates the rhythm. Attention is paid to the cost progress of crude oil and overseas propane [10]. - **Asphalt**: It has broken through the important support level of 3500, and futures prices are moving in the direction of least resistance. Attention is paid to unexpected demand [10]. - **High - Sulfur Fuel Oil**: The contradiction between strong cracking and weak premium persists. Attention is paid to crude oil and natural gas prices [10]. - **Low - Sulfur Fuel Oil**: Futures prices follow crude oil and oscillate weakly. Attention is paid to crude oil and natural gas prices [10]. - **Methanol**: Supported by coal but suppressed by olefins, methanol is oscillating. Attention is paid to macro - energy and upstream and downstream device dynamics [10]. - **Urea**: Domestic supply and demand cannot provide strong support, and export - driven is less than expected. Attention is paid to export policy trends and elimination of production capacity [10]. - **Ethylene Glycol**: Coal is strong and oil is weak, and supply pressure increases. Attention is paid to frequent changes in overseas devices affecting port arrivals [10]. - **PX**: Cost support is insufficient, confidence is under pressure, and its fundamental driving force is limited. Attention is paid to significant fluctuations in crude oil, macro - changes, and unexpected PTA device maintenance [10]. - **PTA**: Scheduled maintenance cannot boost processing fees, and prices are still suppressed by costs. Attention is paid to wide - range cost fluctuations, unexpected device maintenance, and unexpected polyester production reduction [10]. - **Short - Fiber**: Downstream demand has slightly improved, and attention is paid to the sustainability of inventory reduction. Attention is paid to the purchasing rhythm and production start - up of downstream yarn mills [10]. - **Bottle Chips**: Overall demand is sluggish, and the repair height of processing fees is limited. Attention is paid to unexpected production increase of bottle - chip enterprises and a surge in overseas export orders [10]. - **Propylene**: It mainly follows market fluctuations and oscillates in the short term. Attention is paid to oil prices and domestic macro - situation [10]. - **PP**: Fundamental support is limited, and PP oscillates weakly. Attention is paid to oil prices and domestic and overseas macro - situation [10]. - **Plastic**: Upstream and mid - stream inventories are accumulating, and plastic oscillates weakly. Attention is paid to oil prices and domestic and overseas macro - situation [10]. - **Styrene**: Commodity sentiment has improved, and attention is paid to the implementation of policy details. Attention is paid to oil prices, macro - policies, and device dynamics [10]. - **PVC**: There is cost support, and the futures market oscillates. Attention is paid to expectations, costs, and supply [10]. - **Caustic Soda**: Spot prices have stabilized, and caustic soda oscillates temporarily. Attention is paid to market sentiment, production start - up, and demand [10]. - **Oils and Fats**: It oscillated and adjusted yesterday, waiting for further information guidance. Attention is paid to US soybean weather and Malaysian palm oil production and demand data [10]. - **Protein Meal**: There is concern about the supply shortage in the fourth quarter. Attention is paid to US soybean weather, domestic demand, macro - situation, and China - US and China - Canada trade wars [10]. - **Corn/Starch**: The number of incoming vehicles has returned to a low level, and futures have stabilized and rebounded. Attention is paid to less - than - expected demand, macro - situation, and weather [10]. - **Pigs**: Spot prices are still weak, and expectations support the futures market. Attention is paid to breeding sentiment, epidemics, and policies [10]. 3.2.7 Agriculture - **Rubber**: Market sentiment is okay, and rubber prices are rising slowly. Attention is paid to production - area weather, raw material prices, and macro - changes [10]. - **Synthetic Rubber**: It oscillates within a range. Attention is paid to significant fluctuations in crude oil [10]. - **Pulp**: Futures are running stably, and attention is paid to low - buying opportunities in the far - month contracts. Attention is paid to macro - economic changes and fluctuations in US - dollar quotes [10]. - **Cotton**: Low inventory supports cotton prices, and attention is paid to marginal changes in demand. Attention is paid to demand and inventory [10]. - **Sugar**: Supply pressure is increasing marginally, and sugar prices are under pressure and weakening. Attention is paid to imports [10]. - **Logs**: It oscillates within a narrow range. Attention is paid to shipping volume and dispatch volume [10].