China International Capital Corporation's research report believes that looking at the global perspective for the second half of 2024, it is recommended to focus on investment opportunities for export logistics and shipping. Shipping: bullish on the short-term rebound of joint shipping, combined with strong demand from Europe and the United States, high freight rates are expected to continue until the third quarter peak season, while there may be a risk of price correction with the delivery of new ships in the fourth quarter and a decline in peak season demand. Continue to look favorably on the upward cycle of oil transportation, as the supply-side logic strengthens the potential demand for inventory replenishment, and expect elasticity during the peak season. The period of dry bulk is expected to come, and it is recommended to seize opportunities for left-side layout. Non-express logistics: bullish on export logistics, franchise-based express delivery, and light asset-based freight platform. 1) Short-term supply and demand of air and sea transportation are still tight, and the logic of logistics companies' collaborative manufacturing going global is continuously developing in the long run. 2) The competitive landscape of express delivery continues to improve, and the leading share is expected to increase. 3) Freight platforms benefit from the increase in digital penetration rate. 4) Pay attention to the large-scale supply chain industry with valuation at the bottom and marginal improvement.