According to a research report from JPMorgan, escalating conflicts in the Middle East and Iran's closure of the Strait of Hormuz are driving a fundamental reshaping of Asia's transportation and industrial ecosystems amid geopolitical shocks, tighter regulations, and shifting trade flows. In the container shipping sector, the firm favors COSCO SHIP HOLD (01919), OOIL (00316), and Evergreen Marine (2603.TT) due to their global scale and network flexibility. Among airlines, JPMorgan assigns an "overweight" rating to CATHAY PAC AIR (00293) and Singapore Airlines. The report notes that across container shipping, tankers, dry bulk shipping, ports, supply chains, defense, and aviation, companies with scale advantages, flexibility, and strategic positioning are capturing upside opportunities. Container carriers and regional operators are benefiting from network coverage and pricing power, while tanker and dry bulk shipping are gaining from supply constraints and disciplined capital allocation. Leading port and supply chain players are profiting from route diversions and warehousing revenue, and the defense industry is entering a structural upcycle due to shifting global strategic priorities. Additionally, spillover effects from sea-to-air transport continue to expand. As shippers turn to air cargo to bypass maritime bottlenecks, carriers such as CATHAY PAC AIR and Singapore Airlines—with prudent fuel hedging strategies, mature route network management, and exclusive overflight rights over Russian airspace for Hong Kong/Mainland Chinese airlines—are best positioned to capture the new demand.