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The spot index of the Shanghai Containerized Freight Index for European routes (SCFIS) continued to decline this week, and the decline in the US West route widened significantly. The China Containerized Freight Index (CCFI), Shanghai Containerized Freight Index (SCFI), and Ningbo Containerized Freight Index (NCFI) all continued to fall. The main influencing factors for the futures price this week were the spot cabin quotes on European routes and route adjustments. Looking ahead, one can continue to monitor the changes in spot cabin quotes on European routes by shipping companies and the fundamentals of the European route market. Given that the current spot cabin quotes on European routes and the SCFIS European route are both falling, but considering that the futures price is at a relatively short - term low, it is more likely that the decline in the futures price will converge or the price will remain volatile [1]. - Traders are advised to temporarily observe in the spot - futures (basis) strategy and remain on the sidelines in the arbitrage (inter - period) strategy [2]. Summary by Relevant Catalogs 1. Strategy - Spot - futures (basis) strategy: Traders should temporarily keep observing [2]. - Arbitrage (inter - period) strategy: Traders can temporarily remain on the sidelines [2]. 2. Market Review - As of Friday, except for EC2508, the closing prices and settlement prices of other monthly contracts rebounded. Among them, the closing price of EC2510 rebounded by 0.84% from the previous week, closing at 1436.0 points, and the settlement price rebounded by 1.11%, closing at 1448.0 points. The main influencing factors this week were the spot cabin quotes on European routes and route adjustments [3]. 3. Spot Information - Freight Rates - As of August 4, the SCFIS European route, the futures underlying index, continued to decline, with a month - on - month decline of 0.81% (previous value was - 3.50%), and the decline in the US West route widened, with a month - on - month decline of 11.99% (previous value was - 1.37%). As of August 8, the CCFI, SCFI, and NCFI all continued to fall. In terms of routes, the decline in North American routes widened. The SCFI US West route decreased by 9.80% month - on - month ( - 2.23% the previous week), the SCFI US East route decreased by 10.68% month - on - month ( - 7.46% the previous week), and the SCFI European route also saw an expanded decline, decreasing by 4.39% month - on - month ( - 1.87% the previous week) [8]. 4. Spot Information - Demand Side - Not summarized as specific demand - side data analysis is not provided in a concise form in the text. 5. Spot Information - Supply Side - As of August 8, the global container ship idle capacity ratio was 2.0%; the idle capacity of container ships over 17,000 TEU was 42,946 TEU, accounting for 0.9% of this type of ships; the idle capacity of container ships between 12,000 and 16,999 TEU was 98,873 TEU, accounting for 1.3% of this type of ships. The congestion index of Shanghai Port increased by 102.2 thousand TEU from last week, reaching 657.4 thousand TEU; the congestion index of Rotterdam Port increased by 25.5 thousand TEU, reaching 221.8 thousand TEU; the congestion index of Antwerp Port increased by 24.1 thousand TEU, reaching 98.2 thousand TEU; the congestion index of Hamburg Port increased by 6.0 thousand TEU, reaching 103.0 thousand TEU [27][30]. 6. Spread Analysis - The current SCFIS European route continued to decline, but the month - on - month decline slightly converged to 0.81%, closing at 2297.86 points. The main contract EC2510 closed at 1421.8 points on Monday, and the basis narrowed slightly compared to last week. Traders are advised to temporarily observe. The inter - period contract spread combinations of the container shipping European route this week: the spread of the EC2508 - EC2510 contract combination was 635.0 points, the spread of the EC2508 - EC2512 contract combination was 311.0 points, and the spread of the EC2510 - EC2512 contract combination was - 324.0 points. Traders can temporarily remain on the sidelines [35][37].

