Packaging solutions obtained from thermoform process are called as thermoform packaging. Thermoforming process involves molding thermoplastic sheets by applying temperature and pressure with the help of a mold. The sheet or film is heated in an oven at high temperature that permits it to be stretched into or onto a mold and cooled to a finished shape. The thermoform packaging materials include plastics, aluminum, and paper & paperboard. Moreover, water-based, solvent-based, and hot-melt-based packaging solutions are covered in the report. Among the different types of thermoform packaging solutions, clamshell, blister, skin, and others (windowed, tubs, and cups) have been discussed in the report. This report provides information about thermoform packaging manufactured for commercial purposes, which are in compliance with the EPA, EU, UN ECE, and other regulatory authorities.

The IoT in oil and gas market comprises major companies providing solutions, platform, automation system, and others. This chapter details the latest strategies and developments adopted by the key market players in the IoT in oil and gas market. In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products and services to the market, and improve the existing products.

快递行业公布9 月数据：9 月业务量增长44.6%，单票收入同比下降12.2%，环比增长1.3%。1）业务量：9 月完成80.92 亿件，同比增长44.6%，创2017年以来单月最快（剔除春节因素）；其中同城、异地、国际件增速分别为20.8%、49.8%、31.7%。1-9 月累计完成561.44 亿件，同比增长27.9%。其中，同城、异地、国际件增速分别为13.3%、31.2%及25.4%。

服务行业复苏趋势不改，免税、餐饮、酒店、长线游和周边游表现相对更好。疫情加强了龙头企业的优势，酒店等板块市场集中度将显著提升。A 股推荐中国中免、酒店龙头、中青旅、天目湖、宋城演艺，海外推荐美团点评、颐海国际、海底捞、华住酒店、九毛九国际等。

线上零售持续增长，电商渗透率维持高水平22.17%。2020 年9 月快递行业完成快递业务量80.92 亿件（+44.6%），同比增速超预期。国内社零总额同比增长3.3%，环比增长2.8pp，连续两个月实现正增长。

（1）9 月市场逐步进入电商旺季，9 月快递行业整体业务量增速环比继续回升，行业增长超预期。（2）快递行业正式进入旺季，龙头价格战有所缓和，9 月行业快递单价同比下降13%、环比上升1.4%。

9 月，实物商品网上零售额/快递件量同比分别增长11.7%/44.6%，增速环比分别-4.8pct/+8.1pct。我们预计10 月行业件量同比增速有望超过邮政局预计的35%，考虑即期股价对竞争的悲观预期，看好快递板块表现（“双十一”催化），标的首选顺丰控股和韵达股份。

国家邮政局披露9 月快递数据：行业方面，9 月全行业实现业务量80.9 亿件，同比增长44.6%，较八月增速上升8.1 个百分点；业务收入完成824.3亿元，同比增长27%。

结合我们的持续跟踪，我们预计中国中免（海南离岛Q3 增长靓丽）、中公教育（疫情导致考试延迟，培训集中在Q3 展开）、广州酒家等Q3 环比改善明显，科锐国际灵活用工预计继续突出，首旅、锦江国内酒店盈利预计环比改善，但锦江仍需兼顾海外卢浮影响（海外疫情因素）。

投资建议：政策层面对消费回流的高度重视，市内免税店的相关政策可能加速推出，免税行业相关产值和市值总量会呈现高速发展。一方面，前期跌幅较大的个股在边际恢复下有具备估值修复逻辑，另一方面原有的成长性个股开店、扩张等逻辑讲再度被验证。维持推荐组合：中国中免、格力地产、美团点评、九毛九。