Founder's research report indicates that there is a 'bucket effect' in the shipping supply chain. From a trend perspective, the repair of effective capacity supply requires an improvement in the overall turnover efficiency of the supply chain, and each link needs to be 'flat and undamaged like each wooden plank', so the relief process will be relatively lengthy. From the marginal perspective, the effective capacity bottleneck depends on the 'shortest plank', which is the container unit with the lowest processing capacity per unit time, such as ships, docks, yards, railroads, and trucks. If there is no significant change in demand, once the shipping system disorder is formed, the relief process will be relatively lengthy. The value of the shipping industry leader is bullish in the short, medium, and long term. 1) In the short term, cosco shipping holdings' profitability, scale/network effects are globally leading, and the freight rate significantly boosts the elasticity of current profits and dividend yield beyond expectations. 2) In the medium and long term, the shipping 'pattern supports freight rates' logic has been continuously verified, and the profit center has the support of interest income + investment income. Valuation still has a lot of room for recovery from the lowest level during the normal period before the epidemic.