早在十年前欧美国家就开始探索便利店“无人化”形式，2013年后进入商用化试点，2016年陆续在全球兴起。2017年7月“淘咖啡”在阿里巴巴造物节中惊艳亮相，引发业界对无人便利店的关注，就此引爆国内新兴无人便利店

The global clinical mobility aids market includes both low-end and high-end products.Low-end mobility aids include canes, walkers, and crutches. These are, however,commonly used by the older adult population. On the other hand, high-end mobility aids such as manual wheelchairs, powered wheelchairs, and mobility scooters are preferred in clinics and hospitals to provide patients the required mobility during their hospital stay. Thus, these products have steady demand from end-users, which motivates emerging manufacturers to enter the market and expand their product portfolios. Other factors such as the rising number of medical emergencies, continuous product evolution, and automation of manually-operated products are also driving the global clinical mobility aids market. 

瓷砖行业市场规模巨大，家装市场占比较大，消费升级+ 环保趋严，具有资金和品牌优势的大企业市占率逐渐提升；欧神诺工程和零售端两手抓两手都要硬，B 端受益大地产商集中度提升和精装房市场稳定增长，C 端零售渠道持续下沉+云商平台持续发力。

今年以来，周期股的关注度持续增加，周期行业的估值体系有异于成长行业，怎么去把握里面的规律，本文试图从 A 股、港股和海外水泥上市公司的历史估值数据中寻求估值规律。（如无特别说明，文中 PB 估值使用TTM 口径，详见正文表 1 处注释） 

大市值公司统计特征呈现。从行业分布来看，大市值集中出现在医 疗、食品饮料和汽车等；从地区分布来看，美国、日本、中国是拥有 大市值公司数量的前三甲。从市值来看，2006-2016 年行业市值增长 CAGR 排名前三为电商(43.13%)、服装配饰(8.42%)和化妆品(7.62%)， 家居零售自 09 年后持续正增长。电商(1104.52%)和消费电子及电器 (517.39%)十年间股价涨幅大幅领先于其他行业。从业绩来看，电商行 业营收、净利与 ROE 指标均处于领先地位，而传统消费行业下滑趋 势明显，汽车及零配件和消费电子电器等标准化行业规模效应显著。 从估值来看，电商估值较高(2016 118XPE)，医疗 PE 提升最快 (CAGR9.94%)，汽车及零配件和休闲旅游下滑明显