大和认为，太平洋航运今年上半年基本溢利同比跌50%，至2,200万美元，符合该行预期，尽管复苏步 伐缓慢，但看到干散货市场正在改善。该行续指，尽管预计太平洋航运2025下半年盈利同比下降，但预 测稳健的现金流生成及严谨的资本支出，将支持未来持续股份回购，特别是管理层认为其股价仍低于资 产价值(但大和认为派发特别股息的可能性有限)。 太平洋航运(02343)跌超3%，截至发稿，跌3.06%，报2.22港元，成交额2126.98万港元。 消息面上，8月7日，太平洋航运公布截至2025年6月30日止六个月的中期业绩，营业额10.187亿美元， 同比减少21%；股东应占溢利2560万美元，同比减少56%；每股基本盈利3.9港仙，每股中期股息1.6港 仙。其中，上半年基本溢利2190万美元，较去年同期减少50%，此乃由于货运市况疲弱令营业额减少。 中金指出，公司业绩低于该行预期，主要因公司上半年实现TCE低于预期。 ...

Core Viewpoint - Pacific Shipping (02343) reported a significant decline in its interim performance for the six months ending June 30, 2025, with a revenue drop of 21% year-on-year and a 56% decrease in net profit attributable to shareholders [1] Financial Performance - The company recorded a revenue of $1.0187 billion, down from the previous year [1] - Net profit attributable to shareholders was $25.6 million, a decrease of 56% compared to the same period last year [1] - Basic earnings per share were 3.9 Hong Kong cents, with an interim dividend of 1.6 Hong Kong cents [1] - Basic profit for the first half was $21.9 million, a 50% decline year-on-year, attributed to weak freight market conditions [1] Analyst Insights - CICC noted that the company's performance was below expectations, primarily due to lower-than-expected Time Charter Equivalent (TCE) earnings in the first half [1] - Daiwa stated that the company's basic profit of $22 million for the first half was in line with their expectations, despite a slow recovery, and observed improvements in the dry bulk market [1] - Daiwa also projected a year-on-year decline in Pacific Shipping's profits for the second half of 2025, but highlighted strong cash flow generation and disciplined capital expenditure as supportive of ongoing share buybacks, despite limited likelihood of special dividends [1]

Core Viewpoint - The Chinese government is focusing on promoting the green and low-carbon development potential of traditional industries, particularly through the application of clean low-carbon hydrogen in sectors such as metallurgy, synthetic ammonia, synthetic methanol, and refining [1][2]. Group 1: Policy and Implementation - The "Implementation Plan" issued by the Ministry of Industry and Information Technology, National Development and Reform Commission, and National Energy Administration aims for significant progress in the application of clean low-carbon hydrogen in industrial sectors by 2027 [1]. - The shift from "demonstration verification" to "industrialization" is crucial for achieving deep decarbonization in high-emission industries [1][2]. Group 2: Industry Impact and Current Progress - Hydrogen utilization in the metallurgy industry is seen as a key technology for the green transformation of the steel sector, with significant strategic importance [2]. - Current projects, such as Baosteel's Zhanjiang project, demonstrate the potential for hydrogen-based metallurgy, achieving over 60% carbon reduction compared to traditional methods [3]. Group 3: Economic Challenges - Economic viability remains a major issue, with the production costs of green hydrogen being significantly higher than traditional methods, which hinders widespread adoption [3][5]. - The need for a clear market demand and economic incentives is emphasized to encourage the transition to hydrogen-based processes [5]. Group 4: Recommendations for Policy Improvement - Experts suggest establishing a unified national standard for green hydrogen and improving incentive policies to facilitate its adoption in traditional industries [6]. - Recommendations include financial support for research and development of hydrogen production technologies and the establishment of a green hydrogen premium compensation mechanism [6][7]. Group 5: Future Directions - The exploration of "flying economy" models and the establishment of hydrogen industry collaborative demonstration zones are proposed to enhance the efficiency of hydrogen production and distribution [7]. - The development of a hydrogen replacement roadmap for the steel industry and the implementation of a "green hydrogen quota system" in the refining sector are also suggested [7].

