2025年4月22日A股三大指数涨跌不一，内需板块走强，交通运输ETF(159666)逆势翻红，成分股华贸物流、保税科技涨停，中储股份、海晨股份、建发股份涨超3%。

In the short term, the domestic demand exposure sector provides a certain degree of defensiveness in the road, railway, and express delivery; In the medium term, we will pay attention to the allocation opportunities at the bottom of aviation and port valuations; Long-term exploration of non-US overseas trade logistics assets under trade restructuring.

The transportation sector is often characterized by low valuations and high dividends, which makes it more defensive in the face of market volatility. The defensive nature of the transportation sector is mainly reflected in its economic cycle sensitivity and market performance. As a midstream infrastructure that supports economic development, the background color of the investment attribute of the transportation industry is pro-economic cycle, even if the road, railway, and port sectors are characterized by the market as defensive attributes, their ROE (return on equity) is still highly correlated with the economic cycle.

The transportation ETF (019404) and its feeder fund (0/0) are the only ETF funds in the whole market that track the CSI All-Index Transportation Index, and some companies in the transportation sector have the characteristics of high dividends, low valuations and stable performance, covering the A-share market including logistics, railways and highways, shipping ports, airports, etc., which can fully reflect the overall performance of listed companies in the A-share transportation industry.

National Business Daily