Huatai Securities: Amid geopolitical disruptions, freight railways, container shipping, and express delivery remain recommended
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1) Continue to recommend benefiting freight railways and container shipping, as well as express delivery companies that are “anti-involution” and can smoothly pass on costs: the rise in imported coal prices combined with climbing highway transportation costs is expected to catalyze demand for “West-to-East coal transportation”; the peak shipping season in April–May supports resilient demand; nationwide fuel surcharges are being added to e-commerce express deliveries, making us optimistic about the profitability recovery trend. 2) Geopolitical tensions remain uncertain, so it is advisable to maintain a baseline allocation in highways. 3) Consider a left-side position in airlines that have experienced sufficient correction, are “anti-involution,” and have outperformed in passing on price increases.
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