China International Capital Corporation stated that from the beginning of 2024 to now (December 13), the overall increase in the Transport Sector is 16%, with significant outperformance from infrastructure-related Assets such as highways, railroads, and ports, as well as from shipping (affected by the Red Sea incident), express delivery (sharp rebound from overselling), and the low-altitude economy (policy Bullish), while Aeronautical Airports and Logistics underperformed. Considering comprehensive factors such as macroeconomic conditions, policies, fundamentals, and valuations, the outlook is Bullish on: 1) cyclicals that benefit from demand improvement and high earnings elasticity, such as aviation, shipping, and logistics segments following the improvement in downstream prosperity; 2) a favorable supply-side structure, where earnings continue to grow and valuations are reasonable or even low, such as express delivery and Internet Plus-Related Logistics; 3) high-quality companies with low valuations, such as state-owned enterprises with negative equity and private companies that have abundant Cash / Money Market and high dividend ratios.