Cathay Pacific Haitong released a research report stating that it will maintain the increase in aviation oil transportation. 1) Aviation: Geo-oil prices will not change the logic of long supercycles. High oil prices, 10 high passenger occupancy rates+low ticket prices+low stock prices, focusing on the timing of aviation's bottom layout. 2) Oil transportation: The opening of dark air has driven recent freight rates to record highs, and geopolitical conflicts have strengthened medium- to long-term logic. Continue to focus on recommendations. The industry expects that the geopolitical conflict may continue, that the loss of tanker operating efficiency will continue, and that inventory replenishment can be expected in the next two years. It is expected that the high oil transportation boom will continue in the medium term, and there will also be unexpected upward options in Iran's compliance requirements for lifting the ban. Recently, one-year and three-year leases have risen to 300,000 US dollars/day and 110,000 US dollars/day, reflecting the industry's optimistic expectations in the medium term, and will guarantee that oil transportation companies' dividends will attract and support the lower valuation limit. Remind oil transportation to recreate a good layout opportunity.

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