根据 ThinkerCar 数据，豪华品牌 8 月合计零售销量 32.3 万辆，同比增长 32%，我们认为增长较为强劲；2020 年 1-8 月，豪华品牌零售销量 203.1 万辆，同比增长 2%，显著跑赢乘用车市场整体（1-8 月零售销量同比下降 18%）。我们认为，中高收入群体购买力较强、消费升级以及豪华车产品线 价格逐步下探，是豪华车销量较快增长的主要原因。展望未来几年，我们 认为豪华车需求仍将保持稳健增长，部分豪华车制造商和经销商将持续受 益，推荐上汽集团、长安汽车和广汇汽车。

2020年8月份中国物流业景气指数为52.2%，较上月回升1.3个百分点。据分析，8月份，中国物流业景气指数较上月回升，各分项指数中，除资金周转率指数与上月持平外，其他分项指数均有不同程度回升，但其中物流服务价格指数、主营业务利润指数和从业人员指数低于50%，降幅较上月有所收窄。

Supply chain management software provides a real-time analytical platform, which manages the flow of product and information across the supply chain network. This software is designed to enhance and strengthen the supply chain operations in an organization by managing production, inventory, sourcing, transportation, and supervising the product demand. In addition, it provides better visibility to organizations with a cross-functional access, and offers exception-based process management platforms, which enable staff to micro-manage steady-state processes. This software can be customized on the basis of enterprise requirements. Its subcategories include supply chain planning, transportation management system (TMS), warehouse management system (WMS), manufacturing execution system, and others. The report features the information on supply chain management software and services offered by key vendors. Furthermore, it highlights the strategies of the key market players to improve the market share and sustain competition.

Cold storage is mainly used for the preservation of perishable products. Cold storage helps in preserving products for longer duration. It is used in the medical, industrial, food and beverage, and chemical fields. The demand for cold storage increased considerably in the Asia-Pacific region, in order to reduce the losses incurred from perishable goods. The increased food production that need refrigeration for storages is boosting the demand for sandwich panels in the cold chain and cold storage industry. While in order to meet the food requirement, and the need to preserve perishable products had been driving the demand for cold storage, currently, e-commerce has been propelling the growth of cold storage industry across the world. With e-commerce, cold storage has successfully carved out oppor tunity underlying in modern logistic facilities. The Asia-Pacific region stands to be the fastest growing market for cold storage, as the investment opportunities in this segment has not been fully realized yet. Moreover, with continuously growing population, the requirement for cold storage has also been increasing simultaneously, offering more opportunities in this segment. In the United States, the cold storage industry is further projected to witness annual growth of about 4% between till 2022. The evolving consumer behavior and development of innovative online grocery ordering platforms are expected drive the growth of cold storage industry. According to the Food Marketing Institute, online grocery orders are expected to account for about 13% of the total grocery sales by 2022, from about 3% recorded in 2018.

民航受制于疫情冲击，短期经历至暗时刻， 但国内经济复苏加快+疫情控制得力，经营数据显示客流需求恢复加快（8 月 全民航运输人次达 0.46 亿人，同比降幅收窄至 25%）。在国庆及中秋传统出 行旺季即将到来情形下，票价环比改善较为明显，同比降幅已收窄至 15%-20%，最终出票情况或超出市场预期。

我们对运量与宏观经济指标的相关性做了分析，发现：在交运六个子板块中，铁 路货运周转量与工业增加值增速和 GDP 相关性最强。上市公司车流量与 GDP 增 速相关，并可作为提前一个月的领先指标。航空货运量是出口贸易提前一个季度 的领先指标。物流景气度（LPI）与同期工业增加值相关性强，且每月物流景气 度数据早半个月发布，具有先行指标价值。

我们认为当前 B2C 跨境电商物流市场的景气度和行业竞争格局类似于 10 年前 的国内快递行业，目前市场规模约 2000 亿元，近 3 年 CAGR 40%且格局分散， 行业内的公司营收体量均低于 100 亿元。参照国内电商市场催生了顺丰及通达 系快递强手，我们认为跨境电商市场也将推动中国诞生一批跨境电商物流龙头， 重点推荐华贸物流、顺丰控股。

8月全国快递业务量72.4亿件，同比增长37.4%,业务收入727.4亿元， 同比增长17.9%，单票收入10.05元，同比下降13.7%，环比下降3.6%。随 着头部企业集中度的提升，四季度电商旺季，价格战有望进一步缓解，大促 刺激C端消费带动快递件量高增，快递企业业绩环比有望改善。今年快递企 业在市场份额及盈利能力上将逐步分化，建议关注顺丰控股（002352.SZ）、 中通快递（ZTO.N）和圆通速递（600233.SH）。

近两周，沪深大盘下跌 1.2%，HSCEI 指数下跌 4.6%，航空板块下跌 4.9%，铁路 板块下跌 2.9%，航运板块上涨 3.9%，公路板块下跌 2.5%，港口板块下跌 1.9%， 机场板块下跌 5.4%，物流板块下跌 2.5%。

上周沪深 300 指数较前一周下跌 3.5%，交运板块环比前一 周下跌 5.0%，跌幅超过沪深 300 指数：上周交运各子板块环比涨跌由高到低分 别为公路-2.2%/铁路-3.3%/物流-3.5%/港口-4.5%/航运-5.2%/机场-7.7%/航空 -9.8%。受海外疫情再度抬头，国际航班恢复再度充满不确定性，航空、机场上 周回调较多。上周澳洋顺昌、海汽集团、恒通股份等个股涨幅居前；飞马国际、 南方航空、中国国航等个股跌幅居前。