Huatai: It is recommended to continue controlling positions, maintain defensive configurations, and wait for a right-side signal.

Huatai Securities believes that the geopolitical risks in the Middle East continue to escalate, and high oil prices exacerbate global stagflation concerns, causing market risk appetite to further decline. Against this macro backdrop, Huatai has adjusted the recommended order of the transportation sector, suggesting an increase in allocation to the infrastructure subsector: 1) The current concentration of holdings in the sector is low, and trading is not crowded, providing significant room for capital reallocation; 2) Infrastructure is mainly driven by domestic demand, with strong profitability resilience and low sensitivity to oil price fluctuations, highlighting its hedging advantages; 3) The dividend yield is at a relatively high level. Based on the three dimensions of crowdedness of holdings, sensitivity to oil prices, and high dividend yield, we rank the infrastructure subsector as follows: railways > highways > ports > airports; combined with individual stock performance and dividend yield, we provide stock recommendations.