htsc states that looking ahead to 2025, in the transportation sector, three main lines are recommended: supply-demand gap, high dividends, and cycle-crossing. (1) Improvement in domestic demand + tightening supply, recommending aviation/oil transportation; (2) Domestic interest rate cuts + increased allocation, recommending high dividend stocks in highways/railroads/ports; (3) α stocks that cross cycles. In addition, sectors under profit or valuation pressure include: (1) E-commerce express delivery, with slower volume growth and increased share demands; (2) Cross-border logistics, impacted by tariffs; (3) Airports, with decreasing tax-free deductions and approaching significant capital expenditures.