Huatai Securities: Amid geopolitical disruptions, freight railways, container shipping, and express delivery remain recommended

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.