格林大华期货研究院 证监许可【2011】1288 号 2025 年 8 月 11 日 星期一 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | 【重要资讯】 | | --- | --- | --- | --- | | | | | 1、纽约联储 7 月的调查显示，人们对未来一年的通胀预期从 6 月的 3%升至 3.1%。 7 月份有更多消费者愿意主动离职，认为未来三个月内能找到工作的几率略有上升。 2、至 7 月 26 日当周，美国持续申领失业救济人数升至 197.4 万，创 2021 年 11 月 | | | | | 以来新高，表明就业美国市场降温，强化 9 月降息预期。截至 8 月 2 日当周，首申 | | | | | 人数略增至 22.6 万但长期稳定。企业不愿再招新员工，但也没急着裁员。 | | | | | 3、美国信用卡债务在 6 月份下降了 10 多亿美元，连续第二个月下降。麦当劳 CEO ...

Group 1: Policy and Regulatory Developments - The State Council issued a notice in July to replicate and promote 77 pilot measures from the Shanghai Free Trade Zone, aiming to release institutional innovation dividends on a larger scale [1] - Shanghai Free Trade Zone continues to explore institutional breakthroughs, providing "free trade experience" for expanding institutional openness [1] Group 2: Innovations in Logistics and Trade - The "direct release" model at Shanghai's Yangshan Special Comprehensive Bonded Zone allows companies to bypass customs declaration, significantly improving clearance efficiency [2] - The international transshipment cargo proportion at Yangshan Port increased from 12.6% to 18.6%, with overall operation time reduced by 50% [2] - Approximately 52,000 bonded transshipment vehicles were shipped using the "group shipping" method in the first half of the year, lowering logistics costs [2] Group 3: Data Trading and Digital Economy - Shanghai Data Exchange achieved a trading volume exceeding 3 billion yuan in the first half of the year, marking a year-on-year increase of over 50% [3] - The establishment of a cross-border data trading system and a credible delivery framework is underway to meet higher precision data trading demands [3] Group 4: Financial Sector Innovations - Shanghai Free Trade Zone has established the first foreign-controlled joint wealth management company and the first wholly foreign-owned public fund [5] - The zone is exploring the relaxation of restrictions on non-resident merger loans and optimizing cross-border funding pools for multinational companies [6] - New payment services like "foreign card binding" and "foreign wallet usage" have been introduced to enhance payment convenience for inbound tourists [6] Group 5: Cross-Border Data Flow and Security - The Lingang New Area has developed a negative list for data export and operational guidelines to facilitate cross-border data flow [4] - Specific operational guidelines for smart connected vehicles have been created to address the needs of enterprises in various sectors [4]

Group 1: Policy and Regulatory Developments - The State Council issued a notice in July to replicate and promote 77 pilot measures from the Shanghai Free Trade Zone, aiming to release institutional innovation dividends on a larger scale [1] - The Shanghai Free Trade Zone continues to explore institutional breakthroughs, providing "free trade experience" for expanding institutional openness [1] Group 2: Innovations in Logistics and Trade - The "direct release" model allows companies to bypass customs declaration, significantly improving clearance efficiency for exporting electric vehicles [2] - The international transshipment cargo proportion at Yangshan Port increased from 12.6% to 18.6%, with overall operation time reduced by 50% due to regulatory innovations [2] - Approximately 52,000 bonded transshipment vehicles were shipped using a shared shipping method in the first half of the year, lowering logistics costs [2] Group 3: Data Trading and Digital Economy - The Shanghai Data Exchange has established a framework for cross-border data trading, with transaction amounts exceeding 3 billion yuan in the first half of the year, a year-on-year increase of over 50% [3] - The establishment of a negative list for data export and operational guidelines aims to facilitate cross-border data flow for enterprises [4] Group 4: Financial Sector Innovations - Shanghai Free Trade Zone has established the first foreign-controlled joint wealth management company and the first wholly foreign-owned public fund [5] - Innovations in cross-border capital pools and international payment services are being optimized to enhance the convenience of inbound payments for tourists [6] - The Shanghai International Reinsurance Registration Trading Center has introduced standardization and digitization in reinsurance transactions, improving operational efficiency [6]

