Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The shipping rates for oil tankers in the Atlantic and Gulf of Mexico have slightly increased, while the container shipping rates for the US routes have rebounded and the European routes remain stable [3][13] - Hefei is building the first national drone-sharing airport network, and Pudong Airport has seen a 23% year-on-year increase in inbound and outbound passengers in the first half of the year [3][16] - Jitu Express reported a 65.9% year-on-year increase in package volume in Southeast Asia for Q2, marking the highest growth rate since its listing [3][24] Industry Dynamics - **Shipping and Ports**: The VLCC market has returned to a supply-demand balance, with overall vessel supply remaining ample. The shipping rate for a 270,000-ton vessel from Ras Tanura to Ningbo was reported at WS49.24, up 2.48% from July 3 [3][14] - **Container Shipping**: The Shanghai port's export rates to Europe and the US have shown slight fluctuations, with rates to the US West and East coasts increasing by 5.0% and 1.2% respectively [3][15] - **Aviation**: The first half of 2025 saw Pudong Airport handle 18.26 million passengers, a 23.44% increase year-on-year, with new international routes contributing to this growth [3][18] - **Logistics**: Jitu Express's package volume in Southeast Asia reached 1.69 billion packages in Q2, with a 65.9% increase year-on-year, while the overall global package volume grew by 23.5% [3][24] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [4] - Explore investment opportunities in the highway and railway sectors, recommending companies such as Sichuan Chengyu, Gansu Guangdong Expressway, and Beijing-Shanghai High-Speed Railway [4] - Consider investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [4] - Monitor e-commerce and express delivery investment opportunities, recommending SF Holding, Jitu Express, and Yunda Express [5] - Look into aviation industry investment opportunities, recommending China National Aviation, China Southern Airlines, Spring Airlines, and others [5]