Gf Securities Co.,Ltd. released a research report stating that express delivery business volume growth remained above 15% in July, but the month-over-month growth rate narrowed. The industry's price increase consensus has spread from grain-producing regions to surrounding provinces and cities, and rising social security costs along with the approaching peak season may drive nationwide price increases. Aviation sector bare ticket prices declined 3.1% year-over-year, but showed marginal improvement in August, with long-term supply-demand dynamics remaining favorable. In the shipping sector, the oil tanker and dry bulk market demonstrated strong resilience, and dry bulk shipowners may benefit from the fourth-quarter peak season.

**Express Delivery Logistics**

According to iFind data, express delivery business volume growth remained above 15% in July, though the growth rate declined month-over-month. Since July, industry regulators, express delivery headquarters, and franchisees have gradually formed a consensus on price increases, which has now been implemented in some provinces and cities. The express delivery industry has precedent for using price increases to combat "involution-style" competition. Future industry pricing is expected to expand in both horizontal and vertical directions - horizontal representing regional expansion from grain-producing areas to surrounding provinces and cities, and vertical representing changes in pricing methods. While vertical expansion has not yet begun, given current increases in social security costs and the approaching peak season, we are optimistic about nationwide express delivery price increases.

**Aviation**

Bare ticket price year-over-year changes are gradually improving, and long-term industry supply-demand dynamics remain favorable. We emphasize left-side positioning opportunities in the sector and closely monitor aviation ticket price changes and industry anti-involution policy developments. Summer travel bare ticket prices have declined 3.1% year-over-year to date, with fuel-inclusive prices down approximately 6.0% year-over-year. Price performance was slightly below expectations, but year-over-year changes have gradually improved since August. While the market worries about aircraft order rumors affecting supply logic, considering the industry's high average aircraft age and the need for new-old aircraft replacement, we believe the supply logic remains intact. Long-term industry supply-demand improvement is unchanged, and the sector may subsequently switch to pro-cyclical positioning with upside optionality. We prefer regional aviation leader China Express Airlines, which combines operational management improvement and growth potential, and HNA Holdings, which benefits from Hainan Free Trade Port policies. We also focus on Air China H, China Eastern Airlines H, Juneyao Airlines, and Spring Airlines.

**Shipping**

Both oil tanker and dry bulk segments demonstrated strong resilience in August. Looking ahead, we focus on domestic trade container shipping, oil transportation, dry bulk markets and other domestic demand-related, low-valuation pro-cyclical directions. The dry bulk market has a high probability of strength with the November-December West African iron ore shipping season and approaching peak season. Haitong Development and China Merchants Energy Shipping, as the only two dry bulk shipowners in A-shares, may benefit.

**Infrastructure Transportation**

The infrastructure transportation sector's valuation volatility has increased. As interim reports are released, earnings improvement realization becomes an important driver of individual stock prices. For highways, we focus on second-tier targets' valuation restructuring. For ports, first-tier targets show allocation value again after valuation adjustments. We focus on Tangshan Port, Qingdao Port and other regional ports with developed hinterland economies, as well as globally positioned China Merchants Port. For railways, Guangshen Railway's core station renovation plan has initially landed, opening up medium to long-term growth space.

**Risk Warnings**

(1) Macroeconomic aspects: Significant economic volatility, geopolitical conflicts, energy crises, deep recession in Europe and America, major oil and exchange rate fluctuations, large-scale natural disasters, etc.

(2) Industry aspects: Trade friction, significant increase in new ship orders, business growth below expectations, major policy changes, intensified competition, industry accidents, etc.

(3) Company aspects: Bankruptcy due to cash flow disruption, passive significant dilution of shares due to low-price additional issuance, cost control below expectations, key focus companies' performance below expectations, etc.