STOCKS | CICC Sees Upside in Express Delivery and Tanker Shipping, Watches Airline Cost Relief

CICC said China’s transportation sector fell 16.5% in the first half of 2026, underperforming the broader market by 24.0 percentage points. According to Jin10, a CICC research note said performance diverged across sub-sectors, with oil tanker shipping outperforming the broader market by 30.6 percentage points, while other segments lagged. CICC said airlines underperformed the broader market by 39.2 percentage points as oil prices rose in the second quarter. Dividend-oriented roads, railways, and ports underperformed by 24.5 percentage points and 20.1 percentage points, respectively. Express delivery underperformed the broader market by 12.5 percentage points. For the second half of 2026, CICC said it is optimistic about a market move tied to reduced cutthroat competition in express delivery and about the rate sensitivity of oil tanker shipping. It said it is watching for demand recovery driven by declining oil prices for airlines. CICC added that non-express logistics requires selective stock picking, and that the overall outlook for dividend-focused segments still depends on market style.