Core Viewpoint - The Xiangjiaba ship lift has successfully transported over 10 million tons of cargo since its operation, significantly enhancing the shipping capacity and economic development of the Yangtze River basin [1][3]. Group 1: Operational Achievements - The Xiangjiaba ship lift, operational since May 2018, has completed over 23,900 trips and facilitated the passage of more than 23,000 vessels, with a maximum lifting height of 114.2 meters and a single lift capacity of approximately 8,150 tons [3][10]. - The annual cargo volume has increased from 170,000 tons to a peak of 1.95 million tons, with the time taken for vessels to pass through the lift reduced from 60 minutes to 40 minutes [5][11]. - The lift operates 24 hours a day, with a maximum of 339 operational days per year, extending the "golden waterway" of the Yangtze River by over 150 kilometers into the Jinsha River [5][7]. Group 2: Economic Impact - The ship lift has significantly improved shipping conditions in the reservoir area, providing a more efficient transportation channel for resource development and material transport, thus promoting coordinated economic development along the river [7][11]. - The logistics company reported that the lift allows larger vessels to load directly at the factory, increasing shipping frequency from two or three trips per month to five or six, greatly benefiting business operations [13]. Group 3: Technological Innovations - The Xiangjiaba ship lift is entirely designed and manufactured in China, marking a significant advancement in domestic engineering capabilities [8][10]. - Continuous technological innovations have led to the acquisition of 146 patents, enhancing the safety and efficiency of the lift's operations [11]. - The recent upgrades to the Xiangjiaba hydropower station's eight 800,000-kilowatt units have improved operational efficiency and reliability, incorporating smart online monitoring technologies [14][22].

Investment Rating - The report maintains a positive outlook on the logistics and transportation industry, particularly highlighting the express delivery sector and shipping companies [1][3]. Core Insights - The express delivery sector is entering a new phase of price increases, with significant price adjustments observed, particularly in Guangdong, which may spread to other regions. Three scenarios are proposed for this new phase: 1) elimination of price disparities leading to profit recovery and substantial dividends; 2) continuation of competitive dynamics in many regions; 3) potential for higher-level mergers and acquisitions [3]. - The shipbuilding sector is experiencing robust profitability, with Yangtze River Shipbuilding reporting a gross margin of 35% and a net margin of 32.5% for the first half of 2025, prompting recommendations for companies like China Shipbuilding and China Heavy Industry [3]. - Recent geopolitical pressures have led to a decline in oil exports from Iran and Russia to India, which may increase compliance demand and VLCC (Very Large Crude Carrier) demand as a substitute for smaller tankers. Iran's oil exports have dropped to around 1.2 million barrels per day recently [3]. - VLCC freight rates have surged by 52% week-on-week, reaching $34,679 per day, indicating a potential end to the seasonal downturn in the market [3]. - The report highlights the resilience of railway freight volumes and highway truck traffic, with national railway freight at 77.69 million tons and highway truck traffic at 52.59 million vehicles for the week of July 28 to August 3 [3]. Summary by Sections Express Delivery - The express delivery sector has seen a price increase of 4.34%, outperforming other sub-sectors [4][5]. - Companies recommended include Shentong Express and YTO Express, with a focus on Jitu Express, Zhongtong Express, and Yunda Express [3]. Shipping - The report notes a significant increase in VLCC rates, with a 9.34% rise in the crude oil tanker index [4]. - Recommendations include China Shipbuilding and China Heavy Industry due to strong performance in the shipbuilding sector [3]. Air Transportation - The report suggests that the "anti-involution" policy in civil aviation may optimize industry competition, benefiting airline profitability in the long term [3]. - Recommended airlines include China Eastern Airlines, China Southern Airlines, and Spring Airlines [3]. Railway and Highway - The report indicates steady growth in railway and highway freight volumes, with a focus on high-dividend investment opportunities in the highway sector [3]. - The establishment of a new railway company under the China National Railway Group is noted as a positive development [3]. High Dividend Stocks - The report lists high dividend stocks in the transportation sector, including Bohai Ferry with a dividend yield of 8.46% and Zhonggu Logistics at 7.53% [3][21].