According to the Huatai Securities Research Report, in the third quarter of 2026, shipping profits or differentiation. Shipping benefits from the expansion of geo-risk premiums, compounded by peak season demand and weather disturbances, and profit flexibility is expected to be unleashed; although e-commerce express delivery is in the traditional low season, volume is steady and the year-on-year increase in price increases are increasing, and “anti-internal volume” drives volume and price increases. In contrast, due to the increase in air supply and ticket price flexibility during the summer travel season, the rise in fuel costs is still difficult to fully digest, and profits may have declined significantly year over year; highways, on the other hand, were affected by the decline in passenger and cargo sentiment, and profits were slightly pressured. The rest of the sectors are dominated by steady operation and individual differences. High-speed rail has outstanding comparative advantages, airports have differentiated performance due to production capacity cycles, and leading logistics segments still have growth highlights.

According to the Huatai Securities Research Report, in the third quarter of 2026, shipping profits or differentiation. Shipping benefits from the expansion of geo-risk premiums, compounded by peak season demand and weather disturbances, and profit flexibility is expected to be unleashed; although e-commerce express delivery is in the traditional low season, volume is steady and the year-on-year increase in price increases are increasing, and “anti-internal volume” drives volume and price increases. In contrast, due to the increase in air supply and ticket price flexibility during the summer travel season, the rise in fuel costs is still difficult to fully digest, and profits may have declined significantly year over year; highways, on the other hand, were affected by the decline in passenger and cargo sentiment, and profits were slightly pressured. The rest of the sectors are dominated by steady operation and individual differences. High-speed rail has outstanding comparative advantages, airports have differentiated performance due to production capacity cycles, and leading logistics segments still have growth highlights.