4 月，港口生产运行总体平稳，整体货源较前两个月明显改善，运输需求有所提振。4 月当月全国规模以上港口完成货物吞吐量 10.94 亿吨，同比增长 2.61%；完成外贸货物吞吐量 3.41亿吨，同比增长 1.78%；完成集装箱吞吐量 2072.21 万 TEU，同比增长 5.75%。

4月，物流活动保持活跃，物流景气指数回升至54.2%，环比提高 1.3 个百分点。1～4 月，全国社会物流总额为 67.9 万亿元，同比增长 5.9%；社会物流总费用 3.3 万亿元，同比增长 2.5%；全国快递业务量累计完成 84.1 亿件，同比增长 56.5%。

Pharmaceutical packaging has been garnering increasing attention due to growing emphasis on the packaging and safety of pharmaceutical products. Pharmaceutical packaging helps keep pharmaceutical products free from contamination and microbial growth, thereby resulting in increased shelf life of these products.

With a population of nearly 147mn people, Russia ranks the ninth most populous country and the largest by territory in the world. That alongside Russia’s favourable geographic position and the wealth of natural resources predetermine the central role the transportation sector plays in the country’s economic development. The sector generates some 6% of the GDP, employs 10% of the country’s workforce and attracts 13% of the fixed capital investments. Russia has the second largest railway network in the world. Nevertheless, road transportation is the preferred mode for carrying both passengers and freight.

经历过 2008 年航运大周期的投资者一定对航运运价的巨大弹性记忆犹新。航运在价格与规模上的不可替代性带来了刚性的运输需求，在供给不足的情况下运价存在成倍增长的可能。但是自 08 年金融危机之后的 10 年里，航运板块就再也未能重现当年的辉煌，实际表现来看，板块的运价弹性在逐渐减弱。 

随着年报一季报披露完毕，市场持仓风格轮动以后，我们倾向于认为，交运板块的选股逻辑在于：1）具有较高的基本面业绩弹性；2）估值偏低或者至少在中位数以下。目前时点来看，我们的配置排序为航空、铁路、快递。