Managed print services (MPS) are used to gain visibility and control of the printing infrastructure, which helps the organizations to save money and boost productivity. These services also help improve environmental sustainability and document security. MPS usually begins with requirement gathering process. The next step includes a partial or complete replacement of existing hardware, which includes scanners, printers, faxes, photocopiers, and multifunction (MFP) devices. The service provider oversees the printing environment, services hardware, and provides parts and supplies. An MPS provider may also monitor and report on usage, problems, and user experience.

Product packaging has gone several innovations and changes in the last few years. These novelties have transformed the concept of packaging from a basic covering material to a promotional tool. Packaging has been an integral part of the entire evolution process. With the changes being inculcated in the product offering approach, packaging has witnessed the adoption of several new strategies by companies in order to deliver an improvised packaged product.

The market landscape and business opportunities for pure-play book printing companies and printing companies offering book printing services indirectly depend on the number of books sold in the market. The dynamics of book sales allow the publishers to make informed decisions regarding the number of copies needed to fulfill the current and future demand. The book printers then receive the orders from the publishers to carry out the print runs.

SKU 众多，下游主要是住宅（占60%+）、商用地产和基建，市场空间广阔（总市场 5000 亿元，其中城镇住宅市场 1134 亿元），规模稳定波动（17 年销量+4%），行业发展趋于成熟，但未来仍有量价齐升动力。2）供给端：产能过剩（产能利用率 70%），产品异质性强、生产壁垒低、具备运输半径，导致格局分散（CR5 不足 5%），然而，消费升级下杂牌被产品力强、服务半径大的龙头品牌替代，供需恶化、成本压力下小企业陆续退出，全装修趋势下地产商倾向于选择头部供应商从而加速龙头扩张，环保政策加码、标准提升、督查日趋严格，迫使落后产能（中小企业或部分区域）大量淘汰，或是转为大厂做 OEM，未来行业集中度加速提升。 

补贴退坡环境下，市场对锂电设备行业的疑虑：在政策支持与财政补贴下，我国新能源汽车销量由2011 年的8159 辆增加到2017 年的77.7 万辆，六年的CAGR 高达114%。动力电池作为新能源汽车的核心部件，出货量由2012 年的1.2GWh 增加到2017 年的44.5GWh，锂电供应商和锂电设备商纷纷受益。站在当前的时间点，市场对于锂电设备行业的持续性发展有以下几点疑虑：(1)补贴退坡后新能源汽车的行业景气度是否能得到延续？(2)补贴退坡与锂电池价格下降的压力向锂电设备商环节传导，是否会影响锂电设备商的利润及现金流？(3)锂电行业产能过剩，设备商的成长持续性从何而来？

行业策略：在国内新型烟草政策尚未明朗的情况之下，我们认为中际拟在港上市并规划重点发展新型烟草制品出口业务，对国内新型烟草行业的发展属于偏利好型事件。