zheshang Securities released a summary of the semi-annual report of the transportation industry, stating that in the first half of the year, geopolitical events drove the improvement of shipping data and the performance of listed companies rebounded. Overseas shipping also steadily improved, especially under the background of significant growth in throughput, the performance of listed companies in H1 2024 port remained stable. E-commerce has driven express delivery to achieve medium-speed growth, and the industry's volume growth since 2024 has been better than expected, with price competition still continuing, but it has eased compared to 23 years. The performance of passenger transportation and freight transportation has shown some differentiation, with the former showing a continuous recovery trend, while the latter road and railway freight transportation continue to be under pressure. In addition, overall, mid-term dividends of companies in the transportation industry have increased.